- Momentum Tips and its owner Ajay Kumar Mukhiya were banned from the securities markets for three years by Sebi for providing unlicensed investing services.
- The market watchdog determined that Momentum Tips and Mukhiya (noticees) provided investment advising services without Securities and Exchange Board of India registration (SEBI).
- SEBI ordered Tuesday that the noticees collected Rs 33.19 lakh from February to July 2019. It has ordered the noticees to reimburse customer investment advising fees within three months.
- The regulator also restricted the noticees from the securities markets for three years or until the fulfilment of client/investor refunds, whichever is later.
- The order further stated that they cannot provide investment advisory services or participate in the securities markets without a Sebi certificate of registration during or after the debarment term.
