sebi:WTM/SM/SRO/SRO/8408/2020-21
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Facts / Headnote
Held all three Noticees violated Section 12(1) of SEBI Act and Regulation 3(1) of IA Regulations by providing unregistered investment advisory; held charge of unregistered portfolio management services against W2G not maintainable; directed cease and desist, refund of fees collected, public notice, asset inventory and related directions.
Provisions invoked
- s. 19
- s. 12(1)
- s. 12A
- s. 12
Regulations
- Reg. 3
- Reg. 200
- Reg. 2
- Reg. 2(1)(l)
- Reg. 3(1)
- Reg. 2(1)(m)
Parties
- M/s. Way2gains and its Proprietor Mr. Rajeev Kumar Tiwari
- M/s. Capital Mirror and its Proprietor Mr. Saurabh Samir
- M/s. Astro Capital Solutions and its Proprietor Mr. Ankit Kumar Upadhayay
Holding
The three Noticees were engaged in providing subscription/fees based unregistered investment advisory services in violation of Section 12(1) of the SEBI Act and Regulation 3(1) of the IA Regulations. The allegation that W2G provided unregistered portfolio management services was held not maintainable for lack of corroborative evidence.
Full text
Order in respect of M/s.Way2gains, M/s. Capital Mirror and M/s. Astro Capital Solutions Page 2 of 33 “Capital Mirror/ Noticee no. 2”) and M/s. Astro Capital Solutions and its Proprietor Mr. Ankit Kumar Upadhayay (hereinafter referred to as “ACS/Noticee no. 3”).
Order in respect of M/s.Way2gains, M/s. Capital Mirror and M/s. Astro Capital Solutions Page 3 of 33 (hereinafter referred to as “SEBI Act”) and SEBI (Investment Advisers) Regulations, 2013 (hereinafter referred to as “IA Regulations”) and SEBI (Portfolio Managers) Regulations, 1993 (hereinafter referred to as “PM Regulations”).
Order in respect of M/s.Way2gains, M/s. Capital Mirror and M/s. Astro Capital Solutions Page 4 of 33 directed not to allow any debits / withdrawals and credits from the said accounts, without the permission of SEBI. The Banks are also directed to ensure that all the above directions are strictly enforced.
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Source: SecMarx — sebi:WTM/SM/SRO/SRO/8408/2020-21. 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.