sebi:WTM/SM/WRO/WRO/26035/2023-24
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Facts / Headnote
Directions issued including refund of INR 54,71,873, debarment from securities market for 6 months, non-association with listed entities/intermediaries for 6 months, and monetary penalty of INR 10,00,000
Provisions invoked
- s. 19
- s. 12(1)
- s. 15J
- s. 15E
- s. 11B(2)
Regulations
- Reg. 2(1)(l)
- Reg. 3(1)
- Reg. 2(1)(m)
Parties
- Vishavjit Singh Sendhav (Proprietor of M/s Capital Finance Advisory's)
Holding
The Noticee was found to have violated Section 12(1) of the SEBI Act read with Regulation 3(1) of the IA Regulations, 2013 by carrying on investment advisory services without obtaining a certificate of registration from SEBI. Directions for refund of fees collected, debarment from the securities market, non-association, and a penalty of INR 10,00,000 were imposed.
Full text
Final Order in respect of Vishavjit Singh Sendhav (Proprietor of M/s Capital Finance Advisory’s) Page 2 of 22 Consequently, the cached webpages of the aforementioned website were retrieved and examination of the said webpages revealed that the website as mentioned above contained information which apparently suggest that through the said website the Firm had declared that it was offering investment advisory services in stocks-cash and F&O, commodities, including bullions, metals, currency and agro-commodities etc.
Final Order in respect of Vishavjit Singh Sendhav (Proprietor of M/s Capital Finance Advisory’s) Page 3 of 22 6. It was observed that the Noticee, at the time of inviting the investors to invest in securities market as per various kinds of investment advisory services rendered to the clients through the Firm, was also making tall claims before the public through its website by declaring inter alia, as ‘We understand the uncertainty and every moves of stock market’ etc. Such claims were supplemented with unsubstantiated statements such as ‘We have an excellent research team who provides genuine and most authentic research in stock, Market-Cash, F&O, traded in NSE, Commodity Market…..traded in MCX, NCDEX…’ etc.
Final Order in respect of Vishavjit Singh Sendhav (Proprietor of M/s Capital Finance Advisory’s) Page 4 of 22 10 FOREX Services 10000 27000 48000 78000 11 Stock Cash Premium 40000 108000 192000 312000 12 Stock Future Premium 40000 108000 192000 312000 13 Option Premium 40000 108000 192000 312000 14 NIFTY-Bank NIFTY Premium 30000 81000 114000 234000 15 Bullion Premium 40000 108000 192000 312000 16 Premium NCDEX Pack 50000 145000 240000 420000 17 Equity Delivery 15000 40500 72000 117000 18 HNI Pack 150000 405000 720000 1170000 19 BTST-STBT Future 15000 40500 72000 117000
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Source: SecMarx — sebi:WTM/SM/WRO/WRO/26035/2023-24. 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.