SEBI Cancels Grovalue Financial Services Registration for Regulatory Violations

SEBI revoked Grovalue Financial Services' registration for violating regulatory norms. An inspection revealed non-compliance with SEBI's Research Analyst rules, failure to respond to complaints timely, and lack of cooperation. This decision underscores the importance of adhering to regulatory standards for investment advisors.

PTI | New Delhi | Updated: 14-06-2024 21:08 IST | Created: 14-06-2024 21:08 IST
SEBI Cancels Grovalue Financial Services Registration for Regulatory Violations
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The Securities and Exchange Board of India (SEBI) on Friday took a stern action by cancelling the registration of Grovalue Financial Services. This decision follows an inspection that found the firm neglecting regulatory norms.

Conducted between April 2021 and August 2022, the assessment aimed to ensure compliance with SEBI's Research Analyst regulations. The inspection revealed that Grovalue Financial Services not only failed to maintain necessary records but also didn't adhere to its registration conditions.

SEBI's Chief General Manager, G Ramar, highlighted the firm's lack of cooperation, which included ignoring inspection notices and failing to resolve investor complaints within the mandated 30-day window. According to SEBI regulations, such delays are unacceptable and signify a breach of investor trust. Effective regulation is deemed vital for maintaining market integrity and safeguarding investor interests.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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