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On April 26, SEBI amended its regulations governing research analysts, reducing the application, registration and renewal fees. But individual RAs are waiting for the other shoe to drop.
Over the past month, the regulator has issued five warning letters to entities acting as unregistered investment advisories
It has social media handles and a paid group through which it offer advisory services without Sebi registration
The advisory was found to have been running without renewing its certification and without maintaining client documentation adequately
The two have also been barred from accessing the securities market for two years.