Market Regulator, Security Exchange and Board of India SEBI has warned Gunjan Verma in the matter of giving unregistered investment advice. SEBI has warned him not to do transactions for others in the stock market.
Gunjan Verma was alleged that between March 2020 and June 2021, she presented herself as an investment advisor and took
Rs 2.5 lakh from a client, Megha Jain, promising a fixed return in the stock market. There was an allegation of doing this with two more clients.
SEBI sent him a show cause notice in this regard in March 2023 but no reply was given to him. SEBI also investigated his bank accounts and personal chats with clients, but no direct violation of securities laws was found.
However, evidence of receiving money from several clients was definitely found. This is the reason why the market regulator has warned him against taking money from clients and investing it in the securities market.
Investor protection is SEBI’s primary goal, along with ensuring that anyone offering investment advice adhere to the law.
Additionally, anyone who wishes to provide advise must register with SEBI.
PR Sundar received a fine from SEBI. PR Sundar, an options trader and influential financial figure, received a shock from SEBI earlier on Friday (26/05/2023). His business, Mansun Consultancy, and co-promoter and wife, M Sundar, paid Rs 6.5 crore to SEBI to resolve a matter involving investment counselling.
Each of the two promoters of Manson Consultancy, Sundar and his wife, has consented to deposit Rs 15.6 lakh as settlement. In addition, he will be required to refund the 6.07 crore profit. From June, interest will also be added to this sum.