To
All Trading Members of the Exchange
Sub: Final Order Under Sections 11, 11(4), 11A and 11B of the Securities and Exchange Board of India Act, 1992 in respect of Interim Order cum Show Cause Notice dated October 18, 2017 in the matter of Grass Root Finance & Investment Company (India) Ltd (GFICIL).
Attention of the trading members is invited to the Exchange Notice No. 20171018-22 dated 18th October 2017 wherein SEBI vide its Order no. WTM/GM/CFD/68/2017-18 dated October 18, 2017 had inter-alia directed Grassroot and its promoters / directors, viz. Shri Jiten Chandra Bora, Shri Jagneswar Saikia, Shri Karuna Borah, Shri Gopi Bhuyan Ram, Shri Harisa Goyari, Shri Bikash Roy, Shri Pradip Sarmah, Shri Keshab Gogoi, Shri Bhupen Burha Gohain, Shri Pradip Hazarika, Shri Minaram Hazarika, Shri Guluk Gogoi and Shri Khargeswar Das shall not access the securities market or buy, sell or otherwise deal in the securities market, either directly or indirectly, or associate themselves with any listed company or company intending to raise money from the public.
SEBI, now vide its Order no. WTM/AB/EFD-1/DRA-3/09/2018-19 dated December 20, 2018 has inter-alia issued the following directions:
· Directed GFICIL (PAN: AABCG8309G), Jiten Chandra Bora (PAN: AFEPB6968F), Jagneshwar Sakia (PAN: BKHPS7213P), Karuna Borah (PAN: AMGPB0071J), Keshab Gogoi, Gopi Bhuyan Ram (PAN: BESPB9975E), Pradip Sarmah, Harisa Goyari (PAN: ALEPO0460F) and Bikash Roy (PAN: AVBPR4652F) not to, directly or indirectly, access the securities market, by issuing prospectus, offer document or advertisement soliciting money from the public and are further restrained and prohibited from buying, selling or otherwise dealing in the securities market, directly or indirectly in whatsoever manner, from the date of this Order, till the expiry of four years from the date of completion of refunds to investors as directed in the Order. During the period of restraint, the existing holding, including units of mutual funds, of the aforesaid directors shall remain frozen.
· Directed Pradip Hazarika (PAN: FRJPS4703M), Khargeshwar Das, Bhupen Burhagohain and Guluk Gogoi not to, directly or indirectly, access the securities market, by issuing prospectus, offer document or advertisement soliciting money from the public and are further restrained and prohibited from buying, selling or otherwise dealing in the securities market, directly or indirectly in whatsoever manner, for a period of four years. During the period of restraint, the existing holding, including units of mutual funds, of the aforesaid noticees shall remain frozen.
· Further, it may be noted that vide the interim order dated October 18, 2017, the aforesaid noticees were directed not to access the securities market or buy, sell or otherwise deal in the securities market, either directly or indirectly in whatsoever manner. In this connection, the aforesaid four noticees have already undergone prohibition for more than a year. Hence, the prohibition already undergone by the said four noticees pursuant to the interim order shall be adjusted while computing the period in respect of prohibition imposed vide this order.
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· In view of the death of Maniram Hazarika, the present proceedings against him stands abated.
This Order shall come into force w.e.f. December 21, 2018.
A copy of the said Order is attached herewith and also available on the SEBI website www.sebi.gov.in.
Trading members are advised to take note of the same and ensure compliance.
Ena Janvalekar Shaila Valsan
Sr. Manager Manager
Surveillance Surveillance
Date: December 21, 2018
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