SEBI finds investment advisor misled clients with assured returns

This is a final order by SEBI regarding M/s Trade Nexa Research Investment Advisor (Prop-Minakshi Asavani), examining violations of regulations related to investment advice, including misleading clients with assured returns and failing to maintain required records.

Who it concerns: M/s Trade Nexa Research Investment Advisor (Prop-Minakshi Asavani)

What SEBI found or ordered

• SEBI found that the Noticee misled clients by giving assurances regarding fixed returns.
• SEBI found that the Noticee failed to comply with statutory obligations regarding applicable circulars, rules, and regulations.
• Violations of the SEBI Act, PFUTP Regulations, and IA Regulations were established.
• A separate adjudication order (dated August 13, 2025) penalized the Noticee for these violations.
• SEBI initiated recovery proceedings for the penalty via a Notice of Attachment dated December 23, 2025.
• The Noticee was granted time until March 31, 2026, to make the penalty payment along with interest.

Also in the document

• The Noticee admitted to accepting fees from clients before entering into agreements in certain instances.
• The Noticee admitted that complete call records were not maintained, though some were provided to SEBI.
• The Noticee stated that it has stopped providing services and desires to obtain a Research Analyst license.
• The Noticee disputed the allegation of providing free trials, claiming SEBI relied on a WhatsApp communication to make that assumption.