Sebi bans Media 9th Creations, directors from markets

New Delhi, Jan 11 () Markets regulator Sebi has barredMedia 9th Creations and its two directors from the securitiesmarket for at least four years and directed them to refund themoney the firm had collected illegally from the investors.As per a Sebi order dated January 10, Media 9th CreationsLtd (MCL) had issued and allotted redeemable preference shares(RPS) to 259 investors as on May 2, 2008 and raised an amountof Rs 90 lakh.The shares were issued to over 50 people and accordinglythe offer of RPS qualified to be a public issue and requiredcompulsory listing of securities on a recognised stockexchange. However, MCL did not comply with the provision.Among other requirements, the firm was to register aprospectus with the Registrar of Companies (RoC) under theCompanies Act, which it failed to do.According to the order, MCL and its two directors --Pushpal Roy Choudhury and Shuvra Roychoudhury -- have to therefund the investors along with an annual interest of 15 percent.Sebi has also restrained the two directors fromassociating themselves with any listed public company till theexpiry of four years from the date of completion of refundsto investors.In a separate order dated January 10, the regulator alsoprohibited Amit Baburao Ahire from buying, selling or dealingin the securities market for at least four years for violatingIA (Investment Advisers) Regulations.Ahire had allowed HBJ Capital to continue providinginvestment advisory services using his Sebi registrationnumber and through his sole proprietorship concern OSARCapital.However, Sebi had restrained HBJ Capital from continuingits investment advisory services through an interim order inJune 2015."The noticee (Ahire) has failed to exercise due skill,care and diligence and has acted dishonestly, allowing theintegrity of the securities market to be compromised byallowing a restrained entity to continue providing investmentservices," said the Securities and Exchange Board of India(Sebi)."The noticee is in violation of... the IA Regulations,"it added. VRNSBT