Sebi Bars Kalapi Shah for Securities Market Violations

Sebi has barred Kalapi Shah from the securities market for five years due to violations in portfolio management services. Shah, involved with Teji Mandi Analytics and Anugrah Stock, was found to have violated norms alongside ASBPL by promising returns unlawfully. Sebi detailed Shah's critical role in managing TMAPL.

In a decisive move, the Securities and Exchange Board of India (Sebi) has banned Kalapi Shah from participating in the securities market for the next five years. Shah, responsible for conducting business at Teji Mandi Analytics Private Ltd (TMAPL), was found in violation of portfolio management services regulations.

Kalapi Shah, alongside Anil Gopal Gandhi, played a significant role in TMAPL, with Shah effectively managing company affairs on behalf of his wife, Riddhi, who was listed as a director in name only. Shah's actions included signing board resolutions and communicating with clients, promising assured returns.

These activities were in tandem with Anugrah Stock and Broking Private Ltd (ASBPL), violating norms. Sebi's investigation concluded that Shah's efforts in derivative advisory services aimed at guaranteeing returns were in breach of securities laws, leading to the strict sanction.

(With inputs from agencies.)