They have been barred for at least four years.
According to an order, Indira Trading Company and individuals were providing investment advisory services and research analyst services without obtaining registration from the regulator.
They have been asked to refund Rs 52.15 lakh to investors, jointly or severally, within three months of this order coming into effect, in respect of the unregistered investment advisory services and unregistered research analyst services provided by them.
Sebi found that the company was carrying out services related to investments in the securities market such as giving trading tips, stock specific recommendations, to investors.
As per the regulator, the company was holding itself out and acting as an investment adviser and research analyst from March 24, 2015, till March 22, 2016 period.
The company and the individuals have been asked not to divert any funds raised from investors, kept in bank account(s) or in their custody, except for the purpose of refunds to the clients.
Among other directions, they have been restrained from associating with any company whose securities are listed on a recognised stock exchange and any company which intends to raise money from the public, or any intermediary registered with Sebi in any capacity till the expiry of four years from the date of refund of the money.
Also, Sebi in March, 2016 had passed an interim order against Indira Trading Company and the individuals directing them to cease and desist from acting as investment advisors or research analysts. They were also directed to cease to solicit or undertake such activity or any other unregistered activities in the securities market.
In another order passed on Friday, the regulator restrained six individuals and four entities from accessing the securities market for a period of three months for indulging in fraudulent trading activities in the scrip of
.
The individuals and the entities had indulged in manipulative trades by trading among themselves and had contributed to the positive LTP (Last Traded Price) in the scrip of Nikki Global.
Separately on Friday, Sebi slapped a fine of Rs 2 lakh on Kishore V Gandhi HUF for fraudulent trading activities in the scrip of Octant Interactive Technologies Ltd.
According to two separate orders passed on Friday, the watchdog imposed a fine of Rs 1 lakh each on Margdarshak Financial Services Ltd and Gluhend India Pvt Ltd for not complying with listing norms.
