{"id":108004,"date":"2023-08-24T17:37:45","date_gmt":"2023-08-24T12:07:45","guid":{"rendered":"https:\/\/tradebrains.in\/features\/?p=108004"},"modified":"2023-08-24T17:37:46","modified_gmt":"2023-08-24T12:07:46","slug":"simr-is-fined-rs-20-lakh-by-sebi-for-violating-regulatory-requirements","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/simr-is-fined-rs-20-lakh-by-sebi-for-violating-regulatory-requirements\/","title":{"rendered":"SIMR is fined Rs 20 lakh by Sebi for violating regulatory requirements"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-1948128475\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>Capital markets regulator Sebi has levied a fine of Rs 20 lakh on Star India Market Research for allegedly flouting regulatory norms.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-1505197850\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div><p>Star India Market Research (SIMR) is a Sebi-registered investment adviser.<\/p><p>The Securities and Exchange Board of India (Sebi) conducted an examination of SIMR before issuing a show cause notice on July 11, 2023, for alleged violations.<\/p><p>In its 52-page order on Wednesday, Sebi found that SIMR charged arbitrary fees from clients, sold multiple products in a short span to the same client and also sold products for overlapping periods.<\/p><div class=\"trade-content_5\" id=\"trade-2326237750\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><p>This was done to defraud clients and earn maximum fees, the order said, adding that the noticee did not act honestly, fairly, and diligently in the best interests of its clients, thereby violating the code of conduct of Investment Advisers (IA) regulations.<\/p><p>Further, Sebi observed that SIMR induced its clients to trade in the market, contravening the Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) rules.<\/p><p>&#8220;I note that there were 24 unique complaints pending against the noticee (SIMR). The said complaints were forwarded to the noticee by Sebi, however, it failed to redress the complaints, and did not file ATR (Action Taken Report).<\/p><p>&#8220;By failing to redress the complaints it is established that the noticee has violated the provisions of IA Regulations,&#8221; Sebi&#8217;s Adjudicating Officer Amit Kapoor said in the order.<\/p><p>In addition, the noticee did not submit accurate facts to the capital markets watchdog at the time of seeking registration as an IA and it was not appropriately qualified to seek registration, the order said.<\/p><p>Sebi also found that the noticee was supposed to carry out the risk profiling of the client to ascertain the client&#8217;s risk tolerance, income, loss-absorbing capacity, the capacity of accepting loss of capital, liabilities\/borrowings, etc.<\/p><div class=\"trade-content-10\" id=\"trade-3351365735\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><p>However, it failed to do the same, resulting in a violation of provisions of IA rules, Sebi said.&nbsp;<\/p><div class=\"trade-after-content\" id=\"trade-1469080925\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>Capital markets regulator Sebi has levied a fine of Rs 20 lakh on Star India Market Research for allegedly flouting regulatory norms. Star India Market Research (SIMR) is a Sebi-registered investment adviser. The Securities and Exchange Board of India (Sebi) conducted an examination of SIMR before issuing a show cause notice on July 11, 2023, [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":94946,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1696,31],"tags":[],"class_list":["post-108004","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-action","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SIMR is fined Rs 20 lakh by Sebi for violating regulatory requirements - Trade Brains Features<\/title>\n<meta name=\"description\" content=\"Capital markets regulator Sebi has levied a fine of Rs 20 lakh on Star India Market Research for allegedly flouting regulatory norms.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/simr-is-fined-rs-20-lakh-by-sebi-for-violating-regulatory-requirements\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SIMR is fined Rs 20 lakh by Sebi for violating regulatory requirements\" \/>\n<meta property=\"og:description\" content=\"Capital markets regulator Sebi has levied a fine of Rs 20 lakh on Star India Market Research for allegedly flouting regulatory norms.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/tradebrains.in\/features\/simr-is-fined-rs-20-lakh-by-sebi-for-violating-regulatory-requirements\/\" \/>\n<meta property=\"og:site_name\" content=\"Trade Brains Features\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/TradeBrainsOfficial\/\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-24T12:07:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-24T12:07:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/03\/SEBI-cover-image.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"854\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Trade Brains\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@TradeBrainsGrp\" \/>\n<meta name=\"twitter:site\" content=\"@TradeBrainsGrp\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Trade Brains\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/tradebrains.in\/features\/simr-is-fined-rs-20-lakh-by-sebi-for-violating-regulatory-requirements\/\",\"url\":\"https:\/\/tradebrains.in\/features\/simr-is-fined-rs-20-lakh-by-sebi-for-violating-regulatory-requirements\/\",\"name\":\"SIMR is fined Rs 20 lakh by Sebi for violating regulatory requirements - 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