sebi:WTM/RKA/MIRSD/157/2014
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Facts / Headnote
Interim directions dated August 27, 2014 confirmed against all six noticees; interim directions continued in force till further directions.
Provisions invoked
- s. 19
- s. 12(1)
- s. 12A
Regulations
- Reg. 3
- Reg. 2(1)(c)
- Reg. 4(1)
- Reg. 15
- Reg. 21
- Reg. 9
- Reg. 19
- Reg. 11(1)
- Reg. 15(9)
Parties
- Wasankar Wealth Management Ltd.
- Mr. Prashant Wasankar (Trade Name - Wasankar Investments)
- Mr. Vinay Wasankar
- Ms. Mithila Wasankar
- Mr. Abhijeet J. Chaudhari
- Ms. Bhagyashree Wasankar
Holding
The interim ex-parte order dated August 27, 2014 directing refund of monies, prohibiting transfer of funds, and restraining dealings in the securities market is confirmed against all six noticees.
Full text
Order in respect of Wasankar Wealth Management Limited and Ors. Page 2 of 6 brochures, materials, publications, documents, websites, etc. in relation to the portfolio management activities or any unregistered activity in the securities market; (iv) to refund the monies so collected from their clients and other investors in its various schemes alongwith income, profits or returns promised to them under such schemes or interest at the rate of 10% per annum, whichever is higher, from the date of investment till the date of refund, within a period of seven days from the date of this order (i.e., by September 03, 2014) and submit a repayment report to SEBI in a prescribed format: (v) prohibited from transferring the funds/deposits mobilised from the clients or other investors or from disposing of or alienating any asset that has been created from the funds/deposits received from their clients or other investors for purposes other than refund as directed hereinabove; (vi) restrained from buying, selling or dealing in the securities market, either directly or indirectly, in any manner whatsoever, till further directions:
Order in respect of Wasankar Wealth Management Limited and Ors. Page 3 of 6 clauses A(1), A(2), A(3) and A(5) of the Code of Conduct for Stock Brokers read with regulations 9 and clauses A(1), A(2) and D(4) of the Code of Conduct for Sub-Brokers read with regulation 15 of the Stock Brokers Regulations.
Order in respect of Wasankar Wealth Management Limited and Ors. Page 4 of 6 parcel of the interim order. (f) His clients intend to file a detailed reply in the matter. However, his clients are not in a position to reply/file objection within the stipulated time period of 21 days from the date of communication of the interim order since his clients and precisely Mr. Prashant Wasankar, who solely has been in charge and responsible for day to day functioning of WWML and was aware about the actual transactions of WWML, is in judicial custody. Further, entire documents, articles, data and other relevant records have been seized by the EoW. (g) His clients are handicapped on account of seizure by the Crime Department and direction of SEBI and as such are not in a position to liquidate any of their assets and comply with directions as enumerated in para 14 of the interim order. (h) His clients request for time till his client Mr. Prashant Wasankar is released on bail by the Hon’ble Court and all relevant documents, articles and other data seized by the authorities is returned back.
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Source: SecMarx — sebi:WTM/RKA/MIRSD/157/2014. 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.