SEBI orders broker to refund money

Cracking down on an illegal money pooling activity running into an estimated Rs.5,0000000000, the Securities and Exchange Board of India on Tuesday barred an individual broker from mobilising funds from the public while asking him to refund investors money within seven days. Sameer S. Joshi, a sub-broker with trade name Shreesurya Investments, has also been restrained from dealing in the securities market, till further directions. Shreesurya Investments has allegedly cornered more than Rs.5,0000000000 from 6,000 investors. — PTI