Sebi Fines Monetary Solutions Rs 25 Lakh for Regulatory Breaches

The Securities and Exchange Board of India (Sebi) imposed a Rs 25 lakh fine on investment adviser Monetary Solutions for violating several regulatory norms. An inspection revealed that the firm advertised fake testimonials and did not comply with PFUTP and IA regulations. Further breaches included non-disclosure of the investor charter and complaints link.

Capital markets regulator Sebi has imposed a fine of Rs 25 lakh on Monetary Solutions for regulatory violations.

The Securities and Exchange Board of India (Sebi) conducted an inspection of Monetary Solutions, headed by proprietor Ankit Vyas, from September 19-23, 2022, focusing on PFUTP and IA regulations compliance.

The inspection led to show-cause notices being issued for several norms violations.

Sebi's Adjudicating Officer Barnali Mukherjee noted that Monetary Solutions advertised fake testimonials and fabricated past performance to entice investors, thus deceiving clients.

The company acted fraudulently by making false representations and displaying misleading profit-making tips on its website, violating PFUTP norms and IA regulations.

Additionally, the regulator found that Monetary Solutions failed to disclose the investor charter on its website and did not provide a link for complaints lodging on SCORES, further breaching IA rules.