Mansoor Rafiq Khanda and Firoz Rafiq Khanda have landed in trouble with securities market regulator SEBI imposing a penalty of Rs. 25 lakh on them for offering trading tips through WhatsApp messages and some internet websites without registering themselves as investment advisers with SEBI.
In 2016, SEBI, upon completion of investigations against them, issued directions to impound the unlawful gains of a sum of Rs.5.04 crore. In June 2018, SEBI passed an order against the individuals directing them to return the unlawful gains along with the interest as determined by the regulator in 2016.
Both the accused filed an appeal before Securities Appellate Tribunal which was dismissed in January 2020.
"Considering all the facts and circumstances of the case, I hereby impose the monetary penalty of Rs 25,00,000 on the noticees, for not complying with the directions," said the SEBI order.
Source ians
