Sebi Intensifies Action Against Unregistered Advisors

Sebi is taking strong measures to recover Rs 18.14 crore from Mohd Nasiruddin Ansari, Rahul Rao Padamati, and Golden Syndicate Ventures for unregistered investment advisory activities. Despite previous orders, the dues remain unpaid, prompting Sebi to freeze assets and impose additional restrictions on defaulters.

The Securities and Exchange Board of India (Sebi) has launched stringent action to reclaim Rs 18.14 crore from Mohd Nasiruddin Ansari, known as the 'Baap of Chart', Rahul Rao Padamati, and Golden Syndicate Ventures. This move follows the individuals' involvement in unregistered investment advisory activities.

The regulator had previously issued notices demanding the settlement of dues, but the parties failed to comply. In response, Sebi has frozen the defaulters' bank accounts, demat accounts, and mutual fund investments. Additionally, access to safety deposit lockers has been restricted to prevent the concealment of assets.

Moreover, the Securities Appellate Tribunal instructed Padamati to return Rs 1.2 crore, which he did not fulfill. Consequently, Sebi has now prohibited any transfer or sale of the defaulters' properties to secure outstanding dues.

(With inputs from agencies.)