Market regulator Sebi has banned Empiric Trade and its owner, Niraj Thakur, from entering the securities market to provide advisory services without authorisation. The regulator gave them a show-cause notice in September 2021.

The regulator found that Empiric Trade and Neeraj Thakur (notified person) engaged in investment advisory services without obtaining a registration certificate. In its order on Monday, Sebi said the notices initially proved that Rs 83.7 lakh was collected between January 2019 and July 2019.

The regulator has directed the notice to refund fees received from investors to its investment advisory activities within three months.

Further, SEBI has barred the investor from entering the securities market for one year or six months, whichever is later, from the date of completion of the refund of these notices to the investor.

Further, the order states that during or after the expiry of the prohibition period, no one shall engage in investment advisory services or any activity in the securities market without obtaining a certificate of registration, directly or indirectly, from SEBI.

Meanwhile, in a separate order, the regulator imposed a total fine of Rs 2.8 lakh on seven entities for violating regulatory norms in the Omnitech Infosolutions Ltd incident.

The order came after Sebi complained that its promoters and associates had manipulated shares in Omintech Infosultions Ltd (OIL). The market watchdog investigated the matter between January 2012 and December 2014.