SEBI levies ₹20 lakh fine on Shares Bazaar, four others for violating market norms
SEBI found that SBPL was offering a scheme called 'Making Millions Financially Free', promising assured returns of 18-48% annually while giving investors the impression that their money was being invested in the securities market
The Securities and Exchange Board of India (SEBI) has imposed a total fine of ₹20 lakh on five entities, including Shares Bazaar and its CEO, for alleged breaches of intermediary norms related to an assured-return investment scheme. The fine, imposed on September 29, 2026, includes a ₹10 lakh penalty on Shares Bazaar, a SEBI-registered research analyst, a ₹3 lakh fine each for the director Bhupal Nanavath and former CEO Tirumala Lakshmi Venkata Ramesh, and a ₹1 lakh penalty for current CEO Naresh Mitta.
The SEBI conducted an examination of Shares Bazaar Pvt. Ltd (SBPL) between March 2021 and December 2022, after receiving a complaint from the National Stock Exchange (NSE) in July 2022. The regulator found that SBPL was offering a scheme promising assured returns of 18-48% annually, despite no evidence that the funds were invested in the securities market.
SBPL's bank account transactions showed a discrepancy of ₹3.45 crore in credits and ₹7.24 crore in debits during the relevant period. SEBI concluded that the company violated the Research Analysts and Intermediaries Regulations and held the directors and CEOs accountable for the infractions.
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