CAUTION NOTICE

by

SECURITIES AND EXCHANGE BOARD OF INDIA

about the illegal activities carried out by

Shri Rajeev Kapoor,

M/s Imax Equity Research
1. The general public are hereby informed that SEBI has launched prosecution proceedings u/s 24
of the SEBI Act 1992 against Shri Rajeev Kapoor (whose photograph is given below) the
proprietor of Imax Equity Research, 501-502, Ansal Pragati Deep Tower, District
Centre, Laxmi Nagar, Delhi- 110092 for the violation of the provisions of SEBI
(Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market),
Regulations, 2003 and SEBI (Portfolio Managers) Regulations, 1993 in the court of the Learned
Chief Metropolitan Magistrate, Tis Hazari Courts, Delhi on 11.07.2008.

2. His modus operandi includes activities like soliciting investments from public through grossly
misleading advertisements ,mass messaging, emails and telephone calls. Advertisements issued
by him contain deceptive claims like ‘Loss 100%borne by us…’, ‘Get 4% monthly fixed
return..’. Recently on 04.07.2008 an advertisement was released on page 11 of The Economic
Times by M/s Imax Equity Research containing deceptive claims like ‘Loss 100% borne by
us…’. The said offence is punishable with imprisonment for a term which may extend to 10
years or with fine which may extend to 25 Crores rupees or with both.

3. Sh. Rajeev Kapoor is an habitual offender and has been fraudulently operating in the securities
market in violation of the statutory provisions. Restraint orders dated 02.01.2004 and 16.08.2004
and adjudication order dated 03.11.2004 have been passed by SEBI against him. Despite these
orders he continues to carry on operations. SEBI has therefore filed prosecution cases at Kolkatta
(No. C/11328/2006, Court of CMM), Mumbai (No. 10/M/2006, Court of ACMM) and also
before the Learned CMM, Delhi.

4. Besides the cases filed by SEBI, it has also been learnt that numerous police cases are also
pending against him by different State Police departments and he has been in judicial/ police
custody on several occasions in the past.

5. Therefore the public are hereby cautioned against dealing with him or any of his concerns like
M/s Imax Equity Research. The public in general are also advised not to be attracted or lured by
similar advertisements which solicit investments and promise unrealistic returns.
 Ñããè Àã•ããèÌ㠇㊹ãîÀ, ½ãñÔãÔãà ‚ãヽãõ‡ã‹Ôã ƒãä‡ã‹Ìã›ãè ãäÀÔãÞãÃ
´ãÀã ãä‡ãŠ¾ãñ Øã¾ãñ ‚ãÌãõ£ã ãä‰ãŠ¾ãã‡ãŠÊãã¹ããò ‡ãñŠ Ôãâºãâ£ã ½ãò

¼ããÀ¦ããè¾ã ¹ãÆãä¦ã¼ãîãä¦ã ‚ããõÀ ãäÌããä¶ã½ã¾ã ºããñ¡Ã ( SEBI)

´ãÀã

Þãñ¦ããÌã¶ããè - ÔãîÞã¶ãã ( Caution Notice)

1. ‚ãã½ã •ã¶ã¦ãã ‡ãŠãñ ƒÔã‡ãñŠ ´ãÀã ¾ãÖ ÔãîãäÞã¦ã ãä‡ãŠ¾ãã •ãã¦ãã Öõ ãä‡ãŠ ¼ããÀ¦ããè¾ã ¹ãÆãä¦ã¼ãîãä¦ã ‚ããõÀ ãäÌããä¶ã½ã¾ã ºããñ¡Ã (Ôãñºããè) ¶ãñ ‚ãヽãõ‡ã‹Ôã ƒãä‡ã‹Ìã›ãè
ãäÀÔãÞãÃ, 501-502, ‚ãâÔãÊã ¹ãÆØããä¦ã ªãè¹ã ›ãÌãÀ, ãä¡Ô›Èãè‡ã‹› Ôãñâ›À, Êãà½ããè ¶ãØãÀ, ãäªÊÊãã- 110092 ‡ãñŠ ÔÌã¦Ìã£ããÀãè Ñããè Àã•ããèÌ㠇㊹ãîÀ
(ãä•ãÔã‡ãŠãè ¦ãÔÌããèÀ ¶ããèÞãñ ªãè Øã¾ããè Öõ) ‡ãñŠ ãäŒãÊãã¹ãŠ ¼ããÀ¦ããè¾ã ¹ãÆãä¦ã¼ãîãä¦ã ‚ããõÀ ãäÌããä¶ã½ã¾ã ºããñ¡Ã (¹ãÆãä¦ã¼ãîãä¦ã ºãã•ããÀ Ôãñ Ôãâºãâãä£ã¦ã ‡ãŠ¹ã›¹ãî¥ãÃ
‚ããõÀ ‚ã¨ãÉ•ãì ̾ãÌãÖãÀãò ‡ãŠã ¹ãÆãä¦ãÓãñ£ã) ãäÌããä¶ã¾ã½ã, 2003 ‚ããõÀ ¼ããÀ¦ããè¾ã ¹ãÆãä¦ã¼ãîãä¦ã ‚ããõÀ ãäÌããä¶ã½ã¾ã ºããñ¡Ã (ÔãâãäÌã¼ããØã ¹ãƺãâ£ã‡ãŠ) ãäÌããä¶ã¾ã½ã,
1993 ‡ãñŠ ‚ããä¦ã‰ãŠ½ã¥ã ‡ãñŠ ãäÊㆠãäÌ㴦㠽ã쌾㠽ãÖã¶ãØãÀ ½ããä•ãÔ›Èñ› ‡ãñŠ ¶¾ãã¾ããÊã¾ã, ¦ããèÔã Ö•ããÀãè ¶¾ãã¾ããÊã¾ã, ãäªÊÊããè ½ãò 11.07.2008 ‡ãŠãñ
‚ããä¼ã¾ããñ•ã¶ã ‡ãŠã¾ãÃÌãããäÖ¾ããú ‚ããÀâ¼ã ‡ãŠãè Öö ý

