Market regulator Sebi on Wednesday barred Dezire Research and its proprietor from securities markets till further directions.
Among other directions, Dezire Research and its Proprietor Nishant Chopra have also been directed to cease and desist from acting as an investment advisor.
The interim direction comes after the regulator prima facie found Dezire Research and its Proprietor violating PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) as well as Investment Advisor (IA) regulations.
Sebi prima facie found that many of Dezire Research clients have been sold services without following the proper process of risk profiling of clients and suitability assessment of services.
According to the regulator, the investment advisor was prima facie running a scheme and defrauding its clients, with an intention to maximise its income through advisory fees without caring for clients' needs.
Sebi has also asked them to immediately withdraw and remove all advertisements and brochures, among others, in digital mode or otherwise, in relation to its investment advisory activity or any other activity in the securities market.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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