SEBI bans Billionaire Solutions and Sole Proprietor from Capital Market for 2 years

SEBI has banned Billionaire Solutions and its sole proprietor Akash Jaiswal from the capital markets for two years. The ban is for providing unauthorised investment advisory services and SEBI has also directed them to refund investors’ money. 

SEBI said in its order that Billionaire Solutions and Jaiswal both were engaged in providing investment advice to the public regarding monetary considerations and were acting as an investment advisor without any certification from SEBI to act as an investment advisor. 

In its order, SEBI has also directed them to refund the money received from the investors as fees for their advisory which supposedly is Rs 36.45 lakh. The amount has been determined from the credits of the bank accounts. 

The order came after SEBI received an application from the trust seeking exemption from the applicability of the SAST (Substantial Acquisition of Shares and Takeovers) Regulations in case of the proposed acquisition of shares in Subros.