Description

SEBI order under Section 12(3) of SEBI Act, 1992 against Investment Adviser Krishna Kumar Jaiswal for being unreachable and not maintaining updated contact details as required under regulations.

Summary

SEBI has issued an order under Section 12(3) of the SEBI Act, 1992 read with Regulation 30A of SEBI (Intermediaries) Regulations, 2008 against Krishna Kumar Jaiswal (Prop. Trade View), a registered Investment Adviser (Registration No. INA000009074, PAN: AJWPJ4144R). The order follows a failed inspection attempt where the Noticee was found unreachable at the registered address, with phone numbers switched off or not reachable, and no response to multiple emails sent to the registered email address.

Key Points

  • Krishna Kumar Jaiswal is a registered Investment Adviser with SEBI (Registration No. INA000009074)
  • Selected for inspection during FY 2024-25 under the theme “Advisory Fees collected by IAs from the Clients”
  • SEBI and BSE inspection team visited Bilaspur, Chhattisgarh on January 17, 2025 but the Noticee was not found at the registered address
  • Registered mobile number (ending with 90xxxx2958) was either switched off or not reachable during multiple contact attempts
  • No response received to emails sent on January 20 and January 27, 2025 to registered email address (krishna.jaiswal88@gmail.com)
  • BSE confirmed on February 06, 2025 that the Noticee was not reachable, though Annual Compliance reporting for 2023-24 and periodic reporting for March 31, 2024 & September 30, 2024 were submitted
  • Relatives at the registered address claimed the Noticee was not available

Regulatory Changes

No new regulatory changes introduced. This order enforces existing requirements under:

  • SEBI (Investment Advisers) Regulation, 2013 - specifically Regulation 13(b) which requires Investment Advisers to inform SEBI in writing if any information previously submitted is false or misleading, or if there is any material change in information already submitted
  • Section 12(3) of SEBI Act, 1992
  • Regulation 30A of SEBI (Intermediaries) Regulations, 2008

Compliance Requirements

  • Investment Advisers must maintain accurate and updated contact details with SEBI
  • Any changes in contact details, addresses, or other material information must be promptly communicated to SEBI in writing
  • Investment Advisers must be available and reachable for regulatory inspections
  • Registered contact numbers and email addresses must be functional and monitored
  • Investment Advisers must respond to communications from SEBI and stock exchanges

Important Dates

  • January 17, 2025: Inspection team visit to Bilaspur, Chhattisgarh (Noticee not found)
  • January 20, 2025: Emails sent by BSE and SEBI to registered email address
  • January 27, 2025: Follow-up emails sent (no response received)
  • Last week of January 2025: Additional contact attempts made
  • January 31, 2025: BSE asked to verify reachability
  • February 06, 2025: BSE confirmed Noticee unreachable
  • December 09, 2025: Order issued (Order No. RD/WRO/DIV-3/31824/2025-26)

Impact Assessment

Market Impact: Low - This action affects only one Investment Adviser and their client base. No broader market disruption expected.

Regulatory Impact: High - Demonstrates SEBI’s strict enforcement of compliance requirements for registered intermediaries. Serves as a warning to other Investment Advisers about the importance of maintaining updated contact information and being available for regulatory inspections.

Operational Impact: High for the concerned IA - The order under Section 12(3) may lead to suspension or cancellation of registration, affecting the IA’s ability to continue business operations and serve existing clients.

Investor Impact: Medium - Clients of this Investment Adviser may face disruption in advisory services and will need to identify alternative advisers if registration is suspended or cancelled.

Impact Justification

High severity regulatory action against a registered Investment Adviser for non-compliance, but low market impact as it affects only one IA and their clients. Important for regulatory compliance awareness but limited broader market impact.