YM Forecast’s P Krishnakumar and Jagadeesan S Banned from Markets for Providing Illegal Investment Advisory
Moneylife Digital Team 23 November 2023
Market regulator Securities and Exchange Board of India (SEBI) has barred for one year P Krishnakumar and Jagadeesan S (noticee) of YM Forecast for providing illegal investment advisory services. Mr Krishnakumar and Mr Jagadeesan has also been slapped with a fine of Rs1 lakh each. SEBI asked them to refund Rs30.92 lakh, the money they collected from investors-clients, as fees for providing investment advisory.
 
In the order, G Ramar, chief general manager (CGM) of SEBI, says, “I find that aforesaid total credit of Rs30.92 lakh in the ICICI Bank accounts of the noticees were received as fees for investment advisory services provided by them while acting as an investment adviser without obtaining a certificate of registration from SEBI. I find that the noticees have acted in total disregard to the requirements of the law and have violated Regulation 3(1) of the IA Regulations and Section 12(1) of the SEBI Act.”
 
A complainant, vide email complaining against www.ymforecast.com managed by noticees, alleging that stock calls were provided and charges of Rs9,000 per month were collected. The complainant also alleged that Mr Krishnakumar was using a fake certificate from the National Institute of Securities Markets (NISM). 
 
SEBI noted that Mr Krishnakumar provided astro-based predictions in the stock market through various channels, including the website, YouTube, and Telegram. He charged fees ranging from Rs5,000 to Rs12,000 for these services, accumulating around Rs26 lakh. The fees were collected in the name of investment advisory services in ICICI Bank accounts belonging to Mr Krishnakumar and Mr Jagadeesan.
 
SEBI ordered Mr Krishnakumar and Mr Jagdeesan, of YM Forecast to refund Rs30.92 lakh within three months collected as fees for investment advisory from various investor-clients.
 
They are also restrained from selling assets, properties, and mutual funds, shares, and securities held by them in demat and physical form except for the sole purpose of making the refunds.
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