sebi:WTM/SR/MIRSD/18/03/2016
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Facts / Headnote
Directions issued restraining Shri Pawan Bansal from associating with any intermediary and directing SEBI not to consider any application of Altius Finserv for registration as an intermediary till certain conditions are met
Provisions invoked
- s. 11B
- s. 11
- s. 11(4)
- s. 19
- s. 11(1)
- s. 12(1)
- s. 11(2)
- s. 23
- s. 12(3)
Regulations
- Reg. 13
- Reg. 23
- Reg. 6
- Reg. 35
- Reg. 31(2)
- Reg. 9A
- Reg. 6A
Parties
- Altius Finserv Private Limited
- Shri Pawan Bansal
Holding
Shri Pawan Bansal and Altius Finserv do not satisfy the 'fit and proper person' criteria under the Merchant Bankers Regulations read with the Intermediaries Regulations, and Altius Finserv violated Clause 28 of the Code of Conduct read with Regulation 13. Directions were issued under Sections 11 and 11B of the SEBI Act read with Regulation 35 of the Merchant Bankers Regulations restraining Shri Pawan Bansal from association with any intermediary and barring SEBI from considering Altius Finserv's applications for registration until specified conditions are met.
Full text
Page 2 of 16 limit of 2 companies i.e. Bhushan Steel and M/s Prakash Industries Limited (“Prakash Industries”), in violation inter alia of Banking Rules.
Page 3 of 16 ii. Altius Finserv and Shri Pawan Bansal were alleged to have consequently failed to satisfy the criteria for ‘fit and proper person’ specified under Regulations 6(gg) and 6A of the Merchant Bankers Regulations read with Schedule II of the SEBI (Intermediaries Regulations), 2008 (“Intermediaries Regulations”). iii. Further, in view of non–satisfaction of the aforementioned provisions of the Merchant Bankers Regulations read with the Intermediaries Regulations, in respect of the ‘fit and proper person’ criteria, Altius Finserv was also alleged to have violated the provisions of Clause 28 of the Code of Conduct for Merchant Bankers specified under Regulation 13 read with Schedule III of the Merchant Bankers Regulations. iv. Shri Pawan Bansal, who was inter alia the Managing Director, was in charge of and responsible for the conduct of business of the registered Intermediary, Altius Finserv.
Page 4 of 16 Regulation 13 of the Merchant Bankers Regulations – Code of conduct. Every merchant banker shall abide by the Code of Conduct as specified in Schedule III.
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Source: SecMarx — sebi:WTM/SR/MIRSD/18/03/2016. 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.