Markets regulator SEBI has barred Empiric Trade and its owner Neeraj Thakur from the securities market for providing advisory services without its permission.
The watchdog had issued him a show cause notice in September 2021.
The regulator observed that Empiric Trade and Neeraj Thakur (notice) were engaged in investment advisory services without obtaining the certificate of registration.
The notice is prima facie collected 83.70 lakh during January-July 2019, SEBI said in an order on Monday.
The regulator has directed the notices to refund the money received as fees from investors in connection with their investment advisory activities within three months.
Also, SEBI barred the notice from accessing the securities markets for a period of one year or till the expiry of six months from the date of completion of refund to investors, whichever is later.
Further, they shall not undertake investment advisory services or any activity in the securities market, either directly or indirectly during or after the expiry of the debarment period, without obtaining a certificate of registration from SEBI, the order said.
Meanwhile, in a separate order, the regulator imposed a total penalty of Rs. 28 lakh on 7 entities for violation of regulatory norms in the case of Omnitech Infosolutions Ltd.
The order came after Sebi received a complaint alleging rigging of shares of Omintech Infos Ltd (OIL) by its promoters and their associates.
Subsequently, the market watchdog investigated the matter for the period between January 2012 and December 2014.
This story has been published without modification in text from a wire agency feed.
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