Capital markets regulatory Sebi on Monday barred Scient Capital and DGS Capital Management from onboarding new clients and accepting additional funds or securities from existing clients after they failed to maintain the minimum required net worth.
The regulator in two separate interim orders said Scient Capital and DGS Capital Management had acted as registered portfolio managers without meeting the minimum net worth of Rs 5 crore as mandated under the portfolio managers rules.
"...despite lapse of more than two years since the end of timeline for meeting the regulatory requirement of net worth (i.e, January 15, 2023), the entities (Scient Capital and DGS Capital Management) has shown no progress towards compliance," Sebi said.
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