Markets regulator Sebi on Tuesday barred Kalapi Shah, responsible for conducting business of Teji Mandi Analytics Private Ltd (TMAPL), from the securities market for five years, for flouting portfolio management services rules. Teji Mandi, a registered authorized person of Anugrah Stock and Broking Private Ltd (ASBPL) with NSE, aided ASBPL in carrying out the portfolio management services (PMS) activities in violation of the norms. In its order, Sebi said that Kalapi Shah, the husband of Riddhi Kalapi Shah, along with Anil Gopal Gandhi, was instrumental in managing the affairs of TMAPL. In other words, Riddhi was only a 'namesake director' and was 'filling-in' for her husband. Further, Sebi noted that the affidavit dated August 19, 2020 submitted to it also reaffirmed his responsibility for conducting the business of TMAPL. Besides, the regulator noted that while performing the role of a director on behalf of his wife, Kalapi Shah even signed the board resolutions, sent e-mail ...
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