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SEBI fines Crude Oil Tipswala and 3 others for unregistered advisory services

15 Dec 2022 , 03:29 PM

Crude Oil Tipswala (COT) and three other people were fined Rs3 lakh by SEBI on Wednesday for offering investment advisory services without the market regulator's permission. Additionally, COT and the three people were prohibited from using the securities markets for a period of six months.

The decision was made after SEBI gave COT, Jitendra Kumar Ganeshlal Bata, Goutam Sarvar, and Mukeshbhai Ramanbhai Muniya a show cause notice in June for providing investment advising services without first registering with Sebi and therefore violating IA (Investment Advisers) regulations.

Jitendra Kumar COT As a group, the "noticees" are Mukeshbhai Ramanbhai Muniya, Goutam Sarvar, and Ganeshlal Bata.

According to the Securities and Exchange Board of India's (SEBI) final ruling, the noticees earned fees of Rs39.26 lakh between June 2016 and 2021.

As a result of the noticees' violation of market regulations, the regulator fined them Rs3 lakh, it continued.

SEBI ordered the noticees to repay the money the investors paid as fees for their unlicensed investment advice activities within three months of receiving the order.

For a period of six months beginning on the date of this order or until the conclusion of reimbursements to clients and the depositing of balance amounts, whichever comes last, they have also been forbidden from entering and trading in the securities markets.

Additionally, the order stated that they must get a certificate of registration from SEBI, either directly or indirectly, before, during, or after the debarment term if they want to engage in investment advisory services or any other activity in the securities markets.

For feedback and suggestions, write to us at editorial@iifl.com

Sebi

Related Tags

  • Regulation
  • SEBI
  • Tips
  • Unregistered Advisory
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