Markets regulator Sebi has barred Empiric Trade and its proprietor Niraj Thakur from the securities markets for providing advisory services without its authorisation.
The watchdog issued a show cause notice to them in September 2021.
The regulator found that Empiric Trade and Neeraj Thakur (noticees) were engaged in investment advisory services without obtaining a certificate of registration.
The noticees have prima facie collected Rs 83.70 lakh during January-July 2019, Sebi said in an order on Monday.
The regulator has directed the noticees to refund within three months the money received from investors as fees in respect of their investment advisory activities.
Also, Sebi barred the noticees from accessing the securities markets for a period of one year or till the expiry of six months from the date of completion of refunds to investors, 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 expiry of the debarment period, the order said.
Meanwhile, in a separate order, the regulator slapped fines totalling Rs 28 lakh on 7 entities for violating regulatory norms in the matter of Omnitech Infosolutions Ltd.
The order came after Sebi received a complaint alleging manipulations in the scrip of Omintech Infosultions Ltd (OIL) by its promoters and their associates.
Thereafter, the market watchdog conducted an investigation into the matter for the period between January 2012 and December 2014.
