sebi:WTM/SM/SRO/SRO/15621/2021-2022
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 violated Section 12(1) of SEBI Act read with Regulation 3(1) of IA Regulations, 2013; directed to refund INR 40,92,886 to investors within three months, debarred from securities market for 6 months, restrained from associating with listed/public companies and SEBI-registered intermediaries for 6 months, and prohibited from undertaking investment advisory activities without registration.
Provisions invoked
- s. 11
- s. 19
- s. 11(1)
- s. 12(1)
Regulations
- Reg. 11
- Reg. 3(1)
Parties
- Profit Mount Advisory Service (Prop: Mr. M Ashok Kumar)
- Mr. M Ashok Kumar
Holding
The Noticees were found to have acted as unregistered investment advisers in contravention of Section 12(1) of the SEBI Act, 1992 read with Regulation 3(1) of the IA Regulations, 2013, and were directed to refund INR 40,92,886 collected from investors, debarred from the securities market for six months, and restrained from associating with listed companies or SEBI-registered intermediaries for six months.
Full text
Final Order in the matter of Profit Mount Advisory Services Page 1 of 19 WTM/SM/SRO/SRO/15621/2021-2022 SECURITIES AND EXCHANGE BOARD OF INDIA
Final Order in the matter of Profit Mount Advisory Services Page 2 of 19 India (Investment Advisers) Regulations, 2013 (hereinafter referred to as “IA Regulations, 2013”).
Final Order in the matter of Profit Mount Advisory Services Page 3 of 19 iii. Not to dispose of or alienate any assets, whether movable or immovable, or any interest or investment or charge on any of such assets held in their name, including money lying in bank accounts except with the prior permission of SEBI. iv. Immediately withdraw and remove all advertisements, representations, literatures, brochures, materials, publications, documents, communications etc., physical or digital in relation to their investment advisory activity or any other unregistered activity in the securities market until further orders. v. Not to access the securities market and buy, sell or otherwise deal in securities in any manner whatsoever, directly or indirectly, until further orders. vi. To provide a full inventory of all assets held in their name, whether movable or immovable, or any interest or investment or charge on any of such assets, including details of all bank accounts, demat accounts and mutual fund investments, immediately but not later than 5 working days from the date of receipt of this order. vii. To submit the number and details of clients who have availed their investment advisory services and to submit details of fees collected from each such client, immediately but not later than 5 working days from the date of receipt of this order. viii. If Profit Mount Advisory Service or its proprietor have any open positions in any exchange traded derivative contracts, as on the date of t
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/SRO/SRO/15621/2021-2022. 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.