Capital markets regulator Sebi has imposed a penalty of Rs 3 lakh on three entities for providing unauthorised investment advice to investors, and directed them to pay the amount within 45 days.
In its order on April 29, the Securities and Exchange Board of India (Sebi) imposed a total penalty of Rs 3 lakh on Suriyanar Media Solutions Pvt Ltd. L Krishnamurthy and Hema Krishnamoorthy to be paid ”jointly and severally”.
The order came after Sebi initiated adjudication proceedings against Suriyanar Media Solutions Pvt Ltd.
Suriyanar Media Solutions was engaged in investment advisory services without obtaining Sebi registration as an investment adviser.
The company’s directors — L Krishnamurthy and Hema Krishnamoorthy — who conduct the business were responsible for its activities.
The regulator noted that the entities have earned Rs 26 lakh from clients by rendering investment advice to investors during the 2013-2019 period.
Through such acts, they violated the provisions of Investment Adviser (IA) norms.
(With PTI inputs)
