Sebi bars Capquest Research, Aspen Industries from market

Sebi has passed an interim order against Capquest Research, Aspen Industries and directors of both the companies. Capquest Research and its directors Gitesh Malik, Shashanka Sharma and Prashant Kumar are informed to cease and desist from acting as an investment advisor and cease to solicit or undertake such activity or any other activities in the securities market, including buy, sell or otherwise deal in securities market, either directly or indirectly, with immediate effect. G Mahalingam, whole time member of Sebi, in a note said that the company and its directors should not divert any funds raised from investors, kept in bank account or in their custody until further orders, except for the purpose of refunds to the clients. Additionally, in the order, G Mahalingam has asked the company to withdraw and remove all advertisements, representations, literature, brochures, materials, publications, documents, websites, etc., in relation to their investment advisory activity or any other unregistered activity in the securities market with immediate effect.

Bhaskar Saha, Abhijit Dasgupta and Ujjal Kumar Roy, the directors of Aspen Industries shall cease to mobilise fresh funds through offer and issuance of NCDs or through offer and issuance of any other securities, to the public and/or invite subscription, in any manner whatsoever, either directly or indirectly. They shall not buy, sell or otherwise deal in the securities market, either directly or indirectly, or associate themselves with any listed company or company intending to raise money from the public.

Aspen Industries and its directors shall not dispose of or alienate or encumber any of its/their assets or properties nor divert any fund raised from the public through offer and allotment of NCDs without prior permission from Sebi. Aspen Debenture Trust and Raju Sarkar are prohibited from continuing with their present assignment as debenture trustees in respect of the issuance of NCDs and also from taking up any new assignment or involvement in any new issue of debentures.

Securities and Exchange Board of India ( SEBI )