Final Order in the matter of M/s. Billionaire Solutions, sole Proprietor Mr. Akash Jaiswal

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Final Order in the matter of M/s. Billionaire Solutions, sole Proprietor Mr. Akash Jaiswal

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WTM/SM/WRO/WRO/14717/2021-22

SECURITIES AND EXCHANGE BOARD OF INDIA

ORDER

UNDER SECTION 11(1), 11(4) AND 11B OF THE SECURITIES AND

EXCHANGE BOARD OF INDIA ACT, 1992 IN THE MATTER OF M/S

BILLIONAIRE SOLUTIONS, SOLE PROPRIETOR MR. AKASH

JAISWAL

In respect of:

Serial No. Name of the Entity PAN

1 M/s Billionaire Solutions (Sole

Proprietor Mr. Akash Jaiswal)

BVPPJ3417H

1. The present proceedings have originated from an ex-parte ad-interim order dated

February 07, 2020 (hereinafter referred to as “interim order”) passed by the

Securities and Exchange Board of India (hereinafter referred to as “SEBI”)

against M/s Billionaire Solutions and its sole proprietor Mr. Akash Jaiswal

(hereinafter collectively referred to as “the Noticees”), as the unregistered

investment advisory activities of the Noticees were prime facia found to be in

violation of the provisions of Section 12(1) of the Securities and Exchange

Board of India Act, 1992 (hereinafter referred to as “SEBI Act, 1992”) read

with regulation 3(1) of the SEBI (Investment Advisers) Regulations, 2013

(hereinafter referred to as “IA Regulations, 2013”). Further, in the interim

order, the activities of the Noticees were also, prima facie, found to be fraudulent

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and manipulative and in violation of provisions of Section 12A (a), (b) & (c) of

the SEBI Act, 1992 and regulations 3 (b), (c) & (d) and regulations 4(1) and

4(2)(k) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices

relating to Securities Market) Regulations, 2003 (hereinafter referred to as

“PFUTP Regulations, 2003”).

2. I note that the interim order passed in the matter contained following

observations with respect to the Noticees:

i. SEBI received a complaint vide email dated July 28, 2019 from Mr. Vijay

Nikam (hereinafter referred to as “Complainant”), inter alia, alleging that

he had paid around INR 1,58,800/- to Billionaire Solutions and the said

entity has cheated him by taking money in the name of Offline trading,

GST, Server fees and profit commitment plans. With the aforesaid email,

Mr. Vijay Nikam also attached the copy of payment receipt made to

Billionaire Solutions through Easebuzz Payment Gateway.

ii. From the aforesaid payment receipt shared by the Complainant, it was

observed that Billionaire Solutions was using Easebuzz Payment Gateway

(hereinafter referred to as “Easebuzz”). Therefore, account details were

sought from Easebuzz and it was gathered that the Canara Bank Account

Number 6058201000216 linked with Easebuzz belonged to the Noticees.

The beneficiary details of the aforesaid Canara Bank Account are

mentioned below:

Business Name: Billionaire Solutions

Email: info@billionairesolution.in

Name of Owner: Mr. Akash Jaiswal

Bank Name: Canara Bank

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Account Number: 6058201000216

PAN No: BVPPJ3417H

iii. From the aforementioned Canara Bank Account statement, it was

observed that around INR 36,48,813/- had been credited during the

period February 19, 2019 to October 03, 2019. The examination of the

said bank statements also revealed that various credits have been

received in the aforementioned account of the Noticees and it appeared

that the payments had come from various individuals. Further, the

narrations in such transactions are also observed to have used terms

such as ‘investment’, ‘trading’ etc.

iv. It was further gathered that the Noticees were hosting a website namely,

https://5c6a4cd19aa53.site123.me/. From the perusal of the said

website, it is noted that Billionaire Solutions advertised itself as one of

the best Stock Advisory of India who caters & delivers best stock

recommendation in Equity Market, Commodity Market & Forex

Market. It offers recommendations in Stock Cash, Stock Future and

Stock Options. Further, it was also mentioned on the website that, “We

provide online trading, NSE and BSE Trading Tips, MCX, NCDEX and

intraday tips for investors, traders and portfolio personnel”.

