An order passed in the absence of any rebuttal from noticees on the allegations made – THE SECURITIES AND EXCHANGE BOARD OF INDIA
An order passed in the absence of any rebuttal from noticees on the allegations made – THE SECURITIES AND EXCHANGE BOARD OF INDIA  An ex-Parte ad-interim order issued against the noticee to respond to the various allegation of operating unregistered investment advisory activities and violating  Section 12(1) of SEBI read with regulation 3(1) of the SEBI regulations,2013 and the order contained various allegations of acting fraudulently and manipulative and violating f provisions of Section 12A (a), (b) &amp; (c) of the SEBI Act, 1992 and regulations 3 (b), (c) &amp; (d) and regulations 4(1) and 4(2)(k) of the SEBI regulations,2013. following this order proceedings were started against the noticees and the order was passed by S. K. MOHANTY (whole time member) in application no.WTM/SM/WRO/WRO/14717/2021-22. The interim order contained various observations and the complaint made by Mr. Vijay Nikam(complainant ) and it was observed that that Billionaire Solutions advertised itself as one of the best Stock Advisory of India who caters &amp; delivers the best stock recommendation in Equity Market and offering recommendations in various stock market solutions. Through this order, the noticees were given ample opportunity to make a rebuttal against the following allegations but no response came from the noticee. Hence it was clear that the principles of natural justice have been complied with adequately in the present matter, and as the Noticees have preferred to not participate in the present proceedings so the member decided to handle the proceedings on a merit-based. In the proceedings, it was found out that the noticee was engaged in advising in an unauthorized manner, and from the website of the firm it was found out that the notice was offering various service packages to investors at large for enabling them to invest in securities which were nothing but purely an act in rendering services of investment advisory. The member found the activities/ representations as were being made by the Noticees without holding the certificate of registration as IA are in violation of Section 12(1) of the SEBI Act, 1992 read with regulation 3(1) of the IA Regulations, 2013 and the above misleading representations made by the Noticees are deceptive and fraudulent and are well covered within the definition of “fraud” defined under regulation 2(1)(c) of the PFUTP Regulations, 2003. Hence the noticees were found to be in clear violations of rules and regulations mentioned above and also in violation of regulation 4(2)(k) of the PFUTP regulations,2003, and order with directions issued against the noticees . Click here to read the order
WTM SM WRO WRO 14717 2021 22 SECURITIES AND EXCHANGE BOARD OF INDIA UNDER SECTION 11(1) 11(4) AND 11B OF THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT 1992 IN THE MATTER OF M S BILLIONAIRE SOLUTIONS SOLE PROPRIETOR MR. AKASH In respect of: Serial No. Name of the Entity M s Billionaire Solutions1. The present proceedings have originated from an ex parte ad interim order dated February 07 2020passed by the Securities and Exchange Board of Indiaagainst M s Billionaire Solutions and its sole proprietor Mr. Akash Jaiswal hereinafter collectively referred to as “the Noticees”) as the unregistered investment advisory activities of the Noticees were prime facia found to be in violation of the provisions of Section 12(1) of the Securities and Exchange Board of India Act 1992read with regulation 3(1) of the SEBI Regulations 2013 hereinafter referred to as “IA Regulations 2013”). Further in the interim order the activities of the Noticees were also prima facie found to be fraudulent Final Order in the matter of M s. Billionaire Solutions sole Proprietor Mr. Akash Jaiswal and manipulative and in violation of provisions of Section 12A(b) &of the SEBI Act 1992 and regulations 3(c) &and regulations 4(1) and 4(2)(k) of the SEBI Regulations 2003 inter alia alleging that he had paid around INR 1 58 800 to Billionaire Solutions and the said entity has cheated him by taking money in the name of Offline trading GST Server fees and profit commitment plans. With the aforesaid email Mr. Vijay Nikam also attached the copy of payment receipt made to Billionaire Solutions through Easebuzz Payment Gateway. ii. From the aforesaid payment receipt shared by the Complainant it was observed that Billionaire Solutions was using Easebuzz Payment Gateway hereinafter referred to as “Easebuzz”). Therefore account details were sought from Easebuzz and it was gathered that the Canara Bank Account Number 6058201000216 linked with Easebuzz belonged to the Noticees. The beneficiary details of the aforesaid Canara Bank Account are mentioned below: Business Name: Billionaire Solutions Email: info@billionairesolution.in Name of Owner: Mr. Akash Jaiswal Bank Name: Canara Bank Final Order in the matter of M s. Billionaire Solutions sole Proprietor Mr. Akash Jaiswal Account Number: 6058201000216 PAN No: BVPPJ3417H iii. From the aforementioned Canara Bank Account statement it was observed that around INR 36 48 813 had been credited during the period February 19 2019 to October 03 