Capital markets regulator Sebi barred Heaven Research Security Advisory HRSA and its proprietor from securities markets for six months for providing investment advisory services without authorisation.
The entities were engaged in investment advisory services without getting a certificate of registration from the Securities and Exchange Board of India Sebi, which was a violation of the IA Investment Advisers Regulations.
The notices collected Rs 19.50 lakh during November 2016 -- 2019 were sent to Sebi in the final order.
The noticees were ordered by Sebi to refund the money collected within three months of the clients as fees in respect of their investment advisory activities.
The notice was barred from the securities markets for a period of six months or until the end of six months from the date of completion of refunds to clients, whichever is later.
They shall not undertake investment advisory services or other activities in the securities markets without a certificate of Sebi, either directly or indirectly, after the expiry of the debarment period, according to the order.
A fine of Rs 14 lakh was imposed in a separate order by the regulators on four entities for violating market norms in the matter of Jump Networks Ltd formerly, Iris Mediaworks Ltd, now WinPro Industries Ltd.