September 21, 2004
PR No. 241/2004

Order issued in the matter of application submitted by M/s. Wealth Management Advisory Services Ltd., Kolkata for registration as a portfolio manager

The application submitted by M/s. Wealth Management Advisory Services Ltd., Kolkata (WMAS) has been rejected by SEBI vide order dated September 9, 2004.
 
WMAS had submitted an application for grant of certificate of registration as a portfolio manager, which was rejected by SEBI vide order dated June 18, 2004, on account of the disciplinary action taken/ pending against the companies connected with the applicant. WMAS, in terms of Regulation 10 (3) of the SEBI (Portfolio Managers) Regulations, 1993, requested SEBI to reconsider its decision and grant registration to it as a Portfolio Manager. However, the applicant failed to establish any new material facts on record or otherwise and therefore on reconsideration did not warrant any interference with the earlier SEBI order dated June 18, 2004 and SEBI rejected the request. 
 
 
Mumbai
 
September 21, 2004