SEBI issues final order against Priyanka Yadav over debarred individual's involvement

This is a final order by SEBI regarding Ms. Priyanka Yadav, the proprietor of Trade Money Research, concerning alleged violations of Research Analyst regulations, specifically regarding the involvement of a debarred individual in operations and compliance failures.

Who it concerns: Ms. Priyanka Yadav (Proprietor of Trade Money Research, SEBI Registration No. INH000010991); Sandeep Yadav (identified as an associate/spouse in the findings).

What SEBI found or ordered

• SEBI found that the Noticee's activities were carried out by a person (Sandeep Yadav) who was previously debarred by SEBI from dealing in the securities market.
• SEBI found that the Noticee contravened registration conditions and failed to comply with 'fit and proper' criteria due to association with the debarred individual.
• SEBI found that the Noticee failed to communicate to clients that operations were being run by a debarred person.
• SEBI found that the entity failed to conduct the mandatory annual audit by a member of ICAI or ICSI.
• The Designated Authority recommended the cancellation of the Noticee's registration certificate under Regulation 26(ii) of the SEBI (Intermediaries) Regulations, 2008.
• The Noticee argued that the allegations were based on presumptions and that she and her spouse are independent legal persons, requesting only a regulatory censure instead of cancellation.

Also in the document

• The order is a 'Final Order' issued under Section 12(3) of the SEBI Act, indicating the conclusion of the enforcement proceedings.
• The case involves a joint onsite inspection conducted by SEBI and the Bombay Stock Exchange (BSE) in October 2024.
• The Noticee's defense centers on the legal distinction between herself and her spouse, arguing that the spouse's debarment does not automatically invalidate her registration absent evidence of fraud or benami arrangements.