Sebi Cancels Registrations of 13 Defaulters

The Securities and Exchange Board of India (Sebi) has cancelled the registrations of 13 investment advisers after they failed to renew their certifications by paying the requisite fees. This decision is targeted at preventing the misuse of expired certificates to mislead uninformed investors.

According to Sebi, while the certificates are void, the entities involved will still be held accountable for any actions or inactions during their registration period. The list of entities losing registration includes several individual advisers as well as investment firms like VBS Investments and MG Funds.

This move comes under the Sebi (Investment Advisers) Regulation, which mandates that registered advisers pay a renewal fee every five years to maintain their certification with the regulatory body.

(With inputs from agencies.)