3. On the basis of the aforesaid observations, evidence gathered during

examination and considering the nature of the alleged activities undertaken by

the Noticees, it was thought proper to pass an order and issue directions as a

preventive measure for protecting the interest of investors of securities market

and consequently, following directions were issued against the Noticees in the

interim order:

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i. The Noticees shall cease and desist from acting as an investment advisor including the

activity of acting and representing through any media (physical or digital) as an

investment advisor, directly or indirectly, and cease to solicit or undertake such activity

or any other activities in the securities market, directly or indirectly, in any manner

whatsoever, until further orders.

ii. The Noticees shall not access the securities market and buy, sell or otherwise deal in

securities in any manner whatsoever, directly or indirectly, until further orders.

iii. The Noticees shall not divert any funds raised from investors, kept in bank account(s)

and/or in their custody until further orders.

iv. The Noticees shall not dispose of or alienate any assets, whether movable or immovable,

or any interest or investment or charge on any of assets held in their name, including

money lying in bank accounts except with the prior permission of SEBI.

v. The Noticees shall immediately withdraw and remove all advertisements,

representations, literatures, brochures, materials, publications, documents, websites,

communications etc., in relation to their investment advisory activity or any other

unregistered activity in the securities market until further orders.

vi. The Noticees shall provide a full inventory of all assets held in the name of the

proprietorship or the proprietor and firm or the partner, whether movable or immovable,

or any interest or investment or charge on any of such assets, including details of all

bank accounts, demat accounts and mutual fund investments, immediately but not later

than 5 working days from the date of receipt of this order.

vii. Any person while working under the above mentioned Noticees as employee or

otherwise, shall cease and desist from undertaking the activity of investment advisory

services, including the activity of acting and representing through any media (physical

or digital) as an investment advisor, directly or indirectly, till further orders.

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viii. The Banks are directed not to allow any debits/ withdrawals from or credits to the

accounts of the Noticees, held jointly or severally, without the permission of SEBI. The

Banks are directed to ensure that all the above directions are strictly enforced.

ix. The Depositories are directed to ensure that till further directions no debits are made

in the demat accounts of the Noticees held jointly or severally.

x. The Registrar and Transfer Agents are also directed to ensure that till further directions

the securities, including Mutual Fund units, held in the name of the Noticees, jointly

or severally, are not transferred or redeemed.

4. The interim order provided the Noticees with an opportunity to file their

objections/reply, if any, within 21 days from the date of the interim order and

also provided them with an opportunity of personal hearing before SEBI, on

a date and time to be fixed on a specific request to be made by the Noticees. In

this regard, it is noted from the records available before me that an attempt

was made to serve a copy of the interim order upon the Noticees on their last

known addresses i.e. “125/188, Suyash Vihar, Vijay Nagar, Indore” and “Shop B,

Plot no. 49 A, Scheme No. 114, Part 1, Indore” through SPAD vide letters dated

February 10, 2020, however the same was returned undelivered. Thereafter,

the interim order was served upon the Noticees through newspaper publications

which was published in newspapers namely, The Times of India and Dainik

Bhaskar on August 10, 2020. I note that the Noticees have neither filed any

reply/objections to the allegations made through the interim order nor have

sought any personal hearing. However, in conformity with the principles of

natural justice, an opportunity of personal hearing was provided to the Noticees

on October 07, 2021 for which an attempt was made to serve the hearing

notice upon the Noticees, through SPAD vide letter dated June 24, 2021 on the

registered office address i.e., “Shop B, Plot No. 49A, Scheme No. 114, Part 1,

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Final Order in the matter of M/s. Billionaire Solutions, sole Proprietor Mr. Akash Jaiswal

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Indore, Madhya Pradesh-452010” and permanent address i.e., “S/o Jai Prakash

Jaiswal, 125/188, Suyash Bihar, Vijay Nagar, Indore, Madhya Pradesh-452010” and

also on an alternate address i.e., “AG 207, MP Nagar, Zone 1, Bhopal, Madhya

Pradesh – 462001” of the Noticees through SPAD vide letter dated September

27, 2021. Further, the scanned copy of the aforesaid letters was also sent to the

Noticees vide emails dated June 24, 2021 and September 27, 2021 to the email

address of the Noticees available with SEBI i.e., info@billionairesolution.in, as

obtained from Easebuzz and noticed from the bank statement of the aforesaid

Canara Bank Account. However, as the aforesaid letters were again returned

undelivered and the aforesaid emails could not get delivered to the said email

address of the Noticees, the notice about the personal hearing was also served

upon the Noticees through newspaper publication dated August 05, 2021 in the

newspapers namely Times of India and Patrika and through newspaper

publication dated October 05, 2021 in the newspapers namely Times of India

and Dainik Jagran.

