sebi:WTM/SR/IVD/ID-I/35/07/2014
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Show Cause Notice disposed of without any further directions
Regulations
- Reg. 3
- Reg. 77
Parties
- HSBC
Holding
The Show Cause Notice was disposed of without any further directions against the Noticee, as the complainant's grievance had been amicably redressed and the proceedings were initiated solely on the basis of the complaint.
Full text
Page 2 of 3 b. The Mutual Fund portfolio worth `5 lakh was created in June 2004 as per the bank statements of the complainant submitted by the Noticee. On September 06, 2006, November 23, 2006 and December 07, 2006, `1.4 crores, `2.2 crores and `15 lakh respectively were deposited in the complainant's account. On January 11, 2007, `5 lakh was also deposited in the complainant's account. These funds were used to invest in the Mutual Fund portfolio of the complainant.
Page 3 of 3 II. Transactions undertaken by the Noticee in relation with the complainant were in its capacity as Mutual fund distributor and not as a portfolio manager.
c. It was revealed in the investigation that there was excessive churning in the portfolio of the complainant. The complainant's money had been invested in 38 different schemes of various Mutual Funds. Some of the investments were also not in line with the risk profile of the complainant.
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Source: SecMarx — sebi:WTM/SR/IVD/ID-I/35/07/2014. 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.