2019. The examination of the said bank statements also revealed that various credits have been received in the aforementioned account of the Noticees and it appeared that the payments had come from various individuals. Further the narrations in such transactions are also observed to have used terms such as ‘investment’ ‘trading’ etc. It was further gathered that the Noticees were hosting a website namely https: 5c6a4cd19aa53.site123.me . From the perusal of the said website it is noted that Billionaire Solutions advertised itself as one of the best Stock Advisory of India who caters & delivers best stock recommendation in Equity Market Commodity Market & Forex Market. It offers recommendations in Stock Cash Stock Future and Stock Options. Further it was also mentioned on the website that “We provide online trading NSE and BSE Trading Tips MCX NCDEX and intraday tips for investors traders and portfolio personnel”. 3. On the basis of the aforesaid observations evidence gathered during examination and considering the nature of the alleged activities undertaken by the Noticees it was thought proper to pass an order and issue directions as a preventive measure for protecting the interest of investors of securities market and consequently following directions were issued against the Noticees in the interim order: Final Order in the matter of M s. Billionaire Solutions sole Proprietor Mr. Akash Jaiswal i. The Noticees shall cease and desist from acting as an investment advisor including the activity of acting and representing through any media as an investment advisor directly or indirectly and cease to solicit or undertake such activity or any other activities in the securities market directly or indirectly in any manner whatsoever until further orders. ii. The Noticees shall not access the securities market and buy sell or otherwise deal in securities in any manner whatsoever directly or indirectly until further orders. iii. The Noticees shall not divert any funds raised from investors kept in bank account(s) and or in their custody until further orders. iv. The Noticees shall not dispose of or alienate any assets whether movable or immovable or any interest or investment or charge on any of assets held in their name including money lying in bank accounts except with the prior permission of SEBI. v. The Noticees shall immediately withdraw and remove all advertisements representations literatures brochures materials publications documents websites communications etc. in relation to their investment advisory activity or any other unregistered activity in the securities market until further orders. vi. The Noticees shall provide a full inventory of all assets held in the name of the proprietorship or the proprietor and firm or the partner whether movable or immovable or any interest or investment or charge on any of such assets including details of all bank accounts demat accounts and mutual fund investments immediately but not later than 5 working days from the date of receipt of this order. vii. Any person while working under the above mentioned Noticees as employee or otherwise shall cease and desist from undertaking the activity of investment advisory services including the activity of acting and representing through any mediaas an investment advisor directly or indirectly till further orders. Final Order in the matter of M s. Billionaire Solutions sole Proprietor Mr. Akash Jaiswal viii. The Banks are directed not to allow any debits withdrawals from or credits to the accounts of the Noticees held jointly or severally without the permission of SEBI. The Banks are directed to ensure that all the above directions are strictly enforced. ix. The Depositories are directed to ensure that till further directions no debits are made in the demat accounts of the Noticees held jointly or severally. x. The Registrar and Transfer Agents are also directed to ensure that till further directions the securities including Mutual Fund units held in the name of the Noticees jointly or severally are not transferred or redeemed. 4. The interim order provided the Noticees with an opportunity to file their objections reply if any within 21 days from the date of the interim order and also provided them with an opportunity of personal hearing before SEBI on a date and time to be fixed on a specific request to be made by the Noticees. In this regard it is noted from the records available before me that an attempt was made to serve a copy of the interim order upon the Noticees on their last known addresses i.e. “125 188 Suyash Vihar Vijay Nagar Indore” and “Shop B Plot no. 49 A Scheme No. 114 Part 1 Indore” through SPAD vide letters dated February 10 2020 however the same was returned undelivered. Thereafter the interim order was served upon the Noticees through newspaper publications which was published in newspapers namely The Times of India and Dainik Bhaskar on August 10 2020. I note that the Noticees have neither filed any reply objections to the allegations made through the interim order nor have sought any personal hearing. However in conformity with the principles of natural justice an opportunity of personal hearing was provided to the Noticees on October 07 2021 for which an attempt was made to serve the