2023 (1) TMI 1553

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... SWARUP, TECHNICAL MEMBER For the Appellant : Mr. Vedchetan Patil, Advocate with Ms. Sunayana Kashid, Advocate i/b MJ Juris For the Respondent : Mr. Sumit Rai, Advocate with Mr. Manish Chhangani, Mr. Ravishekhar Pandey and Ms. Samreen Fatima, Advocates i/b The Law Point ORDER Per : Ms. Meera Swarup, Technical Member 1. Three appeals were filed by the Appellants challenging the common order dated July 30, 2020 (Impugned Order) passed by the Whole Time Member ('WTM' for short) of the Securities and Exchange Board of India ('SEBI', the respondent) concluding that the appellants were providing unregistered investment advisory activities in breach of Section 12(1) of SEBI Act, 1992, SEBI (Investment Advisers) Regulations, 2013 ('I....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....and why appropriate directions under Section 11(1), 11(B) and 11(D) of SEBI Act should not be issued against them. 3. The Appellants, through their written replies dated April 22, 2019 and April 19, 2019 admitted that they were involved in providing advisory services for investment in equity shares, commodities and derivatives. They were provided opportunity of personal hearing wherein they reiterated the submissions made in their written replies. The WTM after considering the replies and all other relevant material available concluded in the impugned order that the activities preferred by the three appellants establish that they were engaged in providing illegal unregistered investment advisory services which were glaringly in violation....