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Onelife Capital Advisors: SAT Remains Penalty Recovery, Retains Market Access Restriction, 'Fit and Proper' Status Untouched

Updated: May 06, 2025 21:15

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Onelife Capital Advisors Ltd (OCAL) got a split judgment from the Securities Appellate Tribunal (SAT) in the face of continuing regulatory probe on charges of financial misstatement and governance shortcomings. SAT granted a stay on the prompt recovery of penalties levied by SEBI but denied revoking market access restrictions, while re-affirming OCAL's 'fit and proper' status for the time being.
 
Key Highlights:
  • Stay on Penalty Recovery: SAT has temporarily halted SEBI’s move to recover penalties from OCAL, providing the company with interim relief as it continues to contest regulatory findings related to alleged diversion of funds and misrepresentation in financial statements.
  • Market Access Restraints Remain: Despite the stay on penalty recovery, SAT rejected OCAL’s request to lift restraints on its access to the securities market. The company and key promoters remain barred from trading or acting as directors in other listed entities, in line with SEBI’s interim orders.
  • ‘Fit and Proper’ Status Maintained: Importantly, SAT has upheld OCAL’s ‘fit and proper’ status, allowing the company to continue its core business operations while the appeals process is underway.
  • Background: The case stems from SEBI’s investigation into alleged regulatory violations by OCAL and its promoters, including non-disclosure of related party transactions, misrepresentation of financials, and corporate governance failures between 2018 and 2023.
  • Current Proceedings: SAT has instructed OCAL to cooperate with SEBI and join the current investigation, with additional instructions to be issued as the case unfolds.
Sources: SEBI Final Order, Economic Times, Moneylife

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