The entities were providing the services of investment adviser as well as portfolio manager to their clients without obtaining the necessary registrations from the Securities and Exchange Board of India (Sebi).

Total deposits against Asian Corporate and its proprietor Dilip Anantrai Desai was at Rs 55.83 lakh at the end of March, 2013. Out of this, he claimed to have repaid substantial amount (more than 70 per cent) since last two years and the remaining balance is Rs 16.83 lakh.

However, Sebi said that the entities have not submitted any documentary proof in support of the claim of repayment of deposits.

Accordingly, Sebi has prohibited Asian Corporate and Desai from "buying, selling or otherwise dealing in the securities market, either directly or indirectly, in any manner whatsoever, for a period of three years."

Besides, they will not undertake any activity in the securities market without obtaining registration from Sebi as required under the securities laws.

This order will come into force with immediate effect.

Earlier, Sebi through an interim order in April 2015, had asked Asian Corporate and Desai to "cease and desist" from acting as investment advisor and portfolio manager, while ordering them not to divert the funds raised from investors.

Latest News  from Business News Desk