SEBI bans Wealthit Global’s Owner from Securities Markets for 5 Years

Sebi, the capital markets regulator, has barred an individual from the securities markets for five years and fined him Rs. 30 lakh for violating regulatory norms.

Furthermore, the regulator barred Mohit Manghnani (owner of Wealthit Global) from serving as a director or key managerial personnel for any listed public company or Sebi-registered intermediary for a period of five years.

Manghnani was also directed by Sebi to resolve all complaints received through the regulator’s SCORES portal within three months.

The order came after Sebi issued an ex parte order against Manghnani, who appealed to the Securities Appellate Tribunal (SAT), which remanded the case back to Sebi and directed the regulator to issue a new order.

The regulator found in its order issued on Friday that the noticee (Manghnani) did not cooperate with Sebi during the inspection and deceived its clients by failing to disclose information regarding address changes and business closures.