Action as per the provisions of the Indian Penal Code will be taken against firms, websites and individuals advising investment without registration in Securities and Exchange Board of India. This decision was taken at a meeting of the State Level Coordination Committee held under the Chairmanship of the Principal Secretary Finance, Anurag Jain at Mantralya.
Officers of the Reserve Bank of India, SEBI, Cooperative, Institutional Finance, Home Department and Police participated in the meeting. A list comprising of 75 unregistered firms being functional in the state has been handed over by the SEBI.
Notably, as per the SEBI Regulation-2013, it is mandatory for the investment consultancy service providers to get themselves registered in SEBI. These kinds of unregistered institutions/individual lure investors through phone calls/SMS for fixed profit.
This kind of activity comes under the category of fraud according to the Indian Penal Code.
It is further highlighted that action was taken by the Special Task Force on 7 firms in Indore in the past too.
The list handed over by the SEBI includes 4 W Wealth Management-Bhopal, 777 Research. Com and 777 Trade.Com, A2 Financial Services, KD Capital, Analysis Exchange Investment Services, Apex Global, Aroha Capital Pvt Ltd, Big Life Capital, Capital Live Financial Advisory Pvt Ltd, Capital Mars, Capital the Capital XKY, Capital Money Mantra, Capitla Vista/Research Vista, Cap Vision.Org. Carat Research, Cashcow Research, Core Financial Research, Dream Research Solution, Equity Money Guru, ERH Research house, Exact Key, Financial Bazaar Market Research, Prateek Patel-Gouri Pandey-Kashish Grewal, Globex Money, G.V.M. Research, Investment Academy, Investment India Advisory, Investment India Financial Services, Investors India Research, Kites Research advisory, Max India Research, Mitramoney Financila Research Company, Monarch Networth Capital Ltd., Money Increase, Money Rise Research, Money Tree Research and Swastik Services, Nifcon Institute and Portfolio Research Lab of Indore.