New Delhi, Oct 28 (PTI) Sebi on Friday barred some entities and individuals from securities markets for two years for providing investment advisory services without market regulator's authorisation.

The regulator has restrained Capital Nivesh Research, Bright Money Solutions, Naresh Nimawat and Ashwin Doriya from the securities markets for 2 years.

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The present proceedings originated from an ex-parte ad-interim order dated December 2020 passed by Sebi against the entities and they were directed to cease and desist from acting as an investment advisor and prohibited from the securities markets until further orders.

Capital Nivesh Research, Bright Money Solutions, Naresh Nimawat and Ashwin Doriya are collectively referred to as noticees.

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In its final order, the regulator found that the noticees were engaged in unauthorised investment advisory services without obtaining a certificate from Sebi as investment adviser, which violates the IA (Investment Advisers) rules.

The amount mobilised by the noticees was Rs 95.30 lakh during April 2019 to December 2020.

Accordingly, Sebi directed the noticees to refund "jointly and severally" within three months the money received from the clients/investors as fees in respect of their investment advisory activities.

Also, the noticees have been barred from accessing the securities markets for a period of two years from the date of completion of refunds, whichever is later.

Naresh Nimawat and Ashwin Doriya are restrained from associating with any whose securities are listed on a recognised stock exchange or any intermediary registered with the regulator in any capacity for a period of two years or from the date of completion of refunds, whichever is later, Sebi said in the order.

Meanwhile in a separate order, the regulator imposed a fine of Rs 25 lakh on five entities for indulging in manipulating the price of the scrip of Omnitech Infosolutions Ltd.

The amount has to be paid by the entities "jointly and severally".

The order came after Sebi received a complaint alleging manipulations in scrip of Omnitech lnfosolutions Ltd (OIL) by its promoters and their associates.

Thereafter, Sebi conducted a probe in the matter for the period between January 2012 and December 2014.

In another order, Sebi slapped a fine of Rs 10 lakh on an individual for breaching of insider trading norms in the shares of Sobha 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)