sebi:WTM/SR/SEBI/EFD-DRA2/47/08/2017
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Violations established; noticees restrained from securities market for 10 years, directed to refund collected monies with promised returns or 10% p.a. interest (whichever higher) within 90 days, and prohibited from mobilizing fresh funds.
Provisions invoked
- s. 19
- s. 12(1)
- s. 12A
- s. 12
Regulations
- Reg. 3
- Reg. 6
- Reg. 4
- Reg. 2(1)(c)
- Reg. 4(1)
- Reg. 9
Parties
- M/s Unique Consulting & Trading Private Limited
- Mr P. Shanmuga Ganesan
- Mr. K. Mathan Kumar
- Ms U. Indira
- Ms Janet Jenetha
Holding
Unique Consulting and its Directors were found to have violated Section 12(1) of the SEBI Act read with Regulation 3 of the PMS Regulations, Rule 8(3)(f) of SCRR, Clause (5) of the Code of Conduct read with Regulation 9 of the Brokers Regulations, and Section 12A(a),(b),(c) of the SEBI Act read with Regulations 3 and 4 of the PFUTP Regulations. They were restrained from accessing the securities market for 10 years and directed to refund all collected monies with promised returns or 10% p.a. interest within 90 days.
Full text
Page 2 of 13 Consulting from trading, and issued a public notice to this effect to caution the general public not to deal with it.
Page 3 of 13 opportunity of personal hearing before SEBI on a date and time to be fixed on a specific request in writing.
Page 4 of 13 (f) he engages either as principal or employee in any business other than that of securities or commodity derivatives except as a broker or agent not involving any personal financial liability, provided that— (i) the governing body may, for reasons, to be recorded in writing, permit a member to engage himself as principal or employee in any such business, if the member in question ceases to carry on business on the stock exchange either as an individual or as a partner in a firm, (ii) in the case of those members who were under the rules in force at the time of such application permitted to engage in any such business and were actually so engaged on the date of such application, a period of three years from the date of the grant of recognition shall be allowed for severing their connection with any such business, (iii) nothing herein shall affect members of a recognised stock exchange which are corporations, bodies corporate, companies or institutions referred to in items (a) to (k) of the proviso to sub-rule (4)."
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Source: SecMarx — sebi:WTM/SR/SEBI/EFD-DRA2/47/08/2017. 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.