Markets regulator Securities and Exchange Board of India on Friday cancelled the registration of 13 entities as investment advisers after they failed to pay the renewal fees.
"The main purpose of cancellation of certificate of registration, as investment adviser, of the noticees (13 entities) is to prevent the misuse of their expired certificate of registration with Sebi on unaware investors," the regulator said in its order.
However, SEBI clarified that these entities would continue to be liable for anything done or omitted to be done as investment advisers despite the cancellation of registration.
These 13 entities are -- Manjeet Singh Vohra, Tarun Kumar Sapra, Gowri Suganya B, Sanjay Subodhchandra Shukla, Shaji George, Ravi Mittal, VBS Investments, Ravishankar K Iyer, MG Funds, Sandeep Ahuja, Harsh Agarwal, Varun Jalan and Gaurav Kedia.
Considering that the entities have not paid the renewal fees to keep the registration in force, and their registration certificates as investment advisers have expired, SEBI has cancelled their registrations, the order noted.
Under the SEBI (Investment Advisers) Regulation, every registered investment adviser is required to pay the renewal fee every five years from the date of grant of registration from SEBI to keep the registration in force.
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