sebi:WTM/RKA/IMD/08/2012
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Facts / Headnote
Interim directions issued restraining KE Consultancy Group and its proprietor Mr. Manish Thakkar from accessing the securities market, undertaking portfolio management activities, mobilizing funds from the public, and directing resolution of pending complaints; matter referred for detailed investigation.
Provisions invoked
- s. 19
- s. 12(1)
Regulations
- Reg. 3
Parties
- KE Consultancy Group
- Mr. Manish Thakkar (Proprietor of KE Consultancy Group)
Holding
KE Consultancy Group and its proprietor Mr. Manish Thakkar were prima facie found to be soliciting the general public to entrust their funds and securities and offering portfolio management and advisory services without obtaining a certificate of registration from SEBI, in violation of Section 12(1) of the SEBI Act read with Regulation 3 of the Portfolio Managers Regulations, 1993. Interim directions were issued restraining them from accessing the securities market and undertaking portfolio management activities pending investigation.
Full text
Page 2 of 7 11B and 11D of SEBI Act, 1992 for violation of section 12(1) of SEBI Act and regulation 3 of the Regulations. The SCN was, however, returned undelivered due to shifting of office of KE. The SCN was then sent through Religare Securities Ltd. Religare Securities Ltd vide letter dated September 27, 2010 informed that they forwarded the said notice through speed post and subsequently they personally sent their employee to the recorded address of Mr. Manish Thakkar to deliver the SCN. They, however, could not find the addressee at the recorded address.
Page 3 of 7 and HNIs. On being specifically asked whether the Indian clients did not have access to the website, he admitted that the website could be accessed by the Indian clients too. (c) He admitted that the complainant Mr. Deepak Shantilal Shah was his client and contended that the complaint was filed with mala-fide intention against KE. He also questioned the authenticity of the documents submitted by the complainant. (d) He also submitted that he had not indulged in unauthorized portfolio management practices and had not signed or managed any person’s portfolio. He had played the role of a trade executor as a dealing person and advised clients on specific trades upon them asking for the same as a dealer executing the trades and monitoring the markets. (e) He denied that he or M/s Kumar Enterprises was acting as sub-broker.
Page 4 of 7 agreement dated May 28, 2008. Further, Mr. Manish Thakkar has not furnished the information and documents which he had agreed to do during the hearing.
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Source: SecMarx — sebi:WTM/RKA/IMD/08/2012. 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.