SEBI finds Growthlift violated KYC norms, fee limits, and AML reporting

This order details SEBI's adjudication proceedings against Growthlift Investment Advisories Private Limited for alleged violations of KYC norms, employee qualification requirements, fee limits, and anti-money laundering reporting obligations.

Growthlift Investment Advisories Private Limited

• Alleged violation of KYC norms (Para 113-119 of SEBI Master Circular) for not obtaining registration with CKYC and KRA.
• Alleged violation of Regulation 7(1)(c) of IA Regulations, 2013, for employing 98 client-facing staff and one research assistant without requisite qualifications or intimation to SEBI/BASL.
• Alleged violation of Regulation 15A of IA Regulations, 2013, for charging fees exceeding ₹1,25,000 per annum to 16 clients and collecting ₹1,90,678 from 3 clients without PAN details.
• Alleged violation of AML/CFT guidelines (Clauses 61 and 62) for failing to intimate the appointment of the Principal Officer and Designated Director to FIU-IND.
• Adjudication initiated under Section 15EB of the SEBI Act, 1992.

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