Moreover, while acting as director on behalf of his wife, the regulator noted that Karapi Shah had signed a resolution of the board and sent an email communication to a client composed of PPT as part of the derived advisory service, and was promised to a client guaranteed on Gandhi’s direction.
“It is important to note that the concerns of ASBPL, its directors and sisters engaged in providing derivative advisory services, thereby violating the rules of SCR (security agreement) … is a fact already established in WTM orders (passed in February 2023). TMAPL … supports ASBPL in performing PMS activities and takes responsibility accordingly… SCR rules.”
Nothinge is responsible for the action as he has helped Nothinge (Kalapi Shah) provide DAS to the nature of the PMS, supports ASBPL and promises guaranteed returns, Ramar added.
Therefore, Sebi has suppressed Kalapi Shah’s access to the securities market and further banned them from buying or selling securities directly or indirectly for another five years.
