Regulator Sebi has banned Unique Vision Financial Advisory, its promoters and directors from the capital market for four years for offering unregistered portfolio services, while ordering refund of investors' money.
Sebi said, "Unique was offering portfolio management services to its clients without obtaining registration from Sebi as portfolio manager and are therefore prohibited for four years from capital market".
Market regulator has directed the company, its directors and promoters to return the fund collected from the investors, along with the promised returns within a period of three months from the date of the order.
The company had raised Rs 1.84 crore from 67 investors through its two schemes, one, offered monthly 5 per cent return and second, offered 100 per cent return on investment after 18 years.
The company in its submission claimed that it has returned a sum of Rs 1.35 crore to its investors. However, the market regulator had received complaints that the post-dated cheques issued by the company to the investors had returned with the reason 'insufficient funds'.
In a nine-page order, Sebi said Unique Vision Financial Advisory, its directors and promoters -- Chandrakant Shamrao Dhole and Ravindra Shankar Kaurav -- have been prohibited from making any dealings in the securities market, directly or indirectly, for a period of four years.
The director and promoters of the company, Chandrakant Shamrao Dhole and Ravindra Shankar Kaurav, have not denied the allegation and therefore, it was concluded that both were aware of the activities, the order said.
