Illegal Investment Advisory: Manish Lalwani of Capital Yield Research, Secure Investor Investment Barred from Markets for 3 Years
Moneylife Digital Team 19 January 2023
Market regulator Securities and Exchange Board of India (SEBI) has barred for three years, one Manish Lalwani, proprietor of Indore-based Capital Yield Research and Advisory and Secure Investor Investment Advisory for collecting money from investors for illegally providing tips in equity, commodity and forex trading.
In two separate orders, Ashwani Bhatia, whole time member (WTM) of SEBI, also asked Mr Lalwani to refund Rs21.34 lakh collected from investor-clients of Capital Yield Research and Advisory and Rs31.74 lakh received in Secure Investor Investment Advisory.
"...the noticee (Mr Lalwani ) is liable to refund an amount of Rs31.74 lakh (and Rs21.34 lakh) collected as fees in lieu of unregistered ‘investment advice' offered to its clients-investors, and accordingly, a direction to the noticee to refund such amount will be in the interest of investors in the securities market. I, however, note that the show cause notice (SCN) does not identify any particular investor or any specific group of investors who have suffered losses due to unauthorised activity carried out by the noticee," the WTM says in the orders. 
Two investors have filed complaints with SEBI against these firms and Mr Lalwani. Based on its investigation, the market regulator found that Mr Lalwani was offering tips for trading in the market on two separate websites and collecting money from investors. He also offered various subscription packages from one month to 12 months related to recommendations for stocks in cash, futures and option.
Since the SCN did not mention the names of any investor-clients of these two firms, SEBI asked Mr Lalwani to issue a public notice in local newspapers to refund, within three months, the money collected from investor-clients. 
Mr Lalwani is also barred from the markets for three years. 
(WTM/ASB/WRO/WRO/22919/2022–23 & WTM/ASB/WRO/WRO/22921/2022–23  Date: 18 January 2023)
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