Dalal Stocks Advisory Pvt. Ltd And Others vs Securities And Exchange Board Of India

Tarun Agarwala, Presiding Officer

We have heard the learned counsel for the parties. The present appeal has been filed against an ex-parte ad-interim order dated January 25, 2021

passed by the Whole Time Member of Securities and Exchange Board of India directing the appellants to cease and desist from carrying out investor

advisory to the investors. We find, prima-facie, that one of the appellants Himanshu Bhavsar was given a registration which he utilized by carrying out

advisory business in the name of three companies which are appellant Nos. 1, 5 and 7.

Without going into the merits of the case at this stage, we are of the opinion that the appellants should apply for revocation of ex-parte ad-interim

order dated January 25, 2021 before the authority concerned. We consequently, dispose of the appeal directing the appellants to file an application for

revocation / modification of the order dated January 25, 2021 within two weeks from today. If such an application is filed, the authority will consider

and pass an appropriate order after giving an opportunity of hearing within six weeks thereafter.

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.