PremiumThe regulator directed the noticees to refund within three months the ₹1.2 crore from investors as fees in respect of their unregistered investment advisory activities.
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Markets regulator Securities and Exchange Board of India (SEBI) on 31 August banned three individuals from the securities markets for providing unauthorised investment advisory services. Apart from this, the SEBI restrained them from the securities markets for six months.
The latest proceedings took place after SEBI issued a show cause notice dated 31 July, 2021 to RNS Global Capital and its proprietors' -- Lakhan Chouhan, Rohit Soni and Shivani Thakur -- alleging that they were engaged in unauthorised investment advisory services.
The SEBI, which come across a website belong to RNS Global Capital in the archived pages as the web page is not active, found Chouhan, Soni and Thakur were engaged in giving advice relating to investing in, purchasing or dealing in securities or investment products, through their website.
Post this, they have been collectively referred to as noticees. SEBI said that ₹1.20 crore for the period October 2017 to July 2020 have been collected by the noticees.
The regulator directed the noticees to refund within three months the money received from investors (jointly and severally) as fees in respect of their unregistered investment advisory activities.
Also, SEBI barred the noticees from accessing as well as dealing in securities markets directly or indirectly in any manner for six months from the date of this completion of refunds to the investors.
The noticees can not undertake investment advisory services or any activity in the securities market without obtaining a certificate of registration from Sebi either directly or indirectly during or after the expiry of the debarment period, the SEBI ruled.
With PTI inputs.