SEBI finds ₹47.05 lakh collected for unregistered investment advisory activities

This order addresses unregistered investment advisory activities and the impersonation of a registered firm by Zara Portal (Proprietor Mr. Anurag Jaiswal). SEBI examined complaints regarding assured returns and unauthorized collection of fees for stock advisory services.

Zara Portal, Proprietor – Mr. Anurag Jaiswal

• SEBI found that the Noticee collected a total of ₹47,05,709.67 from investors for unregistered investment advisory activities.
• SEBI found that the Noticee impersonated a SEBI-registered investment advisory (Sai Proficient Research Investment Advisory) to solicit clients.
• SEBI found that the Noticee promised assured returns (e.g., ₹9,00,000 profit) in violation of regulations.
• The Noticee did not respond to the Show Cause Notice or file any written submissions, leading to an ex-parte decision.
• SEBI directed the Noticee to refund fees collected from investors and imposed debarment from the securities market.
• SEBI imposed a monetary penalty on the Noticee.

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