Sebi bars Orange Rich Financials, proprietor for 5 years

Markets regulator Sebi has barred Orange Rich Financials and its proprietor Saket Jalan from the securities market for five years after finding them guilty of providing unauthorised investment tips to investors.
Besides, they have been ordered to return the money received from clients with respect to its unregistered investment advisory activities.
The regulator found that the entities were acting as investment advisers without obtaining registration from Sebi and therefore violated Sebi Investment Advisers Regulations.
Sebi also found that the entities were "soliciting funds from investors/clients against providing tips for trading in the securities and commodities market."
They were also providing subscription services for periods ranging from one month to one year and the charges levied was in the range of Rs 15,000 to Rs 10 lakh.

In an order, the Securities and Exchange Board of India (Sebi) prohibited them from undertaking investment advisory services or any activity in the securities market without a certificate of registration from Sebi.
"Orange Rich Financials and its proprietor Saket Jalan are hereby prohibited from buying, selling or otherwise dealing in the securities market, either directly or indirectly, in any manner whatsoever, for a period of 5 years," Sebi said.