Description

SEBI issues completion order for Recovery Certificate No. 8737 of 2025 against 3M Team Research Private Limited, Rakesh Sethi, and Pramod Jain in the matter of unregistered portfolio management services.

Summary

SEBI has issued a Completion Order for Recovery Certificate No. 8737 of 2025 against 3M Team Research Private Limited (PAN: AAACZ5112B), Rakesh Sethi (PAN: ATIPS2321R), and Pramod Jain (PAN: AOAPJ9120L) in the matter of unregistered Portfolio Management Services (PMS) being operated by 3M Team Research Private Limited. The order marks the completion of recovery proceedings initiated under the said certificate.

Key Points

  • Recovery Certificate No. 8737 of 2025 has been completed against the named defaulters.
  • The three parties against whom the order is issued are: 3M Team Research Private Limited (PAN: AAACZ5112B), Rakesh Sethi (PAN: ATIPS2321R), and Pramod Jain (PAN: AOAPJ9120L).
  • The underlying matter pertains to the operation of unregistered Portfolio Management Services by 3M Team Research Private Limited.
  • SEBI had earlier issued a recovery certificate to enforce its penalty/recovery order; this completion order signifies the closure of that recovery process.

Regulatory Changes

No new regulatory changes are introduced by this order. It is an enforcement and recovery action under existing SEBI regulations governing Portfolio Management Services and recovery of dues.

Compliance Requirements

  • The named entities and individuals (3M Team Research Private Limited, Rakesh Sethi, and Pramod Jain) have completed their obligations under Recovery Certificate No. 8737 of 2025.
  • No further action is required from general market participants.
  • Entities providing portfolio management services must ensure they are duly registered with SEBI as required under the SEBI (Portfolio Managers) Regulations.

Important Dates

  • Order Date: March 24, 2026
  • Recovery Certificate No.: 8737 of 2025

Impact Assessment

This order has limited broader market impact as it is specific to three named parties and relates to completed recovery proceedings. It reinforces SEBI’s continued enforcement actions against entities operating unregistered portfolio management services. The completion of the recovery certificate signals that the financial penalties or dues imposed on the defaulters have been recovered. Market participants in the PMS space should note SEBI’s vigilance in pursuing unregistered operators.

Impact Justification

Enforcement action completing recovery proceedings against specific individuals and entity for unregistered PMS; significant from regulatory enforcement perspective but limited broader market impact.