sebi:WTM/SM/WRO/WRO/21683/2022-23
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Facts / Headnote
Directions issued: refund of money received from investors within three months, public notice, six-month restraint from securities market, cease and desist from acting as investment adviser, and freezing of existing securities holdings.
Provisions invoked
- s. 11
- s. 19
- s. 12(1)
- s. 12A
- s. 12
Regulations
- Reg. 11
- Reg. 3
- Reg. 2(1)
- Reg. 200
- Reg. 2
- Reg. 3(1)
Parties
- Loftier Investment Advisor and Research Private Limited
- Amit Tripathi
- Bhuveneshwar Tiwari
- Pramil Nigam
Holding
The Noticee no. 1 company carried on investment advisory activities without obtaining a certificate of registration from SEBI, in violation of Section 12(1) of the SEBI Act, 1992 read with Regulation 3(1) of the IA Regulations, and the Directors (Noticee nos. 2, 3 and 4) were held liable for the company's violations.
Full text
Order in the matter of Loftier Investment Advisor and Research Pvt. Ltd. Page 2 of 17 market and to recover those losses, another contribution of INR 1 Lakh is required. The aforesaid complaint was made supported by a copy of KYC Form, Suitability Assessment Form, screenshots of messages containing details of bank accounts of the Noticee Company and that of Mr. Amit Tripathi (Noticee no. 2), as well as supported by the snapshots of the website of the Noticee Company viz., www.abrinvestors.co.in. Further, to prove that she was asked to invest through the Noticee Company, the complainants has also enclosed the snapshots of the investment advisory received by her through messages from the Noticee Company which inter alia read as: “buy banknifty 24400 ce@33 trgt-49.62” and “buy nifty PE 10150@36 trgt -46,52 SL- 16”
Order in the matter of Loftier Investment Advisor and Research Pvt. Ltd. Page 3 of 17 II. The Noticee no. 1 had carried out investment advisory activities and held itself out as an ‘investment adviser’ (“IA”) without obtaining a Certificate of registration from SEBI, which is in violation of the provisions of Section 12(1) of the SEBI Act, 1992 (hereinafter referred to as the “SEBI Act”) read with Regulation 3(1) of SEBI (Investment Advisers) Regulations, 2013 (hereinafter referred to as the “IA Regulations”).
Order in the matter of Loftier Investment Advisor and Research Pvt. Ltd. Page 4 of 17 Table no. 1 NOTICEE ADDRESS DELIVERY STATUS
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Source: SecMarx — sebi:WTM/SM/WRO/WRO/21683/2022-23. 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.