SEBI levies ₹20 lakh fine on Shares Bazaar, four others for violating market norms
SEBI has fined Shares Bazaar and its executives ₹20 lakh for violating market regulations by offering an unauthorized 'assured-return' investment scheme. Investigations revealed that funds collected were not invested in securities as promised.
Why it matters
This enforcement action underscores the regulator's efforts to protect retail investors from fraudulent financial schemes and ensure market integrity.
Securities and Exchange Board of India (SEBI) has imposed a fine of ₹20 lakh on five entities, including Shares Bazaar and its chief executive for alleged violations of intermediary norms in connection with an assured-return investment scheme.
The regulator imposed a penalty of ₹10 lakh on Shares Bazaar, a SEBI-registered research analyst, while its director Bhupal Nanavath and former CEO Tirumala Lakshmi Venkata Ramesh were fined ₹3 lakh each.
Another director, Prasanna Lakshmi Atlur was also fined ₹3 lakh, while current CEO Naresh Mitta was slapped with a ₹1 lakh penalty, according to a SEBI order passed on Tuesday (September 29, 2026).
The SEBI carried out examination in respect of Shares Bazaar Pvt. Ltd (SBPL) for the period March 2021 to December 2022.
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