Markets regulator Sebi has barred Fingravy Wealth Creation Services (FWCS) and its directors from the securities markets for 1 year for providing unauthorised advisory services.
The order came after Sebi passed an ex-parte interim order dated January 14, 2020 against FWCS and its present and past directors — Dhiraj Gupta, Sumit Kumar, Hemanchal Singh, Ravindra Singh and Ashutosh Sharma.
In its interim order, the regulator found FWCS and its directors were prima facie found to have violated the provisions of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) rules and IA (Investment Advisors) norms.
The regulator also noted, noticees have been restrained from accessing the securities markets until further orders through the interim order.
They were also directed to cease and desist from acting as an investment advisor until further orders.
In its final order, the regulator found FWCS and its directors have not disputed the findings of the interim order in respect of the
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