New Delhi, Jan 20 (IANS): Securities market regulator SEBI on Wednesday imposed a penalty of Rs 25 lakh on Mansoor Rafiq Khanda and Firoz Rafiq Khanda for offering trading tips through WhatsApp messages and internet websites including www.fullonoption.com without being registered with the regulator as investment advisers.

Upon completion of the investigation, the SEBI had issued directions against them in 2016 to impound the unlawful gains of a sum of Rs 5.04 crore.

In June 2018, the SEBI passed an order against the individuals directing them to disgorge the unlawful gains made by them along with interest as determined by the regulator in 2016.

Both the individuals had filed an appeal before the Securities Appellate Tribunal (SAT), which was dismissed in January last year.

"Considering all the facts and circumstances of the case, I hereby impose the monetary penalty of Rs 25,00,000 on the noticees, for not complying with the directions," said the SEBI order.