Markets regulator SEBI(Securities and Exchange Board of India) charged Rs 12 lakh fine on “Best Stock Solutions” for providing unauthorized investment advisory services to investors and traders.
SEBI found that Best Stock Solutions executed as Financial Investment Adviser for a prolonged time without registering the firm from the regulator.

The regulator already had sent several letters to the company between February and May 2014 advising it to refrain from providing stock market advisory tips and also to comply with the provisions of the Investment Advisers Regulations.

The company approached to the SEBI only in June 2014 for registration but continued providing stock market advisory tips and guaranteed money making stock trading tips to users through its website.

“Best Stock Solutions” had received Rs 11.63 lakh as income from investors and traders during 2012-13 and Rs 13.58 lakh in 2013-14.

The notice had submitted its application for registration as Investment Adviser only on June 13, 2014 and deleted its website from the public domain on October 1, 2014.
The notice sent by regulator has functioned as a financial investment adviser for long period without getting registration from SEBI, ” Sebi Adjudicating Officer Suresh B Menon said in an order.
Accordingly, Sebi has imposed a penalty of Rs 12 lakh on Best Stock Solutions.

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