Sebi bans Equity Mania, firm’s proprietor from securities market for 2 years

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NEW DELHI: Sebi has barred Equity Mania Financial Advisory and its sole proprietor Ankit Goel from the securities markets for two years and requested them to refund the cash collected from offering unauthorised funding tricks to buyers.

The regulator famous that Equity Mania Financial Advisory and Goel have carried out funding advisory actions with out acquiring a certificates of registration from the regulator.

They have collected about Rs 43 lakh from 257 shoppers by providing its companies, Sebi stated.

Through such actions, they violated the provisions of funding advisers (IA) rules, the Securities and Exchange Board of India (Sebi) stated in an order on Thursday.

“Noticees shall within a period of three months from the date of coming into force of this direction, refund the money received from the clients/investors/complainant, as fees or consideration or in any other form, in respect of their unregistered investment advisory activities,” the regulator stated.

Equity Mania Financial Advisory and Goel are collectively referred as noticees.

Also, they’ve been barred from accessing the securities market and additional prohibited from shopping for, promoting or dealing within the securities market for two years or until the expiry of two years from the date of completion of refunds to buyers, whichever is later.

In addition, they’ve been restrained from associating with any listed firm or any registered middleman throughout such interval.

The order comes into drive with fast impact, Sebi stated.

However, in view of the distinctive circumstances emerged as a result of outbreak of a COVID-19 and consequential lockdowns imposed in several elements of the nation, the course associated to refund will come into drive on July 1, 2021, it added.

Through an interim order in December 2020, Sebi had directed them to stop and desist from appearing as funding advisors till additional orders. Also, they have been restrained from the securities market till additional orders.

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