Capital markets regulator Sebi has barred two individuals from the securities markets for two years and ordered them to return Rs 82.5 lakh collected from investors through unregistered investment advice services.
Also, they have been restrained from associating as directors or key managerial personnel with any listed public company for two years. Further, Sebi has imposed a fine of Rs 2 lakh each on them.
Those barred by Sebi are Chandrapratap Singh Naruka, proprietor of W Gain Research & Development.Com, and Amarjeet Singh Trehan.
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In its order passed on Tuesday, the regulator found that the persons were engaged in providing investment advisory services without obtaining registration from Sebi as required under the IA (Investment Advisers) Regulations. By providing such services, they collected Rs 82.52 lakh from investors.
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Accordingly, Sebi has directed the two individuals to “immediately refund, jointly and severally, the amount of Rs 82.52 lakh collected/ received from clients/ investors, as fees or consideration, in respect of their unregistered investment advisory activities, and in any case, within a period of three months”.
Further, they have been “debarred from accessing the securities market, directly or indirectly and prohibited from buying, selling or otherwise dealing in these securities market, directly or indirectly in any manner whatsoever, for a period of two years from … or till the expiry of two years from the date of completion of refunds..whichever is later”.
The order came after the Securities and Exchange Board of India (Sebi) received a complaint from one Arvind Joshi in January 2021 alleging that Amarjeet Singh Trehan from wealthgainresearch.com promised him to provide shares in the Initial Public Offer (IPO) of Antony Waste Handling Cell Ltd on December 26, 2020, and asked the complainant to pay Rs 44,415 for three lots.
The complainant is stated to have made the payment, however, on the date of listing, he did not get shares in his account and upon asking for a refund, Trehan refused to refund the amount.
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The complainant further alleged that he had transferred Rs 90,000 as fees to W Gain Research & Development.Com (WGRD) but had incurred a loss of Rs 4 lakh and to recover the incurred loss, the complainant paid Rs 44,415 to WGRD to buy shares in the IPO but failed to receive any shares in the IPO against the payment.
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