Description
SEBI issued notices of attachment (AP Nos. 14988 and 14989 of 2025) dated November 03, 2025 against Rahul Goswami (PAN: AXUPG5665L) under Recovery Certificate No. 8890 of 2025 for operating unregistered investment advisory services.
Summary
SEBI has issued two notices of attachment (AP Nos. 14988 and 14989 of 2025) dated November 03, 2025 against Rahul Goswami (PAN: AXUPG5665L) for operating unregistered investment advisory services. The attachment orders target bank accounts and demat accounts of the defaulter under Recovery Certificate No. 8890 of 2025. This enforcement action is part of SEBI’s ongoing efforts to curb unregistered intermediaries operating in the securities market.
Key Points
- Defaulter: Rahul Goswami (PAN: AXUPG5665L)
- Recovery Certificate No.: 8890 of 2025
- Attachment Proceeding Nos.: 14988 and 14989 of 2025
- Date of Notice: November 03, 2025
- Violation: Operating unregistered investment advisory services
- Action Taken: Attachment of bank accounts and demat accounts
Regulatory Changes
No new regulatory changes. This is an enforcement action under existing SEBI regulations prohibiting unregistered investment advisory activities.
Compliance Requirements
- Investment advisors must be registered with SEBI under the SEBI (Investment Advisers) Regulations, 2013
- Unregistered persons cannot provide investment advisory services
- Entities providing such services without registration are subject to recovery proceedings and attachment of assets
- Market participants should verify registration status of investment advisors on SEBI website before engaging their services
Important Dates
- November 03, 2025: Date of attachment notices (AP Nos. 14988 and 14989 of 2025)
Impact Assessment
Individual Impact: High - The attachment of bank accounts and demat accounts significantly impacts the defaulter’s ability to operate and access funds.
Market Impact: Low - This is an individual enforcement action with no direct impact on broader market operations or legitimate registered intermediaries.
Investor Protection: Medium - Demonstrates SEBI’s commitment to protecting investors from unregistered advisors, serving as a deterrent to similar violations.
Precedent Value: Medium - Reinforces SEBI’s enforcement approach against unregistered intermediaries through asset attachment proceedings.
Impact Justification
Individual enforcement action against unregistered investment advisor. High severity for the defaulter but limited market-wide impact. Demonstrates SEBI's continued vigilance against unregistered intermediaries.