The Securities and Exchange Board of India (SEBI) has closed proceedings against Equicom Financial Research Pvt Ltd and its directors, Amit Kukda and Akhilesh Raghuvanshi, over unresolved investor complaints, stating that no additional punitive action was warranted since the firm and its promoters are already barred from the securities market for six years. Equicom, a SEBI-registered investment adviser, came under the regulator’s scanner following a series of investor complaints alleging misconduct and violations of the SEBI Act, 1992 and the Investment Advisers Regulations, 2013. Acting on these findings, SEBI had passed an ex-parte interim order on 21 January 2020, restraining the firm and its directors from accessing the market. This was followed by a final order on 19 April 2021,

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