SEBI ends case against Equicom after six-year debarment

SEBI concluded that no further action is required because the parties are already undergoing a six-year debarment from the securities market.

Who it concerns: Equicom Financial Research Private Limited, Amit Kukda, Akhilesh Raghuvanshi

What SEBI found or ordered

• SEBI disposed of the proceedings without any further directions.
• The Designated Authority (DA) recommended no further action because the noticees are already undergoing a six-year debarment.
• The underlying issue was the non-resolution of 12 complaints within the timeframe directed by a previous SEBI order dated April 19, 2021.
• SEBI noted that the registration certificate of Equicom Financial Research Private Limited is not in force due to non-payment of renewal fees.

Also in the document

• SEBI noted that the 12 unresolved complaints represented only 0.1% of the approximately 12,000 clients associated with the company during FY 2021-22.
• The DA observed there was no material on record indicating disproportionate gain made by the noticees through the misconduct.
• The current debarment period of six years is the result of an initial three-year ban plus an additional three-year ban for non-compliance with the complaint resolution directive.