Capital market regulator Sebi today barred Ravi Chouksey and his proprietary firm Gravita Research Company from acting as investment advisers for four years after he allegedly provided unauthorised investment tips to investors.
The regulator found that Chouksey was acting as an investment adviser without obtaining registration from Sebi and therefore violated Sebi Investment Advisers Regulations.
He was offering trading and investment tips to the general investors through SMSes/calls.
In an order passed today, Sebi has prohibited Chouksey and Gravita Research "from buying, selling or otherwise dealing in the securities market, either directly or indirectly, in any manner whatsoever, for a period of four years."
Also, they have been barred from undertaking any activity in the securities market without obtaining registration from Sebi.
Chouksey and Gravita Research have been directed to 'expeditiously' return the money received from its clients, if any, and submit a certificate from a chartered accountant within a period of three months.
This order would come into force with immediate effect.
Sebi, through an interim order in December, had restrained the two entities as they had acted as an "Investment Adviser" without obtaining registration from the regulator.
