Adjudication Order in the matter of thematic inspection of Rajiv Sharma, Proprietor - Capital Life Market Research
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What is this order about?
This order addresses SEBI's findings against Rajiv Sharma, proprietor of Capital Life Market Research, for violations related to investment advisory services during a thematic inspection.
Who it concerns
Rajiv Sharma (Proprietor - Capital Life Market Research)
What was found or directed
- Violated Regulation 15(3) of IA Regulations by not maintaining arm's length between advisory activities and other activities
- Violated Regulations 7(2) and 15(13) read with 13(a) by operating without valid NISM certifications
- Violated Regulations 19(1)(a-h), 19(2), 19(3) by failing to maintain records and submit reports
- Collected Rs. 1.20 crore in advisory fees without valid NISM certifications
- Failed to submit annual compliance audit report for FY 2023-2024
- Failed to submit periodic reports for half-year ended March 2024 and September 2024
- KYC details not updated for 5 clients on CVL-KRA portal
- Client records incomplete and not maintained as per IA Regulations
| Source body | Securities & Exchange Board of India (SEBI) — enforcement orders |
| Reference number | Order/JS/YK/2026-27/32423 |
| Status | closed (section: order) |
| Year | 2026 |
| Closing date | — |
| Documents | 1 |
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Documents
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Order
2026-05-27
ORDER_1779864043.pdf
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