Wasankar Wealth Management ordered to cease its portfolio management activities by SEBI
Wasankar Wealth Management has been restrained from buying, selling or dealing in the securities market, either directly or indirectly or in any manner, according to a SEBI Order
Wasankar Wealth Management Limited, having Trade name – Wasankar Investments, and Vinay Wasankar, Mithila Wasankar, Abhijeet Chaudhari, Bhagyashree Wasankar and Prashant Wasankar have been ordered to cease and desist from undertaking its portfolio management activities or any unregistered activity in the securities market, directly or indirectly, in any manner whatsoever, according to a SEBI Confirmatory Order passed by Rajeev Kumar Agarwal, Whole Time Member, SEBI.
The following restrictions apply to the wealth management company as per the SEBI Order:
It is prohibited from mobilising 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.
It is 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.
It is 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 and submit a repayment report to SEBI in a prescribed format.
It is 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.
It is restrained from buying, selling or dealing in the securities market, either directly or indirectly, in any manner whatsoever, till further directions.