Sebi debars 3 people from the securities market for illegal investment advice

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On August 31, the securities regulator Securities and Exchange Board of India (SEBI) banned three people from accessing securities markets for providing unauthorized investment advice services. Apart from that, SEBI barred them from accessing the securities markets for six months.

The latest proceeding came after SEBI issued a show cause notice dated July 31, 2021 to RNS Global Capital and its owners – Lakhan Chouhan, Rohit Soni and Shivani Thakur – alleging they were engaged in advisory services in unauthorized investments.

READ ALSO : Sebi penalizes Aadhaar Ventures, its directors for flouting market norms

SEBI, which found a website belonging to RNS Global Capital in the archived pages because the webpage is not active, discovered that Chouhan, Soni and Thakur were engaged in giving advice regarding investment, purchase or trading in securities or investment products, via their website.

After that, they were collectively called notices. SEBI said that 1.20 crore for the period October 2017 to July 2020 was collected by the noticees.

The regulator ordered the notifiers to reimburse within three months the money received from the investors (jointly and severally) as fees for their unregistered investment advisory activities.

In addition, SEBI prohibited the Notifiers from directly or indirectly accessing and trading in the securities markets in any manner for six months from the date of the completion of redemptions to investors.

Notifiers may not engage in investment advisory services or any activity in the securities market without obtaining a registration certificate from Sebi, directly or indirectly, during or after the expiration of the debarment period, said the SEBI.

With PTI inputs.

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