Description
SEBI issues notices of attachment of bank and demat accounts against four individuals involved in unregistered investment advisory services through M/s. Zenithvia Research Services.
Summary
SEBI has issued notices of attachment dated October 30, 2025 for bank accounts and demat accounts in Recovery Certificate No. 7750 of 2024. The attachment notices are issued against four individuals - Anurag Shrivastav (PAN: BWTPS4387N), Lokendra Jain (PAN: AJDPJ2709F), Sandeep Shriwas (PAN: FFDPS9776G), and Vijay Singh Tomar (PAN: AMJPT3407D) in connection with operating unregistered investment advisory services through M/s. Zenithvia Research Services.
Key Points
- Recovery Certificate No. 7750 of 2024 issued against four individuals
- Enforcement action relates to unregistered investment advisory services
- Entity involved: M/s. Zenithvia Research Services
- Attachment notices cover both bank accounts and demat accounts
- Four individuals named: Anurag Shrivastav, Lokendra Jain, Sandeep Shriwas, and Vijay Singh Tomar
- Date of notices: October 30, 2025
Regulatory Changes
No new regulatory changes introduced. This is an enforcement action under existing regulations prohibiting unregistered investment advisory services.
Compliance Requirements
- Investment advisors must be registered with SEBI before providing advisory services
- Unregistered investment advisory activities are subject to recovery proceedings and enforcement actions
- SEBI can attach bank and demat accounts to recover amounts in enforcement cases
- Entities and individuals providing investment advice must ensure proper registration and compliance
Important Dates
- October 30, 2025: Date of attachment notices
- Recovery Certificate No. 7750 of 2024: Issued in 2024
Impact Assessment
Direct Market Impact: Low - This is an enforcement action against specific individuals and does not affect broader market operations or trading.
Compliance Impact: Medium - Serves as a reminder to market participants about the consequences of operating unregistered investment advisory services.
Investor Protection: High - Demonstrates SEBI’s commitment to protecting investors from unregistered and potentially fraudulent investment advisors.
Precedent Value: The attachment of both bank and demat accounts shows SEBI’s comprehensive approach to recovery proceedings in cases of regulatory violations.
Impact Justification
Enforcement action against specific individuals for operating unregistered investment advisory services; limited direct market impact but important for regulatory compliance precedent