2. „Ôã‡ãŠãè ‡ãŠã¾ãùãÆ¥ããÊããè ½ãò ‚㦾ããä£ã‡ãŠ ¼ãÆã½ã‡ãŠ ãäÌã—ãã¹ã¶ããò, Ôãã½ãîãäև㊠ÔãâªñÍã-¹ãÆñÓã¥ã, ƒÃ½ãñÊã ‚ããõÀ ›ñÊããè¹ãŠãñ¶ã ‡ãŠãùÊããò ‡ãŠãè ½ãã¹ã‹¦ãà •ã¶ã¦ãã Ôãñ
ãä¶ãÌãñÍããò ‡ãŠãè ¾ããÞã¶ãã ‡ãŠÀ¶ãã •ãõÔãñ ãä‰ãŠ¾ãã‡ãŠÊãã¹ã Ôããä½½ããäÊã¦ã Öö ý „Ôã‡ãñŠ ´ãÀã •ããÀãè ãäÌã—ãã¹ã¶ããò ½ãò œÊã¹ãî¥ãà ªãÌãñ Íãããä½ãÊã Öãñ¦ãñ Öö •ãõÔãñ
`100% ¶ãì‡ãŠÔãã¶ã Ö½ã¶ãñ „Ÿã¾ãã...', `4% ãä¶ããäÍÞã¦ã ½ãããäÔã‡ãŠ ¹ãÆãä¦ã¹ãŠÊã ¹ãã¾ãò'....' ý ÖãÊã ½ãò, 04.07.2008 ‡ãŠãñ ª ƒ‡ãŠãù¶ããùãä½ã‡ãŠ ›ãƒ½Ôã
‡ãñŠ ¹ãðÓŸ 11 ¹ãÀ ½ãñÔãÔãà ‚ãヽãõ‡ã‹Ôã ƒãä‡ã‹Ìã›ãè ãäÀÔãÞãÃà ´ãÀã †‡ãŠ ãäÌã—ãã¹ã¶ã ¹ãƇãŠããäÍã¦ã ãä‡ãŠ¾ãã Øã¾ãã ãä•ãÔã½ãò œÊã¹ãî¥ãà ªãÌãñ ãä‡ãŠ¾ãñ Øã¾ãñ ©ãñ,
•ãõÔãñ - `100% ¶ãì‡ãŠÔãã¶ã Ö½ã¶ãñ „Ÿã¾ãã....' ý ‡ãŠãä©ã¦ã ‚ã¹ãÀã£ã ‡ãŠãÀãÌããÔã, ãä•ãÔã‡ãŠãè ‚ãÌããä£ã 10 ÌãÓããô ¦ã‡ãŠ ºãü¤ã¾ããè •ãã Ôã‡ãñŠØããè, ¾ãã
•ãì½ããöãã, ãä•ãÔã‡ãŠãè ÀããäÍã 25 ‡ãŠÀãñü¡ Á. ¦ã‡ãŠ ºãü¤ã¾ããè •ãã Ôã‡ãñŠØããè, ¾ãã ªãñ¶ããò Ôãñ ªâ¡¶ããè¾ã Öõ ý

