Sebi penalises Best Stock Solutions for unauthorised services

Markets regulator Sebi today slapped Rs 12 lakh fine on Best Stock Solutions for providing unauthorised investment advisory services to investors.
The Securities and Exchange Board of India (Sebi) found that Best Stock Solutions functioned as Investment Adviser for a prolonged period without obtaining registration from the regulator.
The regulator had sent several letters to the company between February and May 2014 advising it to refrain from providing stock market advisory tips and also to comply with the provisions of the Investment Advisers Regulations.
The company approached the regulator only in June 2014 for registration but continued providing stock advisory tips and guaranteed money making share market tips to general public through its website.

Best Stock Solutions had received Rs 11.63 lakh as income from investors during 2012-13 and Rs 13.58 lakh in 2013-14.
"The noticee had submitted its application for registration as Investment Adviser only on June 13, 2014 and deleted its website from the public domain on October 1, 2014. In the process, I observe that noticee has functioned as an Investment Adviser for a lengthy period without obtaining registration from Sebi," Sebi Adjudicating Officer Suresh B Menon said in an order.
"This shows scant respect and defiance exhibited by the noticee towards complying with the instructions of Sebi," he added.
Accordingly, Sebi has imposed a penalty of Rs 12 lakh on Best Stock Solutions (represented by its proprietor Amit Upadhyay in terms of the provisions of Sebi Act.