SEBI Imposes Rs5 Lakh Penalty on Magic Mantra, Proprietor VN Aravind for Running Illegal Investment Advisory
Market regulator Securities and Exchange Board of India (SEBI) has banned Magic Mantra and its proprietor VN Aravind from the markets for one year while imposing a penalty of Rs5 lakh for providing advisory services illegally. The illegal advisory is also asked to refund Rs33.67 lakh collected as the fee from its investor clients.