As per two separate interim orders , Equity Mania Financial Advisory and its proprietor — Ankit Goel, Money Streets Advisory Services LLP and its partners — Zulfiqar Ahmed and Ifteqaar have been directed to cease and desist from acting as investment advisors until further orders.
The watchdog, in two similarly-worded orders, directed them to “immediately withdraw and remove all advertisements, representations, literatures, brochures, materials, publications… in relation to their investment advisory activity or any other unregistered activity in the securities market until further orders”.
Also, they have been asked not to divert any funds raised from investors.
“If they have any open positions in any exchange traded derivative contracts, as on the date of the order, they can close out/ square off such open positions within 3 months from the date of order or at the expiry of such contracts, whichever is earlier,” the orders passed on Monday said.
In one of the interim orders related to Equity Mania Financial Advisory and its proprietor Ankit Goel, the regulator found that the entity was acting as an investment adviser without a certificate of registration from Sebi.
By offering investment advice, stock tips, intra-day calls and other such services, they had collected an amount of Rs 48.52 lakh which indicates the magnitude of the prospective threat to the investors, Sebi said.
In its interim order against Money Streets Advisory Services LLP and its partners, Sebi found that Money Streets was soliciting and inducing investors to deal in securities markets on the basis of investment advice and stock tips without having the requisite registration.
Therefore, the threat of investors getting lured towards the unregistered activity of Money Streets in the securities market is still in existence and imminent, the regulator said.
The amount of money, prima facie, observed to have been collected by Money Streets is Rs 92.53 lakh and the same indicates the magnitude of the prospective threat to the investors, it added.
