Algo System

SAT-appeal

• Providing investment advice without risk profiling, suitability analysis and required NISM certification; failing to disclose complaint status and adequate client information; promising assured returns and defrauding clients through collusion with an unregistered connected entity.
  Appeal No. 626 of 2023 dismissed. · Appeal No. 627 of 2023 dismissed.
  Appeal: Appeal Nos. 626 and 627 of 2023 dismissed by SAT on 27 July 2023.
• Registered IA gave advice without NISM certification, skipped risk profiling, promised assured returns and colluded with unregistered Algo System to defraud clients, violating IA and PFUTP norms.
  SAT dismissed Appeal Nos. 626 and 627 of 2023 with no order as to costs · Confirmed 3-year restraint from accessing securities market and from IA activity directly/indirectly
  Appeal: Appeal Nos. 626 of 2023 and 627 of 2023 filed and dismissed by SAT on 27.07.2023; no further appeal mentioned
• Registered IA failed risk profiling, lacked NISM certification, promised assured/guaranteed returns and charged unreasonable fees in collusion with unregistered Algo System, violating IA and PFUTP norms.
  Appeal No.626 of 2023 and Appeal No.627 of 2023 both dismissed with no order as to costs · SAT confirmed 3-year market access and IA activity restraint and Rs.1,53,75,252 joint refund direction
  Appeal: Appeal Nos.626 and 627 of 2023 decided on 27.07.2023 - both dismissed