New Delhi, Dec 21 (PTI) Sebi on Wednesday barred Global Money Plant Financial Services (GMPFS) and its partners from the securities markets for six months for providing investment advisory services without its authorisation.

GMPFS is a partnership firm and its partners are Sawan Yadav, Julee Verma and Sourabh Yadav.

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Sebi had issued a show cause notice to GMPFS and its partners in July 2021.

In its final order, the regulator found GMPFS and its partners were engaged in investment advisory services without holding the mandatory certificate of registration from the Securities and Exchange Board of India (Sebi) as an 'investment adviser', thereby violating IA (investment adviser) norms.

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GMPFS and its partners are collectively referred to as noticees.

The noticees had received a total amount of Rs 36.30 lakh during August 2015-18, as per the order.

Sebi has directed the noticees to refund jointly and severally, within three months, the money received from clients in respect of investment advisory activities.

Also, the regulator restrained them from accessing or dealing in the securities markets for a period of six months or till the expiry of six months from the date of completion of refunds to investors along with depositing of balance amounts, whichever is later.

In addition, they shall not undertake investment advisory services or any activity in the securities market without obtaining a certificate of registration from Sebi, either directly or indirectly, during or after the debarment period, the order said.

Meanwhile, in a separate order, the regulator imposed a fine of Rs 12 lakh on four entities for flouting market norms in the matter of Edynamics Solutions Ltd (ESL).

The order came after Sebi conducted an inspection of Guiness Corporate Advisors Ltd (merchant banker) during August 21-28, 2014 and noticed certain violations relating to issue of securities of ESL handled by the Guiness.

In another order, the regulator slapped a fine of Rs 10 lakh on ten individuals for violating regulatory norms in the matter of Syschem India Ltd.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)