sebi:WTM/PS/53/CIS-NRO/SEPT/2015
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Facts / Headnote
Directions issued: restraint from collecting money/launching CIS, 4-year market access ban, wind up schemes and refund investors within 3 months, asset inventory, and contingent enforcement actions for non-compliance.
Provisions invoked
- s. 11A
- s. 24
- s. 19
- s. 12
Regulations
- Reg. 65
- Reg. 3
Parties
- RDPL Infrastructure Limited
- Mr. Praveen Kumar Rohilla
- Mr. Lalit Kumar
- Mr. Rakesh Kumar
Holding
RDPL Infrastructure Limited and its directors operated a Collective Investment Scheme without obtaining registration from SEBI, in contravention of Section 12(1B) of the SEBI Act and Regulation 3 of the CIS Regulations. Directions were issued requiring wind-up of the schemes, refund of investor monies, and a four-year restraint on securities market access.
Full text
Page 2 of 19 another letter dated October 28, 2013, SEBI again asked the said details from RDPL. However, these letters returned undelivered.
Page 3 of 19 the Regulation 65 of the CIS Regulations, should not be issued against them for the alleged violations. The SCN indicated that the noticees may send their replies within 21 days from the receipt of the SCN failing which it shall be presumed that noticees do not have any explanation to offer and that the proceedings will be concluded ex parte on the basis of the material available on record.
Page 4 of 19 opportunity of personal hearing on March 10, 2015. On the date fixed for personal hearing, Rajeev Singh, Chartered Accountant appeared as the authorised representative of the Company and requested for an adjournment on the ground that the directors of the Company are out of station. The request for adjournment was
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Source: SecMarx — sebi:WTM/PS/53/CIS-NRO/SEPT/2015. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.