Sebi on Wednesday banned Global Money Plant Financial Services (GMPFS) and its partners from the securities market for six months for providing investment advisory services without its authorisation.

GMPFS is a partnership of Sawan Yadav, Julee Verma and Sourabh Yadav. Sebi issued a reasoned notice to GMPFS and its partners in July 2021.

In its final order, the regulator found that GMPFS and its affiliates breached the IA (Investment Adviser) norms by engaging in investment advisory services without the mandatory registration as an “Investment Adviser” with Sebi.

GMPFS and its partners are collectively referred to as noticees. According to the order, the noticees received a total of Rs 36.3 lakh in August 2015-18.

Sebi has directed the notifiers to jointly and severally refund money received from clients in connection with investment advisory activities within three months.

In addition, the regulator restricts them from entering or trading in the securities market for six months or from the date of completing the refund to investors and depositing the balance, whichever is later.

Furthermore, the order also provides that during or after the disqualification, they shall not engage in investment advisory services or any activities in the securities market without obtaining a certificate of registration directly or indirectly from Sebi.

Meanwhile, in a separate order, the regulator fined four entities of Edynamics Solutions Ltd (ESL) Rs 12 lakh for violating market norms.

The order comes after Sebi inspected Guiness Corporate Advisors Ltd (commercial bankers) from 21 to 28 August 2014 and noted certain irregularities about the issuance of ESL securities handled by Guiness.

In another order, the regulator fined Rs 10 lakh against ten individuals for violating Syschem India Ltd’s regulatory norms.