SEBI directs Wasankar firms to pay investors in full
* In an order passed on Wednesday, SEBI also prohibits Wasankars from transferring funds mobilised from investors for purposes other than refund * Also prohibits Wasankar firms from collecting funds and offering portfolio management activities in ‘whatever form’ * SEBI to forward copy of the order to Enforcement Department, Financial Intelligence Union, Economic Offences Wing, Income Tax Department for ‘further necessary action’ By Kartik Lokhande In a major move, Securities and Exchange Board of India (SEBI) passed an order on Wednesday directing Wasankar Wealth Management Limited, Wasankar Investments and their directors to refund the money collected from investors and their clients within a period of seven days, that is, by September 3. Further, SEBI has prohibited the firms from transferring the funds collected from investors elsewhere, and offering portfolio management activities. The order signed by Rajeev Kumar Agarwal, Whole Time Member, SEBI, asked...