Mumbai, Aug 3 : The Securities and Exchange Board of India (SEBI) has barred Green Money Solution (GMS) and its proprietor Arvind Patidar from the securities market for involving in investment advisory activities without being registered with the capital market regulator. In an interim ex-parte order, SEBI said that in October last year, it had a complaint that GMS allegedly had taken a total amount of Rs 64,048 plus GST in the name of providing investment advisory services in the securities market with Rs 4,500 profit per week, and for assistance in opening demat account. The SEBI conducted an examination in relation to the affairs of M/s Green Money Solution and its proprietor. As per the registered intermediary database on SEBI website, it is observed that neither GMS nor its proprietor Arvind Patidar is registered with SEBI in any capacity. The regulator's preliminary examination found that the noticee has hosted a full-fledged website and is holding itself out and acting as an investment advisor for providing investment tips, advice and trading calls in the securities market without obtaining a registration under SEBI. As per the bank account details of Green Money Solution, it has witnessed a credit amounting to a total of Rs 46.52 lakh in a span of six months. The SEBI noted that prima facie, it is inferred that the funds credited to the Bandhan Bank account of GMS, were for the purpose of availing the product services indicated on the website of GMS and it is acting as an investment advisor in securities market since July 15, 2020 (opening of the bank account and registration of website) to till date. The SEBI has directed Bandhan Bank not to permit any debits or withdrawals and credits, to and from concerned bank account, without the permission of the regulator. Observing that the amount of money collected in just 6 months indicates the magnitude of the prospective threat to the investors, Madhabi Puri Buch, Whole Time Director with SEBI said in the order copy: "I find that there is no other alternative but to take recourse through an interim ex-parte order against Noticees for preventing them from collecting funds by indulging in unauthorized investment advisory services without obtaining the mandatory registrations from SEBI in accordance with the law." "Noticees may, within 21 days from the date of receipt of this Order, file their reply/objections, if any, to this Order and may also indicate whether they desire to avail an opportunity of personal hearing on a date and time to be fixed on a specific request to be made in that regard." /IANS