SEBI finds insufficient evidence to support financial claims in refund dispute

This order addresses the re-computation of the refund amount owed by Shri. Siddhant Suresh Chandan for providing unregistered investment advisory services, following a remand by the Securities Appellate Tribunal (SAT). SEBI examined the Noticee's bank statements and submissions to determine the exact quantum of fees collected from clients that must be refunded.

Shri. Siddhant Suresh Chandan (Noticee); SEBI (Regulator); Hon’ble Securities Appellate Tribunal (SAT); Mr. Jitendra Verma (Accountant); M/s Bhagyabhumi Impex; M/s Capital Steel; M/s Orbit Impex; Angel One Ltd. (Angel Broking).

• SEBI found that the Noticee collected monies from clients for unregistered investment advisory services.
• SEBI identified total credits of Rs. 4,17,25,034 in two specific bank accounts (SBI and ICICI) during the period 14/02/2017 to 10/08/2021.
• The Noticee claimed a net refund liability of Rs. 29,72,711 after deducting refunds, loans, and brokerage, but failed to provide sufficient documentary evidence to support these deductions.
• SEBI noted that the Noticee repeatedly failed to submit supporting documents (such as Form 26AS, contract notes, and identity proofs) despite multiple extensions and opportunities.
• The order is based on the SAT's direction to re-compute the refund quantum and provide a hearing, which SEBI conducted after the Noticee's non-compliance with document submission deadlines.

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