The Securities and Exchange Board of India has cautioned the public at large not to deal with unregistered entities providing investment advisory and research services.
In a cautionary statement uploaded on its website, SEBI said: "The details of SEBI registered investment advisers and research analysts are available on the SEBI website www.sebi.gov.in. The public in general are advised to check the registration status of the entity/person on the SEBI website before availing the investment advisory services/research services."
The markets regulator has further cautioned against trading in the stock markets based on tips received via SMS/ other forms of communication from such entities.
SEBI has urged the public to take informed investment decisions and not get influenced or misled by advertisements through websites or any other public media, mass messaging, e-mails and telephone calls which solicit investments and/ or promise unrealistic returns.
SEBI has so far taken action against seven entities and directed them to cease and desist from acting as investment advisers and cease to solicit or undertake such activities besides withdrawing all advertisements, representations, literature, brochures, materials, publications, documents, websites, etc. in relation to their investment advisory activity immediately.
The list of the entities against whom orders have been passed is given in the table.