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SEBI bans three cos for providing unauthorised investment advisory services

By virtue of providing unregistered investment advisory services, SEBI said Dalal Stocks collected Rs 2.12 crore, Devki Stocks (Rs 1.19 crore and Vishwas Stocks (Rs 93.89 lakh) during the period January 2018 to August 2020.

January 28, 2021 / 07:28 PM IST
SEBI headquarters (Representative image)

SEBI headquarters (Representative image)

SEBI has barred Vishwas Stocks Research, Dalal Stocks Advisory and Devki Stocks as well as their directors from the capital markets for providing unauthorised investment advisory services to investors.

Besides, they have been prohibited from acting as investment advisors till further directions, the regulator said in an interim order.

SEBI found that the three companies held themselves as investment advisors and collected subscription fees from investors for providing stock recommendations without obtaining a registration in their own names as required under the Investment Advisers (IA) norms.

By virtue of providing unregistered investment advisory services, SEBI said Dalal Stocks collected Rs 2.12 crore, Devki Stocks (Rs 1.19 crore and Vishwas Stocks (Rs 93.89 lakh) during the period January 2018 to August 2020.