Markets regulator Sebi has restrained an individual from the securities markets for a period of two years for providing unregistered portfolio management services. The regulator also directed Sanbun Investments, its proprietor Nishaan Singh (Noticee) to cease and desist from acting as or holding himself out to be a portfolio manager. Sebi directed the noticee to refund Rs 16.19 crore received from clients and/or investors as fees or consideration or, in respect of their unregistered portfolio management activities within a period of three months, Sebi said in its order on Tuesday. The order came after Sebi received a complaint in October 2022 against Sanbun Investments, which is the sole proprietorship concern of Nishaan Singh. Pursuant to the receipt of the complaint, the regulator conducted an investigation to ascertain the veracity of the complaint and whether there had been any violation of PMS (Portfolio Managers) regulations. "I note that under the garb of providing courses