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Sebi imposes Rs 35 lakh fine on MI Research for flouting regulatory norms
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Sebi has imposed a fine of Rs 35 lakh on MI Research for violating regulatory norms. MI Research (Proprietor — Ashish Jain) is a Sebi-registered Investment Adviser.
The order came after Sebi conducted an examination into the business of MI Research with respect to compliance of the entity with IA (Investment Advisers) regulations.
The period of examination was November 2017 to August 2019.
In its order on Monday, Sebi found that MI Research had collected up to Rs 1.95 crore from 748 clients by charging them for services provided as an investment adviser.
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