sebi:WTM/SR/CIS/SRO/100/12/2014
Facts / Headnote
Interim directions restraining Sai Multi Services and its proprietor from mobilizing funds, launching new schemes, disposing of assets, and requiring furnishing of information within 15 days; reply and personal hearing opportunity granted within 15 days.
Provisions invoked
- s. 11A
- s. 12
Regulations relied on
- SEBI (CIS) Regulations, 1999 — 3
- SEBI (CIS) Regulations, 1999 — 65
Parties
- Sai Multi Services
- Mr. Sanjay B Tenginkai
Holding
The order prima facie finds that the 'GFBF and SM Scheme' of Sai Multi Services constitutes a 'collective investment scheme' under Section 11AA of the SEBI Act, 1992, and that mobilization of funds without registration violates Section 12(1B) of the SEBI Act and Regulation 3 of the CIS Regulations. Directions were issued restraining Sai Multi Services and its proprietor from continuing the scheme and requiring them to furnish information.
Full text
Page 2 of 11 collecting money from the public, offering 10% interest per month and promising the principal amount after 2 years. All the complainants have enclosed similar set of “MOU” and the copies of “Letter of Agreement” and “Letter of Acceptance” along with their complaints.
Page 3 of 11 “The scheme is promoted by Shri Sanjay B Tengnikai. Mr.Sanjay B. Tenginkai Managing Director of the company with structured well diversified portfolio with quality professional advice with guaranteed commitment. The company was started in 2005 at Belgaum, Karnataka....
Page 4 of 11 per day. The expected revenue generation will be approximately Rs.1,75,000/- per day. Therefore, the Anticipated Profit per day is expected to be Rs.150000- per day.....
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Source: SecMarx — sebi:WTM/SR/CIS/SRO/100/12/2014. 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.