Shri Rajeev Kumar Agarwal, Whole Time Member, SEBI, passed confirmatory order on December 10, 2014 in the matter of Wasankar Wealth Management Limited, Mr. Prashant Wasankar having Trade name – Wasankar Investments, Mr. Vinay Wasankar, Ms. Mithila Wasankar, Mr. Abhijeet Chaudhari and Ms. Bhagyashree Wasankar and confirmed the following directions issued vide order dated August 27, 2014. .
- to cease and desist from undertaking the portfolio management activities or any unregistered activity in the securities market, directly or indirectly, in any manner whatsoever;
- prohibited from mobilizing or pooling funds from its clients, other general investors or public and from offering any portfolio management activities or any other unregistered activity, in whatever form;
- to immediately withdraw and remove all advertisements, representations, literatures, brochures, materials, publications, documents, websites, etc. in relation to the portfolio management activities or any unregistered activity in the securities market;
- to refund the monies so collected from their clients and other investors in its various schemes along with income, profits or returns promised to them under such schemes or interest at the rate of 10% per annum, whichever is higher, from the date of investment till the date of refund, within a period of seven days from the date of this order (i.e., by September 03, 2014) and submit a repayment report to SEBI in a prescribed format:
- prohibited from transferring the funds/deposits mobilised from the clients or other investors or from disposing of or alienating any asset that has been created from the funds/deposits received from their clients or other investors for purposes other than refund as directed hereinabove;
- restrained from buying, selling or dealing in the securities market, either directly or indirectly, in any manner whatsoever, till further directions:
The full text of the order is available on the website: www.sebi.gov.in
