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Unauthorised investment services: Sebi bars National Stock Advisory Research, proprietor from market

A complaint was filed that informed that noticees — National Stock Advisory Research (NSAR) and Lodhi — were taking money from small investors and providing wrong trading tips.

Sebi on Friday barred National Stock Advisory Research and its proprietor Neeraj S Lodhi for three years and directed them to refund the money collected through unauthorised investment advisory services. A complaint was filed that informed that noticees — National Stock Advisory Research (NSAR) and Lodhi — were taking money from small investors and providing wrong trading tips.

Pursuant to the complaint, an examination was conducted by Sebi and thereafter issued an interim order cum show-cause notice dated February 01, 2021, issued to the noticees. The regulator found that noticees were engaged in the business of providing investment advice to their clients for consideration and thus 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, Sebi said in the order. Through such services, they had received a total amount of Rs 21.82 lakh between April 2017 and November 2020 through unregistered advisory services, it added.

In its order, Sebi has directed the noticees to refund within three months the money received from investors as fees in respect of its unregistered investment advisory activities. They also have been restrained from accessing as well as dealing in the securities markets directly or indirectly in any manner for a period of three years from the date of this order till the expiry of three years from the date of completion of refunds to the investors, whichever is later.

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