Sebi bars Global Research, 3 individuals from markets for 2 years

Markets regulator Sebi on Wednesday barred Global Research and three individuals from the securities markets for 2 years for providing unauthorised advisory services without regulator's authorisation. The order came based on a complaint received by Sebi dated August 14, 2018 from the complainant against The Global Research and three individuals.

Pursuant to complaint, the market watchdog conducted an examination of the activities of Global Research and thereafter issued a show cause notice in August 2021.

The regulator found that - Global Research, Pawan Bhise, Vilash Bhise and Anshuman Bhise (noticees) - were engaged in investment advisory activities and were not holding any certificate of registration from markets regulator.


The noticees have collected Rs 43 lakh during April 2018 to March 2019.

Securities and Exchange Board of India (Sebi) has directed the noticees to refund within three months the money received from clients as fees in respect of their investment advisory activities.

Also, the regulator barred these noticees from accessing the securities markets for a period of two years or till the expiry of two years from the date of completion of refunds to investors, whichever is later.

In addition, they are restrained from associating with any company whose securities are listed on a stock exchange or any intermediary registered with Sebi in any capacity for a period of two years or till the expiry of two years from the date of completion of refunds to investors, whichever is later.

Meanwhile, in a separate order, Sebi slapped a fine of Rs 10 lakh on an individual in a case pertaining to irregularities in the issuance of Global Depository Receipts (GDRs) issued by Maars Software International Ltd.