sebi:WTM/SR/IMD/09/01/2015
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Facts / Headnote
Ad interim ex-parte directions issued against VKG to cease and desist from acting as a portfolio manager and not to divert funds raised from clients
Provisions invoked
- s. 11
- s. 19
- s. 12(1)
Regulations
- Reg. 3
- Reg. 14
- Reg. 2
Parties
- Shri Vijay Kumar Gaba
Holding
VKG was prima facie conducting himself as a portfolio manager and providing portfolio management services without obtaining registration from SEBI in accordance with the PMS Regulations, and an ad interim ex-parte order was issued directing him to cease and desist from acting as a portfolio manager and not to divert funds raised from clients.
Full text
Page 2 of 10 transactions between VKG and Mr. Sharma and also provide suitable clarification about the moneys received from Mr. Sharma.
Page 3 of 10 ii. That one Sh. Vijay Gaba who claims to be a qualified Chartered accountant and expert in financial matter approached me at my Patna residence and requested to invest in shares and securities and will give me 30% return on the principal amount irrespective of the fluctuations of the market.
Page 4 of 10 iii. The main features of the Agreement dated December 10, 2010 between Sharma and VKG are reproduced below: 1. "That the First party (Mr. Vijay Kumar Gaba) claiming himself to be dealing in financial matters approached the Second party (Mr. Madan Mohan Sharma) in June 2006 at Patna and persuaded the Second party times without number to invest money which will pay handsome returns. Second party was reluctant to proceed in terms of the said offer but persistent request of the First party resulted in accepting the persuasions by Second party to the effect that First party agreed to give a minimum return of 30% ( Thirty percent) per annum to the Second party without any fail irrespective of the market conditions.
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Source: SecMarx — sebi:WTM/SR/IMD/09/01/2015. 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.