Free Press Journal

Sebi bans 3 entities for 10 years

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 New Delhi : Regulator Sebi barred Sri Ganesh Stocks and Shares and two individuals from the capital markets for 10 years for fraudulently soliciting funds from the public promising assured monthly returns. They have been directed to repay the money collected from investors within 90 days.

According to Sebi, Venkatesan Chandran and his wife K Vijaya Bharathi solicited and collected money from public by using a trade name – Sri Ganesh Stocks and Shares— with a promise of assured monthly returns.

Chandran claimed himself to be a sub-broker and affiliated to Saravana Stocks as well as associated with Nirmal Bang Securities Pvt Ltd. He collected around Rs 4.36 crore from his clients and claimed to have repaid Rs 3.71 crore to some of the investors. “Venkatesan, his firm Sri Ganesh Stocks and Vijaya Bharathi, by their acts have fraudulently solicited and induced investors to deal in securities and have violated the provisions of…the PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) Regulations,” Sebi Whole Time Member S Raman said in an order dated August 22.