2025 (11) TMI 1724

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....s. Meera Swarup, Technical Member, And Dr. Dheeraj Bhatnagar, Technical Member For the Appellant : Mr. Saurabh Bachhawat with Mr. Yahya Batatawala, Advocates For the Respondent : Mr. Manish Chhangani with Mr. Sumit Yadav, Mr. Abhay Chauhan, Mr. Atul Agrawal, Advocates i/b The Law Point ORDER Per: Justice P.S. Dinesh Kumar, Presiding Officer (Oral) For the reasons stated therein, the....

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.... to show cause as to why appropriate action should not be taken against them. Appellant replied to the show cause notice. After adjudication, order dated 22.04.2022 has been passed directing the appellant to give an opportunity to the clients to exercise the option to take refund, and to refund the money received as fees. The appellant had collected in all sum of Rs. 37,26,800/-. In compliance wit....

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.... therefore the direction contemplated at sub paragraph (e) of paragraph 19 of the SEBI order dated 22.04.2022 shall remain in force till the completion of compliance of refund to clients / investors which means that the appellant stands prohibited from taking new clients. 4. After hearing the learned Advocates on both sides on the last date of hearing, we had called upon the SEBI to complete in....

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.... SEBI. However, the fact remains that appellant has not contacted some of the clients whose cumulative amount comes to about Rs. 9.05 lakh. He has now offered to issue paper publication. His submission is fair and accepted. 7. The appellant shall issue a paper publication in two leading newspapers, namely, Dainik Bhaskar and Times of India within 30 days from today and thereafter the appellant ....