SEBI imposes ₹25 lakh penalty on Podium Market Research proprietor

SEBI examined complaints and a Designated Authority's report recommending the cancellation of the firm's Investment Adviser registration.

Who it concerns: Podium Market Research (Proprietor: Mr. Suman Kumar), SEBI Registration No. INA300011706

What SEBI found or ordered

• SEBI examined allegations of failing to maintain confidentiality of client information and SCORES complaint details.
• SEBI examined allegations of collecting GST from clients in FY 2018-19 and 2019-20 without GST registration.
• The Designated Authority (DA) recommended that the Noticee's certificate of registration be cancelled.
• SEBI noted a specific incident where a complainant deposited ₹1,43,100 into a third-party account after being contacted via a fake email ID.
• The Noticee argued that the confidentiality breach was caused by a former employee (Mr. Prakash Kumar) who was separately penalized by SEBI for fraud.
• The Noticee argued that non-payment of GST is outside SEBI's jurisdiction and that a related penalty of ₹25,00,000 is under appeal at the Securities Appellate Tribunal (SAT).

Also in the document

• The order references a separate SEBI Adjudication Order dated August 16, 2024, which imposed a penalty of ₹25,00,000 on the Noticee for similar allegations.
• The Noticee claims to have 379 clients, of whom 34 filed complaints, and argues these were influenced by a former employee.
• The proceedings are based on an Enquiry Report dated August 21, 2024, and a Post Enquiry Show Cause Notice dated September 13, 2024.