Description

SEBI issued notices for attachment of bank and demat accounts dated 30.10.2025 in Recovery Certificate No. 8901 of 2025 against Jitendra Bharbhuja (Proprietor of Maxx Innovation) for unregistered investment advisory and portfolio manager services.

Summary

SEBI has issued notices for attachment of bank accounts and demat accounts dated 30.10.2025 under Recovery Certificate No. 8901 of 2025 against Jitendra Bharbhuja (PAN: EZSPB9777C), Proprietor of Maxx Innovation. The action relates to unregistered investment advisory services and portfolio manager services provided by Maxx Innovation Growth and Maxx Innovation.

Key Points

  • Recovery Certificate No. 8901 of 2025 issued against Jitendra Bharbhuja
  • Entity involved: Maxx Innovation (Proprietor: Jitendra Bharbhuja, PAN: EZSPB9777C)
  • Violation: Unregistered Investment Advisory Services and Portfolio Manager Services
  • Related entities: Maxx Innovation Growth and Maxx Innovation
  • Action taken: Attachment of bank accounts and demat accounts
  • Notice date: 30.10.2025

Regulatory Changes

No regulatory changes. This is an enforcement action under existing regulations.

Compliance Requirements

  • Entities must obtain proper registration from SEBI before providing investment advisory services
  • Portfolio management services require mandatory SEBI registration
  • Failure to comply results in enforcement action including asset attachment and recovery proceedings

Important Dates

  • Notice Date: 30.10.2025
  • Recovery Certificate issued: 2025

Impact Assessment

This enforcement action serves as a warning to unregistered entities providing investment advisory and portfolio management services. The attachment of bank and demat accounts demonstrates SEBI’s strict approach to unauthorized financial services. Market participants should ensure proper registration and compliance with SEBI regulations to avoid similar enforcement actions.

Impact Justification

High importance due to enforcement action involving asset attachment for regulatory violations. Medium impact as it affects specific entity rather than broader market.