Sebi penalises Crude Oil Tipswala, 3 individuals for unregistered services

Sebi on Wednesday levied a fine of Rs 3 lakh on Crude Oil Tipswala (COT) and three individuals for providing investment advisory services without market regulator’s authorisation.

In addition, COT and the three individuals were restrained from the securities markets for six months.

The order came after Sebi issued a show cause notice in June to COT, Jitendra Kumar Ganeshlal Bata, Goutam Sarvar and Mukeshbhai Ramanbhai Muniya for providing investment advisory services without obtaining registration from Sebi in violation of IA (Investment Advisers) norms.

COT, Jitendra Kumar Ganeshlal Bata, Goutam Sarvar and Mukeshbhai Ramanbhai Muniya are collectively referred to as ‘noticees’.