PRESS RELEASE - SEBI

March 29, 2016
PR No. 069/2016


Order in the matter of Altius Finserv Private Limited and its director and key management person,
Shri Pawan Bansal

Shri S. Raman, Whole Time Member, SEBI, has passed an order dated March 17, 2016, under Sections 11 and 11B of the SEBI Act read with Regulation 35 of the Merchant Bankers Regulations, in the matter of Altius Finserv Private Limited and its director and key management person, Shri Pawan Bansal directing as follows –

  1. Shri Pawan Bansal, Managing Director and Key Management Person of Altius Finserv, is restrained from associating himself, either directly or indirectly, with any intermediary or holding any controlling shareholding in any intermediary till such time he is freed by the Competent Court, of the charges alleged in the FIR (FIR no. RC-AC1-2014-A0005) registered against him, by the CBI on August 1, 2014.
     
  2. SEBI shall not consider any application of Altius Finserv Private Limited, for a Certificate of Registration to act as an intermediary in any capacity till such time Shri Pawan Bansal holds office as the Managing Director or Key Management Person of Altius Finserv or holds controlling shareholding in Altius Finserv or till such time Shri Pawan Bansal is freed by the Competent Court, of the charges alleged in the FIR (FIR no. RC-AC1-2014-A0005) registered against him, by the CBI on August 1, 2014.

It is observed that Shri Pawan Bansal and Altius Finserv Private Limited do not comply with the eligibility criteria of being a 'fit and proper person' in accordance with the Merchant Bankers Regulations read with the Intermediaries Regulations and Altius Finserv Private Limited has failed to comply with the provisions of Clause 28 of the Code of Conduct contained in Schedule III read with Regulation 13 of the Merchant Bankers Regulations. 

This Order shall come into force with immediate effect.

Mumbai
March 18, 2016

 


For full copy of order against ALTIUS FINSERV PVT.LTD., click here.

For full copy of order against PAWAN BANSAL, click here.