SEBI to re-examine case involving ₹60,94,539.76 in unregistered investment advisory activities

The Securities Appellate Tribunal (SAT) had set aside the earlier 2023 order, directing SEBI to re-examine the matter based on the Noticee's submissions.

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

What SEBI found or ordered

• SEBI notes that the previous order dated May 25, 2023, was passed ex-parte (without hearing the Noticee).
• The SAT order dated May 05, 2026, 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.
• SEBI's Statement of Allegations (SCN) claimed the Noticee was closely connected to Investocare and received Rs. 60,94,539.76 in an impugned bank account for unregistered advisory services.
• The Noticee denied any connection to Investocare, claiming the bank account entries were legitimate earnings from IT jobs, gift card trading, and digital marketing services.
• The Noticee requested the dropping of allegations and unfreezing of his bank and demat accounts.

Also in the document

• The case involves a significant amount of Rs. 60,94,539.76 allegedly received in the impugned bank account.
• The Noticee claims the previous SEBI order itself noted a lack of evidence connecting him to the complainant or Investocare.
• The proceedings are currently at the stage of SEBI considering the Noticee's fresh submissions after the SAT's remand.