hearing notice upon the Noticees through SPAD vide letter dated June 24 2021 on the registered office address i.e. “Shop B Plot No. 49A Scheme No. 114 Part 1 Final Order in the matter of M s. Billionaire Solutions sole Proprietor Mr. Akash Jaiswal Indore Madhya Pradesh 452010” and permanent address i.e. “S o Jai Prakash Jaiswal 125 188 Suyash Bihar Vijay Nagar Indore Madhya Pradesh 452010” and also on an alternate address i.e. “AG 207 MP Nagar Zone 1 Bhopal Madhya Pradesh 462001” of the Noticees through SPAD vide letter dated September 27 2021. Further the scanned copy of the aforesaid letters was also sent to the Noticees vide emails dated June 24 2021 and September 27 2021 to the email address of the Noticees available with SEBI i.e. info@billionairesolution.in as obtained from Easebuzz and noticed from the bank statement of the aforesaid Canara Bank Account. However as the aforesaid letters were again returned undelivered and the aforesaid emails could not get delivered to the said email address of the Noticees the notice about the personal hearing was also served upon the Noticees through newspaper publication dated August 05 2021 in the newspapers namely Times of India and Patrika and through newspaper publication dated October 05 2021 in the newspapers namely Times of India and Dainik Jagran. 5. I note that no one appeared before me on the scheduled date of personal hearing i.e. October 07 2021 as indicated in the above stated newspaper publication. Under the circumstances I observe that the principles of natural justice have been complied with adequately in the present matter and as the Noticees have preferred to not participate in the present proceedings before me I am constrained to deal with the matter on merit based on the material available on record. 6. I have carefully perused the facts recorded in the interim order and other materials available on record. I note that the limited issue that requires adjudication in the extant proceedings in light of the charges so levelled against the Noticees in the interim order is as under: Final Order in the matter of M s. Billionaire Solutions sole Proprietor Mr. Akash Jaiswal  Whether the acts of the Noticees as imputed in the interim order have violated the provisions of SEBI Act 1992 read with the IA Regulations 2013 and the PFUTP Regulations 2003 while providing the services related to Investment Advisory without having proper registration. 7. Before adverting to the facts of the case to deal with the aforesaid issue it is apposite to refer to the relevant provisions of securities laws alleged against the Noticees in the interim order which are reproduced hereunder: “SEBI ACT 1992 Registration of stock brokers sub brokers share transfer agents etc. 12.“No stock broker sub broker share transfer agent banker to an issue trustee of trust deed registrar to an issue merchant banker underwriter portfolio manager investment adviser and such other intermediary who may be associated with securities market shall buy sell or deal in securities except under and in accordance with the conditions of a certificate of registration obtained from the Board in accordance with the regulations made under this Act: Prohibition of manipulative and deceptive devices insider trading and substantial acquisition of securities or control. 12A. No person shall directly or indirectly— a) use or employ in connection with the issue purchase or sale of any securities listed or proposed to be listed on a recognized stock exchange any manipulative or deceptive device or contrivance in contravention of the provisions of this Act or the rules or the regulations made thereunder b) employ any device scheme or artifice to defraud in connection with issue or dealing in securities which are listed or proposed to be listed on a recognised stock exchange c) engage in any act practice course of business which operates or would operate as fraud or deceit upon any person in connection with the issue dealing in securities which are listed or proposed to be listed on a recognised stock exchange in contravention of the provisions of this Act or the rules or the regulations made thereunder Final Order in the matter of M s. Billionaire Solutions sole Proprietor Mr. Akash Jaiswal SEBIREGULATIONS 2013 Application for grant of certificate. 3.On and from the commencement of these regulations no person shall act as an investment adviser or hold itself out as an investment adviser unless he has obtained a certificate of registration from the Board under these regulations: SEBI PFUTP REGULATIONS 2003 2.In these regulations unless the context otherwise requires — “fraud” includes any act expression omission or concealment committed whether in a deceitful manner or not by a person or by any other person with his connivance or by his agent while dealing in securities in order to induce another person or his agent to deal in securities whether or not there is any wrongful gain or avoidance of any loss and shall also include— 1) a knowing misrepresentation of the truth or concealment of material fact in order that another person may act to his detriment 2) a suggestion as to a fact which is not true by one who does not believe it to be true 3) an active concealment of a fact by a person