97% Sebi enforcement orders since 2013 targeted trading-call providers: Report

An ARIA analysis shows that trading-call providers—both registered and unregistered—accounted for nearly 97% of Sebi’s enforcement orders under the Investment Advisers framework since 2013. Of 218 orders issued until March 2025, only six involved registered investment advisers, none of which led to investor losses. The findings highlight high compliance standards among genuine fiduciary advisers.