Sebi pulls up two unregistered advisories in Vadodara and Udaipur, asks them to stop illegal activity immediately

Sebi's western regional office issued warning letters to Navin Sarwar of Udaipur and Pradipkumar Dhobi of Vadodara for providing investment advisory services without registration. \r

The letters, dated June 4, cautioned against continuing unregistered activity, citing violations of SEBI Act, Regulations, and Circulars. Similar letters have been sent to others as part of Sebi's crackdown on unregistered advisors. Typically, Sebi investigates such cases and imposes penalties. \r

This tactic, though, seems novel, as experts note that warning letters under Sebi Regulations are uncommon for cases under Investment Advisor Regulations. It reflects a shift in Sebi's approach to tackle unregistered advisory services in the securities market.