sebi:WTM/SM/NRO/17018/2022-23
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Facts / Headnote
Held F6 Finserve Pvt. Ltd., F6 Commodities Pvt. Ltd. and Noticees No. 3 and 4 (Pankaj Goel and Meenu Goel) guilty of contravening SEBI Act, regulations and circulars relating to broking operations; Order to come into force with immediate effect with copies to Noticees, Stock Exchanges, Banks, Depositories and Registrar and Transfer Agents.
Provisions invoked
- s. 19
- s. 138
- s. 149
Regulations
- Reg. 6
- Reg. 21
- Reg. 3(a)
- Reg. 9
- Reg. 9(e)
Parties
- F6 Finserve Pvt. Ltd.
- F6 Commodities Pvt. Ltd.
- Pankaj Goel
- Meenu Goel
- Asha Sharma
- Parveen Sharma
- Sanjay Anand
- Kavita Anand
- Deepak Goel
- Ruchika Goel
Holding
F6 Finserve violated margin-reporting, client fund settlement, segregation and misuse norms by misreporting margins, not settling inactive client funds, misutilising client funds and securities and pledging client securities for overdrafts, in violation of SEBI Act, PFUTP Regulations and circulars, attributable to the companies and their controlling directors Pankaj Goel and Meenu Goel, with F6 Commodities held connected and recipient of diverted funds.
Full text
__________________________________________________________________________________ Final Order in the matter of F6 Finserve Pvt. Ltd. and Others Page 1 of 43 WTM/SM/NRO/17018/2022-23 BEFORE THE SECURITIES AND EXCHANGE BOARD OF INDIA CORAM: S. K. MOHANTY, WHOLE TIME MEMBER
__________________________________________________________________________________ Final Order in the matter of F6 Finserve Pvt. Ltd. and Others Page 2 of 43 Commodities Pvt. Ltd. (hereinafter referred to as “F6 Commodities”), Mr. Pankaj Goel, Mr. Parveen Sharma, Ms. Meenu Goel, Mr. Sanjay Anand, Ms. Kavita Anand, Ms. Asha Sharma, Mr. Deepak Goel and Ms. Ruchika Goel from accessing the securities market and further prohibited them from buying, selling or dealing in securities, directly or indirectly, in any manner whatsoever, till further directions. The Noticees were also directed to cease and desist from undertaking any activity in the securities market, directly or indirectly, in any manner whatsoever till further directions.
__________________________________________________________________________________ Final Order in the matter of F6 Finserve Pvt. Ltd. and Others Page 3 of 43 transferred to pool account for settlement of F6 Finserve’s own obligation and obligations of client from the Margin Beneficiary account (1207770000000041). Further, on certain instances, shares were received for settlement of proprietary obligations from client beneficiary account. 4.5. It was observed that F6 Finserve had not maintained inter-se client segregation of securities. 4.6. F6 Finserve had pledged its client securities with IL&FS, ICICI Bank, Edelweiss Finance and Canara Bank to avail overdraft facility. 4.7. As on December 7, 2018, a total of 452 investor complaints were pending against F6 Finserve. 4.8. F6 Finserve failed to provide complete information/data to the inspection team sought from it during inspection.
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Source: SecMarx — sebi:WTM/SM/NRO/17018/2022-23. 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.