The noticees collected Rs 19.50 lakh during November 2016-2019, Sebi said in the final order.
Sebi has directed the noticees to refund the money collected within three months received from the clients as fees in respect of their investment advisory activities, according to the order.
Also, the regulator barred the noticee from the securities markets for a period of six months or till the expiry of six months from the date of completion of refund to clients/ investors, whichever is later.
In addition, they shall not undertake investment advisory services or any activity in the securities markets without obtaining a certificate of Sebi, either directly or indirectly, during or after the expiry of the debarment period, the order said.
Meanwhile, in a separate order, the regulator slapped a fine of Rs 14 lakh on four entities for violating market norms in the matter of (formerly, Iris Mediaworks Ltd; now, WinPro Industries Ltd).