Sebi has barred Tips4Market and its proprietor Mahesh Vaghajibhai Ramani from the securities markets for two years and asked them to refund the money collected from investors by providing unauthorised investment tips.
Sebi noted that Tips4Market (T4M) was soliciting and inducing investors to deal in securities market on the basis of investment advice, stock tips, among others, prima facie, without having the requisite registration as mandated under the investment advisers (IA) norms.
The amount of money collected by the company was Rs 96.6 lakh from investors through such services during the period from August 2011 to November 2020.
By indulging in such activities, they violated the provisions of Investment Advisers (IA) Regulations, the Securities and Exchange Board of India (Sebi) said in a final order on Friday.
Accordingly, the regulator has directed Tips4Market and its sole proprietor Ramani to refund the money received from the client as fees in respect of their unregistered investment advisory activities within three months.
