https://www.taxtmi.com/caselaws?id=777046 The Board cancelled the noticee's certificate of registration as a portfolio manager for failing to submit mandatory annual certificates and NIL compliance/performance reports for FY 2021-22 and 2022-23 in breach of the Master Circular and Regulation 33 of the PMS Regulations. The noticee's explanations (office closure, MD imprisonment, no clients) were rejected because no exception exists for inactive managers. Recovery proceedings for a prior penalty and applicable debarment provisions rendered the noticee not "fit and proper" under Schedule II of the Intermediaries Regulations, warranting cancellation. en-us Tue, 19 Aug 2025 00:00:00 +0530 Sat, 23 Aug 2025 08:31:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=777046 The Board cancelled the noticee's certificate of registration as a portfolio manager for failing to submit mandatory annual certificates and NIL compliance/performance reports for FY 2021-22 and 2022-23 in breach of the Master Circular and Regulation 33 of the PMS Regulations. The noticee's explanations (office closure, MD imprisonment, no clients) were rejected because no exception exists for inactive managers. Recovery proceedings for a prior penalty and applicable debarment provisions rendered the noticee not "fit and proper" under Schedule II of the Intermediaries Regulations, warranting cancellation. Case-Laws SEBI Tue, 19 Aug 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=777046