Prakash Kumar

2 matters before the Securities Appellate Tribunal

Penalties and directions recorded

Penalty under Section 15HA relating to the appellant set aside
Direction to refund Rs. 3,35,13,232 to clients/investors upheld
Two-year securities-market debarment or until two years after completion of refunds upheld

SAT-appeal

Charges included expired NISM certification, failure to maintain client agreements, receipt of fees exceeding ₹1.25 lakh from seven clients, confidentiality and due-diligence failures, and collecting GST without registration.
Appeal allowed in part · Penalty under Section 15HA relating to the appellant set aside
Appeal: Appeal No. 630 of 2024, Podium Market Research v. SEBI, decided on 15 December 2025; allowed in part.
Providing investment advisory services without SEBI registration and promising assured returns to investors.
Appeal No. 490 of 2022 dismissed · Direction to refund Rs. 3,35,13,232 to clients/investors upheld
Appeal: Appeal No. 490 of 2022, decided on 25 August 2022; dismissed with no order as to costs. Misc. Application No. 822 of 2022 for condonation of delay allowed.

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Source: SecMarx — Prakash Kumar. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (charges, outcomes, appeal chain) is cited to us.