Capital markets regulator SEBI on Thursday barred Haven Research Securities Advisory (HRSA) and its owner from the securities market for six months for providing investment advisory services without authorization.
According to a SEBI order, the entities were engaged in investment advisory services without obtaining a certificate of registration from the Securities and Exchange Board of India (SEBI), thereby violating the IA (Investment Advisor) Rules.
SEBI said in the final order that the noticeees collected Rs 19.50 lakh during November 2016-2019.
As per the order, SEBI has directed the noticeees to refund within three months the money received from clients as fees in connection with their investment advisory activities.
Further, the regulator prohibited taking notice from the securities market for a period of six months or till the expiry of six months from the date of completion of refund to the customers/investors, whichever is later.
Further, they shall not undertake investment advisory services or any activity in the securities market during or after the expiry of the ban period, directly or indirectly, without obtaining a SEBI certificate.
Meanwhile, in a separate order, the regulator imposed a penalty of Rs 14 lakh on four entities for violating market norms in the case of Jump Networks Ltd (formerly, Iris Mediaworks Ltd; now, Winpro Industries Ltd).
