sebi:Order/JS/YK/2025-26/32139

SEBI · SEBI · 2026-01-23 · Jai Sebastian, Adjudicating Officer

This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.

Facts / Headnote

Penalty imposed on Noticee for violation of IA Regulations

Provisions invoked

• s. 11B
• s. 11
• s. 15
• s. 15J
• s. 15E

Regulations

• Reg. 7(1)(a)

Parties

• Chenthil R Iyer

Holding

The Noticee violated regulations 7(1)(a) and 7(2) of the IA Regulations by continuing to provide investment advisory services and collect fees for over three and a half years after the expiry of his NISM certification, and a monetary penalty of Rs. 5,00,000/- was imposed under section 15EB of the SEBI Act.

Full text

Adjudication Order in the matter of Chenthil R Iyer (Investment Adviser) Page 2 of 9 APPOINTMENT OF ADJUDICATING OFFICER

Adjudication Order in the matter of Chenthil R Iyer (Investment Adviser) Page 3 of 9 (d.) In view of the foregoing, it was alleged that despite the lapse of a considerable period, i.e., more than 3.5 years from the expiry of the relevant NISM certificate, the Noticee failed to renew the same and continued to collect fees from his clients for investment advisory services during the said period. Accordingly, it was alleged that Noticee had violated the provisions of regulations 7(1)(a) and 7(2) of IA Regulations.

Adjudication Order in the matter of Chenthil R Iyer (Investment Adviser) Page 4 of 9 in indirect cost comes into existence. (f.) He stated that his commitment to unbiased financial planning and investment advisory is undeterred and he reiterated that the non-renewal of RIA license and the NISM examinations were not deliberate but a genuine omission and slip of mind on his part due to prevailing circumstances, which he had mentioned in one of his previous communications. He appreciated a reminder about the same from the authorities as a humane gesture, which would have made him comply with the same immediately and would not have led to the current undesirable situation. He has lived an honest life for 46 years and it deeply pains him to be in this situation. (g.) He has assured that this will not happen again in future, and implored to take a humanitarian view and exempt him from any inquiry or penalty other than the due renewal fees with interest for the delay along with an immediate passing of the NISM examinations.

Source: SecMarx — sebi:Order/JS/YK/2025-26/32139. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.