SEBI orders Zara Portal proprietor Anurag Jaiswal to refund ₹47.05 lakh collected from investors for unregistered investment advisory services.
The noticee impersonated SEBI-registered Sai Proficient Research, promised assured returns, and used misleading emails to defraud clients.
Jaiswal is debarred from the securities market for one year and levied a total monetary penalty of ₹7 lakh for multiple violations.
The order was passed ex-parte as the noticee failed to respond to the show cause notice issued by the regulator.