sebi:WTM/SM/SRO/SRO/26953/2023-24
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Facts / Headnote
Certificate of registration cancelled; Noticees restrained from accessing securities market for 5 years
Provisions invoked
- s. 19
- s. 11B
- s. 138
- s. 12(3)
- s. 154
- s. 149
Regulations
- Reg. 7
- Reg. 6
- Reg. 13
- Reg. 9
- Reg. 8
- Reg. 15
- Reg. 13(a)
- Reg. 20
- Reg. 25
- Reg. 27
- Reg. 15(9)
- Reg. 6(c)
- Reg. 15(12)
- Reg. 6(e)
Parties
- Minance Investment Advisors Private Limited
- Anurag Bhatia
Holding
The certificate of registration of Minance Investment Advisors Private Limited as an Investment Adviser was cancelled, and MIAPL and Mr. Anurag Bhatia were restrained from accessing the securities market for a period of five years, having been found to have violated multiple provisions of the IA Regulations and to have ceased to be a 'fit and proper' person.
Full text
Order in the matter of Minance Investment Advisors Private Limited Page 2 of 25 and directions including directions for restraining the aforesaid entities to access the securities market or to deal in securities till further directions, were passed. The interim order was followed by a confirmatory order dated April 20, 2021. By the said confirmatory order, all directions issued against MIAPL, Mr. Anurag Bhatia and Mr. Sarbashish Basu were confirmed, while the
Order in the matter of Minance Investment Advisors Private Limited Page 3 of 25 (Amendment) Regulations, 2021] (hereinafter referred to as the " Intermediaries Regulations"), asking it to respond as to why the recommendation made by the DA or any other measure be not taken against it. The said SCN was attempted to be served upon MIAPL through Registered post on the two addresses available on record, however, the SCN issued to both the said addresses were returned undelivered with the following remarks: Table no. 1 Address of MIAPL Delivery Status Office at No. 35/37, Old No. 598, 11th Main Road, Jayanagar 5th Bock, Bangalore, Karnataka, 560041 Returned undelivered with remarks: “firm left long back” No. 14, Outer Ring Road, JP Nagar 4th Phase, Dollar Layout Phase 4, J P Nagar Bangalore – 560078, Karnataka.
Order in the matter of Minance Investment Advisors Private Limited Page 4 of 25 normal mode had not yielded any result. I note that MIAPL did not avail the said opportunity to present its case as no one appeared for the hearing on the aforesaid date fixed for it. Under the circumstances, I am of the view that MIAPL has nothing to say in its defence and therefore, the present matter deserves to be proceeded with based on the material available on record. Accordingly, the allegations made/findings recorded by the DA, against MIAPL shall now be dealt with in seriatim in the following paragraphs.
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Source: SecMarx — sebi:WTM/SM/SRO/SRO/26953/2023-24. 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.