SEBI finds ₹8.81 lakh discrepancy in Cash Cow Broking fees

This order addresses a dispute over the exact amount of fees collected by Cash Cow Broking & Advisory Solutions and its partners for unregistered investment advisory services, following a previous SEBI order and a Securities Appellate Tribunal (SAT) directive to recalculate the refund amount.

M/s. Cash Cow Broking & Advisory Solutions, Mr. Shailendra Sen, Mr. Amit Jain, and Mr. Chirag Sharma

• SEBI found that the Noticees engaged in unregistered investment advisory activities.
• SEBI calculated the fees collected from unregistered activities to be ₹46,10,906.06, which contradicts the Noticees' claim of ₹37,29,444.
• The Noticees had previously deposited ₹40,00,000 with SEBI as directed by the SAT to enable the recalculation process.
• SEBI stated that the verification of refunds already made to 121 clients (claimed as ₹32,83,930) is outside the scope of the current recalculation proceedings and will be handled at the implementation stage.
• The order notes that the Noticees were restrained from accessing the securities market since the 2022 order.

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