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SEBI – Interim Impounding Order dated 5.4.2024 – first of its kind to protect securities market and the investors

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In the inspection and independent examination of the activities of Shri Balu Motiram authorised person of stock broker ABC Limited during the period of 10.3.2017 to 30.9.2023 that RBEIPV was engaged in stock buy / sell recommendetaions to the investors without obtaining mandatory registration of SEBI.  Ravindra Balu Bharti was director of RBEIPL and son of Balu Motiram authorised person of stock broker ABC limited.  Both were operating from common premises.

Ravindra Bharti has two YouTube channels – Marathi with 10.8 lakhs subscribers and Hindi with 8.22 subscribers.

In the exhaustive order of 59 pages, SEBI has dealt with each and every aspect of the investigation and violations for unlawful gains.

It was seen that the modus operandi engaged in for rendering investment advisory in lieu of monetary consideration that the investors were lured to take advisory services by project returns in the range of 25% to 1000% with enrolment of wealth management plans.

Interim impounding order to protect securities market and to protect unlawful gains which may be siphoned off beyond regulatory reach.

Interim restraining order and also to deposit Rs.12 crores of unlawful gains in the banks

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