Market regulator Sebi today barred Ravi Chouksey, proprietor of Madhya Pradesh-based Gravita Research Company, from acting as investment adviser 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.
The entity was offering trading and investment tips to the general investors through SMSes/calls.
"It is evident that the activities of Gravita Research of giving trading tips, stock specific recommendations etc to the investors clearly indicate that they are engaged in the providing investment advisory services to investors on payment of fees...," Securities and Exchange Board of India (Sebi) said in its order.
Accordingly, Sebi has directed Chouksey "to cease and desist from acting as investment adviser and cease to solicit or undertake such activities or any other registered activities in the securities market, directly or indirectly in any manner whatsoever."
Besides, Sebi has asked Chouksey to immediately withdraw and remove all advertisements, representations etc in relation to their investment advisory or any unregistered activity in the securities markets.
