Capital market regulator Sebi today barred Saket Jalan and his proprietary firm Orange Financials from acting as investment advisers after finding them guilty of providing unauthorised investment tips to investors.
The regulator found that the entities were acting as an investment advisers without obtaining registration from Sebi and therefore violated Sebi Investment Advisers Regulations.
"Orange Financials has solicited and induced investors to deal in securities on the basis of their investment advices, stock trade tips, etc guaranteeing returns," Securities and Exchange Board of India (Sebi) noted.
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In an interim order passed today, Sebi has directed Orange Financials and Jalan "to cease and desist from acting as investment advisers and cease to solicit or undertake such activities or any other unregistered activity in the securities market, directly or indirectly, in any manner whatsoever."
The regulator also directed them to "immediately withdraw and remove all advertisements, representations, literatures, brochures, materials, publications, documents, websites, etc. in relation to their investment advisory or any unregistered activity in the securities market.
