Sebi has barred Momentum Tips and its proprietor Ajay Kumar Mukhiya from the securities markets for three years for providing unauthorised investment services.
The regulator issued a show cause notice to Momentum Tips and Mukhiya in September 2021.
The market watchdog found that Momentum Tips and Mukhiya (noticees) were indulged in providing investment advisory services without obtaining registration from the Securities and Exchange Board of India (Sebi).
The noticees have collected Rs 33.19 lakh during February-July 2019, Sebi said in an order on Tuesday.
Sebi has directed the noticees to refund the money within three months received from the clients as fees in respect of their investment advisory services.
Also, the regulator barred the noticees from the securities markets for a period of three years or till the expiry of three years, from the date of completion of refund to clients/investors, whichever is later.
In addition, they shall not undertake investment advisory service
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