sebi:WTM/RKA/MIRSD/12/2015
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Facts / Headnote
Ex-parte interim order restraining the noticees from accessing the securities market, dealing in securities, mobilizing funds from the public, and requiring withdrawal of all advertisements and representations, pending objections within twenty-one days
Provisions invoked
- s. 19
- s. 12(1)
- s. 12A
Regulations
- Reg. 3
- Reg. 2(1)(c)
- Reg. 4(1)
- Reg. 16
Parties
- Reliable Securities (PAN AAPFR9452C)
- Finosys Securities
- Global Securities
- Tradefast Securities
- Goodtime Securities
- Mr. Vaibhav Gandhi (PAN AISPG3682L)
- Ms. Asha Gandhi (PAN AJBPG4159N)
- Mr. Amit Gandhi
Holding
SEBI issued an ex-parte interim order restraining Finosys Securities, Reliable Securities, Goodtime Securities, Global Securities, Tradefast Securities, and their partners Mr. Vaibhav Gandhi, Mr. Amit Gandhi and Ms. Asha Gandhi from accessing the securities market, dealing in securities, mobilizing funds from the public, and continuing any securities market activity pending further directions.
Full text
Order in respect of Mr. Vaibhav Gandhi & Ors. Page 2 of 13 4. The preliminary examination of these entities, inter alia, revealed that:
Order in respect of Mr. Vaibhav Gandhi & Ors. Page 3 of 13 (i). From the bank account statement of Finosys for the period March 13, 2012 to December 01, 2014, it was observed that most of the credit entries are cash deposits. Credit entries pertaining to the complainants were also found in the statement.
Order in respect of Mr. Vaibhav Gandhi & Ors. Page 4 of 13 Foreign Institutional Investors and corporate through its website www.reliablesecurities.com with the following benefits displayed on its website: Fastest Execution, Deepest Liquidity and Low Brokerage and Margins. (b). The address of Reliable as displayed on the website is Rectangle One, Level – 4, D-4 Commercial Complex, Saket, New Delhi - 110017. The address displayed on the website was earlier a branch location of an erstwhile trading member of NSE, namely, EFG Wealth Management (I) P Limited. (c). The directors mentioned on the website are Mr. Arjun Grower, Mr. Sachin Roy, Mr. Kapil Kumar and Mr. Amit Jha who are also shown as directors on the website of Global. (d). Reliable claimed to be a trading member of NSE in the Equity Market. (e). However, it was found that Reliable is not registered with NSE as a Member, sub broker or authorized person. (f). Further, no office of Reliable was found at the address displayed on its website. Name of Reliable is also not appearing in the company master data on the website of the Ministry of Corporate Affairs (MCA). (g). As per the payment details provided by the complainant, it has been observed that Reliable has an account with HDFC Bank account no. “06197630000783”; Branch: Sec-9, Faridabad, wherein, Reliable is mentioned as a partnership firm with following partners:
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Source: SecMarx — sebi:WTM/RKA/MIRSD/12/2015. 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.