sebi:WTM/SM/WRO/WRO/19858/2022-23
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Facts / Headnote
Noticee held to have violated Section 12(1) read with Section 12A(a),(b),(c) of SEBI Act, 1992, Regulation 3(1) of IA Regulations and Regulations 3(b),(c),(d), 4(1), 4(2)(k) of PFUTP Regulations; directions issued under Sections 11(1), 11(4), 11B(1), 11D read with Section 19 and Regulation 11 of PFUTP Regulations with existing holdings frozen during restraint; directions against employees discontinued; interim ex-parte order dated February 07, 2020 disposed of qua the Noticee.
Provisions invoked
- s. 11
- s. 19
- s. 11(1)
- s. 12A
- s. 12
Regulations
- Reg. 3
- Reg. 2(1)
- Reg. 200
- Reg. 2
- Reg. 11o
Parties
- Mahankal Capital through its sole proprietor Mr. Ajay Thakur
Holding
The Noticee illegally acted as an investment adviser without SEBI registration while misusing the name of registered Investment Adviser RW Advisors to solicit consideration, violating Section 12(1) of SEBI Act read with Regulation 3(1) of IA Regulations and constituting fraud under Section 12A and PFUTP Regulations, warranting continuation of restraining directions.
Full text
Order in the matter of Mahankal Capital –Ajay Thakur Page 1 of 22 WTM/SM/WRO/WRO/19858/2022-23 SECURITIES AND EXCHANGE BOARD OF INDIA
Order in the matter of Mahankal Capital –Ajay Thakur Page 2 of 22 v. The entities were receiving money either directly in their respective bank accounts or through payment gateways like PayUmoney, Paytm, etc., and had received payment against the services rendered or to be rendered.
Order in the matter of Mahankal Capital –Ajay Thakur Page 3 of 22 ii. The Noticees shall not access the securities market and buy, sell or otherwise deal in securities in any manner whatsoever, directly or indirectly, until further orders. iii. The Noticees shall not divert any funds raised from investors, kept in bank account(s) and/or in their custody until further orders. iv. The Noticees shall not dispose of or alienate any assets, whether movable or immovable, or any interest or investment or charge on any of assets held in their name, including money lying in bank accounts except with the prior permission of SEBI. v. The Noticees shall immediately withdraw and remove all advertisements, representations, literatures, brochures, materials, publications, documents, websites, communications etc., in relation to their investment advisory activity or any other unregistered activity in the securities market until further orders. vi. The Noticees shall provide a full inventory of all assets held in the name of the proprietorship or the proprietor and firm or the partner, 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
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Source: SecMarx — sebi:WTM/SM/WRO/WRO/19858/2022-23. 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.