The Securities and Exchange Board of India (Sebi) has also barred the firms and their directors from the capital markets for four years.
A Sebi probe found that these companies were running Collective Investment Scheme (CIS), without obtaining regulatory approval. They were accepting money from public through their respective "sale/purchase and development of plot/land".
In similar-worded orders, Sebi has directed the two companies to wind up their existing CIS and refund the money collected by them with returns within a period of three months.
Besides, the regulator said the firms and their directors will continue to be barred from the securities market for four years and the ban will continue "till all the CIS are wound up and all the money mobilised through such schemes are refunded to its investors with returns which are due to them."
Also, it would make a reference to state government, local police and register a civil or criminal case against these firms.