Appeal Nos. 96/104/105 of 2013. Case: 1. Rohitkumar C. Shah HUF, 2. Nisha G. Shah, 3. Sandhya R. Shah Vs 1. Securities and Exchange Board of India, 2. KE Consultant Group. Securities and Exchange Board of India

Case Number:Appeal Nos. 96/104/105 of 2013
Party Name:1. Rohitkumar C. Shah HUF, 2. Nisha G. Shah, 3. Sandhya R. Shah Vs 1. Securities and Exchange Board of India, 2. KE Consultant Group
Counsel:For Appellant: Mr. Jaikishan Lakhwani, Advocate and For Respondent: Mr. Kumar Desai, Advocate with Mr. Yogesh Chande and Mr. Tomu Francis, Advocates
Judges:J.P. Devadhar, Presiding Officer, Jog Singh, Member and A. S. Lamba, Member
Issue:Securities and Exchange Board of India Act
Judgement Date:August 30, 2013
Court:Securities and Exchange Board of India
 
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Order:

J.P. Devadhar, Presiding Officer (At Mumbai)

  1. In all these appeals appellants seek modification of ex parte ad-interim order dated February 28, 2012 whereby Mr. Manish Thakkar, sole proprietor of KE Consulting Group (Respondent no. 2 in all appeals) is restrained from accessing securities market and further prohibited from buying, selling or otherwise dealing in securities, directly or indirectly, or being associated with securities market in any manner.

  2. Appellants are investors in the capital market and had availed Portfolio Management Services offered by respondent no. 2 who is an Associate of Kumar Share Broker, New Delhi. By impugned order dated February 28, 2012, whole time member of respondent no. 1 has passed following order:-

    (a) KE Consultancy Group and its proprietor, Mr. Manish Thakkar are restrained from accessing the securities market and further prohibited from buying, selling or
    otherwise dealing in securities market, directly or indirectly, or being associated with the securities market in any manner;

    (b) KE Consultancy Group and its proprietor, Mr. Manish Thakkar shall cease and desist from undertaking the portfolio management activities, directly or indirectly, in any manner whatsoever;

    (c) KE Consultancy Group and its proprietor, Mr. Manish Thakkar shall immediately withdraw and remove all advertisements, representations, literatures, brochures,
    materials, publications, documents, websites, etc. in relation to the portfolio management activities;

    (d) KE Consultancy Group and its proprietor, Mr. Manish Thakkar are prohibited from mobilizing funds from the public or offering any portfolio...

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