5. I note that no one appeared before me on the scheduled date of personal

hearing i.e. October 07, 2021 as indicated in the above-stated newspaper

publication. Under the circumstances, I observe that the principles of natural

justice have been complied with adequately in the present matter, and as the

Noticees have preferred to not participate in the present proceedings before me,

I am constrained to deal with the matter on merit based on the material

available on record.

6. I have carefully perused the facts recorded in the interim order, and other

materials available on record. I note that the limited issue that requires

adjudication in the extant proceedings in light of the charges so levelled against

the Noticees in the interim order is as under:

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 Whether the acts of the Noticees as imputed in the interim order, have violated the

provisions of SEBI Act, 1992 read with the IA Regulations, 2013 and the PFUTP

Regulations, 2003 while providing the services related to Investment Advisory without

having proper registration.

7. Before adverting to the facts of the case to deal with the aforesaid issue, it is

apposite to refer to the relevant provisions of securities laws alleged against the

Noticees in the interim order which are reproduced hereunder:

“SEBI ACT, 1992

Registration of stock brokers, sub-brokers, share transfer agents, etc.

12. (1) “No stock broker, sub-broker, share transfer agent, banker to an issue, trustee

of trust deed, registrar to an issue, merchant banker, underwriter, portfolio manager,

investment adviser and such other intermediary who may be associated with securities

market shall buy, sell or deal in securities except under, and in accordance with, the

conditions of a certificate of registration obtained from the Board in accordance with the

regulations made under this Act:

Prohibition of manipulative and deceptive devices, insider trading

and substantial acquisition of securities or control.

12A. No person shall directly or indirectly—

(a) use or employ, in connection with the issue, purchase or sale of any securities listed or

proposed to be listed on a recognized stock exchange, any manipulative or deceptive device

or contrivance in contravention of the provisions of this Act or the rules or the regulations

made thereunder;

(b) employ any device, scheme or artifice to defraud in connection with issue or dealing in

securities which are listed or proposed to be listed on a recognised stock exchange;

(c) engage in any act, practice, course of business which operates or would operate as fraud

or deceit upon any person, in connection with the issue, dealing in securities which are listed

or proposed to be listed on a recognised stock exchange, in contravention of the provisions

of this Act or the rules or the regulations made thereunder;

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SEBI (INVESTMENT ADVISER) REGULATIONS, 2013

Application for grant of certificate.

3. (1) On and from the commencement of these regulations, no person shall act as an

investment adviser or hold itself out as an investment adviser unless he has obtained a

certificate of registration from the Board under these regulations:

SEBI PFUTP REGULATIONS, 2003

Definitions

2. (1) In these regulations, unless the context otherwise requires, —

(c) “fraud” includes any act, expression, omission or concealment committed whether in

a deceitful manner or not by a person or by any other person with his connivance or by his

agent while dealing in securities in order to induce another person or his agent to deal in

securities, whether or not there is any wrongful gain or avoidance of any loss, and shall

also include—

(1) a knowing misrepresentation of the truth or concealment of material fact in order

that another person may act to his detriment;

(2) a suggestion as to a fact which is not true by one who does not believe it to be true;

(3) an active concealment of a fact by a person having knowledge or belief of the fact;

(4) a promise made without any intention of performing it;

(5) a representation made in a reckless and careless manner whether it be true or false;

(6) any such act or omission as any other law specifically declares to be fraudulent,

(7) deceptive behaviour by a person depriving another of informed consent or full

participation,

(8) a false statement made without reasonable ground for believing it to be true.

(9) the act of an issuer of securities giving out misinformation that affects the market

price of the security, resulting in investors being effectively misled even though they

did not rely on the statement itself or anything derived from it other than the market

price.

