sebi:WTM/SR/SEBI-SRO:BLO/IMD/143/07/2015

SEBI · SEBI · 2014-10-27 · S. Raman, Whole Time Member

This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.

Facts / Headnote

Ad-interim ex-parte order directing Orange Rich Financials and its Prop. Mr. Saket Jalan to cease and desist from acting as investment advisers and to withdraw all advertisements and materials relating to investment advisory activity; order treated as show cause notice with 21 days to file objections.

Provisions invoked

• s. 19
• s. 12(1)
• s. 12

Regulations

• Reg. 3
• Reg. 3(1)
• Reg. 2(m)

Parties

• Orange Rich Financials
• Mr. Saket Jalan

Holding

Orange Rich Financials, Prop. Mr. Saket Jalan, was prima facie found to be acting as an investment adviser without obtaining 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, and was directed to cease such activities pending further proceedings.

Full text

Page 2 of 12 4. Simultaneously, SEBI vide separate letters dated October 27, 2014 advised the aforementioned Banks to furnish the following information: a. PAN of entity, b. KYC Details, c. Account statements from inception till date.

Page 3 of 12 other material available on record. The issue for determination in the instant matter is that whether Orange Financials is providing Investment Advisory Services to their clients/investors, without obtaining registration from SEBI, in violation of the SEBI Investment Advisers Regulations.

Page 4 of 12  Our Vision: To be an Organization to reach all traders for the stocks and commodity advisory services to enhance their money making skills through Trading and Investment.  Our Team: Consists of group of experienced technical analysts and highly professionals.  Our Goal: To provide the Best & Accurate Trading Calls on all Asset Classes." vi As per the website, Orange Financials is seen to be providing following web-based services: a. Equity Tips: Under the said scheme, the entity is seen to be offering tips for investment or trading in stock market and has stated on their website “we provide 3-4 normal calls and one premium call to subscribers. Traders get trading calls before markets open from the stock market experts ". b. Commodity Trading Tips: "We offer 3-4 normal calls and one premium call in order to make investments into Gold and Silver contracts traded on MCX Market. We offer intraday calls having accuracy of 85-90%." c. Nifty Trading Tips: “Nifty futures trading can provide new opportunities for managing the price risks inherent in volatile stock markets as well as profiting from expected price movements in these markets. Nifty covers more than 70% of traded values of stocks in NSE and also it covers around 60% of total market capitalization. We provide Daily 3-4 Nifty Calls with Proper targets.” a. Equity Trading Tips: "This service in Stock Cash is designed for the traders who deal in NSE Stock Cash and Stock Futures. We provide maximum 3-4 calls p

Source: SecMarx — sebi:WTM/SR/SEBI-SRO:BLO/IMD/143/07/2015. 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.