https://www.taxtmi.com/caselaws?id=472308 Fees collected for investment advisory services provided without required registration cannot be retained merely because no investor responds to a refund invitation. Such amounts must be deposited with the regulator, which must invite and verify investor claims. Any balance remaining unclaimed after that process must be transferred to the Investor Protection Fund. The absence of refund claims does not legitimise retention of fees earned through unregistered investment advisory activity. en-us Fri, 14 Oct 2022 00:00:00 +0530 Wed, 07 Oct 2026 14:19:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=472308 Fees collected for investment advisory services provided without required registration cannot be retained merely because no investor responds to a refund invitation. Such amounts must be deposited with the regulator, which must invite and verify investor claims. Any balance remaining unclaimed after that process must be transferred to the Investor Protection Fund. The absence of refund claims does not legitimise retention of fees earned through unregistered investment advisory activity. Case-Laws SEBI Fri, 14 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=472308