Sebi bars 2 firms, 3 persons from securities marke

New Delhi: SEBI has barred two entities and three individuals from the securities market for providing unauthorised investment advisory services. A2 Financial Services (A2FS) and its partners - Ashish Jain and Ashutosh Mishra - and Money Booster and its sole proprietor Anurag Singh have been barred from the securities market, as per two separate orders passed on Thursday. They have also been directed to refund the money collected from the investors, in respect of their unregistered investment advisory activities, within three months from the date of the orders.

In the two separate but similarly-worded orders, the regulator said the entities and individuals have been "debarred from accessing the securities market, directly or indirectly and are prohibited from buying, selling or otherwise dealing in the securities market, directly or indirectly in any manner whatsoever, for two years from the date of this order or till the expiry of two years from the date of completion of refunds to complainants investors as directed.., whichever is later".

Regarding A2FS and its partners, Sebi found that the firm was engaged in giving advice relating to investing, purchasing, selling or otherwise dealing in securities or investment products through its website www.a2financial.co.in. These activities were carried out without holding the certificate of registration as an investment adviser and violate Investment Advisor Regulations.

Jain and Mishra were the partners of A2FS and carried out the business of providing tips and advisory services in the commodity and equity share market, the regulator noted. Besides, Money Booster and its sole proprietor Anurag Singh were found to have indulged in investment advisory services without seeking registration from the regulator. Money Booster had knowingly misrepresented to the investors by advertising/ showing the registration number of some other Sebi-registered investment advisor named Anurag Singh on its website.