Description

SEBI issued a Notice of Demand under Recovery Certificate No. 9059 of 2026 dated March 09, 2026 against Mr. Naresh Pal (Proprietor of Equity Mantra, PAN: DPDPP1122R) for operating unregistered investment advisory services.

Summary

SEBI has issued a Notice of Demand under Recovery Certificate No. 9059 of 2026, dated March 09, 2026, against Mr. Naresh Pal, Proprietor of Equity Mantra (PAN: DPDPP1122R). The notice arises from enforcement proceedings related to the operation of unregistered investment advisory services under the name Equity Mantra.

Key Points

  • Recovery Certificate No. 9059 of 2026 issued against Mr. Naresh Pal (Proprietor of Equity Mantra)
  • PAN of defaulter: DPDPP1122R
  • Violation: Operating unregistered investment advisory services through the entity ‘Equity Mantra’
  • Notice of Demand issued on March 09, 2026
  • SEBI is pursuing recovery of dues pursuant to an earlier order/penalty

Regulatory Changes

No new regulatory changes. This is an enforcement action under existing SEBI (Investment Advisers) Regulations and SEBI Act provisions relating to recovery of penalties/dues from defaulters.

Compliance Requirements

  • The defaulter (Mr. Naresh Pal / Equity Mantra) is required to pay the demanded amount as specified in the Recovery Certificate No. 9059 of 2026
  • Failure to comply may result in further coercive recovery measures under the SEBI Act
  • Any investment advisor operating without SEBI registration must immediately cease such activity and seek registration

Important Dates

  • March 09, 2026: Date of issuance of Notice of Demand and Recovery Certificate No. 9059 of 2026

Impact Assessment

This enforcement action has minimal broader market impact. It is directed solely at Mr. Naresh Pal and Equity Mantra for operating unregistered investment advisory services. The action reinforces SEBI’s continued enforcement against unregistered investment advisors and serves as a deterrent to entities providing investment advice without proper SEBI registration. Retail investors are reminded to verify SEBI registration before engaging any investment advisor.

Impact Justification

Enforcement action against an individual unregistered investment advisor with no direct market-wide impact; relevant only to parties involved in the recovery proceedings.