Capital Worth Research House and its partners have been banned from the securities market for three years for providing unauthorised investment advice.
Furthermore, they must refund more than Rs 1.54 crore to clients within three months.
According to an order passed on Wednesday, the debarment of the entity and its partners will continue for three years from the date of the refund to investors.
Ankit Shrivastav, Mohammed Aamir Shaikh, Shahid Rangrej and Sameer Memon are partners in Capital Worth.
Capital Worth violated Investment Adviser (IA) rules by engaging in the activities and holding itself out as an ‘investment adviser’ without a valid certificate of registration.
Capital Worth’s partners are also fully responsible for the firm’s contraventions, according to the regulator.