And “fraudulent” shall be construed accordingly;

3. Prohibition of certain dealings in securities

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No person shall directly or indirectly—

(b) use or employ, in connection with issue, purchase or sale of any security listed or

proposed to be listed in a recognized stock exchange, any manipulative or deceptive

device or contrivance in contravention of the provisions of the Act or the rules or

the regulations made there under;

(c) employ any device, scheme or artifice to defraud in connection with dealing in or

issue of securities which are listed or proposed to be listed on a recognized stock

exchange;

(d) engage in any act, practice, course of business which operates or would operate as

fraud or deceit upon any person in connection with any dealing in or issue of

securities which are listed or proposed to be listed on a recognized stock exchange

in contravention of the provisions of the Act or the rules and the regulations made

there under.

4. Prohibition of manipulative, fraudulent and unfair trade practices

(1) Without prejudice to the provisions of regulation 3, no person shall indulge in a

fraudulent or an unfair trade practice in securities.

(2) Dealing in securities shall be deemed to be a fraudulent or an unfair trade practice

if it involves fraud and may include all or any of the following, namely: -

(k) disseminating information or advice through any media, whether physical or

digital, which the disseminator knows to be false or misleading and which is

designed or likely to influence the decision of investors dealing in securities”

8. As stated earlier, SEBI had received a complaint from the Complainant vide

email dated July 28, 2019 inter alia, alleging that he has paid around INR

1,58,800/- to Billionaire Solutions and the said entity has cheated him by taking

money in the name of Offline trading, GST, Server fees and profit

commitment plans.

9. From further scrutiny, it emerged that the Noticees were hosting a website

https://5c6a4cd19aa53.site123.me/. From the pages of the aforesaid website

of the Noticees, it was observed that the Noticees, at the time of asking the clients

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to invest as per the investment services rendered to them, claimed the

following through their website:

i. It is one of the best Stock Advisories of India who caters & delivers best stock

recommendation in Equity Market, Commodity Market & Forex Market;

ii. It offers recommendations in Stock Cash, Stock Future and Stock Options;

10. It has also been mentioned on the website that, ““We provide online trading, NSE

and BSE Trading Tips, MCX, NCDEX and intraday tips for investors, traders and

portfolio personnel”.

11. I note that the following pricing details for availing various types of services

from them were also announced on the aforesaid website of the Noticees:

Services Basic (in

INR/month)

Advanced (in

INR/month)

Premium (in

INR/month)

Stock Cash 5,000 15,000 25,000

12. From the aforesaid facts and in the in the absence of any rebuttal from the

Noticees pertaining to the allegations of rendering investment advisory, I find

that M/s Billionaire Solutions, which is the sole proprietorship concern of Mr.

Akahs Jaiswal was indeed engaged in giving advice in an unauthorized manner

relating to investing in, purchasing, selling or otherwise dealing in securities

and various other investment products of securities, as was proclaimed by the

said firm through its website https://5c6a4cd19aa53.site123.me/. At this

juncture, it is pertinent to look at the definition of Investment Adviser (or short

“IA”) as articulated in regulation 2(1)(m) of the IA Regulations, 2013 which

states that Investment Adviser means “any person, who for consideration, is engaged in

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the business of providing investment advice to clients or other persons or group of persons and

includes any person who holds out himself as an investment adviser, by whatever name called”.

Further, I have also perused regulation 2(1)(l) of the IA Regulations, 2013

which defines Investment Advice as “advice relating to investing in, purchasing, selling

or otherwise dealing in securities or investment products, and advice on investment portfolio

containing securities or investment products, whether written, oral or through any other means

of communication for the benefit of the client and shall include financial planning.”

13. In the light of the aforesaid definitions and looking at the content published

on the aforesaid website of the Noticees as well as the allegations imputed in the

interim order, I am convinced that the Noticees, through their website were

indulged in the activities of investment advice as defined under regulation

2(1)(l) of the IA Regulations, 2013 by offering to give advice related to

investing in, purchasing and selling of securities. In this respect, the Noticees

were also found to be offering various service packages to investors at large

for enabling them to invest in securities which was nothing but purely an act

in the nature of rendering services of investment advisory.

