Sebi bans four entities from the stock market for six months

The four entities banned by Sebi for six months include PNP Shareon Solutions, its owner Pradeep Haldar, PNP Solutions and its owner Prakash Haldar.

Under its orders, the capital markets regulator found that four entities had violated the IA (Investment advisor) regulation by providing investment advisory services without obtaining a certificate from Sebi. It also discovered that four entities (called notifications) had collected $60.49 lakh from September 2017 to June 2020.

Sebi also directed the notices to refund the money they collected on behalf of investment advice operate within three months.

The notices were prohibited from accessing and trading on the stock market for a period of six months from the date of completion of the return of the investors and the deposit of the balance, whichever is later.

Furthermore, they are also instructed not to carry out investment advisory services or any stock market activities without a certificate of registration from Sebi during or after the prohibition period.

Litigation has gone from a notice of Sebi’s program cause to notices in August 2021.

(With input from PTI)