Capital markets regulator Sebi cancelled the registration of 68 investment advisers for failing to pay renewal fees. According to Sebi’s IA (Investment Advisers) rules, every registered investment adviser is required to pay a renewal fee every five years from the date of grant of registration by the regulator.
The regulator noted that the advisers failed to make such payments despite being informed about the lapse. Sebi issued several show-cause notices to the entities between February and June this year.
The market watchdog observed that since the certificates had already expired, the cancellations were necessary to prevent any possible misuse of the registrations by misleading unsuspecting investors.
