4 entities barred from giving investment advisory services

Market regulator Sebi has barred Ravi Chouksey, Moneyworld Research and its directors from providing investment advisory services with regard to the securities market.
The entities were offering trading or investment tips to investors without obtaining requisite registration to act as investment advisers.
By indulging in such activities, they have violated Sebi Investment Advisers Regulations.
Accordingly, Sebi directed Chouksey, proprietor of Madhya Gravita Research Company and Moneyworld Research and its directors --Chhatrpal Singh Lodhi and Pradhumn Agrawal-- "to cease and desist from acting as investment adviser and cease to solicit or undertake such activities or any other unregistered activity in the security market directly or indirectly, in any manner whatsoever."

They are also required "to immediately withdraw and remove all advertisements, representations, literatures, brochures, materials, publications, documents, websites etc in relation to their investment advisory or any unregistered activity in the securities market," Sebi said in two separate statements issued today.
The Securities and Exchange Board of India (Sebi) had closed the application of registration of Moneyworld Research and Chouksey in March this year after it found several lapses on part of the entities..
However, it was noted that they "solicited and induced" investors to deal in securities on the basis of their investment advices as well as guaranteeing returns even after the receipt of communication regarding the closure of their application for registration by Sebi on March 27, 2014.