Securities and Exchange Board of India bans Wild Stock
Markets regulator Securities and Exchange Board of India (SEBI) has banned Wild Stock and its proprietor Sanjeev Singh from carrying out investment advisory activities. The decision is after finding that they were providing unauthorized investment tips to investors. The entities have also been barred from the capital markets until further orders.
Securities and Exchange Board of India (SEBI) found that the Wild Stock Company through its website offers investment advice related to investing in, purchasing, and selling securities and is also offering various investment packages for the subscription.
In addition to this description of various services products provided by the firm states that the investor can make a profit on its investment or high return with low risk.
The Securities and Exchange Board of India (SEBI) observed that they were providing such investment advisory services without obtaining the mandatory registrations from the regulator.
With the unauthorized services, Wild Stock collected over Rs 49 lakh from investors. They have violated the provisions of Investment Advisory Regulations, by doing such activities, Securities and Exchange Board of India (SEBI) said in an interim order on Thursday.
Accordingly, SEBI has directed Wild Stock and its sole proprietor Singh, to “cease from acting as an investment advisor” including directly or indirectly, until further orders. Also, they have been directed not to divert any funds collected from investors. Besides, they have been barred from disposing of or alienating any assets, whether movable or immovable without the prior permission of the Securities and Exchange Board of India (SEBI).
The wild stock has been asked to immediately withdraw and remove all advertisements, literature, and brochures, among others concerning their investment advisory activity.
The directions will come into effect immediately and will be in force until further orders, Securities and Exchange Board of India (SEBI) said.
