New Delhi, April 30 (PTI) Sebi on Friday barred Trade Money Research and its proprietor -- Kamlesh Verma -- from the securities market for carrying out unregistered investment advisory activities.

While passing the final order in the matter Sebi said, " the noticees are debarred from accessing the securities market, directly or indirectly..., for a period of 2 (two) years from the date of this order or till the expiry of 2 (two) years from the date of completion of refunds to investors as directed.., whichever is later".

Trade Money Research and its proprietor Kamlesh Verma are the noticees.

In addition, they have been asked to refund the money received from the clients/ investors, as fees or consideration or in any other form, in respect of their unregistered investment advisory activities, within three months from the date of this order.

In February last year, the regulator directed Trade Money Research and its proprietor Kamlesh Verma to cease and desist from acting as an investment advisor and restrained them from the securities market until further orders.

A Sebi probe found that the entity was engaged in giving advice relating to investing, purchasing, selling or otherwise dealing in securities or investment products, through its website.

The watchdog also noted that they were holding themselves out and acting as an investment adviser without seeking registration from Sebi in the capacity of Investment Advisor.

In the present case, the noticees have knowingly misrepresented on the websites floated by them that they are experts in stock market analysis and are experienced in investment advisory, the regulator said.

By doing so, they had violated the provisions of Prohibition of Fraudulent and Unfair Trade Practices Regulations and Investment Advisers norms.

Besides, they have been restrained from associating with any company whose securities are listed on a recognised stock exchange and any company which intends to raise money from the public, or any intermediary registered with Sebi in any capacity for two years or till the expiry of two years from the date of completion of refunds to investors, whichever is later.

(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)