Sunday, April 21, 2024

Sebi bans Billionaire Solutions, proprietor for unauthorised investment advisory services

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New Delhi: Sebi on Wednesday barred Billionaire Solutions and its sole proprietor Akash Jaiswal from the capital markets for two years for providing unauthorised investment advisory services and directed them to refund investors’ money. In its order, Sebi found that Billionaire Solutions and Jaiswal were engaged in the business of providing investment advice to the public in lieu of monetary consideration and were thus, acting as an ‘investment adviser’.

However, they were not holding any certificate of registration from Sebi to act as an investment advisor (IA), the regulator noted.

Through such acts, they violated the provisions of IA norms and PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) rules, it added.

The regulator said that materials available on record do not indicate the exact amount of fees collected by the noticees through unregistered investment advisory services. However, the interim order records that they received credits worth Rs 36.45 lakh in bank accounts.

Billionaire Solutions and Jaiswal are collectively referred to as noticees.

Sebi

In its order, Sebi has directed noticees, within three months, to refund the money received from the investors as fees in respect of their unregistered investment advisory activities.

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