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19 Nov 2024
SEBI has imposed a Rs 25 lakh fine on Monetary Solutions for regulatory violations. Following an inspection of Monetary Solutions, owned by Ankit Vyas and registered as an individual investment adviser with SEBI, the regulator found non-compliance with PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) and IA (Investment Advisers) rules during September 19-23, 2022.
SEBI issued show-cause notices to Monetary Solutions after the inspection. The regulator observed that the company fraudulently advertised fake testimonials and past performance data on its website to mislead investors about the accuracy of its tips, thereby attempting to deceive clients.
SEBI's Adjudicating Officer, Barnali Mukherjee, noted that these false representations violated PFUTP norms and the Code of Conduct for investment advisers.
Additionally, SEBI found that Monetary Solutions failed to disclose the investor charter on its website and did not provide a link for lodging complaints on SCORES, further violating IA regulations.
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