Rakesh Sethi

SAT-appeal

• The company allegedly held itself out as a SEBI-registered portfolio manager without registration, offered assured returns, and solicited investors to open trading and demat accounts.
  Appeals allowed in part. · Penalty reduced to ₹5 lakh under Section 15HA and ₹1 lakh under Section 15HB, jointly and severally.
  Appeal: Appeal Nos. 748 and 749 of 2022 partly allowed on 12 February 2026; penalty reduced and remaining directions upheld.
• The underlying SEBI proceedings concerned alleged violations connected with investment advisory activities; the order does not specify the substantive charge.
  Miscellaneous Application No. 352 of 2022 rejected. · Interim order dated 26 November 2019 and confirmatory order dated 7 December 2020 to continue operating.
  Appeal: Appeal Nos. 141 and 142 of 2021 disposed of by SAT on 11 May 2022; interim and confirmatory orders continued pending SEBI proceedings.
• Alleged unauthorized investment advisory services; appellants restrained from undertaking any investment advisory activity.
  Misc. Application No. 352 of 2022 rejected; no error in issuance of show cause notice. · Appellants to appear and file replies to show cause notices dated April 20, 2022 by June 01, 2022.
  Appeal: Appeal Nos. 141 and 142 of 2021 with Misc. Application No. 352 of 2022 disposed of by SAT order dated 11.05.2022