SEBI finds unregistered advisory activities linked to Shree Sai Proficient

This order addresses SEBI's investigation into Shree Sai Proficient Financial Services (proprietor Ms. Madhuri Garg) for allegedly providing unregistered investment advisory services and promising assured returns to investors, often using the identity of a registered advisor, Sai Proficient Research Investment Advisory (SPRIA).

Shree Sai Proficient Financial Services (Proprietor: Ms. Madhuri Garg); Sai Proficient Research Investment Advisory (Proprietor: Ms. Meeshika Vishwakarma); Mr. Shyamsundar Virmani (Complainant); Easebuzz (Payment Service Provider).

• SEBI alleged the Noticee engaged in unregistered investment advisory activities in violation of Section 12(1) of the SEBI Act and Regulation 3(1) of the IA Regulations.
• SEBI alleged the Noticee promised assured returns (specifically 90-95% accuracy and approx. INR 8 lac profit) in violation of PFUTP Regulations.
• SEBI noted that payments of ₹5 lakhs made by a complainant were received in an Easebuzz account registered under the Noticee's name.
• SEBI observed that the Noticee sent emails to prospective clients using the name and registration number of SPRIA.
• The Noticee claimed she only provided administrative/back-office support under an outsourcing agreement and did not provide investment advice.
• The document provided is truncated and does not contain the final decision, penalty amount, or specific directions issued by SEBI.

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