Some 36 lakh stock investors, including ace stock pickers like Rakesh Jhunjhunwala and several top mutual funds , got a raw deal in the Sebi crackdown on ‘shell’ companies, as their investments got stuck due to trading restrictions on some 331 stocks Some of these stocks on the list have more than doubled investor wealth on a year-to-date basis.For instance, shares of Prakash Industries have risen 188 per cent to Rs 139 as of August 7, 2017 from Rs 48.25 on January 2, 2017.Other stocks on the list such as Parsvnath Developers , Marg, J Kumar Infra, JMD Ventures and Inter Globe Finance have gained 74 per cent, 43 per cent, 34 per cent, 30 per cent and 18 per cent, respectively, so far this year. There are also penny stocks such as Cybermate Info, which has soared 103 per cent to Rs 3.20 from Rs 1.58. The benchmark BSE Sensex has advanced 21 per cent in this period.Later on Wednesday, Finance Ministry sources said ​ trading in about a dozen of suspected ‘shell’ companies is likely to resume in a week's time.Reports say ace investors like Rakesh Jhunjhunwala and some of the top mutual funds like DSP Blackrock, HDFC Mutual, Reliance Mutual and UTI Mutual Fund have exposure to these stocks as do foreign institutional investors such as Goldman Sachs, Fidelity, Blackrock and Smallcap World.Investors (in these companies) will not get any exit, says Ambareesh Baliga, independent market expert.“But the bad could get reversed on at least some of the genuine names on that list. So hold on to those ones,” he advised.G Chokkalingam, Founder, Equinomics Research & Advisory said, “Unless trades are facilitated on those counters, nothing can be done.”In terms of market capitalisation, the five top companies on the ‘black’ list are J Kumar Infra, Prakash Industries, Parsvnath Developers, SQS India BFSI and Pincon Spirits.Shares of Pincon Spirits have advanced 13 per cent on a year-to-date basis, whereas those of SQS India have declined 30 per cent in the same period. Most of the other stocks on the list are trading below Re 1.Several companies on Tuesday petitioned the stock exchanges against being tagged as ‘suspected’ shell companies. Many of them even submitted their annual reports and other financials to impress upon the exchanges that they are not shell companies and are in compliance with all regulations.Some others were contemplating to approach Sebi directly or even file appeal against the ban with the Securities Appellate Tribunal.Prakash Industries said the directions issued by Sebi are “totally devoid of merit and uncalled for. Besides, there has never been an occasion when our company has indulged in any kind of malpractices in the stock market.”SQS India BFSI also expressed shock that it has been placed in the surveillance list. Pincoin Spirit said it had been following all the rules and regulations stipulated under the Companies Act and also Sebi norms. J Kumar Infraprojects also said it was not a shell company and the regulator’s suspicion is uncalled for.The term ‘shell’ company is not defined under the Companies Act. Recently, Finance Minister Arun Jaitley told the Lok Sabha that many such entities have been found to be indulging in large-scale tax evasion.Some market experts are advising investors to wait for the next step.“It might be possible that among the 331 companies, Sebi may take a re-look at the issue. Good companies will approach to the market regulator. Let’s wait for more development in this regard. I think Sebi may give them a chance to explain,” said Sanjeev Jain, Associate Vice President - Equity Research, Ashika Stock Broking.