Sebi bans 2 persons from securities mkt for 2 yrs

New Delhi: Capital markets regulator Sebi has barred two individuals from the securities markets for two years and ordered them to return Rs82.5 lakh collected from investors through unregistered investment advice services. Also, they have been restrained from associating as directors or key managerial personnel with any listed public company for two years.

Further, Sebi has imposed a fine of Rs2 lakh each on them. Those barred by Sebi are Chandrapratap Singh Naruka, proprietor of W Gain Research & Development.Com, and Amarjeet Singh Trehan. In its order passed on Tuesday, the regulator found that the persons were engaged in providing investment advisory services without obtaining registration from Sebi as required under the IA (Investment Advisers) Regulations. By providing such services, they collected Rs82.52 lakh from investors.

Accordingly, Sebi has directed the two individuals to immediately refund, jointly and severally, the amount of Rs82.52 lakh collected/ received from clients/ investors, as fees or consideration, in respect of their unregistered investment advisory activities, and in any case, within a period of three months.”