sebi:WTM/SM/IVD/ID4/5759/2019-20

SEBI · SEBI · 2010-01-01 · S K Mohanty, Whole Time Member

This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.

Facts / Headnote

Noticees restrained from accessing the Securities Market and prohibited from buying, selling or otherwise dealing in securities for specified periods (3 years for Noticee 1, 2 years each for Noticees 2 and 3); held liable for violation of Regulation 3 of SEBI (Portfolio Managers) Regulations, 1993 read with Section 12(1) of SEBI Act, 1992

Provisions invoked

• s. 19
• s. 12(1)
• s. 12
• s. 420

Regulations

• Reg. 3
• Reg. 2

Parties

• Mr. Shivraj Puri
• Mr. Raghu Raj Puri
• Ms. Deeksha Puri

Holding

All three Noticees were held to have acted as portfolio managers without obtaining a certificate of registration from SEBI, in violation of Regulation 3 of the SEBI (Portfolio Managers) Regulations, 1993 read with Section 12(1) of the SEBI Act, 1992, and were restrained from accessing the securities market for three years (Noticee 1) and two years each (Noticees 2 and 3).

Full text

Order in respect of Mr. Shivraj Puri, Mr. Raghu Raj Puri and Ms. Deeksha Puri Page 2 of 19 the basis of the above complaint, SEBI conducted an investigation into the aforesaid matter for the period of January 2009 to December 2010 (hereinafter referred to as “Investigation Period”) to ascertain possible violations of provisions of the SEBI Act, 1992 (hereinafter referred to as “SEBI Act”) and SEBI (Portfolio Managers) Regulations, 1993 (hereinafter referred to as “Portfolio Managers Regulations”).

Order in respect of Mr. Shivraj Puri, Mr. Raghu Raj Puri and Ms. Deeksha Puri Page 3 of 19 Table-1 (Rs. in crore) Name of the entity Source of funds (Rs.)

Order in respect of Mr. Shivraj Puri, Mr. Raghu Raj Puri and Ms. Deeksha Puri Page 4 of 19 defraud its customers as well as to commit breach of the afore-stated provisions of Portfolio Managers Regulations and SEBI Act.

Source: SecMarx — sebi:WTM/SM/IVD/ID4/5759/2019-20. 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.