sebi:WTM/SM/30/2021-22
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Noticee restrained from accessing/securities market for 4 years from date of order (adjusting interim restraint undergone), directed to resolve pending SCORES and other complaints within 30 days and furnish CA-certified resolution report within 3 months, failing which additional restraint of 2 years or till complaints resolved whichever is later; restraint on alienation of assets discontinued.
Provisions invoked
- s. 11
- s. 19
- s. 11(1)
- s. 12(1)
- s. 12A
- s. 12
- s. 24
Regulations
- Reg. 4
- Reg. 3
- Reg. 13
- Reg. 15
- Reg. 200
- Reg. 2
- Reg. 3(1)
- Reg. 15(9)
- Reg. 13(b)
- Reg. 35
- Reg. 201
Parties
- Research Infotech
- Ms. Jasmeet Kaur Bagga
Holding
SEBI held Research Infotech/proprietor Ms. Jasmeet Kaur Bagga made a false declaration in Form A to obtain IA registration and violated IA Regulations and PFUTP Regulations while acting as an Investment Adviser, and debarred her from the securities market for 4 years with directions to resolve all pending investor complaints.
Full text
Final Order in the matter of Research Infotech, proprietor Ms. Jasmeet Kaur Bagga Page 1 of 30 WTM/SM/ 30 /2021-22 SECURITIES AND EXCHANGE BOARD OF INDIA
Final Order in the matter of Research Infotech, proprietor Ms. Jasmeet Kaur Bagga Page 2 of 30 investment advisory activities. During the said examination, it was revealed that one of the partners of Capproin i.e., Ms. Jasmeet is also currently registered with SEBI as an Investment Adviser (for short “IA”) under the proprietorship named Research Infotech. Further, SEBI received large number of investors complaints (approximately 133 complaints as on July 09, 2019) against Research Infotech, wherein it was alleged that the IA has cheated investors and has charged them exorbitant amounts towards service fee through misleading statements and by pressure tactics. It is also observed from the complaints that the Noticee had given her investor clients a commitment for assured returns, was demanding additional money from them under various pretexts and had also promised to open trading accounts for them as well as also indulged in trading in the demat accounts of her client. Based on the complaints received as aforesaid, an examination into the affairs of Research Infotech was carried out by SEBI, so as to examine the extent of compliance of various regulatory stipulations laid down for an IA under the SEBI Act, 1992, IA Regulations, 2013 and the circulars/guidelines frame thereunder by the Noticee. Based on the examination so conducted by SEBI, prima facie, certain violations of provisions of securities laws were found to have been committed by the Noticee.
Final Order in the matter of Research Infotech, proprietor Ms. Jasmeet Kaur Bagga Page 3 of 30 investors by misleading them into buying those packages/products and has not acted honestly in the best interests of her clients, thereby has failed in her responsibility to act in fiduciary capacity towards her clients. iii. The Noticee was prima facie making assured profit commitments to her clients and extracting more and more money from them by putting strict deadlines for making payments, refusing to provide any services in the event of delay, upgrading/changing the clients from one package to another, engaging in unethical practices like charging various types of non- transparent fees such as additional GST charges, file charges, server
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:WTM/SM/30/2021-22. 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.