SEBI bans eight entities from dealing in securities market
DSIJ Intelligence / 28 Jul 2017
The market regulator found that Finosys, Reliable, Goodtime and Global represented themselves as stock brokers, even though they are not registered with SEBI.
Securities and Exchange Board of India (SEBI) has banned eight entities for 10 years for cheating investors through bogus websites and presenting themselves as registered market intermediaries, reported a leading news agency.
Some of these banned entities include Tradefast Securities, Goodtime Securities, Global Securities and Finosys Securities. Besides, the restrictions have been levied on Amit Gandhi, partner at Finosys; Asha Gandhi, one of the partners in Reliable; and Vaibhav Gandhi, partner of Finosys and Reliable.
The market regulator found that Finosys, Reliable, Goodtime and Global represented themselves as stock brokers, even though they are not registered with SEBI. By indulging in such activities, they have violated the provisions of the PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) Regulations by acting in a “fraudulent and deceitful” manner.
Accordingly, SEBI has banned these eight entities from dealing in the securities market for a period of 10 years. They have also been restrained from associating with any intermediary registered with the market watchdog in any official capacity till the expiry of 10 years.
Also, they have been banned from collecting any fresh funds from their clients and other general investors.
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