14. I also note that the interim order has recorded that the aforesaid investment

advisory services were being offered by the Noticees in lieu of monetary

considerations which were being paid by the investors concerned through

Easebuzz payment gateway as per the instructions of the Noticees the details of

which were also provided to them by the Complainant. As stated above,

Easebuzz vide its email dated July 29, 2019 confirmed that Canara Bank

Account number 6058201000216 pertained to M/s Billionaire Solutions and

the said fact has not been disputed by the Noticees. I also find that the perusal

of bank account statements of the said Bank Account of the Noticees reveals

that an aggregate amount of around INR 36,48,813/- has been credited in the

said bank account during the period February 19, 2019 to October 3, 2019.

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15. Considering the above factual analysis about the activities of the Noticees as

proclaimed by them on their website, the details of payment received by the

Noticees in the said Bank Account and the payment receipts of the Complainant

sufficiently indicating that the payment made to the Noticees was for receiving

investment advice from them. There remains no doubt that the Noticees were

engaged in unauthorised investment advisory activities. Perusal of the bank

statements of the Noticees (supported by the KYC/ AOFs documents of the

Noticees) and most importantly the fact that there has been no denial or

objection by the Noticees to the charges/allegations levelled against them made

in the interim order, it leaves me with no scope but to conclude that the alleged

activities indulged into by the Noticees squarely fall under the category of

investment advisory services as defined under regulation 2 (1)(l) of the IA

Regulations, 2013.

16. Further, the credit entries in the said Canara Bank Account of the Noticees

contained narrations such as investment, trading, etc., which further highlight

the fact that the monies that were being received in the said Canara Bank

Account were received as proceeds from the business operations of the Noticees

as Investment Adviser. Moreover, considering the fact that the website of the

Noticees clearly showed that its services were in the nature of investment

advisory services coupled with the fact that the aforesaid Bank Account was

linked with Easebuzz payment gateway as confirmed by Easebuzz for receiving

fees into it from the clients, it leads to an unassailable conclusion that the said

pay-in amounts as reflected in the said Canara Bank Account were in fact the

amounts received towards consideration in lieu of the advisory services

rendered by the Noticees. Therefore, it can be conclusively held that the amounts

that have been credited to the Canara Bank Account of the Noticees, were

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received by the Noticees in lieu of providing investment related services as

indicated on the aforesaid website of the Noticees.

17. In view of the above and as discussed earlier, I have no doubt that in terms of

regulation 2(1)(l) of the IA regulations, 2013 such kind of advisory services

rendered by the Noticees in fact constituted “investment advice” and the Noticees

were providing investment advice, in lieu of monetary consideration which was

received and credited into their Canara Bank Account that belonged to the

Noticees. Therefore, there is no ambiguity left that M/s Billionaire Solutions,

and its proprietor Mr. Akash Jaiswal were engaged in the business of providing

investment advice to the public, in lieu of monetary consideration and were

thus, acting as an ‘investment adviser’, as defined under regulation 2(1)(m) of

the IA Regulations, 2013.

18. It is relevant to note here that in order to protect the interest of investors and

to preserve the integrity of the securities market, the IA Regulations, 2013

provide for various safeguards to ensure that the interest of the investors who

receive investment advice are protected. One such safeguard provided under

the said Regulations is that any person carrying out investment advisory

activities has to obtain registration from SEBI as required under regulation 3(1)

of the IA Regulations, 2013, which, inter alia, provides that, no person shall act

as an investment adviser or hold itself out as an investment adviser unless he

has obtained a certificate of registration from SEBI and has to conduct its

activities in accordance with the provisions of the IA Regulations, 2013.

Further, various crucial safeguards provided under the IA Regulations, 2013

include continued minimum professional qualification and net-worth

requirement for IA, disclosure of all conflicts of interest, prohibition on IA to

enter into transactions on its own account which is contrary to advice given by

IA to its clients for a period of 15 days from the day of such advice given,

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monetary risk profiling of investors, maintaining documented process for

selecting investments for clients based on client’s investment objective and risk

profile and understanding of the nature and risks of products or assets selected

for such client, etc.

19. The activities of the Noticees, as brought out from various materials described

above including their website, seen in the backdrop of the aforesaid regulatory

provisions show that the Noticees were holding themselves out and acting as an

IA. However, it is noted that the Noticees are not registered with SEBI in the

capacity of IA and apparently were operating outside and in violation of the

IA Regulations of SEBI. Hence, I find that these activities/ representations as

were being made by the Noticees without holding the certificate of registration

as IA are in violation of Section 12(1) of the SEBI Act, 1992 read with

regulation 3(1) of the IA Regulations, 2013.

