Sebi has barred Shri Research Services and its proprietor Gourav Kumar Gour from the securities markets for at least two years and has asked them to refund the money that was collected by providing unauthorised investment tips to investors.
In addition, a penalty of Rs 5 lakh has been imposed on them. They have to pay the fine within 45 days, Sebi said in its order passed on Wednesday.
Sebi noted that Shri Research Services and its sole proprietor Gour carried out investment advisory activities without obtaining a certificate of registration from the regulator. This violated the provisions of Investment Advisers (IA) Regulations.
The regulator said that a total of Rs 14.63 lakh was credited in their accounts for the January-July, 2018 period. However, it could not be confirmed whether such amounts were received only from investors for unregistered investment advisory services.
