sebi:WTM/SR/IMD/WRO-II/ILO/121/06/2015
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Facts / Headnote
Interim cease and desist directions issued against VPS Advisory Services and its proprietor; order treated as show cause notice
Provisions invoked
- s. 11
- s. 19
- s. 12(1)
Regulations
- Reg. 3
- Reg. 2
Parties
- M/s VPS Advisory Services
- Shri Varun Pratap Singh
Holding
SEBI held that the activities of VPS Advisory Services and its proprietor Shri Varun Pratap Singh amount to providing portfolio management services without the registration mandated under Section 12(1) of the SEBI Act, 1992 read with Regulation 3 of the PMS Regulations, and directed them to cease such activities pending further proceedings.
Full text
Page 2 of 13 x. Details of any other similar activities. 3. A physical verification of VPS was conducted on December 17, 2013. Proprietor of the VPS viz., Shri Varum Pratap Singh was given a copy of SEBI's letter dated December 09, 2013 which was duly acknowledged by him. During the visit, it was noted that the VPS was operating earlier from Bangalore and recently shifted its office to Gwalior. VPS was once again informed about the statutory requirements to get registered with SEBI to provide advisory services. Shri Varun Pratap Singh informed that he is registered as a sub-broker of Sharekhan Limited.
Page 3 of 13 SEBI and not to give assured returns to general public. Subsequently, a reminder email dated January 13, 2014 was sent to VPS advising it to stop acting as unauthorized IA. On January 13, 2014, SEBI received an application for registration as IA from VPS.
Page 4 of 13 '20 % return scheme per month is profit earning technique where client can have any D- mat account with minimum Rs. 50,000/- in it. This D-mat account client has to give us for trading and we will ...trade behalf of him and give him return 0f 20% per month, he/she can increase the fund any time they like from Rs. 50,000/- to 5 lacs rupees there profit will depend upon money they have in D-mat account."
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Source: SecMarx — sebi:WTM/SR/IMD/WRO-II/ILO/121/06/2015. 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.