The order revealed that Rs 61.39 lakh were credited in the accounts of FFSPL between February 2014-2017
The order came after SEBI received complaints through the market watchdog's SCORES (SEBI Complaints Redress System portal) platform against CFAS and its partners
In addition, they have been asked to refund Rs 39.64 lakh collected from the clients as fees in respect of their unregistered investment advisory activities
The regulator issued a show cause notice to Momentum Tips and Mukhiya in September 2021
However, he was not holding any certificate of registration from SEBI to act as investment advisor (IA) and through such acts, he violated the provisions of IA norms