20. In order to ensure protection of investors who receive investment advice, it is

imperative that any person carrying out investment advisory activities has to

necessarily obtain registration from SEBI and has to conduct its activities in

accordance with the provisions of the relevant SEBI Regulations.

21. In my view, unregistered investment advisors like the Noticees in the present

case can put the interest of the investors at great risk by misleading them or

misutilising their funds to the detriment of the interest of the investors. In the

present case, the Noticees on their website have, inter alia, mentioned that M/s

Billionaire Solutions offers advices in Stock Cash, Stock Future and Stock

Options.

22. As stated above, SEBI Act, 1992 and IA Regulations, 2013 mandate that an

investment advisor has to hold a certificate of registration to act as such.

However, as already pointed out above, I find that the Noticees were not holding

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any certificate of registration from SEBI to act as investment advisor. The

claims/representations made by the Noticees on their website were blatantly

misleading and were made only to allure the investors to avail investment

advisory services being offered by the Noticees. The Noticees have knowingly

misrepresented on the websites floated by them that they are experts in stock

market analysis and are experienced in investment advisory and without even

holding any registered Investment Advisor certificate, the Noticees offered their

investment advisory services through their website, in an illegal manner to

investors, with the objective of raising money from the investors by way of

subscriptions to their various plans.

23. The above discussed misleading representations made by the Noticees are

therefore, deceptive and fraudulent in nature and are well covered within the

definition of “fraud” defined under regulation 2(1)(c) of the PFUTP

Regulations, 2003. It is therefore noted that fraudulent activities/ conduct/

act/ practice of the Noticees, as discussed above, are also in violation of

provisions of Section 12A (a), (b), (c) of the SEBI Act, 1992 and regulations 3

(b), (c) & (d) and regulations 4(1) of the PFUTP Regulations, 2003. Regulation

4(2)(k) of the PFUTP Regulations, 2003, provides that dealing in securities

shall be deemed to be a manipulative, fraudulent or an unfair trade practice if

it involves even disseminating information or advice through any media,

whether physical or digital, which the disseminator knows to be false or

misleading and which is designed or likely to influence the decision of investors

dealing in securities. In the present case, the Noticees without holding a

certificate of registration as investment adviser have knowingly held

themselves out as a registered investment adviser on their website. Thus, I find

that the Noticees have also violated regulation 4(2)(k) of the PFUTP

Regulations, 2003.

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24. I note that the materials available on record do not indicate the exact amount

of fees collected by the Noticees, as a result of providing investment advisory

services to the investors in violation of the provisions of the IA Regulations,

2013. However, the interim order records that the Noticees have received credits

worth INR 36,48,813/- in their Canara Bank Account Number

6058201000216 and this account number was also linked with Easebuzz

payment gateway as noted from the payment receipt received from the

Complainant to enable the investors to make payment to the Noticees.

25. In view of the foregoing discussions and findings about the activities engaged

in by the Noticees in rendering investment advisory services in an unauthorised

& illegal manner as has been established in facts and circumstances of the case,

in order to achieve the avowed object of SEBI Act, 1992, I, in exercise of the

powers conferred upon me in terms of Sections 11, 11(4),11B (1) and 11D,

read with of Section 19 of the SEBI Act, 1992 and regulation 11 of the PFUTP

Regulations, 2003, while disposing of the allegations levelled in the interim order

against the Noticees hereby direct the following:

i. The Noticees shall within a period of three months from the date of this

Order, refund the money received from the clients/investors

/complainant, as fees or consideration or in any other form, in respect

of their unregistered investment advisory activities;

ii. The Noticees shall issue public notice in all editions of two National

Dailies (one English and one Hindi) and in one local daily with wide

circulation, detailing the modalities for refund, including the details of

their contact person such as names, addresses and contact details, within

15 days of coming into force of this Order;

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iii. The repayments to the clients/investors shall be effected only through

Bank Demand Draft or Pay Order or electronic fund transfer or through

any other appropriate banking channels, which ensures audit trails to

identify the beneficiaries of repayments;

iv. The Noticees are prevented from selling their assets, properties and

holding of mutual funds/shares/securities held by them in demat and

physical form except for the sole purpose of making the refunds as

directed above. Further, the banks are directed to allow debit only for

the purpose of making refunds to the clients/investors who were

availing the investment advisory services from the Noticees, as directed

in this Order, from the bank account of the Noticees; wherein debit has

been frozen by virtue of interim order dated February 07, 2020.

v. The Noticees shall resolve all the complaints pending against them and

file a report of such resolution with SEBI addressed to the Division

Chief, Investment Management Department, SEBI Bhavan, Plot No.

