SEBI finds Sai Proficient Research Investment Advisory violated regulations

This order addresses an enquiry into Sai Proficient Research Investment Advisory and its proprietor, Ms. Meeshika Vishwakarma, regarding alleged violations of SEBI regulations, including promising assured returns, unfair dealing with clients, and failure to cooperate with SEBI.

Who it concerns: Sai Proficient Research Investment Advisory, Proprietor – Ms. Meeshika Vishwakarma (SEBI Registration No. INA000002504)

What SEBI found or ordered

• SEBI examined allegations of promising assured higher returns and receiving money from an unregistered Investment Adviser.
• SEBI examined allegations of unfair dealing with clients, including extorting money under different pretexts and threatening forfeiture of amounts paid.
• SEBI examined allegations of failure to resolve client complaints within specified timelines.
• SEBI examined allegations of failure to submit material information regarding a change in registered office address and non-disclosure of this address on the website.
• The Designated Authority (DA) recommended that the certificate of registration granted to the Noticee be cancelled.
• The Noticee was granted opportunities for personal hearings and submitted replies to the Show Cause Notice and Post Enquiry Show Cause Notice.

Also in the document

• The order is based on an Enquiry Report dated December 24, 2024 (referenced in background) and July 18, 2024 (referenced in findings), submitted by the Designated Authority.
• The Noticee disputed the allegations, claiming that emails and WhatsApp chats relied upon by complainants were forged or fabricated, and that no assured returns were promised.
• The Noticee claimed that certain functions were outsourced to a third-party associate, Ms. Madhuri Garg, and that the entity 'Shree Sai Proficient Financial Services' was not an unregistered investment adviser.