SEBI · Enforcement · Medium

SEBI targets Zara Portal for routing unregistered advisory payments

Anurag Jaiswal's Zara Portal collected ₹3,27,000 from a complainant lured by promises of 85% accuracy. SEBI's order peels back the payment layer behind registered adviser SPRIA.

08 Jul 2026 Affects: Zara Portal, proprietor Mr. Anurag Jaiswal, and any unregistered entities collecting fees for advisory services.

What changed

SEBI issued an enforcement order against Zara Portal for unregistered investment advisory activities.
Payments for promised high returns went to Zara Portal, not the registered adviser SPRIA.
SPRIA was penalised separately; Zara Portal now faces directions under the SEBI Act.

The read

SEBI already nailed the adviser. Now it is after the money trail. A complainant paid ₹3,27,000 for advice that promised 85% accuracy and ₹9 lakh profit, but the payment receipts showed Zara Portal as the merchant, not the registered SPRIA. The order is enforcement, not a rule change. For unregistered operators collecting fees behind a registered front, the message is blunt: the paper trail leads straight back to you.

Zara PortalMr. Anurag Jaiswal₹3,27,000

Primary source: official circular (PDF)