C4 A, G Block, Bandra Kurla Complex, Bandra (East) Mumbai –

400051, within a period of 30 days from date of this Order.

vi. After completing the aforesaid repayments, the Noticees shall file a report

of such completion with SEBI addressed to the Division Chief,

Investment Management Department, SEBI Bhavan, Plot No. C4 A, G

Block, Bandra Kurla Complex, Bandra (East) Mumbai – 400051, within

a period of 15 days, after completion of three months from the coming

into force of this Order, duly certified by an independent Chartered

Accountant. The restraint on sale of assets in sub paragraph (iv) shall

cease to operate once the refund to the investors is complete and the

report as contemplated herein is filed;

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Final Order in the matter of M/s. Billionaire Solutions, sole Proprietor Mr. Akash Jaiswal

Page 18 of 19

vii. The Noticees are debarred from accessing the securities market, directly

or indirectly and are prohibited from buying, selling or otherwise dealing

in the securities market, directly or indirectly in any manner whatsoever,

for a period of 02 (two) years from the date of this Order or till the

expiry of 02 (two) years from the date of completion of refunds to

investors as directed in sub-paragraph (i) above, whichever is later;

viii. The Noticees are also restrained from associating with any company

whose securities are listed on a recognized stock exchange and any

company which intends to raise money from the public, or any

intermediary registered with SEBI in any capacity for a period of 02

(two) years from the date of this Order or till the expiry of 02 (two) years

from the date of completion of refunds to investors as directed in sub-

paragraph (i) above, whichever is later;

ix. The Noticees shall not undertake, either during or after the expiry of the

period of debarment/restraint as mentioned in sub-paragraph (vii) and

(viii) above, either directly or indirectly, investment advisory services or

any other activity in the securities market without obtaining a certificate

of registration from SEBI as required under the Securities Laws.

x. The Noticees shall not to divert any funds collected from investors, kept

in bank account(s) and/or in their custody except for the purpose of

refund as directed in sub-paragraph(i).

xi. The Noticees shall not dispose of or alienate any assets, whether movable

or immovable, or any interest or investment or charge on any of such

assets held in their name, including money lying in bank accounts except

for the purpose of refund as directed in sub-paragraph(i) and until the

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Final Order in the matter of M/s. Billionaire Solutions, sole Proprietor Mr. Akash Jaiswal

Page 19 of 19

refund is completed and a report as mandated under sub-paragraph (vi)

is filed with SEBI.

26. The direction for refund, as given in paragraph 25(i) above, does not preclude

the clients/investors from pursuing the other legal remedies available to them

under any other law, against the Noticees for refund of money or deficiency in

service before any appropriate forum of competent jurisdiction.

27. This Order shall come into force with immediate effect.

28. It is further clarified that during the period of restraint, the existing holding of

securities including the holding of units of mutual funds of the Noticees shall

remain frozen.

29. Obligation of the Noticees, in respect of settlement of securities, if any,

purchased or sold in the cash segment of the recognized stock exchange (s), as

existing on the date of this Order, can take place irrespective of the

restraint/prohibition imposed by this Order, only in respect of pending

unsettled transactions, if any. Further, all open positions, if any, of the Noticees

in the F & O segment of the stock exchange, are permitted to be squared off,

irrespective of the restraint/prohibition imposed by this Order.

30. A copy of this Order shall be sent to the Noticees, recognized Stock Exchanges,

the Banks, Depositories and Registrar and Transfer Agents of Mutual Funds

to ensure that the directions given above are strictly complied with.

Sd/-

DATE: JANUARY 12, 2022 S. K. MOHANTY

PLACE: MUMBAI WHOLE TIME MEMBER

SECURITIES AND EXCHANGE BOARD OF INDIA