3. Ñããè Àã•ããèÌ㠇㊹ãîÀ ‚ãã¼¾ãããäÔã‡ãŠ ‚ã¹ãÀã£ããè Öõ ‚ããõÀ ÌãÖ ‡ãŠã¶ãî¶ããè „¹ãºãâ£ããò ‡ãŠã ‚ããä¦ã‰ãŠ½ã¥ã ‡ãŠÀ¦ãñ Öì† ¹ãÆãä¦ã¼ãîãä¦ã ºãã•ããÀ ½ãò ‡ãŠ¹ã›¹ãî¥ãà Àãèãä¦ã
Ôãñ ãä‰ãŠ¾ããÍããèÊã ÀÖã Öõ ý ¼ããÀ¦ããè¾ã ¹ãÆãä¦ã¼ãîãä¦ã ‚ããõÀ ãäÌããä¶ã½ã¾ã ºããñ¡Ã ¶ãñ „Ôã‡ãñŠ ãäŒãÊãã¹ãŠ ¦ããÀãèŒã 02.01.2004 ‚ããõÀ 16.08.2004 ‡ãñŠ
‚ãÌãÀãñ£ã ‚ããªñÍã ¦ã©ãã ¦ããÀãèŒã 03.11.2004 ‡ãŠã ‚ããä¼ã¾ããñ•ã¶ã ‚ããªñÍã ¹ãããäÀ¦ã ãä‡ãŠ¾ãã Öõ ý ƒ¶ã ‚ããªñÍããò ‡ãñŠ ºããÌã•ãîª „Ôã¶ãñ ¹ãÆÞããÊã¶ã
•ããÀãè ÀŒãñ ý ‚ã¦ã: ¼ããÀ¦ããè¾ã ¹ãÆãä¦ã¼ãîãä¦ã ‚ããõÀ ãäÌããä¶ã½ã¾ã ºããñ¡Ã ¶ãñ ‡ãŠãñÊã‡ãŠã¦ãã (Ôãâ.Ôããè/11328/2006, ½ã쌾㠽ãÖã¶ãØãÀ ½ããä•ãÔ›Èñ› ‡ãŠã
¶¾ãã¾ããÊã¾ã), ½ãìâºãƒÃ (Ôãâ.10/†½ã/2006, ‚ã¹ãÀ ½ã쌾㠽ãÖã¶ãØãÀ ½ããä•ãÔ›Èñ› ‡ãŠã ¶¾ãã¾ããÊã¾ã) ½ãò ‚ããõÀ ãäÌ㴦㠽ã쌾㠽ãÖã¶ãØãÀ ½ããä•ãÔ›Èñ›,
ãäªÊÊããè ‡ãñŠ Ôã½ãàã ¼ããè ‚ããä¼ã¾ããñ•ã¶ã ½ãã½ãÊãñ ªããäŒãÊã ãä‡ãŠ¾ãñ Öö ý

4. ¾ãÖ ¼ããè —ãã¦ã Öì‚ãã Öõ ãä‡ãŠ ¼ããÀ¦ããè¾ã ¹ãÆãä¦ã¼ãîãä¦ã ‚ããõÀ ãäÌããä¶ã½ã¾ã ºããñ¡Ã ´ãÀã ªããäŒãÊã ½ãã½ãÊããò ‡ãñŠ ‚ããä¦ããäÀ‡ã‹¦ã, „Ôã‡ãñŠ ãäŒãÊãã¹ãŠ ãäÌããä¼ã¸ã
À㕾㠹ãìãäÊãÔã ãäÌã¼ããØããò ´ãÀ㠇㊃à ¹ãìãäÊãÔã ½ãã½ãÊãñ ¼ããè Êãâãäºã¦ã Öö ‚ããõÀ ãäÌãØã¦ã ½ãò ÌãÖ ‡ãŠƒÃ ‚ãÌãÔãÀãò ¹ãÀ ¶¾ãããä¾ã‡ãŠ / ¹ãìãäÊãÔã ‚ããä¼ãÀàãã ½ãò
ÀÖ Þãì‡ãŠã Öõ ý

5. ƒÔã‡ãñŠ ´ãÀã •ã¶ã¦ãã ‡ãŠãñ „Ôã‡ãñŠ Ôãã©ã ¾ãã ½ãñÔãÔãà ‚ãヽãõ‡ã‹Ôã ƒãä‡ã‹Ìã›ãè ãäÀÔãÞãÃà •ãõÔããè „Ôã‡ãŠãè ãä‡ãŠÔããè ‡ã⊹ã¶ããè ‡ãñŠ Ôãã©ã Êãñ¶ãªñ¶ã
‡ãŠÀ¶ãñ ‡ãñŠ Ôãâºãâ£ã ½ãò ÔããÌã£ãã¶ã ãä‡ãŠ¾ãã •ãã¦ãã Öõ ý