January 19, 2007
PR No. 22/2007

ORDER AGAINST SHRI ANIRUDH SETHI AND THE BUSINESS NAME �STOCK MARKET NAVIGATOR�(SMN)

SEBI has directed Shri Anirudh Sethi and the business name �Stock Market Navigator� (SMN) to cease and desist from giving investment advice to a client including any recommendations containing company specific news which amounts to violation of Regulation 4(1) read with Regulation 2(1)(c)(5) and Regulation 4(2)(k) and 4(2)(r) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003. Further, Shri Anirudh Sethi and the business name �Stock Market Navigator�(SMN) are also directed to cease and desist from acting as an unregistered portfolio manager until they are registered with the Board in terms of Section 12 of SEBI Act read with Regulation 3 of SEBI (Portfolio Managers) Regulations, 1993. The order was passed by Shri G Anantharaman, Whole Time Member, SEBI on January 19, 2007.
 
Shri Anirudh Sethi and the business name �Stock Market Navigator� (SMN), disseminated company specific information through advertisement on print and electronic media which has been denied by the company and in respect of which the company had not sent any notice to the Stock Exchanges as statutorily required under Listing Agreement. This is a clear case of an attempt to mislead the investors by indulging in activities prejudicial to the price discovery mechanism of the Stock Exchange. Hence, Shri Anirudh Sethi and the business name �Stock Market Navigator� (SMN) has violated the above said provisions of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003. Further, it prima-facie appears that Shri Anirudh Sethi and the business name �Stock Market Navigator� (SMN) acted as a �Portfolio Manager� without obtaining registration from SEBI to act as a �Portfolio Manager� as required under Section 12 of SEBI Act, 1992 and Regulation 3 of the SEBI (Portfolio Managers) Regulations, 1993. 
 
The investors are also cautioned to take informed investment decisions without being influenced by such recommendations given in the public media.
 
The print and electronic media have a wide reach. Therefore, they have a responsibility cast on them for exercising due care and diligence to ensure that such persons do not misuse the power and credibility of the media for illegal pecuniary gains.
 

Mumbai

January 19, 2007

For full copy of order against ANIRUDH P.SETHI, click here.

For full copy of order against ANIRUDH P.SETHI, click here.

For full copy of order against STOCK MARKET NAVIGATOR (SMN), click here.

For full copy of order against STOCK MARKET NAVIGATOR (SMN), click here.