sebi:WTM/SR/MIRSD/23/03/2016
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Facts / Headnote
Unicon Capital Services Private Limited and Shri Ram Mohan Gupta restrained from accessing the securities market for 5 years; Shri Pawan Dhanuka and Shri Pritam Pandya restrained for 3 years; Ex-parte Ad Interim Order against Shri Gajendra Nagpal disposed of without further directions as violations did not sustain against him.
Provisions invoked
- s. 19
- s. 12(1)
Regulations
- Reg. 8(3)
- Reg. 8
- Reg. 107
- Reg. 35
- Reg. 106O
Parties
- Unicon Capital Services Private Limited
- Shri Ram Mohan Gupta
- Shri Gajendra Nagpal
- Shri Pawan Kumar Dhanuka
- Shri Pritam Dinesh Pandya
Holding
Unicon Capital Services Private Limited violated Section 12(1) of the SEBI Act read with the SEBI Circular dated January 4, 2005, Clause 16 of the Code of Conduct in Schedule III of the Merchant Bankers Regulations, and Regulation 106O-(2) of the ICDR Regulations read with Schedule VI, by carrying on Merchant Banking activities after the expiry of its Certificate of initial registration on December 21, 2012. Shri Ram Mohan Gupta, Shri Pawan Kumar Dhanuka and Shri Pritam Dinesh Pandya were found liable for aiding such contraventions, while the violations alleged against Shri Gajendra Nagpal did not sustain as he had ceased to be a Director on September 6, 2013.
Full text
Page 2 of 21 (2) The certificate of initial registration granted under sub-regulation (1) shall be valid for a period of five years from the date of its issue to the applicant. (3) The merchant banker who has already been granted certificate of registration by the Board, prior to the commencement of the Securities and Exchange Board of India (Merchant Bankers) (Amendment) Regulations, 2011, and has not completed a period of three years, shall be deemed to have been granted a certificate of initial registration for a period of five years from the date of its certificate of registration, subject to payment of fee for the remaining period of two years, as prescribed in Schedule II of these regulations. (4) On the grant of a certificate of initial registration the merchant banker shall be liable to pay the fee in accordance with Schedule II of these regulations. …
Page 3 of 21 4.2 SEBI vide letter dated March 5, 2013, informed Unicon Capital that its Certificate of registration had expired on December 21, 2012. SEBI further informed Unicon Capital that since it had filed a renewal application after the expiry of Certificate of registration, the said application shall be treated as an application for initial registration. In that regard, SEBI advised Unicon Capital to furnish an Undertaking with regard to compliance with the requirements contained in the SEBI Circular SEBI/MIRSD/DR–2/SRP–Cir–2/2005 dated January 4, 2005.
Page 4 of 21 amended Regulation 8 of the Merchant Bankers Regulations (as mentioned at Paragraph 2 at pages 1–2). (iii) SEBI also returned the aforementioned Demand Draft submitted by Unicon Capital towards registration fees for deemed registration as a Merchant Banker. SEBI once again advised Unicon Capital to furnish an Undertaking with regard to compliance with the requirement contained under the SEBI Circular SEBI/MIRSD/DR–2/SRP–Cir–2/2005 dated January 4, 2005.
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Source: SecMarx — sebi:WTM/SR/MIRSD/23/03/2016. 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.