sebi:WTM/SM/44/2021-22
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Noticees found to have acted as unregistered investment adviser and portfolio manager and to have engaged in fraudulent practices; directed to refund money received from clients/investors within three months with public notice and audit-trail payments, debarred from securities market and from associating with listed companies/public fund-raising companies/SEBI intermediaries for 2 years or till 2 years after completion of refunds whichever is later, and restrained from undertaking IA/PMS activity without registration.
Provisions invoked
- s. 19
- s. 11(1)
- s. 12(1)
- s. 12A
- s. 12
- s. 28A
Regulations
- Reg. 11
- Reg. 3
- Reg. 2(1)(c)
- Reg. 4(1)
- Reg. 16
- Reg. 2
- Reg. 3(1)
- Reg. 2(m)
- Reg. 4(2)(k)
- Reg. 2(l)
Parties
- M/s. Global Portfolio Management
- Mr. Imran Khan, Proprietor
Holding
M/s. Global Portfolio Management and its proprietor Mr. Imran Khan acted as an unregistered investment adviser and portfolio manager in violation of Section 12(1) of the SEBI Act read with IA Regulations and PMS Regulations, and made fraudulent misleading representations in violation of Section 12A(c) and PFUTP Regulations, and were therefore directed to refund client money and were debarred/restrained as specified.
Full text
Final Order in the matter of M/s. Global Portfolio Management, Proprietor Mr. Imran Khan Page 1 of 20 WTM/SM/ 44 /2021-22
Final Order in the matter of M/s. Global Portfolio Management, Proprietor Mr. Imran Khan Page 2 of 20 Act, 1992 and regulations 3 (b), (c) & (d) and regulations 4(1) and 4(2)(k) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 (hereinafter referred to as “PFUTP Regulations, 2003).
Final Order in the matter of M/s. Global Portfolio Management, Proprietor Mr. Imran Khan Page 3 of 20 Bank Name: ICICI Bank Ltd. Account Number: 144105500779 PAN ID: BBZPK6473J iv. From the aforementioned ICICI Bank Account statement, it was observed that around INR 1,26,86,921/- had been credited since the opening of the account i.e. from May 13, 2019. Examination also revealed that large number of payments were received in the aforementioned account of Noticees and it appeared that the payments had come from various individuals. Further, the narration in such transactions also mentioned terms such as “investment”, “profit payout”, etc.. v. It was further gathered that the Noticees were hosting a website namely, www.globalporfolio.org. The website provided information that the firm is a financial advisory firm delivering “reliable recommendations and advice for stocks, futures, options and also offers portfolio management services”. Further, the following was also mentioned on the website “Pursuant to the obligations placed on an investment advisor by SEBI under SEBI (Investment Advisor) Regulations, 2013, we have decided to formulate policies for risk profiling and suitability assessment as required under regulation 16 and 17 of the said act.” It was also revealed that the said ICICI Bank Account number 144105500779 of the Noticees appeared on the afore-stated website of the Noticees.
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Source: SecMarx — sebi:WTM/SM/44/2021-22. 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.