SEBI bans The Apex Global and its owner for 4 years, here's why

Apex Global and its owner Yadunath Singh Thakur have been banned from the securities markets for four years by the market regulator Sebi, and they have been ordered to return any money they have taken from investors through unauthorised investment advising services.

The regulator discovered that Thakur and Apex Global were functioning as investment advisers since they were in the business of giving financial advice to their clients and receiving payment for it.

The Securities and Exchange Board of India (Sebi) stated in its order on Wednesday that they were engaged in such investment advisory services without getting a regulatory licence from it, which is against Investment Advisers (IA) standards.

They had obtained a total of Rs 1.23 crore through such services from June 2013 to December 2019 via unregistered investment advice activities, it continued.

The "notice shall within three months refund the money received from any complainants/investors, as fees or consideration or in any other way, in respect of their unregistered investment advice activities," according to a statement from Sebi.

The notice refers to both The Apex Global and its owner Thakur together.

Additionally, they are prohibited from entering the securities market for 4 years, or until the later date that 4 years have passed from the completion of investor reimbursements, whichever comes first.

Two promoter firms of TCM Ltd have been fined Rs 2 lakh by Sebi for breaking regulatory rules, according to a separate decision.

(With inputs from PTI)