Market regulator Sebi on Wednesday banned Bengaluru-based Stock Indication and its two partners from the securities market till further orders for acting as an investment adviser without registering with the watchdog. Besides, Sebi asked why any direction to refund the amount collected by them from the clients for its various schemes should not be issued against them and directed to file reply in 21 days from the date of the order. In an interim order, the regulator said, The activities of Stock Indication including its partners Mohd. Tanveer Ahmed and Sunny Gupta are prima facie in violation of IA (Investment Advisers) Regulations. Under Investment Advisers (IA) regulations, it is mandatory for IA to register with Sebi for providing services to the clients. Besides the regulator noticed that it has collected over Rs 25.3 million in four bank accounts. In another order, the regulator banned 7 entities for the period of four years for fraudulent trading in the scrip of Partani Appliances by placing buy order higher than Last Traded Price (LTP) and thereby manipulating the scrip price. In a separate order, Sebi fined Suvidha Securities Rs 5 lakh for failing to submit the required information sought by the regulator in the matter of siphoning of the initial public offering (IPO) proceeds of Ravi Kumar Distilleries.