Capital markets regulator Sebi has imposed a fine of Rs 35 lakh on MI Research for violating regulatory norms.
MI Research (Proprietor — Ashish Jain) is a Sebi-registered Investment Adviser.
The order came after Sebi conducted an examination into the business of MI Research with respect to compliance of the entity with IA (Investment Advisers) regulations.
The period of examination was November 2017 to August 2019.
In its order on Monday, Sebi found that MI Research had collected up to Rs 1.95 crore from 748 clients by charging them for services provided as an investment adviser. The quantum of fees charged for its services appears to be unreasonably high.
However, the noticee (MI Research) had failed to comply with the basic requirements of IA rules and also promised assured returns and mis-sold his services to clients and thus, failed to act honestly and in good faith with due skill, care and diligence, and adhered to a high professional standard, appropriate standards of condu
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