SEBI warns Investment Advisers dealing in unregulated products
SEBI has warned registered Investment Advisers engaged in unregulated activity. According to the Press Release issued by SEBI, some registered Investment Advisers are engaged in unregulated activity by providing platform for buying/ selling/ dealing in unregulated products including digital gold.
SEBI has stated that undertaking such unregulated activity including dealing (i.e., advisory, distribution and execution/ implementation services) in digital gold by Investment Advisers is not in accordance with the provisions of Section 12(1) of the SEBI Act, 1992 read with the SEBI (Investment Advisers) Regulations, 2013.
SEBI has asked Investment Advisers to refrain from undertaking such unregulated activities. Any dealing in unregulated activities by Investment Advisers may entail action as deemed appropriate under the SEBI Act, 1992 and regulations framed thereunder.
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- ITAT deleted addition as method of accounting had been accepted in earlier years
