SEBI Bars Momentum Tips and Its Proprietor from Securities Markets for 3 Years for Illegal Advisory Services
Moneylife Digital Team 28 October 2022
Market regulator Securities and Exchange Board of India (SEBI) has barred Momentum Tips and its proprietor Ajay Kumar Mukhiya from the securities markets for three years for providing unauthorised investment services.
The regulator issued a show-cause notice (SCN) to Momentum Tips and Mr Mukhiya in September 2021.
The market watchdog found that Momentum Tips and Mukhiya (noticees) indulged in providing investment advisory services without obtaining registration from SEBI.
The noticees had collected Rs33.19 lakh during February-July 2019, SEBI said in an order on 25th October.
SEBI has directed the noticees to refund the money within three months received from the clients as fees in respect of their investment advisory services.
The regulator also barred the noticees from the securities markets for a period of three years or till the expiry of three years, from the date of completion of refund to clients/investors, whichever is later.
In addition, they shall not undertake investment advisory services or any activity in the securities markets without obtaining a certificate of registration from SEBI either directly or indirectly during or after the expiry of the debarment period, the SEBI order said.
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