Sebi bans entities from acting as investment advisers

Capital markets regulator Sebi today barred Amit Ahire, proprietor of OSAR Capital, Indian Stock Tips and Indira Trading Company from acting as investment advisers.
The regulator prohibited Ahire from acting investment adviser for allowing a debarred entity, HBJ Capital, to use his registration certificate in return of money, while Indian Stock Tips and Indira Trading Company and their partners have been restrained from providing such services after they allegedly provided unauthorised investment tips to investors.
According to Securities and Exchange Board of India (Sebi), HBJ Capital, after being banned from carrying out investment advisory services, has used Sebi investment adviser registration details of Ahire for providing such services to its existing clients.

HBJ Capital was barred by Sebi from acting as investment advisor in June 2015.
It also found that Ahire knowingly and willingly allowed HBJ Capital to provide investment advisory services using his registration and also in the name of his sole proprietary concern OSAR Capital.
It is also observed that Ahire failed to provide the details of the proprietary concern formed by him pursuant to the registration granted by Sebi.

In the case of Indian Stock Tips and Indira Trading Company, Sebi barred the two firms and their partners from acting as investment advisers or research analysts after they allegedly provided unauthorised investment tips to investors.

The regulator said that these entities were engaged in providing investment advisory as well as research analysts services to clients for consideration without registration with Sebi.
"ndian Stock Tips, Indira Trading and their partners have solicited and induced investors to deal in securities on the basis of their investment advices, stock trade tips, ideas, etc guaranteeing returns on their website. In view of this, it is apprehended that investors at large could be misled on account of such unauthorized activities of such unregistered entities," the regulator said.
Accordingly, in two separate orders, Sebi has prohibited these entities from providing investment advisory services, either directly or indirectly, till further directions.

Further, Sebi asked these entities to immediately withdraw and remove all advertisements, representations etc in relation to their investment advisory or any unregistered activity in the securities markets.
The banned partners are Girish Srichand Valecha, Nagma Husain Ahmed Ansari, Pankaj Seth, Vishal Anaji Girkar, Mohd Zaid Siddique, Joheph Chand Malikshaikh, Girish Srichand Valech, Niwas A Kamble and Jagdish Lalmani Gupta.