sebi:WTM/SM/MIRSD/MIRSD_DPIEA/24256/2022-23
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Facts / Headnote
Noticee nos. 1 to 4 restrained from accessing securities market and prohibited from buying, selling or dealing in securities for 7 years from date of order; directions issued vide SEBI Order dated November 13, 2020 qua Noticee nos. 1 to 6 continued for proceedings pending before NSE; monetary penalty directed against Noticee nos. 1 to 4 payable within 45 days.
Provisions invoked
- s. 11B
- s. 19
- s. 11(1)
- s. 12(1)
- s. 12
- s. 15H
- s. 27
- s. 15J
- s. 23H
- s. 25
- s. 166
- s. 12(3)
- s. 12A
- s. 179
- s. 24(1)
- s. 12A(2)
Regulations
- Reg. 3
- Reg. 6
- Reg. 2(1)(c)
- Reg. 4(1)
- Reg. 27
- Reg. 17
- Reg. 2
- Reg. 9
Parties
- Noticee no. 1 - Anugrah Stock & Broking Private Limited (ASBPL)
- Noticee no. 2 - Shri Paresh Mulji Kariya
- Noticee no. 3 - Ms. Sadhana Paresh Kariya
- Noticee no. 4 - Om Sri Sai Investments (OSSI)
- Noticee no. 5 - Teji Mandi Analytics Pvt. Ltd. (TMAPL)
- Noticee no. 6 - Shri Anil Gopal Gandhi
- Noticee no. 7 - Ms. Riddhi Kalapi Shah
Holding
Noticee no.1 as stock broker directly and through Noticee no.4 engaged in unregistered portfolio management under the name DAS promising assured returns, mis-utilised clients' funds and securities and failed to maintain books of accounts; Noticee nos.1 to 4 restrained from securities market for 7 years with continuation of November 13, 2020 directions.
Full text
Order in the matter of Anugrah Stock & Broking Private Limited Page 2 of 60 4. July 10, 2020 The NSE was advised to consider taking action of disablement of trading terminal of ASBPL, if deemed fit in the matter.
Order in the matter of Anugrah Stock & Broking Private Limited Page 3 of 60 4. Thereafter, on receipt of the FAR alongwith NSE’s analysis & comments thereon and based on SEBI’s own examination, SEBI found ASBPL to be in prima facie violation of provisions of the SEBI Act, 1992 (hereinafter referred to as “SEBI Act”), the Securities (Contracts) Regulation Rules, 1957 (hereinafter referred to as “SCR Rules, 1957”), the SEBI (Portfolio Managers) Regulations, 1993 (hereinafter referred to as “PMS Regulations”), the SEBI (Stock Brokers) Regulations, 1992 (hereinafter referred to as “Stock Brokers Regulations”) and certain SEBI Circulars issued under the SEBI Act and accordingly, SEBI vide order dated November 13, 2020 (hereinafter referred to as “SEBI Order”) approved following enforcement actions against ASBPL and various related entities: “9. In view of the aforesaid, the following enforcement actions have been approved by SEBI against ASBPL and various related entities: (i) Disciplinary Enquiry proceedings against ASBPL under Section 12(3) of SEBI Act, 1992 read with SEBI (Intermediaries) Regulations, 2008; (ii) Proceedings for issuing regulatory directions against Shri Paresh Mulji Kariya, Ms. Sadhana Paresh Kariya - the directors of ASBPL, Om Sri Sai Investments, Teji Mandi Analytics Pvt. Ltd. (which is registered as authorized person of ASBPL, with NSE) and the directors of Teji Mandi Analytics Pvt. Ltd., namely a) Shri Anil Gopal Gandhi and b) Ms. Riddhi Kalapi Shah (herein
Order in the matter of Anugrah Stock & Broking Private Limited Page 4 of 60 High Court of Bombay), whether movable or immovable, or any interest or investment or charge in any of such assets, including details of all its bank accounts, demat accounts and mutual fund investments, immediately, to NSE but not later than 5 working days from the date of receipt of this order; (v) Subject to any order/direction of Hon’ble Bombay High Court which may be issued in Arbitration Petition No. 30 of 2020 and other connected matters, the assets of the aforesaid persons shall be utilized only for the purpose of payment of money and /or delivery of securities, as the case may be, to the clients/investors under the supervision of the concerned exchanges/depositories as per its bye laws; (vi) The depositories are directed to ensure that no debits are made in the demat accounts, held by ASBPL (PAN: AAACW2920N), Shri Paresh Mulji Kariya (PAN: AAEPK0469M), Ms. Sadhana Paresh Kariya (PAN: AJHPK6018N), Teji Mandi Anlytics Pvt. Ltd. (PAN: AACCT9530H), Shri Anil Gopal Gandhi (PAN: ABWPG5141P), Ms. Riddhi Kalapi Shah (PAN: AAIPS0707L) and Om Sri Sai Investments (PAN: AADFO8242K) except for the purpose mentioned in sub-para (iv) above, after confirmation from NSE; (vii) The banks are directed to ensure that no debits are made in the bank accounts held by ASBPL (PAN: AAACW2920N), Shri Paresh Mulji Kariya (PAN: AAEPK0469M), Ms. Sadhana Paresh Kariya (PAN: AJHPK6018N), Teji Mandi Anlytics Pvt. Ltd. (PAN:
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Source: SecMarx — sebi:WTM/SM/MIRSD/MIRSD_DPIEA/24256/2022-23. 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.