Mumbai: Securities and Exchange Board of India (SEBI) has barred Krishna Hullatti, proprietor of Bangalore-based Matrix Web, from dealing in the capital market, with immediate effect.

Krishna Hullatti, alias Hullatti Krishna B, alias Krishnaraj, has been directed not to buy, sell or deal in securities in any manner and not to accept loans or deposits intended for share markets from the public, SEBI said in a release in Mumbai today (Sep 22, 2004). The order, which has been passed by SEBI chairman G N Bajpai on September 10, is under Section 11B and 11(4)(b) of SEBI Act, it said.

Hullatti, who does not have any SEBI registration to act as stock broker, sub-broker or portfolio manager, was buying and selling shares for general public, apart from luring investors with huge returns and profits, it said.

This could be detrimental to the financial interests of investors and it is "imperative to restrain such individuals", the regulator said.