Sebi fines 2 entities for unregistered advisory services

Markets regulator Sebi today imposed a penalty of Rs 2 lakh on Gravita Research Company and its proprietor for indulging in unregistered investment advisory services.
The proprietor of Gravita Research Company -- Ravi Chouksey -- had been collecting funds from investors for providing investment advice to them through SMS and calls, according to a Sebi order.
However, the amounts credited to the account of the firm after March 27, 2014 towards the fees for advisory services were collected without obtaining registration from Sebi as an investment advisor.
Ravi Chouksey and Gravita Research Company have "indulged in unregistered investment advisory services" and have violated the provisions of the Sebi Investment Advisers Regulations which makes them liable for penalty, the Securities and Exchange Board of India (Sebi) said.

Accordingly, the regulator imposed a penalty of Rs 2 lakh on the two entities.
Earlier in 2015, Sebi had banned the firm and Chouksey from the securities market for a period of four years and asked them to return the money received from clients in respect of their unregistered investment advisory activities.