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

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 earlier 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).

• 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.

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