SEBI orders refund from unregistered investment adviser after SAT remand
SEBI has reimposed a refund direction on Siddhant Suresh Chandan, an unregistered investment adviser, after SAT remanded the fee quantum. The noticee failed to provide supporting documents despite multiple extensions.
What changed
- SEBI passed a fresh order against Siddhant Suresh Chandan for unregistered investment advisory.
- The order follows a SAT remand to re-compute the refundable fee amount.
- Noticee failed to provide supporting documents despite multiple extensions.
The read
SEBI has reimposed a refund obligation on Siddhant Suresh Chandan, an unregistered investment adviser, after SAT remanded the fee calculation. The original 2023 order found him in violation of Section 12(1) of the SEBI Act. SAT upheld that finding but directed SEBI to recompute the refund amount. Chandan got multiple hearings and extensions to prove some bank credits came from unrelated sources like an online business or family loans. He failed to produce any documents. The order is a procedural reminder: SEBI follows due process but non-compliance carries consequences.
Primary source: official circular (PDF)