sebi:QJA/BS/MIRSD/MIRSD-SEC-3/32247/2025-26
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Facts / Headnote
Violations established against the Noticee; registration as Investment Adviser (INA000003668) cancelled (accepted by Noticee)
Provisions invoked
- s. 19
- s. 12A
- s. 12
Regulations
- Reg. 7
- Reg. 3
- Reg. 7(1)
- Reg. 13
- Reg. 16
- Reg. 9
- Reg. 17
- Reg. 25
- Reg. 15
- Reg. 22
- Reg. 21
- Reg. 15(1)
- Reg. 23
- Reg. 7(2)
- Reg. 18
- Reg. 19
- Reg. 7(1)(a)
- Reg. 42
- Reg. 15A
- Reg. 27
Parties
- Rajiv Kumar Singh (Proprietor of Elite Investment Advisory Services)
Holding
The Noticee was found to have violated multiple provisions of the IA Regulations, PFUTP Regulations, and SEBI Act, including failure to maintain certification, failure to register as non-individual IA after exceeding 150 clients, failure to disclose material information, failure to maintain records, failure to redress grievances, promising assured returns, and non-cooperation with inspection. The Noticee accepted the recommendation to cancel his Investment Adviser registration.
Full text
Order in respect of inspection of Elite Investment Advisory Services Page 2 of 24 A. BACKGROUND 1. The present matter emanates from post enquiry show cause notice (“SCN”) dated December 09, 2025 issued to Rajiv Kumar Singh (Proprietor of Elite Investment Advisory Services) (hereinafter referred to as “Noticee”) under regulation 27 (1) of SEBI (Intermediaries) Regulations, 2008 (hereinafter referred to as “Intermediaries Regulations”). The Noticee was registered with Securities and Exchange Board of India (hereinafter referred to as “SEBI”) as an Investment Adviser (“IA”) with SEBI registration no. INA000003668.
Order in respect of inspection of Elite Investment Advisory Services Page 3 of 24 5. The Designated Authority (“DA”) issued a show cause notice dated January 17, 2025 (hereinafter referred to as “pre-Enquiry SCN”) to the Noticee under regulation 25 (1) of the Intermediaries Regulations to show cause as to why appropriate recommendation should not be made against it in terms of Regulations 26 of the Intermediaries Regulations for the alleged violations. The pre-enquiry SCN was delivered to the Noticee via email dated January 17, 2025 and through newspaper publication on March 28, 2025.
Order in respect of inspection of Elite Investment Advisory Services Page 4 of 24 7.9. The Noticee has failed to display information about grievance redressal mechanism and did not resolve the complaints received from its clients. 7.10. The Noticee failed to co-operate and deliberately attempted to hinder the inspection.
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Source: SecMarx — sebi:QJA/BS/MIRSD/MIRSD-SEC-3/32247/2025-26. 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.