SEBI bars 15 entities from offering investment advisory services
PTI, Feb 11, 2020, 5:06 PM IST
New Delhi: SEBI has barred 15 entities from the securities market for carrying out unauthorised investment advisory activities and directed them to desist from acting as investment advisor until further orders.
The entities which have been barred include Investmart, Profit Redefine Financial Solution, Analog Research, Money Booster, Billionaire Solutions, Capital Exchange India, Trade Money Research, Money Capital Investment, Mahankal Capital, Rushabh Research and Algo Solution.
Passing an interim order against the firms and their proprietors, SEBI, among other directions, asked the entities to withdraw all advertisements in relation to their investment advisory services or any other unregistered activity in the securities market.
The entities may file their objections within 21 days from the date of the order, Sebi said in an order dated February 7.
The regulator said it “prima facie appears that the noticees were knowingly concealing the fact that they are not registered with Sebi as an investment advisor and were also making representations on their website in a reckless and careless manner about their expertise in investment advisory thereby luring and inducing investors to deal in securities by availing their services.”
The order came after SEBI received several complaints alleging that the entities were involved in unauthorised investment advisory activities.
The entities have prima facie violated Prohibition of Fraudulent and Unfair Trade Practices norms as well as investment advisers norms, it said.
In a separate order, SEBI suspended SIC Stocks and Services from registering new clients for two months for its failure to transfer securities to clients’ Demat account within the prescribed time period.
Besides, the regulator noted that the broker accepted cash from a client for securities transactions or as margin for purchase of securities from the client.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Nifty, Sensex rally for 6th day running on firm Asian peers; Tech Mahindra jumps over 12%
IndiGo, Air India plan to purchase up to 170 wide-body planes in little over a year
Kotak Mahindra Bank shares tank 13%; mcap erodes by Rs 37,721 crore post RBI action
Four-day market rally makes investors richer by Rs 8.48 lakh crore
Kotak Bank barred from onboarding customers online, issuing fresh credit cards
MUST WATCH
Latest Additions
Low voter turnout in Karnataka: Only 38.23% cast votes in 14 LS segments during first half of the day
Karnataka Polls: No Modi wave but anti-BJP wave, says CM Siddaramaiah
Cal HC directs NIA to file report on clashes in Murshidabad over Ram Navami celebrations
Bengaluru goes to poll amid heat wave-like situation
Karnataka officials don vibrant sarees to promote voter participation