“We did carry out one search operation on Wednesday. It’s a big name in that industry. And I must give credit to my team because we have been working on this case,” Sebi whole time member Kamlesh Varshney said at the Ficci event here. He did not name the financial influencer.
He added that the regulator will be focusing on big cases on the enforcement front.
“Enforcement is not for revenue collection…But the idea is to create a fear in the market that there is a law enforcement agency. There is a regulator who is watching you. So people follow the law voluntarily. That is the purpose of enforcement and that purpose is best achieved by focusing on big people,” Varshney said.
He clarified that some financial influencers are providing legitimate education to investors.
“If they are doing education, we have no problem. But if in the name of education, you are misguiding the youth, promising guaranteed returns, giving calls in the classroom, using live data to trade in the equity market… you cannot do that without Sebi registration,” Varshney said.
