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The Enforcement Directorate (ED) conducted search operations at four locations in Ahmedabad and Junagadh on May 23 in a PMLA case involving M/s Alderbrooke Portfolio Management Services Pvt Ltd and others, based on a complaint filed by SEBI before a special court for SEBI cases in Greater Mumbai.
The complaint was filed under Section 12 and 24(1) of the SEBI Act, 1992, alleging that M/s Alderbrooke Portfolio Management Services had collected/raised around Rs 24.38 crore from its clients for their portfolio management, despite not being registered with the SEBI as a portfolio manager or in any other capacity and that it also failed to refund the collected amount.
ED said that its investigation revealed that the firm was allegedly collecting funds and indulging in unauthorized portfolio management activities by entering into agreements or MoUs with its clients and managing their portfolio and funds by investing in cash as well as derivative segment without obtaining registration from the SEBI in violation of Section 12 of the SEBI Act.
The search operation allegedly resulted in the recovery and seizure of various “incriminating documents”. Further investigation into the matter is underway.
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