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    <title>2023 (4) TMI 1448 - THE SECURITIES APPELLATE TRIBUNAL MUMBAI</title>
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    <description>AT upheld the adjudicating order finding appellants acted as unregistered investment advisers via websites, receiving subscriptions into personal accounts. The tribunal held that providing stock tips was immaterial to liability under Regs 2(m) and 3(1); acting as an investment adviser was established by documentary evidence. The WTM&#039;s directions to refund amounts collected and to debar the appellants from accessing the securities market for three years were affirmed. Both appeals were dismissed and the impugned order sustained, with no order as to costs.</description>
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      <description>AT upheld the adjudicating order finding appellants acted as unregistered investment advisers via websites, receiving subscriptions into personal accounts. The tribunal held that providing stock tips was immaterial to liability under Regs 2(m) and 3(1); acting as an investment adviser was established by documentary evidence. The WTM&#039;s directions to refund amounts collected and to debar the appellants from accessing the securities market for three years were affirmed. Both appeals were dismissed and the impugned order sustained, with no order as to costs.</description>
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