SEBI orders Zara Portal to refund investors in advisory case
SEBI has directed Zara Portal, proprietor Anurag Jaiswal, to refund ₹47.05 lakh collected from investors for unregistered advisory services and imposed a ₹7 lakh penalty.
The Enforcement Action
The Securities and Exchange Board of India (SEBI) has directed Zara Portal, a proprietorship of Mr Anurag Jaiswal, to refund ₹47,05,709.67 collected from investors and has restrained it from the securities market for one year, in an order dated 9 July 2026 (reference WTM/AS/WRO/32479/2026-27). The order was passed by whole time member Amarjeet Singh under Sections 11(1), 11(4), 11(4A), 11B(1) and 11B(2) of the SEBI Act, 1992.
Alongside the refund, SEBI imposed a monetary penalty of ₹7,00,000 on the noticee. Per the order, the refund must be made within three months and the penalty within 45 days.
SEBI found that Zara Portal offered investment advice for consideration without holding the registration that the SEBI (Investment Advisers) Regulations, 2013 require. In what SEBI describes as an act of impersonation, the order also finds that the noticee used the name of a SEBI-registered adviser to solicit money from at least one investor.
Background
Per the order, the proceedings emanated from complaints against a registered adviser, Sai Proficient Research Investment Advisory (SPRIA), proprietor Ms Meeshika Vishwakarma. A complainant, Mr Arun Agarwal, had told SEBI's SCORES portal in February 2020 that he had been promised assured returns and had paid ₹3,27,000. SEBI notes that the payment receipts named the merchant as Zara Portal, not SPRIA.
SEBI found that the noticee, using the email ID saiproficient05@gmail.com, contacted the investor while "impersonating SPRIA" and promised assured profit. The order records that one email offered a six-month service for ₹3,75,000 with a promised profit of about ₹9,00,000. On the record before it, SEBI found that Zara Portal collected ₹47,05,709.67 as fees for unregistered advisory activity, comprising ₹12,17,458.67 received in a Bank of India account and ₹34,88,251 routed through the payment aggregator Easebuzz.
SEBI held that this conduct violated Regulation 3(1) of the IA Regulations read with Section 12(1) of the SEBI Act, and Section 12A(c) of the Act read with the PFUTP Regulations. The order was passed ex-parte, SEBI recording that the noticee did not appear to reply to the show-cause notice issued in 2025.
What It Means
The order is a reminder of a risk that repeatedly targets retail investors: entities that either operate without SEBI registration or borrow the identity of a firm that has it. SEBI's finding here turns partly on impersonation, so the name a caller quotes is not by itself proof of registration.
Any investor can verify an adviser independently. SEBI maintains a public list of registered investment advisers on its website, searchable by name and registration number. The "assured returns" promise the order describes is itself a warning sign, since registered advisers are barred from guaranteeing profits.
For investors who paid Zara Portal, the practical route is the refund mechanism the order sets out. The noticee has been directed to publish a public notice in newspapers with the modalities for claims, to open an escrow account holding ₹47,05,709.67, and to route repayments only through traceable bank transfers. The bank accounts remain frozen until the refund obligation is met, and any unclaimed balance is to be deposited with SEBI.
FAQ
What exactly did SEBI order?
SEBI directed Zara Portal, proprietor Anurag Jaiswal, to refund ₹47,05,709.67 to investors within three months, imposed a penalty of ₹7,00,000, froze the noticee's bank accounts, and restrained it from the securities market for one year from completion of the refund.
Does this mean the person named is guilty of a crime?
No. This is a SEBI civil enforcement order, not a criminal conviction. It records SEBI's findings on the material before it. The noticee retains the right to challenge it, and due process continues through the appeal route.
Can the order be appealed?
Yes. A person aggrieved by a SEBI order may appeal to the Securities Appellate Tribunal (SAT) within the prescribed period, and thereafter to the Supreme Court on a question of law.
How can I check if my adviser is registered with SEBI?
Use the list of registered investment advisers on sebi.gov.in and match the exact name and registration number. Be wary of anyone promising assured or guaranteed returns, which registered advisers are not permitted to offer.
Where can I read the official order?
The full order (reference WTM/AS/WRO/32479/2026-27) is published in the enforcement section of the SEBI website.
This report is based on the official SEBI order in the matter of Zara Portal, proprietor Anurag Jaiswal, dated 9 July 2026. The full text is available as a PDF on the SEBI website.