sebi:WTM/SM/WRO/WRO/14468/2021-22
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Facts / Headnote
Noticees found in violation of Section 12(1) and 12A(a),(b),(c) of the SEBI Act, 1992, regulation 3(1) of IA Regulations, 2013, and regulations 3(a)-(d) and 4(1), 4(2)(k) of PFUTP Regulations, 2003; directions issued including public notice inviting client claims, redressal of client claims, debarment/restraint from investment advisory and securities market activities without registration, and freezing of existing securities holdings.
Provisions invoked
- s. 11B
- s. 19
- s. 12(1)
- s. 12A
- s. 27
- s. 12
- s. 166
- s. 179
Regulations
- Reg. 7
- Reg. 11
- Reg. 3
- Reg. 2(1)(c)
- Reg. 4(1)
- Reg. 8
- Reg. 27
- Reg. 23
- Reg. 3(1)
- Reg. 201
- Reg. 2(m)
- Reg. 2(l)
Parties
- Vishwas Stocks Research Private Limited (Noticee no. 7)
- Dalal Stocks Advisory Private Limited (Noticee no. 1)
- Devki Stocks Private Limited (Noticee no. 5)
- Noticee no. 2 (individual, common Director, holder of IA Registration No. INA000011501)
- Noticee no. 3
- Noticee no. 4 (wife of Noticee no. 2)
- Noticee no. 6
- Noticee no. 8
Holding
The three Noticee Companies were found to have carried on unregistered investment advisory business by displaying Noticee no. 2's individual IA registration (INA000011501) as their own, in violation of Section 12(1) of the SEBI Act, 1992 and regulation 3(1) of the IA Regulations, 2013, and their conduct was held fraudulent and manipulative under Section 12A(a),(b),(c) of the SEBI Act and regulations 3 and 4 of the PFUTP Regulations, 2003. Directions were issued requiring public notice, redressal of client claims, restraint/debarment from investment advisory and securities market activities absent registration, and freezing of securities holdings.
Full text
________________________________________________________________________________________ Final order in the matter of Vishwas Stocks Research Private Limited, Dalal Stocks Advisory Private Limited and Devki Stocks Private Limited.
________________________________________________________________________________________ Final order in the matter of Vishwas Stocks Research Private Limited, Dalal Stocks Advisory Private Limited and Devki Stocks Private Limited.
________________________________________________________________________________________ Final order in the matter of Vishwas Stocks Research Private Limited, Dalal Stocks Advisory Private Limited and Devki Stocks Private Limited.
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Source: SecMarx — sebi:WTM/SM/WRO/WRO/14468/2021-22. 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.