having knowledge or belief of the fact 4) a promise made without any intention of performing it 5) a representation made in a reckless and careless manner whether it be true or false 6) any such act or omission as any other law specifically declares to be fraudulent 7) deceptive behaviour by a person depriving another of informed consent or full participation 8) a false statement made without reasonable ground for believing it to be true. 9) the act of an issuer of securities giving out misinformation that affects the market price of the security resulting in investors being effectively misled even though they did not rely on the statement itself or anything derived from it other than the market price. And “fraudulent” shall be construed accordingly 3. Prohibition of certain dealings in securities Final Order in the matter of M s. Billionaire Solutions sole Proprietor Mr. Akash Jaiswal No person shall directly or indirectly— b) use or employ in connection with issue purchase or sale of any security listed or proposed to be listed in a recognized stock exchange any manipulative or deceptive device or contrivance in contravention of the provisions of the Act or the rules or the regulations made there under c) employ any device scheme or artifice to defraud in connection with dealing in or issue of securities which are listed or proposed to be listed on a recognized stock exchange d) engage in any act practice course of business which operates or would operate as fraud or deceit upon any person in connection with any dealing in or issue of securities which are listed or proposed to be listed on a recognized stock exchange in contravention of the provisions of the Act or the rules and the regulations made there under. 4. Prohibition of manipulative fraudulent and unfair trade practices 1) Without prejudice to the provisions of regulation 3 no person shall indulge in a fraudulent or an unfair trade practice in securities. 2) Dealing in securities shall be deemed to be a fraudulent or an unfair trade practice if it involves fraud and may include all or any of the following namely: k) disseminating information or advice through any media whether physical or digital which the disseminator knows to be false or misleading and which is designed or likely to influence the decision of investors dealing in securities” 8. As stated earlier SEBI had received a complaint from the Complainant vide email dated July 28 2019 inter alia alleging that he has paid around INR 1 58 800 to Billionaire Solutions and the said entity has cheated him by taking money in the name of Offline trading GST Server fees and profit commitment plans. 9. From further scrutiny it emerged that the Noticees were hosting a website https: 5c6a4cd19aa53.site123.me . From the pages of the aforesaid website of the Noticees it was observed that the Noticees at the time of asking the clients Final Order in the matter of M s. Billionaire Solutions sole Proprietor Mr. Akash Jaiswal to invest as per the investment services rendered to them claimed the following through their website: It is one of the best Stock Advisories of India who caters & delivers best stock recommendation in Equity Market Commodity Market & Forex Market It offers recommendations in Stock Cash Stock Future and Stock Options 10. It has also been mentioned on the website that ““We provide online trading NSE and BSE Trading Tips MCX NCDEX and intraday tips for investors traders and portfolio personnel”. 11. I note that the following pricing details for availing various types of services from them were also announced on the aforesaid website of the Noticees: Stock Cash Stock Future Stock Options Basicas articulated in regulation 2(1)(m) of the IA Regulations 2013 which states that Investment Adviser means “any person who for consideration is engaged in Final Order in the matter of M s. Billionaire Solutions sole Proprietor Mr. Akash Jaiswal the business of providing investment advice to clients or other persons or group of persons and includes any person who holds out himself as an investment adviser by whatever name called”. Further I have also perused regulation 2(1)(l) of the IA Regulations 2013 which defines Investment Advice as “advice relating to investing in purchasing selling or otherwise dealing in securities or investment products and advice on investment portfolio containing securities or investment products whether written oral or through any other means of communication for the benefit of the client and shall include financial planning.” 13. In the light of the aforesaid definitions and looking at the content published on the aforesaid website of the Noticees as well as the allegations imputed in the interim order I am convinced that the Noticees through their website were indulged in the activities of investment advice as defined under regulation 2(1)(l) of the IA Regulations 2013 by offering to give advice related to investing in purchasing and selling of securities. In this respect the Noticees were also found to be offering various service packages to investors at large for enabling them to invest in securities which was nothing but purely an act in the nature of rendering services of investment advisory. 