Sebi bans 3 individuals for fraudulently acting as portfolio managers

Markets regulator Sebi on Thursday banned three individuals from accessing the securities market for acting as portfolio managers without obtaining requisite registration.

While Raghu Raj Puri and Deeksha Puri face a ban of two years each, Shivraj Puri has been barred for three years.

Sebi in an order said, "It is glaringly clear that all these three noticees have together acted as portfolio managers without obtaining a certificate of registration from Sebi. Thus... the noticees no. 1, 2 and 3 have acted in gross violation of provisions of Regulation 3 of the Securities and Exchange Board of India (Portfolio Managers) Regulations."
Sebi further said "the fraudulent manner in which the noticees have misled the high networth bank customers to transfer their funds to them by misrepresenting to them that the noticee is operating a Sebi- approved investment scheme, is highly deplorable and is nothing but a broad day-light cheating of such innocent clients."