Adjudication Order in the matter of Lamron Analysts Private Limited

The Noticee, Lamron Analysts Private Limited, was found liable for violating provisions of SEBI (Investment Advisers) Regulations, 2013 and applicable SEBI Circulars. The violations included charging fees in both fixed fee and AUA mode, not providing suitable advice to clients. A penalty of ₹2,00,000/- was imposed on the Noticee under Section 15EB of the SEBI Act, 1992 for violating Regulation 15A of IA Regulations, 2013 read with point (b) under "General Conditions under both modes" as specified in Clause 2(iii) of SEBI Circular SEBI/HO/IMD/DF1/CIR/P/2020/182 dated September 23, 2020. Additionally, a penalty was imposed for violating Regulation 17 of the IA Regulations, 2013.