SEBI Revokes Registrations of 18 Investment Advisers
SEBI canceled the registrations of 18 investment advisers for not paying renewal fees, a statutory requirement. The decision aims to prevent potential misuse of expired registrations. The affected advisers, including entities like Paladin Capital and Vishal Bansal, remain liable for past actions.
- Country:
- India
The Securities and Exchange Board of India (SEBI) has taken decisive action against 18 investment advisers by canceling their registrations after they failed to pay necessary renewal fees. This requirement is part of SEBI's strict regulatory standards, intending to maintain market integrity and protect investors.
Despite several warnings issued between February and June, the advisers, including notable names like Paladin Capital Management LLP and Vishal Bansal, did not comply, leading SEBI to enforce the cancellations. The regulatory body emphasized that the decision was crucial to prevent the misuse of the lapsed registrations.
SEBI's order clarifies that while cancellations are in effect, the advisers must still address past liabilities and investor grievances. They are also obligated to maintain records and ensure the smooth transfer of funds or securities, highlighting SEBI's commitment to safeguarding investor interests.
(With inputs from agencies.)
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