Description

SEBI issued a Notice of Demand under Recovery Certificate No. 9058 of 2026 dated March 09, 2026 to Mr. Naresh Pal, Proprietor of Equity Mantra (PAN: DPDPP1122R), for operating unregistered investment advisory services.

Summary

SEBI issued a Notice of Demand under Recovery Certificate No. 9058 of 2026 dated March 09, 2026, against Mr. Naresh Pal, the proprietor of Equity Mantra (PAN: DPDPP1122R). The notice was issued in connection with the matter of unregistered investment advisory services being provided by Equity Mantra. This is an enforcement/recovery action requiring the defaulter to pay dues determined by SEBI.

Key Points

  • Recovery Certificate No. 9058 of 2026 issued against Mr. Naresh Pal (Proprietor of Equity Mantra)
  • PAN of defaulter: DPDPP1122R
  • The matter pertains to provision of unregistered investment advisory services under the name Equity Mantra
  • Notice of Demand is a formal legal instrument used by SEBI to recover monetary penalties/disgorgement from defaulters
  • Issued under SEBI’s recovery proceedings framework

Regulatory Changes

No new regulatory changes introduced. This is an enforcement action under existing SEBI regulations governing investment advisors and recovery of dues.

Compliance Requirements

  • Mr. Naresh Pal / Equity Mantra is required to pay the demanded amount as specified in the Recovery Certificate within the stipulated time period
  • Failure to comply may lead to further enforcement actions including attachment of assets
  • Any person providing investment advisory services must be registered with SEBI under the SEBI (Investment Advisers) Regulations, 2013

Important Dates

  • Notice of Demand Date: March 09, 2026
  • Recovery Certificate Number: 9058 of 2026

Impact Assessment

This action has minimal broader market impact. It is targeted enforcement against a specific individual operating as an unregistered investment advisor. The action signals SEBI’s continued vigilance against unregistered entities offering investment advisory services, which is relevant for investor protection. No impact on listed securities or market operations.

Impact Justification

This is an individual enforcement action against an unregistered investment advisor with no direct market-wide impact. Relevant only to the specific defaulter named.