sebi:WTM/SR/SEBI/IMD/197/12/2015
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Facts / Headnote
Ad-interim ex-parte cease and desist order issued against GoCapital and its proprietor; order treated as show cause notice with 21 days to file objections.
Provisions invoked
- s. 19
- s. 12(1)
Regulations
- Reg. 3(1)
- Reg. 2(m)
Parties
- GoCapital
- Mr. Ankitkumar Shashikant Singhania
Holding
GoCapital and its proprietor Mr. Ankitkumar Shashikant Singhania were prima facie providing investment advisory services for consideration without registration from SEBI, in violation of Section 12(1) of the SEBI Act, 1992 read with Regulation 3(1) of the SEBI (Investment Advisers) Regulations, 2013. An ad-interim ex-parte order directing them to cease and desist from acting as investment advisers and to withdraw all related advertisements and materials was issued.
Full text
Page 2 of 10 b. List of all types of activities undertaken by GoCapital, c. Year wise details such as number of clients, total amount of money collected from the clients, total amount of fees collected from the clients in a tabular format since inception till date, d. List of clients as on date and minimum amount accepted from such clients, if any, for managing their portfolio, e. Details of fees charged for various services offered, f. Registered/corporate/correspondence addresses of GoCapital along with contact numbers and email addresses, g. Certificate of incorporation, h. Name, address, phone numbers, PAN numbers of all promoters/directors/key managerial personnel of GoCapital, i. A copy of the agreement entered with clients, j. A copy of audited annual accounts for last three financial years.
Page 3 of 10 3.3 Vide letters dated March 17, 2015, April 13, 2015 and July 11, 2015, Axis Bank provided the following information: Details of bank account maintained by GoCapital with Axis Bank, Copy of Account Opening form filed by GoCapital, Bank account statements for the period December 1, 2012 to February 22, 2013 of the Prop. Mr. Ankitkumar Shashikant Singhania, Bank account statements for the period January 1, 2015 to July 10, 2015 of GoCapital.
Page 4 of 10 further delay. GoCapital was further advised to provide their reply to the issues raised in the letters sent by SEBI latest by August 31, 2015.
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Source: SecMarx — sebi:WTM/SR/SEBI/IMD/197/12/2015. 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.