Capital Markets regulator Sebi on Tuesday barred four entities from the securities markets for providing unauthorised investment advisory services without the regulator's authorisation.
The regulator has restrained PNP Shareon Solutions, its proprietor Pradeep Haldar, PNP Solutions and its proprietor Prakash Haldar from securities markets for six months.
PNP Shareon Solutions, PNP Solutions, Pradeep and Prakash Haldar are collectively referred to as noticees.
The present proceedings emanate from a show cause notice issued to noticees by the regulator in August 2021.
In its final order, Sebi found that noticees were engaged in providing investment advisory services without obtaining a certificate from Sebi as an investment adviser, thereby violating IA (Investment Advisers) rules.
The total amount of money collected by the noticees is Rs 60.49 lakh from September 2017 to June 2020.
Sebi has directed the noticees to refund jointly and severally within three months, the money received from clients in respect of investment advisory activities.
Also, the regulator barred the noticees from accessing as well as dealing in the securities markets for a period of six months from the date of completion of refunds to investors along with depositing of balance amounts, whichever is later.
In addition, they shall not undertake investment advisory services or any activity in the securities markets without obtaining a certificate of registration from Sebi, either directly or indirectly, during or after the debarment period, the order said.
(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.)
You’ve hit your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Quarterly Starter
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories Online
Over 30 behind the paywall stories daily, handpicked by our editors for subscribers


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app