SEBI Bans Protected Dealer For Unregistered Advisory Actions

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The regulator has barred Protected Dealer and its proprietor from the securities market. (File)

New Delhi:

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

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

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

The order revealed that over Rs 39 lakh have been credited within the accounts of the entities between August 2020 and July 2021. “The noticees (Protected Dealer 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 Commerce Practices) Laws,” Sebi Govt Director S V Murli Dhar Rao mentioned.

Accordingly, the regulator has barred Protected Dealer 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 Monetary Providers, Satish Kumar Dubey and Amore Development Advisory Providers — from the securities marketplace for one yr for indulging in unauthorised funding advisory companies and likewise imposed a penalty of Rs 10 lakh on them. Additionally, they’ve been requested to refund the cash collected from traders in respect of such companies.

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

(Apart from the headline, this story has not been edited by String Reveals employees and is printed from a syndicated feed.)

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