Markets regulator Sebi has barred The Apex Global and its proprietor Yadunath Singh Thakur from securities markets for four years and directed them to refund money collected from investors through unauthorised investment advisory services.
The regulator found that The Apex Global and Thakur were engaged in the business of providing investment advice to their clients and for consideration and thus, were acting as investment advisers. They were involved in such investment advisory services without obtaining regulatory approval from it, which is in violation of Investment Advisers (IA) norms, the Securities and Exchange Board of India (Sebi) said in its order on Wednesday.
Through such services, they had received a total amount of Rs 1.23 crore from June 2013 to December 2019 through unregistered investment advisory activities, it added. Accordingly, Sebi said, the “noticee shall within a period of three months refund the money received from any complainants/ investors, as fees or consideration or in any other form, in respect of their unregistered investment advisory activities”.
The Apex Global and its proprietor Thakur are collectively referred to as the noticee. Also, they have been barred from accessing the securities market for 4 years or till the expiry of 4 years from the date of completion of refunds to investors, whichever is later. Meanwhile, in a separate order, Sebi has slapped a fine of Rs 2 lakh on two promoter entities of TCM Ltd for violating regulatory norms.
