Twelve investment consultancy
firms in Indore in Madhya Pradesh have been found violating Securities and Exchange Board of India (SEBI) rules, police said on Sunday.
The irregularities were revealed after raids were conducted on these firms following complaints over the past one week from 65 investors hailing from Madhya Pradesh, Chhattisgarh, Maharashtra, Gujarat, Uttar Pradesh, said Indore Crime Branch Additional Superintendent of Police Rajesh Dandotia.
"These investors have complained that the firms had trapped them with false advice of high returns from share markets, leading to heavy monetary losses. We have arrested nine people, six of whom are directors in ten firms," said Dandotia.
Disclaimer: No Business Standard Journalist was involved in creation of this content
