sebi:WTM/SR/IMD/88/04/2015
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Facts / Headnote
Ad-interim ex-parte directions issued: cease and desist from acting as investment adviser and portfolio manager; not to divert funds raised from investors; order treated as show cause notice with 21 days to reply
Provisions invoked
- s. 11
- s. 19
- s. 12(1)
Regulations
- Reg. 3
- Reg. 2
- Reg. 3(1)
- Reg. 2(m)
Parties
- Asian Corporate Consultancy
- Mr. Dilip Anantrai Desai (PAN: AABPD3489M), proprietor of Asian Corporate
Holding
SEBI prima facie held that Mr. Desai and Asian Corporate were acting as an unregistered investment adviser and portfolio manager in violation of Section 12(1) of the SEBI Act, 1992 read with Regulation 3 of the IA Regulations and Regulation 3 of the PMS Regulations, and issued ad-interim ex-parte directions restraining them from such activities pending investigation.
Full text
Page 2 of 9 f. Break-up of AUMs under various asset classes; g. List of clients and minimum amount accepted for managing the portfolio; h. The details of fee charged for various products/services offered by Asian Corporate; i. Whether Asian Corporate provides any kind of guaranteed return scheme? If yes, the details of the same; j. Whether Asian Corporate is providing any kind of investment advice services. If yes, the complete details of the same; k. Is Asian Corporate registered with any regulators in India? If yes, the details; l. A copy of the audited annual accounts for previous three financial years;
Page 3 of 9 advances given by Mr. Desai and Asian Corporate and all the 'Share Trading Deposits' as mentioned in the 'Current liabilities' annexed to the financial statements submitted by him.
Page 4 of 9 2.7 SEBI, vide email dated November 14, 2014, sought the following additional information, viz.- a. Copy of all the MOUs signed by Mr. Desai and Asian Corporate with their clients alongwith the copy of the payment receipts issued to the clients; b. All the bank account statements for the financial years 2013 and 2014 of Asian Corporate and Mr. Desai; c. Audited annual accounts for the previous financial year and the current financial year; d. Details of the share trading deposits, if any, collected during the previous financial year and the current financial year in the format specified in the email dated November 5, 2014.
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Source: SecMarx — sebi:WTM/SR/IMD/88/04/2015. 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.