Sebi bars Future Plus Services, its proprietor from securities markets for 6 months

Sebi on Monday barred Future Plus Services and its proprietor Manish Parihar from the securities markets for six months for providing investment advisory services without authorisation from the regulator.

The order came after Sebi received a complaint and thereafter the market watchdog conducted an examination in the matter.

The market watchdog found that Future Plus Services and Parihar (noticees) were indulged in providing investment services without obtaining registration from the Securities and Exchange Board of India (Sebi).

The noticees collected Rs 77.10 lakh during August 2016 to September 2019, Sebi said in the final order.

Sebi has directed the noticees to refund the money 'jointly and severally' within three months received from the clients as fees in respect of their unregistered investment advisory activities.

Also, the regulator barred the noticees from securities markets for a period of six months or till the expiry of six months, from the date of completion of refund to clients/investors, whichever is later.

In addition, they shall not undertake investment advisory services or any activity in the securities markets 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 markets regulator cancelled the registration certificate of Amprapali Aadya Trading & Investment Pvt Ltd and Aadya Commodities Pvt Ltd for violating the regulatory norms.

In another order, Sebi levied fines totalling Rs 10 lakh on five entities for violating regulatory norms in the matter of Amsons Apparels Ltd.