SEBI Cancels Registrations Of 18 Investment Advisers For Failing To Pay Renewal Fee

The Securities and Exchange Board of India cancelled on Wednesday the registration of 18 investment advisers as they failed to pay their renewal fee. These include Paladin Capital Management, Vishal Bnsal, Nimit Aggarwal, and Paresh D. Shetiya.

The renewal fee by the investment advisers is to be paid every five years from the date of the grant of registration to keep it in force, according to SEBI order. The registrations get cancelled by the regulatory body to prevent the misuse of their expired certificate and take advantage of unaware investors.

The others in the list include Algoanalytics Financial Consultancy Pvt., Shah Investors Home Ltd., Pooja Anilbhai Thakar, Nilesh Vallabhdas Gujarathi and Nidhi Consultants. Agacquisitions Markets Pvt., Dharmesh Parmar, Padmakumar Kandoth, Hinang Shrenik Shah, Abhinay Jain. Basavaraj M Shetty, Smirkumar Jha, Vivekanand Ramnath Devhare and Dharmesh Agarwal Proprietor of Rudraksh Investment are also part of the list.

Before canceling their registrations, SEBI had issued show-cause notices in February, March and June. Post this, some of the advisers agreed to the cancellation of their registrations, while some said they no longer want to offer advisory services. However, there were a few who did not respond to the notices sent by SEBI. No response from the investment advisers within 21 days indicates that there is no reply to submit and the matter will proceed on the basis of the proofs on record.