2023 (9) TMI 1103

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....Exchange Board of India ("SEBI" for short) whereby the appellant along with noticee no. 1 and 3 have been directed to refund the monies received from the investors towards investment advisory services. The appellants has also been restrained from accessing the securities market for a period of three years from the date of the impugned order or till the expiry of three years from the date of completion of refunds. The appellants has also been imposed a penalty of Rs. 6 lakh. 2. The facts leading to the filing of the present appeal is, that several complaints were received by SEBI regarding the appellant and other noticees for offering investment advisory services with guaranteed assured returns causing monetary loss to the complainants. 3.....

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....ring the period under examination. In view of the aforesaid finding various direction were issued. 4. We have heard Shri Vedchetan Patil, the learned counsel for the appellant and Shri Vishal Kanade, the learned counsel for the respondent. 5. The learned counsel for the appellant contended that there is no power under the SEBI Act or under the IA Regulations to refund the amount collected as fee for the services rendered by the appellant and its Company and therefore direction to refund the amount was wholly illegal. It was contended that Regulation 35 of the SEBI (Intermediaries) Regulations, 2008 ("Intermediaries Regulations" for short) requires refunding any money collected from the securities under any "scheme or otherwise". It was co....