Sebi bans man from acting as investment advisor

  • PTI , New Delhi
  • Updated: May 27, 2016 22:06 IST
The logo of the Securities and Exchange Board of India on the facade of its head office building in Mumbai. (Reuters file)

Markets regulator Sebi has barred a man from acting as an investment advisor and research analyst after finding him guilty of providing unauthorised services to investors.

The order came after Sebi found that Anirudh Sethi continued with his unregistered activity, completely ignoring the directions issued by the regulator in 2007 and his own undertakings.

“I find there is no other alternative but to take recourse through an ad interim ex-parte order against Sethi (who is a repeat offender) for preventing him from collecting funds and indulging in unauthorised investment advisory and research analyst activities without obtaining registration from Sebi,” Sebi Whole-Time Member S Raman said in an order dated May 26.

Accordingly, Sebi has directed Sethi to ‘cease and desist’ from acting as an investment advisor as well as from acting as a research analyst. Also, he has been barred from diverting any funds raised from investors,

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He has been directed to “immediately withdraw and remove all advertisements, representations, literatures, brochures, materials, publications, documents, website etc. in relation to his investment advisory and research analyst activity or any unregistered activity in the securities market.”

The Securities and Exchange Board of India (Sebi) said these directions would take effect immediately and would be in force until further orders.

The regulator, through an order passed in 2007, had restrained Sethi and his firm Stock Market Navigator from giving any investment advice to clients, including any recommendations containing company specific news.

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