Mumbai, Nov 12, 2025

Regulatory actions by the Securities and Exchange Board of India (SEBI) in the investment advisory space overwhelmingly concentrate on entities dealing in speculative trading calls, rather than those offering long-term fiduciary investment advice, a new report said on Wednesday, analysing enforcement data.

Cumulative data since the inception of the SEBI (Investment Advisers) Regulations in 2013 until March 31, 2025, showed that of the 218 enforcement orders passed, a significant 67 per cent, or 147 orders, were against unregistered entities, all of whom were trading call providers.

Furthermore, of the 71 orders against registered entities, 65 orders (92 per cent) were against registered trading call providers, entities engaged in intraday, derivatives, or stock-tipp

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