SEBI Cancels Basan Financial Services Merchant Banker Registration

SEBI cancels Basan Financial Services' merchant banker registration due to multiple regulatory violations including failure to maintain net worth and pay fees.
The order follows an inspection revealing 10 violations across SEBI Merchant Banker Regulations, Certification Regulations, and Insider Trading norms.
Basan Financial Services claimed it ceased operations since 2014 and repeatedly sought to surrender its registration voluntarily.
SEBI rejected the surrender defense, noting fundamental compliance failures warranted registration cancellation with immediate effect.