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their activities in securities market which was in reckless and careless manner and had suggested
facts which were false and untrue. By their acts they had fraudulently solicited, enticed and
induced investors to deal in securities. The interim order was passed as MBS/Mr. Syed Sadaq were
observed to have violated the prohibitions enshrined in section 11(1), 12(1), 12A (a) (b) and (c)
of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as "the Act")
and regulation 2(1) (c), 3 (b), (c), (d), 4(1) and 4(2) (k) of the SEBI (Prohibition of Fraudulent
and Unfair Trade Practices) Regulations, 2003. The interim order also provided MBS/Mr. Syed
Sadaq to file objections, if any, within 21 days from the date of the interim order and to avail
opportunity of personal hearing before SEBI, if they so desire.
3. A public notice cautioning investors against dealing with MBS/Mr. Syed Sadaq was also
published in The Times of India on November 23, 2013. I also note that Mr. Syed Sadaq does
not hold any demat account.
4. The interim order sent to MBS and Mr. Syed Sadaq for service returned undelivered with remarks
"No such person in the flat" and "Addressee left " respectively. Enquiry with the other residents of the
house at the address revealed that they had no knowledge of anyone by the name mentioned in
the interim order.
5. Thereafter, the Chartered Accountant, who had certified that MBS/Mr. Syed Sadaq were
engaged in the business of trading of home appliances and facilitated MBS/Mr. Syed Sadaq for
opening a current account in State Bank of India and Axis Bank, was contacted and was advised
to deliver the interim order to MBS/Mr. Syed Sadaq. However, the said Chartered Accountant
informed that the interim order could not be served as no one was available at the addresses
mentioned.
6. Alternative addresses of MBS/Mr. Syed Sadaq were sought from Axis Bank and State Bank of
India. However, these banks furnished the same address at which the interim order could not be
served earlier. As the interim order could not be served upon MBS/Mr. Syed Sadaq,
advertisements were published in newspapers The Hindu and Sakshi (Andhra Pradesh
edition) on January 13, 2014 wherein the entities were advised that the order has been made
available on the SEBI website www.sebi.gov.in and they can also collect the order/notice from
Deputy General Manager, MIRSD-5, SEBI, Mumbai, in person or through authorised
representative on production of proper authorization letter. The entities were also advised that
reply, if any, should reach SEBI, Mumbai, within 14 days from the date of publication of this
advertisement, failing which it shall be presumed that these entities have no reply to submit and
the matter would be further proceeded ex-parte. However, no communication was received from
Order in the matter of MCX Biz Solutions
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