Ventura Securities Ltd

SAT-appeal

• SAT matter SATV-04D51C6A9E2C4C659CCDB063
  Delay in filing the review applications was condoned and the applications were allowed for consideration. · Review Applications Nos. 36 to 41 of 2023 were dismissed.
  Appeal: SEBI had filed an appeal against the Tribunal's order dated 24 July 2023; the appeal was stated to have been admitted by the Supreme Court. No appeal number or disposal is stated.
• The underlying appeals concerned SEBI-directed complaints and investigation; this review order records no finding on the substantive allegations.
  Delay in filing Review Applications Nos. 36 to 41 of 2023 was condoned and the applications were allowed for consideration. · Review Applications Nos. 36 to 41 of 2023 were dismissed for lack of sufficient grounds.
  Appeal: SEBI had filed an appeal against the Tribunal’s order dated 24 July 2023, which was stated to have been admitted by the Supreme Court; no appeal number or disposal is provided.
• Investor complaints against broker Ventura Securities Ltd; SAT had directed SEBI to register complaints and conduct detailed investigation with no merits finding.
  Delay in filing review applications condoned and applications allowed for hearing · Preliminary objection on maintainability under Order XLVII CPC rejected
  Appeal: SEBI appeal against SAT order dated 24.07.2023 stated to be admitted by Supreme Court (number/date not stated); present Reviews dismissed on 18.12.2023
• Investor complaints against broker Ventura Securities Ltd and Ameet Savant; SAT had ordered SEBI to register complaints and conduct detailed investigation
  Delay in filing review applications condoned · Preliminary objection on maintainability under Order XLVII CPC rejected
  Appeal: SEBI appeal against SAT order dated 24 July 2023 admitted by Supreme Court (appeal number/date not stated); review held maintainable
• Investor complaint of non-return of monies invested via sub-broker Ameet Savant offering assured returns; closed on SCORES as appellants not Ventura clients
  Impugned SCORES disposal communications set aside · Matter remitted to SEBI to reconsider complaints in accordance with law in light of observations
  Appeal: Appeal Nos. 129, 130, 131 and 132 of 2020 allowed and remanded vide decision dated 20.01.2021
• Alleged collection of investor funds in assured-return schemes via broker's Authorised Person and denial of redemption; prima facie fraudulent and unfair trade practices by VSL and Ameet Savant.
  Set aside SEBI communications dated March 17, 2021 and June 11, 2021 and NSE communication dated September 24, 2021 · Direct SEBI to register appellants' complaints and conduct detailed investigation after hearing appellants
• SAT matter SATV-59F0D403F2C4217B2B8D1613
  Delay in filing Review Applications Nos. 36 to 41 of 2023 condoned and applications allowed for consideration. · Review Applications Nos. 36 to 41 of 2023 dismissed; no sufficient ground to review the SAT order dated 24 July 2023.
  Appeal: SEBI's appeal against the SAT order dated 24 July 2023 was stated to have been admitted by the Supreme Court; no appeal number or disposal was provided.
• Broker Ventura and AP Ameet Savant allegedly took Rs.5.85 cr (Pinto) and Rs.2.40 cr (D'Silva) for fixed-income 2% p.m. / index-option schemes and failed to redeem, prima facie fraudulent and unfair trade practice.
  Set aside SEBI communications dated 17 March 2021 and 11 June 2021 and NSE communication dated 24 Sept 2021 · Direct SEBI to register appellants' complaints and conduct detailed investigation after hearing appellants
  Appeal: Appeal Nos.390-393 of 2021, 569 of 2021 and 699 of 2021 allowed on 24 July 2023; Misc Applications 713-715 of 2021 disposed of
• Broker Ventura and AP Ameet Savant allegedly collected crores promising 2% monthly fixed income / Index Option scheme then failed to redeem, prima facie fraudulent and unfair trade practice.
  Set aside SEBI communications dated March 17, 2021 and June 11, 2021 and NSE communication dated September 24, 2021 · Direct SEBI to register appellants complaints and conduct detailed investigation after hearing appellants
  Appeal: Appeal Nos. 390-393 of 2021, 569 of 2021 and 699 of 2021 allowed on 24.07.2023; impugned SEBI/NSE closures set aside and remanded for investigation
• Investor complaints by appellants against Ventura Securities Ltd / Ameet Savant; Tribunal had directed SEBI to register complaints and conduct detailed investigation
  Delay in filing Review Applications condoned and applications allowed for hearing · Preliminary objection on maintainability rejected
  Appeal: Review Applications No.36-41 of 2023 with Misc.Applications 1421-1426/2023 dismissed on 18.12.2023; SEBI appeal against Tribunal order dated 24.07.2023 stated to be admitted by Supreme Court
• Broker Ventura via AP Ameet Savant allegedly took Rs 5.85 cr and Rs 2.40 cr for assured-return schemes, paid initial returns then failed redemption; prima facie fraudulent and unfair trade practice.
  Set aside SEBI communications dated 17.03.2021 and 11.06.2021 and NSE communication dated 24.09.2021 · Direct SEBI to register appellants complaints and conduct detailed investigation against VSL and Ameet Savant after hearing appellants
  Appeal: Appeal Nos. 390-393, 569 and 699 of 2021 allowed on 24.07.2023; impugned SEBI/NSE closures set aside with investigation direction; Misc Apps 713-715 of 2021 disposed
• Failure to redeem fixed-return investments collected via Authorised Person; prima facie fraudulent and unfair trade practices by broker and AP
  Set aside SEBI communications dated 17 March 2021 and 11 June 2021 and NSE communication dated 24 Sept 2021 · Direct SEBI to register appellants complaints and conduct detailed investigation into VSL and its AP