Sebi Cancels Grovalue Financial Services' Registration for Market Norm Violations

The Securities and Exchange Board of India (SEBI) has revoked Grovalue Financial Services' registration after identifying multiple regulatory violations during an inspection from April 2021 to August 2022. SEBI's Chief General Manager, G Ramar, highlighted the firm's breach of Research Analyst regulations and non-compliance with its registration conditions. \r

Grovalue's non-cooperation during the inspection, including ignoring SEBI notices and failing to appear when required, raised concerns. The investigation revealed unresolved complaints on SEBI's SCORES portal, with some not addressed within the mandated 30-day period, violating investor grievance resolution rules. \r

This action underscores the importance of regulatory compliance and timely resolution of investor complaints by SEBI-registered intermediaries.