The list of canceled entities includes Truenorth Labs Pvt Ltd, Equity Mantra, Saurabh Mundra, Sheetal Agrawal, Ateet Hemant Wagh, Getbasis Securities and Technologies India Pvt Ltd, Lucid Technologies and Avenue Venture Partners Investment Adviser LLP.
As per Sebi’s IA (Investment Advisers) Rules, every registered investment adviser is required to pay a renewal fee every five years from the date of grant of registration by the regulator.
The regulator noted that the advisers failed to make such payments despite being notified of the lapse. Sebi issued several show-cause notices to the entities between February and June this year.
The market watchdog noted that since the certificates had already expired, the cancellations were necessary to deceive possible misuse of the registrations by unsuspecting investors. “Since the certificates of registration of the notifications have already expired, I find that the certificates of registration as investment adviser granted to the notifications Nos. 1 to 68 should be canceled under the Intermediaries Regulations, 2008,” Majumder said in the order. PTI
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