Cynthia Pinto De Andrade & Anr. vs Sebi

Date of Decision : 20.01.2021

Appeal No. 129 of 2020

Shreya Pinto De Andrade G-203/204, Devashri's Pintoville, Behind SBI Varsha Colony, Alto Porvorim, Goa - 403 501. ...Appellant

Versus

1.

Securities and Exchange Board of India, SEBI Bhavan, Plot No. C-4A, G-Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051.

2. Ventura Securities Ltd.

A-1, Building No. 2 Kailash Ind. Complex, Behind Godrej Residential Colony, Parksite, Vikhroli (W), Mumbai - 400 079. ...Respondents

Mr. Ankit Lohia, Advocate with Mrs. Yasmin Bhansali and Mr. Zaosh Irani, Advocates i/b Yasmin Bhansali & Co. for the Appellant.

Mr. Anubhav Ghosh, Advocate with Mr. Ravishekhar Pandey, Advocate i/b The Law Point for Respondent No. 1

Mr. P.N. Modi, Senior Advocate with Ms. Kalpana R. Desai, Mr. Abdul Wahab A.H. Mukri, Advocates i/b M/s. Purohit & Co. for Respondent No. 2.

2 WITH Appeal No. 130 of 2020

Carl Pinto De Andrade G-203/204, Devashri's Pintoville, Behind SBI Varsha Colony, Alto Porvorim, Goa - 403 501. ...Appellant Versus

1. Securities and Exchange Board of India, SEBI Bhavan, Plot No. C-4A, G-Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051.

2. Ventura Securities Ltd.

A-1, Building No. 2 Kailash Ind. Complex, Behind Godrej Residential Colony, Parksite, Vikhroli (W), Mumbai - 400 079. ...Respondents

Mr. Ankit Lohia, Advocate with Mrs. Yasmin Bhansali and Mr. Zaosh Irani, Advocates i/b Yasmin Bhansali & Co. for the Appellant.

Mr. Anubhav Ghosh, Advocate with Mr. Ravishekhar Pandey, Advocate i/b The Law Point for Respondent No. 1

Mr. P.N. Modi, Senior Advocate with Ms. Kalpana R. Desai, Mr. Abdul Wahab A.H. Mukri, Advocates i/b M/s. Purohit & Co. for Respondent No. 2.

WITH Appeal No. 131 of 2020

Cynthia Pinto De Andrade G-203/204, Devashri's Pintoville, Behind SBI Varsha Colony, Alto Porvorim, Goa - 403 501. ...Appellant Versus 3

1. Securities and Exchange Board of India, SEBI Bhavan, Plot No. C-4A, G-Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051.

2. Ventura Securities Ltd.

A-1, Building No. 2 Kailash Ind. Complex, Behind Godrej Residential Colony, Parksite, Vikhroli (W), Mumbai - 400 079. ...Respondents

Mr. Ankit Lohia, Advocate with Mrs. Yasmin Bhansali and Mr. Zaosh Irani, Advocates i/b Yasmin Bhansali & Co. for the Appellant.

Mr. Anubhav Ghosh, Advocate with Mr. Ravishekhar Pandey, Advocate i/b The Law Point for Respondent No. 1

Mr. P.N. Modi, Senior Advocate with Ms. Kalpana R. Desai, Mr. Abdul Wahab A.H. Mukri, Advocates i/b M/s. Purohit & Co. for Respondent No. 2.

AND Appeal No. 132 of 2020

1. Cynthia Pinto De Andrade

2. Lucille Pinto De Andrade

G-203/204, Devashri's Pintoville, Behind SBI Varsha Colony, Alto Porvorim, Goa - 403 501. ...Appellants

Versus

3. Securities and Exchange Board of India, SEBI Bhavan, Plot No. C-4A, G-Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051.

4 4. Ventura Securities Ltd.

A-1, Building No. 2 Kailash Ind. Complex, Behind Godrej Residential Colony, Parksite, Vikhroli (W), Mumbai - 400 079. ...Respondents

Mr. Ankit Lohia, Advocate with Mrs. Yasmin Bhansali and Mr. Zaosh Irani, Advocates i/b Yasmin Bhansali & Co. for the Appellant.

Mr. Anubhav Ghosh, Advocate with Mr. Ravishekhar Pandey, Advocate i/b The Law Point for Respondent No. 1

Mr. P.N. Modi, Senior Advocate with Ms. Kalpana R. Desai, Mr. Abdul Wahab A.H. Mukri, Advocates i/b M/s. Purohit & Co. for Respondent No. 2.

CORAM: Justice Tarun Agarwala, Presiding Officer Dr. C.K.G. Nair, Member Justice M.T. Joshi, Judicial Member

Per: Justice Tarun Agarwala, Presiding Officer (Oral)

1. In this group of appeals a common issue arises. Their

complaints have been disposed of on the SCORES platform

against which the appeals have been filed. It transpires that the

appellants had invested some monies with a sub-broker

Mr. Ameet Savant who was giving assured returns. The

appellants tried to redeem their monies and when the same was

not returned a complaint was filed. The complaint has been

disposed of on the SCORES platform on the ground that the

appellant is not registered with Ventura Securities Ltd.

5 ('Ventura' for short) and that the monies has been given to

Mr. Ameet Savant which is a proprietary concern and which has

nothing to do with the SEBI Act, Rules and Regulations.

2. Having heard the learned counsel for SEBI Shri Anubhav

Ghosh and Shri P.N. Modi, the learned senior counsel for

Ventura, Respondent No. 2, we find that admittedly Mr. Ameet

Savant was a registered sub-broker of Ventura. Whether Mr.

Ameet Savant had received money as a proprietary concern or

on behalf of the principal, namely, Ventura is something which

is required to be investigated. The appellants have alleged that

the monies given to Mr. Ameet Savant eventually came into the

accounts of Ventura. This fact also required to be investigated.

The mere fact that the Mr. Ameet Savant is separately been

investigated by SEBI is not sufficient. These complaints

cannot be disposed of in a summary manner.

3. We accordingly set aside the impugned communication

given to the appellants and remit the matter to SEBI to

reconsider the complaints of the appellants and decide the same

in accordance with law in the light of the observations made

above preferably within a period of two months from today. All

the appeals are allowed. No order on costs.

6 4. The present matter was heard through video conference

due to Covid-19 pandemic. At this stage it is not possible to sign

a copy of this order nor a certified copy of this order could be

issued by the registry. In these circumstances, this order will be

digitally signed by the Private Secretary on behalf of the bench

and all concerned parties are directed to act on the digitally

signed copy of this order. Parties will act on production of a

digitally signed copy sent by fax and/or email.

Justice Tarun Agarwala RAJALAKS Digitally signed by RAJALAKSHMI H Presiding Officer HMI H NAIR Date: 2021.01.21 NAIR 16:40:43 +05'30'

Dr. C.K.G. Nair Member

Justice M.T. Joshi Judicial Member 20.01.2021 msb