New Delhi: Markets regulator Sebi today barred Singhania Media Solutions and its two directors from acting as investment advisers after finding them guilty of providing unauthorised trading tips to the investors.
Sebi found that the firm and its directors — Ankit Singhania and Shashikant Singhania — were acting as investment advisers without obtaining registration from the regulator. By acting as advisers, they have violated the Sebi Investment Advisers norms.
The regulator also noted that despite its order in December 2015, against Ankit Singhania's proprietary GoCapital, he continued with his unregistered activity through new company Singhania Media Solutions. He totally ignored the directions issued against him.
In an order passed today, Sebi whole-time member S Raman directed the entities "to cease and desist from acting as investment adviser and cease to solicit or undertake such activities or any other registered activities in the securities market, directly or indirectly in any manner whatsoever."
Further, they have been directed not to divert any funds raised from investors, kept in bank accounts or in their custody.
Besides, the watchdog has asked the firm and its directors to immediately withdraw and remove all advertisements, representations etc. in relation to their investment advisory or any unregistered activity in the securities markets.
