SEBI is the market regulator.

Capital markets regulator SEBI on Friday barred four firms from securities markets for six months for providing investment advisory services without approval.

The Securities and Exchange Board of India (SEBI) has barred Coursework Focus and its owner Shashank Hirwani, Capital Research owner Gopal Gupta and Capers owner Rahul Patel from participating in the securities market for six months.

In two separate orders, SEBI found in its investigation that these companies were engaged in unauthorized investment advisory services without obtaining certificates as investment advisors.

According to the market regulator, Coursework Focus and Hirwani had collectively raised over Rs 96 lakh from investors during March 2018 to July 2020.

Gupta and Patel together collected Rs 60.84 lakh from investors between June 2014 and November 2019.

Sebi, in its final order passed on Wednesday, said that by such actions the companies have violated the IA (Investment Advisor) rules.

SEBI, in its order, has directed the companies to refund investors' money paid for such services within three months.