Investment Adviser Suspended 6 Months for Violating IA Regulations 13(a), 13(b) and Code of Conduct Clauses

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Full Text of the Document

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....The Board found the Noticee guilty of violating regulation 13(b) read with 13(a) of the IA Regulations and clauses 1, 5, and 8 of the Code of Conduct under the Third Schedule by failing to update material information and conducting unregistered investment advisory activities through two partnership firms. Although the Designated Authority (DA) viewed the non-updation as a technical violation and recommended no cancellation, the Board disagreed, noting the Noticee's engagement in advisory services prior to registration and prolonged unregistered activities over two years as aggravating factors. The Board rejected the Noticee's police complaint defense and the DA's recommendation against suspension. Considering the gravity of the violations a.........