The order came after SEBI conducted an examination in relation to unregistered investment advisory activities being carried out by Premium Capital Research after receiving complaints against them
Capital markets regulator SEBI on Wednesday barred Premium Capital Research and its proprietor from the securities markets for six months for providing unregistered investment advisory services. The regulator also directed the entities to refund the investors' money collected through such services within three months.
According to a SEBI order, Premium Capital Research and Chouhan collectively received over Rs 1.16 crore from investors during May-November 2018 by providing such unregistered investment advisory services. Through such acts, the noticee violated the provisions of investment advisers (IA) norms, the Securities and Exchange Board of India (SEBI) said in its final order.
In its order, SEBI directed the noticee to refund the amount received from the clients or investors as fees in respect of their unregistered investment advisory services within three months. Also, they have been prohibited from accessing as well as dealing in the securities markets directly or indirectly in any manner for six months or till the expiry of six months from the date of completion of refunds to investors whichever is later.
The order came after SEBI conducted an examination in relation to unregistered investment advisory activities being carried out by Premium Capital Research after receiving complaints against them. Meanwhile, in a separate order, SEBI slapped a fine of Rs 7 lakh on five entities for failing to make timely disclosures in the matter of Agri-Tech (India) Ltd (ATIL)
The regulator imposed a fine of Rs 7 lakh on ATIL, Sweta Kagliwal (MD of ATIL), Satish Kagliwal (Chairman & Executive Director), Rajendra Sharma (CFO) and Reshma Talbani (Compliance Officer / Company Secretary) of ATIL. The penalty has to be paid by the entities 'jointly and severally'.
The order came after SEBI conducted an investigation in the matter of ATIL for the alleged violation of provisions of LODR (Listing Obligations and Disclosure Requirements) during the period beginning April 2018 to March 2021. In another order, the markets watchdog suspended the certificate of registration of Keshav Securities Pvt Ltd for two months for violating regulatory norms. Keshav Securities is a SEBI-registered stock broker. SEBI conducted an inspection of Keshav Securities from April 2020 to September 2021.