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Photo: Mint (Mint)
Photo: Mint
(Mint)

Sebi bans two persons on the basis of call records

Sebi orders proprietary concerns of Imtiyaz Hanif Khanda, Vali Mamad Habib Ghaniwala to desist from acting as investment advisors in any manner

Mumbai: After getting powers to tap telephonic call and data records, the capital market regulator on Tuesday made its first move to crack its whip on entities, which are illegally running investment advisory and portfolio management services for investors. The Securities and Exchange Board of India (Sebi) on Tuesday banned Imtiyaz Hanif Khanda and Vali Mamad Habib Ghaniwala from accessing the capital market and ordered their proprietary concerns to cease and desist from acting as investment advisors in any manner.

“Sebi…obtained details of the call data records of the telephone numbers used for sending such SMSes. It was prima-facie observed that the said persons through their proprietary concerns viz. M/s Right Trade, M/s Sai Traders, M/s Bull Trader and M/s Laxmi Traders were providing investment advice without being registered with Sebi," said Sebi in an order.

“The entities had also made misrepresentations by making unrealistic claims, false statements such as having office in various countries, FII based calls, jackpot calls, etc., and they also made representation in reckless and careless manner in their messages and website suggesting facts which are not true. By their acts and omissions they have prima-facie solicited, enticed and induced investors to deal in securities on the basis of their investment advices, stock trade tips, etc.," the order added.

The entities were ordered to immediately withdraw all advertisements and literatures with regards to their investment advisory.

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