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Mumbai, Aug. 11 Capital markets’ regulator SEBI has filed a criminal complaint against Delhi-based Mr Rajeev Kapoor, proprietor of Imax Equity Research, who has been “duping investors through misleading advertisements” in newspapers.

SEBI cautioned investors not to deal with Mr Kapoor, Imax Equity Research, or with any of his firms as his activities were against SEBI regulations.

“Mr Kapoor is a habitual offender and has been operating in the securities market in complete violation of statutory provisions. Despite restraining orders, penalties and prosecutions launched by SEBI, he has not refrained from luring the public, committing fraud and operating as an unregistered portfolio manager,” said a SEBI release.

The regulator filed the complaint against Mr Kapoor in the court of Additional Chief Metropolitan Magistrate, Tis Hazari, Delhi, for violation of Section 12(1) of the SEBI Act and SEBI Regulations, 2003, for Prevention of Fraudulent and Unfair Trade Practices among others.

“His modus operandi includes soliciting investments from public through grossly misleading advertisements, mass messaging, emails and telephone calls. Advertisements issued by him contain deceptive claims like ‘Loss 100 per cent borne by us…’, ‘Get 4 per cent monthly fixed return….’,” the regulator said.

In 2003, Mr Kapoor was carrying on similar operations in Kolkata through a proprietary firm, Delta Alliance Financial Services Investments. SEBI had debarred the firm from operating in the securities market in 2004.

SEBI had also initiated adjudication proceedings against Mr Kapoor in 2004 and imposed a penalty of Rs 50,000, which he had failed to pay.

More Stories on : Investor Protection | Economic Offences | Financial Services | Regulatory Bodies & Rulings

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