14. I also note that the interim order has recorded that the aforesaid investment advisory services were being offered by the Noticees in lieu of monetary considerations which were being paid by the investors concerned through Easebuzz payment gateway as per the instructions of the Noticees the details of which were also provided to them by the Complainant. As stated above Easebuzz vide its email dated July 29 2019 confirmed that Canara Bank Account number 6058201000216 pertained to M s Billionaire Solutions and the said fact has not been disputed by the Noticees. I also find that the perusal of bank account statements of the said Bank Account of the Noticees reveals that an aggregate amount of around INR 36 48 813 has been credited in the said bank account during the period February 19 2019 to October 3 2019. Final Order in the matter of M s. Billionaire Solutions sole Proprietor Mr. Akash Jaiswal 15. Considering the above factual analysis about the activities of the Noticees as proclaimed by them on their website the details of payment received by the Noticees in the said Bank Account and the payment receipts of the Complainant sufficiently indicating that the payment made to the Noticees was for receiving investment advice from them. There remains no doubt that the Noticees were engaged in unauthorised investment advisory activities. Perusal of the bank statements of the Noticeesand most importantly the fact that there has been no denial or objection by the Noticees to the charges allegations levelled against them made in the interim order it leaves me with no scope but to conclude that the alleged activities indulged into by the Noticees squarely fall under the category of investment advisory services as defined under regulation 2 of the IA Regulations 2013. 16. Further the credit entries in the said Canara Bank Account of the Noticees contained narrations such as investment trading etc. which further highlight the fact that the monies that were being received in the said Canara Bank Account were received as proceeds from the business operations of the Noticees as Investment Adviser. Moreover considering the fact that the website of the Noticees clearly showed that its services were in the nature of investment advisory services coupled with the fact that the aforesaid Bank Account was linked with Easebuzz payment gateway as confirmed by Easebuzz for receiving fees into it from the clients it leads to an unassailable conclusion that the said pay in amounts as reflected in the said Canara Bank Account were in fact the amounts received towards consideration in lieu of the advisory services rendered by the Noticees. Therefore it can be conclusively held that the amounts that have been credited to the Canara Bank Account of the Noticees were Final Order in the matter of M s. Billionaire Solutions sole Proprietor Mr. Akash Jaiswal received by the Noticees in lieu of providing investment related services as indicated on the aforesaid website of the Noticees. 17. In view of the above and as discussed earlier I have no doubt that in terms of regulation 2(1)(l) of the IA regulations 2013 such kind of advisory services rendered by the Noticees in fact constituted “investment advice” and the Noticees were providing investment advice in lieu of monetary consideration which was received and credited into their Canara Bank Account that belonged to the Noticees. Therefore there is no ambiguity left that M s Billionaire Solutions and its proprietor Mr. Akash Jaiswal were engaged in the business of providing investment advice to the public in lieu of monetary consideration and were thus acting as an ‘investment adviser’ as defined under regulation 2(1)(m) of the IA Regulations 2013. 18. It is relevant to note here that in order to protect the interest of investors and to preserve the integrity of the securities market the IA Regulations 2013 provide for various safeguards to ensure that the interest of the investors who receive investment advice are protected. One such safeguard provided under the said Regulations is that any person carrying out investment advisory activities has to obtain registration from SEBI as required under regulation 3(1) of the IA Regulations 2013 which inter alia provides that no person shall act as an investment adviser or hold itself out as an investment adviser unless he has obtained a certificate of registration from SEBI and has to conduct its activities in accordance with the provisions of the IA Regulations 2013. Further various crucial safeguards provided under the IA Regulations 2013 include continued minimum professional qualification and net worth requirement for IA disclosure of all conflicts of interest prohibition on IA to enter into transactions on its own account which is contrary to advice given by IA to its clients for a period of 15 days from the day of such advice given Final Order in the matter of M s. Billionaire Solutions sole Proprietor Mr. Akash Jaiswal monetary risk profiling of investors maintaining documented process for selecting investments for clients based on client’s investment objective and risk profile and understanding of the nature and risks of products or assets selected for such client etc. 19. The activities of the Noticees as brought out from various materials described above including their website seen in the backdrop of the aforesaid regulatory provisions show that the Noticees were holding themselves out and acting as an IA. However it is noted that the Noticees are not registered with SEBI in the capacity of IA and apparently were operating outside and in violation of the IA Regulations of SEBI. Hence I find that these activities representations as were being made by the Noticees without holding the certificate of registration as IA are in violation of Section 12(1) of the SEBI Act 1992 read with regulation 3(1) of the IA Regulations 2013. 