SEBI finds ₹47.05 lakh collected for unregistered investment advisory activities

SEBI examined complaints regarding assured returns and unauthorized collection of fees for stock advisory services.

Who it concerns: Zara Portal, Proprietor – Mr. Anurag Jaiswal

What SEBI found or ordered

• 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.

Also in the document

• The proceedings were initiated based on complaints against a different registered entity (SPRIA), which led to the discovery of the Noticee's activities.
• The Noticee used a payment gateway (Easebuzz) where the merchant name was listed as 'Zara Portal' with the purpose 'Stock Advisory'.
• The total amount collected (₹47,05,709.67) includes ₹12,17,458.67 from a bank account and ₹34,88,251 from the Easebuzz wallet.