sebi:WTM/SM/SRO/SRO/24255/2022-23
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Directions issued: refund of INR 1,57,84,918 to investors, public notice, resolution of complaints, restraint on asset sale, debarment from securities market for 6 months, non-association with listed entities/intermediaries for 6 months, and prohibition on undertaking investment advisory without registration.
Provisions invoked
- s. 19
- s. 12(1)
Regulations
- Reg. 2(1)(l)
- Reg. 3(1)
- Reg. 2(1)(m)
Parties
- Sarvesh Kumar (Proprietor of M/s Business Mart World)
Holding
The Noticee was found to have carried on unregistered investment advisory services through his sole proprietorship firm M/s Business Mart World, in violation of Section 12(1) of the SEBI Act, 1992 read with Regulation 3(1) of the IA Regulations, 2013. He was directed to refund INR 1,57,84,918 to investors and debarred from the securities market for six months.
Full text
Final Order in respect of Sarvesh Kumar (Proprietor of M/s Business Mart World) Page 2 of 24 services in stocks-cash and F&O, commodities, including bullions, metals and agro-commodities etc.
Final Order in respect of Sarvesh Kumar (Proprietor of M/s Business Mart World) Page 3 of 24 was also making tall claims before the public through his website inter alia as ‘more than 90% accuracy in his recommendations’ etc.
Final Order in respect of Sarvesh Kumar (Proprietor of M/s Business Mart World) Page 4 of 24 14 Nifty Futures 16000 27000 41000 65500 15 Nifty Options 16000 27000 41000 65500 16 Stock Combo 30000 50000 80000 127000 17 Nifty Combo 25000 44000 69400 111000 Commodity Premium 18 Bullions Price on Request 20500 32500 49500 19 Base Metals 18900 29500 47800 20 Energy 17500 27500 45300 21 MCX Combo 35500 55700 89400 Commodity Platinum 22 Bullions 20500 34400 55500 88000 23 Base Metals 18000 31000 51000 79500 24 Energy 18000 31000 51000 79500 25 MCX Combo 50000 71000 115000 189000 Agri Premium 26 Agri Price on Request 23500 37500 60000 Agri Platinum 27 Agri 23500 38500 59400 94500
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Source: SecMarx — sebi:WTM/SM/SRO/SRO/24255/2022-23. 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.