SEBI has barred GJ Advisory Service, Profit Ideas Advisory Service and their proprietors from the capital markets for providing unauthorised portfolio management services to investors. —Moneycontrol
And also they have been told to immediately remove all advertisements in relation to their investment advisory activity until further orders.
They are also prohibited from acting as portfolio managers till further notice.
About the matter
SEBI received the complaint that both the entity are involved in unregistered portfolio management services.
To verify the complaint, SEBI conducted a preliminary examination and found that the entities were providing portfolio management services (PMS) without obtaining registration from the regulator.
Benefit till date
GJ advisory and Profit Ideas had collected an amount of Rs 8.89 crore as fees towards the unregistered Portfolio Management Services.
The regulator asked them “not to access the securities market and buy, sell or otherwise deal in securities in any manner whatsoever, directly or indirectly, until further orders”.
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