https://www.taxtmi.com/caselaws?id=472342 Fees collected through unregistered investment advisory activity could not be retained merely because only the sole complainant received a refund and public notices produced no further claims. The quantified fees had attained finality because they were not challenged in the earlier determination. Refund directions required repayment of sums received from complainants or investors and submission of a certified completion report. The recovery certificate therefore remained valid, as the absence of additional refund claims did not displace the obligation to surrender fees collected through unauthorised advisory services. en-us Tue, 28 Apr 2026 00:00:00 +0530 Thu, 08 Oct 2026 12:28:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=472342 Fees collected through unregistered investment advisory activity could not be retained merely because only the sole complainant received a refund and public notices produced no further claims. The quantified fees had attained finality because they were not challenged in the earlier determination. Refund directions required repayment of sums received from complainants or investors and submission of a certified completion report. The recovery certificate therefore remained valid, as the absence of additional refund claims did not displace the obligation to surrender fees collected through unauthorised advisory services. Case-Laws SEBI Tue, 28 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=472342