SEBI notes 2023 order passed ex-parte, 890 credit entries totaling ₹60.94 lakh found

This order addresses a fresh disposal of a case where SEBI previously found that Mr. Ramesh Babu and Investocare Financial Research engaged in unregistered investment advisory activities. The Securities Appellate Tribunal (SAT) had set aside the original 2023 order, directing SEBI to re-examine the matter based on the Noticee's submissions.

Mr. Ramesh Babu (Noticee), Investocare Financial Research, and Mr. Ravish Kandhari (Proprietor of Investocare).

• The original May 25, 2023 order directed Mr. Ramesh Babu to refund money received from investors for unregistered advisory services within three months.
• The original order imposed a one-year debarment on Investocare Financial Research and Mr. Ravish Kandhari from the securities market.
• The original order imposed a two-year debarment on Mr. Ramesh Babu from the securities market.
• Monetary penalties totaling Rs. 6,00,000 were imposed in the original order: Rs. 1,00,000 each on Investocare and Mr. Kandhari, and Rs. 2,00,000 each on Mr. Babu.
• The SAT set aside the 2023 order and remitted the matter to SEBI for fresh disposal.
• The Noticee appeared before SEBI on June 15, 2026, and submitted written arguments on June 27, 2026, claiming he was not an investment adviser and that bank credits were legitimate earnings from IT jobs and other services.

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