Order in the matter of Interim Order in the matter of Profitsaim (Prop. Syed Ayaz)

Last updated: 19 November 2020

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Quick Summary

The Securities and Exchange Board of India (SEBI) has issued an interim order against an entity named Profitsaim, operated by Mr. Syed Ayaz. This action follows a complaint alleging that Profitsaim was defrauding people and misusing the name of another registered investment advisor. SEBI's preliminary examination found that Profitsaim was providing investment advice and trading tips without being registered, violating SEBI (Investment Advisers) Regulations, 2013. Attempts to contact Profitsaim at its registered address and via email were unsuccessful, and the provided address was found to be non-existent.

Court :
SEBI

Brief :
Securities and Exchange Board of India (“SEBI) received a complaint on May 20, 2020, from Mr. Nitesh Jain, Proprietor of M/s ProfitAim Research, a SEBI registered Investment Advisor, against an entity named M/s. Profitsaim (hereinafter referred to as “Profitsaim”), alleging that Profitsaim is an unregistered entity which is defrauding people and misusing the name of his firm. Thereafter, the matter was taken up for preliminary examination.

Citation :
WTM/MPB/IMD/SRO/143/2020

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