Sebi bans Good Profit Advisory, proprietor from markets for 2 years
Sebi on Friday barred Good Profit Advisory Company and its sole proprietor S Jansirani from the securities markets for providing advisory services without the market regulators authorisation.
The regulator restrained Good Profit Advisory Company (GPAC) and S Jansirani from accessing the securities markets for two years.
The direction came after Sebi passed an ex-parte ad-interim order in December 2020 against GPAC and its proprietor S Jansirani as it was prima facie found to have violated the provisions of IA (Investment Advisers) regulations.
In its final order, the regulator found that Jansirani was engaged in providing investment advisory services and selling various investment packages to the investors in an illegal manner.
However, she was not holding any certificate of registration from Sebi to act as an investment advisor, the regulator noted.
The amount of money collected by the entities was Rs 29.99 lakh between September 2017 and December 2020.
In its order, Sebi has directed the noticee (GPAC and Jansirani) to refund within three months the money received from investors as fees in respect of their unregistered investment advisory activities.
Further, noticees are debarred from the securities markets directly or indirectly in any manner for a period of two years from the date of this order or till the expiry of two years from the date of completion of refunds to investors… whichever is later.
In addition, they have been restrained from associating with any listed company or any registered intermediary during such period, the order said.
Meanwhile, in another order, the regulator levied a fine of Rs 1 lakh on Sushma Agarwal for indulging in fraudulent trading in the shares of Winsome Yarns Ltd.
Also, Sebi noted, vide another separate proceedings initiated against Agarwal, that she was restrained from accessing the securities markets directly or indirectly for a period of four years.
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