Introduction: The Securities and Exchange Board of India (SEBI) has issued a warning letter dated February 27, 2024, to Exact Key and Exaalgia IT Solutions, cautioning them against engaging in unregistered investment advisory activities in the securities market.
Detailed Analysis: SEBI identified Exact Key, with Mr. Mahendra Singh Kushwah as the proprietor, and Exaalgia IT Solutions, led by Mr. Satish Singh Parmar, for providing unregistered investment advisory services through the website www.exactkey.com. This activity was found to be in violation of various provisions and sections of the SEBI Act, 1992, along with SEBI Regulations, Rules, and Circulars.
The warning emphasizes the seriousness of the unregistered investment advisory activities and serves as a caution to both entities – Mr. Mahendra Singh Kushwah (Exact Key) and Mr. Satish Singh Parmar (Exaalgia IT Solutions). The warning instructs them to refrain from any unregistered securities market-related activities in the future.
Failure to comply with this warning may result in the initiation of actions under the provisions of the SEBI Act, 1992, and related Regulations, Rules, and Circulars. The letter emphasizes the consequences if either entity is found to violate SEBI regulations in the future.
Conclusion: SEBI’s warning letter to Exact Key and Exaalgia IT Solutions sheds light on the importance of compliance with regulations in the securities market. Market participants are reminded to obtain proper registration and adhere to SEBI guidelines to avoid legal consequences. This serves as a reminder of SEBI’s commitment to maintaining the integrity and transparency of the securities market. Entities receiving such warnings should take immediate corrective actions to ensure compliance and prevent legal repercussions.
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Securities and Exchange Board of India
Manager
Indore Local Office
Email — nobels@sebi.gov.in
SEBI/WRO/ILO/P/OW/2024/07611/1
February 27, 2024
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M/s. Exact Key, Proprietor: Mr. Mahendra Singh Kushwah, S/O: Ravindra Singh Kushwah, 404, Aru Plaza, M. G. Road, Indore, Madhya Pradesh 452001 |
M/s. Exaalgia IT Solutions, 304, Third Floor, Aru Plaza, 582 MG Road, Opposite Indraprash Tower, Indore, Madhya Pradesh-452001 | Mr. Satish Singh Parmar, S/O: Suresh Singh Parmar, Flat No 110, Goviridam Gopalam Apartment, 81-82, Badi Gwaltoli, Near St Paul School, Indore, Madhya Pradesh-452001 |
| M/s. Exaalgia IT Solutions, 401/A, Vidhyapati Bhawan, Janjeerwala Square, Indore, Madhya Pradesh-452001 | M/s. Exaalgia IT Solutions, Proprietor: Mr. Satish Singh Parmar, 401, Silver Arcked, Near 56 Dukan, Abb Titan Show Room, Indore, Madhya Pradesh, 452001 | Mr. Satish Singh Parmar, V- 104, Kalindi Vindhya, Bicholi Mardana, Near Kalindi Midtown, By Pass Road, Indore-Madhya Pradesh, 452016 |
| Mr. Satish Singh Parmar, 203, Railway Colony, Ratlam, Madhya Pradesh, 457001 |
Subject: Warning Letter
It has come to our notice that Exact Key (Proprietor – Mr. Mahendra Singh Kushwah {PAN- CAPK693114) and Exaalgia IT Solutions (Proprietor – Mr. Satish Singh Parmar {PAN- AXJPP8183B}), were involved in providing unregistered investment advisory related services in securities market through the website www.exactkey.com without obtaining registration from SEBI under the capacity of Investment Advisor. The said unregistered activity was in violation of various provisions/sections of SEBI Act, 1992, SEBI Regulations, Rules and Circulars made thereunder.
The aforesaid unregistered investment advisory activity carried out by Exact Key (Proprietor – Mr. Mahendra Singh Kushwah) and Exaalgia IT Solutions (Proprietor – Mr. Satish Singh Parmar) has been viewed very seriously and you are therefore warned to be careful in future and not to indulge in any kind of unregistered securities market related activity, failing which action may be initiated in accordance with provisions of SEBI Act, 1992 and Regulations, Rules and Circulars made thereunder.
If in future, you are found to be involved in violation of any provisions/sections of SEBI Act, 1992 SEBI Regulations, Rules and Circulars made thereunder, the appropriate action may be initiated against you.
Nobel Shukla
