SEBI Bans Safe Trader For Unregistered Advisory Activities


SEBI Bans Safe Trader For Unregistered Advisory Activities

The regulator has barred Safe Trader and its proprietor from the securities market. (File)

New Delhi:

Sebi on Wednesday barred Safe Trader and its proprietor Rajnandani Jalkhediya from the securities markets for offering unauthorised funding advisory providers and likewise imposed a penalty of Rs 2 lakh on them.

In addition, they’ve been requested to refund Rs 39.64 lakh collected from the purchasers as charges in respect of their unregistered funding advisory actions.

In its order, Sebi discovered that the entities had been offering funding advisory providers with out acquiring a registration certificates from the regulator, which was in violation of the provisions of Investment Advisers (IA) guidelines.

The order revealed that over Rs 39 lakh had been credited within the accounts of the entities between August 2020 and July 2021. “The noticees (Safe Trader and its proprietor) with out holding a certificates of registration as funding adviser have knowingly disseminated false info/made deceptive statements and held themselves out as funding adviser on their web site. Thus, I discover that the noticees have additionally violated … the PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) Regulations,” Sebi Executive Director S V Murli Dhar Rao stated.

Accordingly, the regulator has barred Safe Trader and its proprietor from the securities market. The debarment would proceed until the expiry of two years from the date of completion of refunds to traders.

A penalty of Rs 2 lakh has been levied on them they usually have been directed to pay the penalty inside 45 days.

In a separate order on Tuesday, Sebi prohibited three entities — SK Financial Services, Satish Kumar Dubey and Amore Growth Advisory Services — from the securities marketplace for one 12 months for indulging in unauthorised funding advisory providers and likewise imposed a penalty of Rs 10 lakh on them. Also, they’ve been requested to refund the cash collected from traders in respect of such providers.

As per the regulator, they had been concerned within the actions of funding advisers with out acquiring registration with Sebi, which is in violation of IA guidelines.

(Except for the headline, this story has not been edited by NDTV workers and is revealed from a syndicated feed.)

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