Description
SEBI remittance advice issued against defaulters Harleen Singh, Sumit Wadhwa, and Pal Singh under Recovery Certificate No. 7867 of 2024 for operating as unregistered investment advisors.
Summary
SEBI has issued a remittance advice against three individuals - Harleen Singh (PAN: ANKPS5827L), Sumit Wadhwa (PAN: AAOPW8621R), and Pal Singh (PAN: BDKPS9758P) - who have been designated as defaulters. The action is taken jointly and severally against these individuals under Recovery Certificate No. 7867 of 2024 for operating as unregistered investment advisors in violation of SEBI regulations.
Key Points
- Enforcement action against three individuals for operating as unregistered investment advisors
- Defaulters: Harleen Singh, Sumit Wadhwa, and Pal Singh held jointly and severally liable
- Recovery Certificate No. 7867 of 2024 issued for monetary recovery
- Remittance advice issued to facilitate recovery of dues
- Violation relates to providing investment advisory services without SEBI registration
Regulatory Changes
No new regulatory changes introduced. This document represents enforcement of existing regulations requiring investment advisors to be registered with SEBI under the SEBI (Investment Advisers) Regulations, 2013.
Compliance Requirements
- All persons providing investment advisory services must obtain registration from SEBI
- Investment advisors must comply with SEBI (Investment Advisers) Regulations, 2013
- Failure to register and operate as investment advisor can result in recovery proceedings and enforcement action
- Individuals/entities must verify registration status of investment advisors before engaging their services
Important Dates
- Date of Remittance Advice: December 24, 2025
- Recovery Certificate No. 7867 of 2024
Impact Assessment
Market Impact: Low - This is an enforcement action against specific individuals and does not affect broader market operations, trading activities, or listed companies.
Regulatory Impact: Medium - Reinforces SEBI’s commitment to enforce registration requirements for investment advisors and protect investors from unregistered operators.
Investor Impact: Medium - Serves as a warning to investors to verify the registration status of investment advisors before engaging their services. Demonstrates SEBI’s active enforcement against illegal advisory activities.
Impact Justification
Enforcement action against specific individuals for operating as unregistered investment advisors. High severity for the individuals involved but low market impact as it does not affect broader market operations or listed companies.