Market regulator, Securities Exchange and Board of India ie SEBI has fined Finfluencer Gunjan Verma for giving investment advice. According to SEBI, Gunjan Verma has been giving investment advice to customers since 2018, she has been found violating SEBI rules.
The market regulator has said in its order that Verma’s advice was in violation of the rules. SEBI has directed Verma to pay a fine of Rs 1 lakh and refund the fees charged from customers. The objective of SEBI is to protect investors and to ensure that the persons giving investment advice follow the rules. Gunjan Verma is an Investment Advisor based in Delhi.
Along with this, whoever wants to give advice should be registered with SEBI. Let us tell you that many Registered Investment Advisors (RIAs) have been raising the issue of disparity in the rules.
SEBI imposed fine on PR Sundar
Earlier on Friday, options trader and financial influencer PR Sundar was given a jolt by SEBI. Sundar, his company Mansun Consultancy and co-promoter and wife M Sundar had settled a case related to investment advisory with SEBI by paying Rs 6.5 crore.
Sundar himself and his firm, Manson Consultancy, provided investment advice for a fee. He was doing this work even when he did not have any registration from SEBI in this regard. SEBI registration is a necessary condition before giving advice related to investment in the stock market in the country.
Manson Consultancy and its two promoters i.e. Sundar and his wife, each have agreed to deposit Rs 15.6 lakh as settlement. Apart from this, he will also have to return the profit of 6.07 crores. Interest will also be charged on this amount from June 1, 2020 at the rate of 12% per annum. Also, all the parties will have to stay away from trading for one year.