20. In order to ensure protection of investors who receive investment advice it is imperative that any person carrying out investment advisory activities has to necessarily obtain registration from SEBI and has to conduct its activities in accordance with the provisions of the relevant SEBI Regulations. 21. In my view unregistered investment advisors like the Noticees in the present case can put the interest of the investors at great risk by misleading them or misutilising their funds to the detriment of the interest of the investors. In the present case the Noticees on their website have inter alia mentioned that M s Billionaire Solutions offers advices in Stock Cash Stock Future and Stock Options. 22. As stated above SEBI Act 1992 and IA Regulations 2013 mandate that an investment advisor has to hold a certificate of registration to act as such. However as already pointed out above I find that the Noticees were not holding Final Order in the matter of M s. Billionaire Solutions sole Proprietor Mr. Akash Jaiswal any certificate of registration from SEBI to act as investment advisor. The claims representations made by the Noticees on their website were blatantly misleading and were made only to allure the investors to avail investment advisory services being offered by the Noticees. The Noticees have knowingly misrepresented on the websites floated by them that they are experts in stock market analysis and are experienced in investment advisory and without even holding any registered Investment Advisor certificate the Noticees offered their investment advisory services through their website in an illegal manner to investors with the objective of raising money from the investors by way of subscriptions to their various plans. 23. The above discussed misleading representations made by the Noticees are therefore deceptive and fraudulent in nature and are well covered within the definition of “fraud” defined under regulation 2(1)(c) of the PFUTP Regulations 2003. It is therefore noted that fraudulent activities conduct act practice of the Noticees as discussed above are also in violation of provisions of Section 12A(b) of the SEBI Act 1992 and regulations 3 b) &and regulations 4(1) of the PFUTP Regulations 2003. Regulation 4(2)(k) of the PFUTP Regulations 2003 provides that dealing in securities shall be deemed to be a manipulative fraudulent or an unfair trade practice if it involves even disseminating information or advice through any media whether physical or digital which the disseminator knows to be false or misleading and which is designed or likely to influence the decision of investors dealing in securities. In the present case the Noticees without holding a certificate of registration as investment adviser have knowingly held themselves out as a registered investment adviser on their website. Thus I find that the Noticees have also violated regulation 4(2)(k) of the PFUTP Regulations 2003. Final Order in the matter of M s. Billionaire Solutions sole Proprietor Mr. Akash Jaiswal 24. I note that the materials available on record do not indicate the exact amount of fees collected by the Noticees as a result of providing investment advisory services to the investors in violation of the provisions of the IA Regulations 2013. However the interim order records that the Noticees have received credits worth INR 36 48 813 their Canara Bank Account Number 6058201000216 and this account number was also linked with Easebuzz payment gateway as noted from the payment receipt received from the Complainant to enable the investors to make payment to the Noticees. 25. In view of the foregoing discussions and findings about the activities engaged in by the Noticees in rendering investment advisory services in an unauthorised illegal manner as has been established in facts and circumstances of the case in order to achieve the avowed object of SEBI Act 1992 I in exercise of the powers conferred upon me in terms of Sections 11 11(4) 11Band 11D read with of Section 19 of the SEBI Act 1992 and regulation 11 of the PFUTP Regulations 2003 while disposing of the allegations levelled in the interim order against the Noticees hereby direct the following: i. The Noticees shall within a period of three months from the date of this Order refund the money received from the clients investors complainant as fees or consideration or in any other form in respect of their unregistered investment advisory activities ii. The Noticees shall issue public notice in all editions of two National Dailiesand in one local daily with wide circulation detailing the modalities for refund including the details of their contact person such as names