Description
SEBI issues Recovery Certificate No. 8883 of 2025 against Mr. Jitendra Bharbhuja (Proprietor of Maxx Innovation) for providing unregistered investment advisory and portfolio management services.
Summary
SEBI has issued a Notice of Demand under Recovery Certificate No. 8883 of 2025 against Mr. Jitendra Bharbhuja (PAN: EZSPB9777C), who operates as the proprietor of Maxx Innovation. The action is taken for providing unregistered Investment Advisory Services and Portfolio Manager Services through Maxx Innovation Growth and Maxx Innovation.
Key Points
- Recovery Certificate No. 8883 of 2025 issued against Mr. Jitendra Bharbhuja
- PAN: EZSPB9777C
- Proprietor of Maxx Innovation
- Violation: Providing unregistered Investment Advisory Services and Portfolio Manager Services
- Entities involved: Maxx Innovation Growth and Maxx Innovation
Regulatory Changes
No new regulatory changes introduced. This is an enforcement action under existing SEBI regulations requiring registration for investment advisory and portfolio management services.
Compliance Requirements
- Investment advisors must obtain proper registration from SEBI before providing services
- Portfolio managers must be registered with SEBI
- Entities providing such services without registration face recovery proceedings
- Payment of demanded amount as per the recovery certificate
Important Dates
- Recovery Certificate issued: 2025
- Notice published: August 29, 2025
Impact Assessment
This enforcement action reinforces SEBI’s commitment to ensuring only registered entities provide investment advisory and portfolio management services. It serves as a deterrent for unregistered operators and protects investor interests. The action may impact other unregistered service providers operating in similar capacity.
Impact Justification
Enforcement action against unregistered service provider, affects regulatory compliance landscape