Sebi Revokes 68 Investment Advisers for Non-Compliance

Sebi cancelled the registration of 68 investment advisers for not paying renewal fees. The affected entities include several companies and individuals. This action aims to prevent misuse of expired certificates. Sebi had previously issued multiple show-cause notices to the non-compliant advisers.

The Securities and Exchange Board of India (Sebi) has taken decisive action by revoking the registration of 68 investment advisers who failed to comply with renewal fee payments. This move comes after the advisers ignored multiple warnings issued by the market regulator.

Prominent names such as Truenorth Labs Pvt Ltd and Equity Mantra, along with several other entities and individuals, were included in the list of cancellations. These advisers disregarded their obligation to pay fees necessary for the renewal of their registration, which is mandated every five years according to Sebi's investment adviser rules.

The regulator's swift action seeks to prevent the potential misuse of expired registrations, which could lead to unsuspecting investors being misled. The expired certificates were deemed a significant risk, prompting the necessity of cancellation to uphold market integrity and investor trust.

(With inputs from agencies.)