Markets regulator Sebi on Friday barred Money Plus Research Advisory and Financial Services and its proprietor Pravin Meshram from accessing the securities market for two years for providing unauthorised trading tips to investors.
Among other directions, they have been asked to refund the money received from the clients/ investors as fees or consideration or in any other form in respect of their unregistered investment advisory activities.
It was found that Money Plus Research Advisory and Financial Services and Meshram (noticees) were providing investment advisory services without having the requisite registration as mandated under the investment advisor regulations.
The amount of money, prima facie, observed to have been collected by Money Plus and its proprietor Pravin Meshram was Rs 53.85 lakh.
In its order, Sebi said the noticees were not only knowingly concealing the fact that it is not registered as an investment advisor but also making a false representation that it is registered with the regulator as an investment adviser, thereby luring and inducing investors to deal in securities by availing its services.
The two-year ban will be in place from the date of this order or till the expiry of two years from the date of completion of refunds to investors.
In addition, they have been restrained from associating with any company whose securities are listed and any company which intends to raise money from the public, or any intermediary registered with Sebi, in any capacity, for two years.
The noticees have also been directed not to undertake investment advisory services or any activity in the securities market without obtaining a certificate of registration from Sebi as required under the securities laws either during or after the expiry of the period of debarment/ restraint.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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