Description

SEBI issues General Remittance Order RC No. 8897 of 2025 against Pankaj Kumar Shukla, Proprietor of M/s. Market Anand for conducting unregistered investment advisory activities.

Summary

SEBI has issued General Remittance Order (Recovery Certificate No. 8897 of 2025) dated December 19, 2025 against Pankaj Kumar Shukla, Proprietor of M/s. Market Anand for conducting unregistered investment advisory activities in violation of SEBI regulations. This order is part of SEBI’s ongoing enforcement actions against entities providing investment advisory services without proper registration.

Key Points

  • Recovery Certificate No. 8897 of 2025 issued against Pankaj Kumar Shukla
  • Entity operated as M/s. Market Anand
  • Violation: Conducting investment advisory activities without SEBI registration
  • Order type: General Remittance Order for recovery of dues
  • Date of order: December 19, 2025

Regulatory Changes

No regulatory changes introduced. This is an enforcement action under existing SEBI (Investment Advisers) Regulations, 2013 which mandate registration for entities providing investment advisory services.

Compliance Requirements

  • All persons/entities providing investment advisory services must obtain registration from SEBI under SEBI (Investment Advisers) Regulations, 2013
  • Unregistered entities must immediately cease providing investment advisory services
  • Investors should verify registration status of investment advisors on SEBI website before engaging their services
  • Outstanding dues as per the recovery certificate must be remitted to SEBI

Important Dates

  • December 19, 2025: Date of General Remittance Order
  • Recovery Certificate No.: 8897 of 2025

Impact Assessment

Market Impact: Low - This enforcement action is specific to one unregistered investment advisor and does not affect broader market operations.

Regulatory Impact: Medium - Reinforces SEBI’s commitment to protecting investors from unregistered advisors and maintaining market integrity.

Investor Impact: Those who received services from M/s. Market Anand/Pankaj Kumar Shukla should be aware that they dealt with an unregistered entity. This serves as a reminder for investors to verify advisor credentials before engaging services.

Compliance Impact: Serves as a deterrent for entities operating without proper registration and emphasizes the importance of regulatory compliance in the investment advisory space.

Impact Justification

Enforcement action against unregistered investment advisor. High severity for the entity involved but low market-wide impact as it affects only those who received services from this specific unregistered advisor.