sebi:WTM/SM/WRO/WRO/26994/2023-24
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Noticees directed to refund INR 35,37,192 to investors, debarred from securities market for 6 months, restrained from associating with listed/public companies and SEBI-registered intermediaries for 6 months, and prohibited from undertaking investment advisory services without registration.
Provisions invoked
- s. 19
- s. 12(1)
- s. 25
Regulations
- Reg. 2(1)(l)
- Reg. 3(1)
- Reg. 2(1)(m)
Parties
- Rakeshbhai Hansrajbhai Pansuriya
- Jaydip V Sidapara
Holding
The Noticees, acting through M/s Technical Stock Research, were found to have carried on unauthorized investment advisory services 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, 2013. They were directed to refund INR 35,37,192 collected from investors and barred from the securities market for six months.
Full text
Final Order in the matter of Technical Stock Research Page 2 of 20 activities are being carried out through the aforementioned website or under the name of the Firm.
Final Order in the matter of Technical Stock Research Page 3 of 20 Table 1: List of Bank Accounts of the Firm Name Bank Account No. Current status Authorised Signatory Technical Stock Research HDFC Bank 502XXXXXXXXX11 Dormant Rakeshbhai Hansrajbhai Pansuriya Technical Stock Research HDFC Bank 502XXXXXXXXX86 Closed on 25.07.2017 Rakeshbhai Hansrajbhai Pansuriya Technical Stock Research ICICI Bank 015XXXXXXX40 Closed on 22.08.2017 Rakeshbhai Hansrajbhai Pansuriya Technical Stock Research SBI 33XXXXXXX81 Closed on 15.11.2018 Rakeshbhai Hansrajbhai Pansuriya and Jaydip V Sidapara Technical Stock Research Axis Bank 914XXXXXXXXX714 Dormant Rakeshbhai Hansrajbhai Pansuriya and Jaydip V Sidapara Technical Stock Research SBI 37689022450 Active Rakeshbhai Hansrajbhai Pansuriya
Final Order in the matter of Technical Stock Research Page 4 of 20 SEBI and it was noticed that the Firm was being shown as a sole proprietorship concern in some of the bank accounts with Mr. Rakeshbhai Hansrajbhai Pansuriya (hereinafter referred to as ‘Noticee no. 1’) as its sole proprietor and in two bank accounts with SBI and Axis Bank, the Firm was shown as partnership concern with Mr. Jaydip V Sidapara (hereinafter referred to as “Noticee no. 2”) as a partner along with Noticee no. 1.
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:WTM/SM/WRO/WRO/26994/2023-24. 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.