SEBI Cancels Registration of 68 Investment Advisers Over Non-Payment of Renewal Fees
SEBI has cancelled the registration of 68 investment advisers who are failed to pay renewal fees. According to SEBI’s IA (Investment Adviser) rules, every registered investment adviser is required to pay renewal fees every five years from the date of grant of registration by the regulator.
New Delhi: Stock Market Regulator, Securities and Exchange Board of India (SEBI) has cancelled the registration of 68 investment advisers who are failed to pay renewal fees. According to SEBI’s IA (Investment Adviser) rules, every registered investment adviser is required to pay renewal fees every five years from the date of grant of registration by the regulator.
The regulator has explained that the advisers failed to make such payments despite being informed about the lapse. The market regulator, SEBI issued several show-cause notices to the entities between February and June this year.
The market regulator has observed that since the certificates had already expired, the cancellations were necessary to prevent any possible misuse of the registrations by misleading unsuspecting investors.