addresses and contact details within 15 days of coming into force of this Order Final Order in the matter of M s. Billionaire Solutions sole Proprietor Mr. Akash Jaiswal iii. The repayments to the clients investors shall be effected only through Bank Demand Draft or Pay Order or electronic fund transfer or through any other appropriate banking channels which ensures audit trails to identify the beneficiaries of repayments iv. The Noticees are prevented from selling their assets properties and holding of mutual funds shares securities held by them in demat and physical form except for the sole purpose of making the refunds as directed above. Further the banks are directed to allow debit only for the purpose of making refunds to the clients investors who were availing the investment advisory services from the Noticees as directed in this Order from the bank account of the Noticees wherein debit has been frozen by virtue of interim order dated February 07 2020. v. The Noticees shall resolve all the complaints pending against them and file a report of such resolution with SEBI addressed to the Division Chief Investment Management Department SEBI Bhavan Plot No. C4 A G Block Bandra Kurla Complex Bandra Mumbai 400051 within a period of 30 days from date of this Order. vi. After completing the aforesaid repayments the Noticees shall file a report of such completion with SEBI addressed to the Division Chief Investment Management Department SEBI Bhavan Plot No. C4 A G Block Bandra Kurla Complex BandraMumbai 400051 within a period of 15 days after completion of three months from the coming into force of this Order duly certified by an independent Chartered Accountant. The restraint on sale of assets in sub paragraphshall cease to operate once the refund to the investors is complete and the report as contemplated herein is filed Final Order in the matter of M s. Billionaire Solutions sole Proprietor Mr. Akash Jaiswal vii. The Noticees are debarred from accessing the securities market directly or indirectly and are prohibited from buying selling or otherwise dealing in the securities market directly or indirectly in any manner whatsoever for a period of 02 years from the date of this Order or till the expiry of 02 years from the date of completion of refunds to investors as directed in sub paragraphabove whichever is later viii. The Noticees are also restrained from associating with any company whose securities are listed on a recognized stock exchange and any company which intends to raise money from the public or any intermediary registered with SEBI in any capacity for a period of 02 two) years from the date of this Order or till the expiry of 02years from the date of completion of refunds to investors as directed in sub paragraphabove whichever is later ix. The Noticees shall not undertake either during or after the expiry of the period of debarment restraint as mentioned in sub paragraphand viii) above either directly or indirectly investment advisory services or any other activity in the securities market without obtaining a certificate of registration from SEBI as required under the Securities Laws. x. The Noticees shall not to divert any funds collected from investors kept in bank account(s) and or in their custody except for the purpose of refund as directed in sub paragraph(i). xi. The Noticees shall not dispose of or alienate any assets whether movable or immovable or any interest or investment or charge on any of such assets held in their name including money lying in bank accounts except for the purpose of refund as directed in sub paragraph(i) and until the Final Order in the matter of M s. Billionaire Solutions sole Proprietor Mr. Akash Jaiswal refund is completed and a report as mandated under sub paragraphis filed with SEBI. 26. The direction for refund as given in paragraph 25(i) above does not preclude the clients investors from pursuing the other legal remedies available to them under any other law against the Noticees for refund of money or deficiency in service before any appropriate forum of competent jurisdiction. 27. This Order shall come into force with immediate effect. 28. It is further clarified that during the period of restraint the existing holding of securities including the holding of units of mutual funds of the Noticees shall remain frozen. 29. Obligation of the Noticees in respect of settlement of securities if any purchased or sold in the cash segment of the recognized stock exchangeas existing on the date of this Order can take place irrespective of the restraint prohibition imposed by this Order only in respect of pending unsettled transactions if any. Further all open positions if any of the Noticees in the F & O segment of the stock exchange are permitted to be squared off irrespective of the restraint prohibition imposed by this Order. 30. A copy of this Order shall be sent to the Noticees recognized Stock Exchanges the Banks Depositories and Registrar and Transfer Agents of Mutual Funds to ensure that the directions given above are strictly complied with. DATE: JANUARY 12 2022 S. K. MOHANTY PLACE: MUMBAI WHOLE TIME MEMBER SECURITIES AND EXCHANGE BOARD OF INDIA Sd Final Order in the matter of M s. Billionaire Solutions sole Proprietor Mr. Akash Jaiswal 