SEBI penalizes PMIA, directors for 28 lakh rupees for violating market norms

Sebi on Wednesday slapped penalties totaling Rs 28 lakh on Pinnacle Market Investment Consulting (PMIA) and its principals for breaching the regulatory rules.

PMIA is a SEBI registered investment advisory firm whose principals are Abhishek Patel, Shekhar Mishra and Parul Sahu.

The regulator imposed a fine of Rs 13 lakh on PMIA and Rs 5 lakh each on Patel, Mishra and Sahu.

In addition, Sebi directed PMIA and its principals to resolve outstanding complaints against Pinnacle at SCORES within seven days and settle outstanding refunds within thirty days.

The regulator also restricted them from the stock market and also restricted them to issuing a prospectus, filing documents or soliciting funds for a period of three years.

Further, the regulator has prohibited PMIA and its principals from selling their assets, properties, and mutual funds they hold in dematerial and physical form other than for the purpose of recovering refunds.

The order came after al-Sabi received several complaints against the PMIA.

The regulator checked the information available on the PMIA’s website and the documents/information received from the complainants.

Sippy found that the PMIA and its directors were supposed to inform the regulator about the appointment of Parul Shah to its board of directors, which was material information and therefore in violation of the IA’s regulations.

It also found that PMIA and its principals sold several products to their customers, which did not match the customer’s risk profile and charged their customers exorbitant fees resulting in violation of the provisions of the PFUTP (Fraudulent and Unfair Business Practices Prohibition). Grammar.

He also noted that PMIA and its directors did not handle the investors’ complaints within the timeline set by SEBI.

(Only the title and image for this report may have been reworked by the Business Standard staff; the rest of the content is generated automatically from a shared feed.)

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