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Sebi launches prosecution against habitual offender

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ENS Economic Bureau Posted: Aug 10, 2008 at 2230 hrs IST
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Mumbai, August 9 : Sebi has filed a criminal complaint against Rajeev Kapoor, proprietor of Imax Equity Research, Delhi, for violation of regulations. The punishment prescribed for these offences is an imprisonment for a term which may extend to 10 years or with a fine that can go up to Rs 25 crore or both.

Kapoor’s activities were found to be in violation of Sebi (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003, and Sebi (Portfolio Managers) Regulations, 1993.

During 2003, Kapoor was carrying on similar operations from Kolkata through Delta Alliance Financial Services Investments. Sebi debarred the firm in January 2004 . After the order was passed, Kapoor shifted his operations in the name of another Kolkata-based firm — Delta Alliance Investments.

Modus operandi

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• Kapoor would solicit investments through misleading advertisements, mass messaging, emails and telephone calls

• Advertisements contained deceptive claims like ‘Loss 100 per cent borne by us’

• Kapoor would work through proprietary firms and keep changing their names as well as their location

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