Sebi Cracks Down on Onelife Capital Advisors for Fraudulent Practices

Sebi has barred Onelife Capital Advisors and its promoters, Pandoo and Prabhakara Naig, from securities markets over alleged fund diversion and financial misrepresentation. The interim order highlights revenue inflation and undisclosed transactions implicating Family Care Hospitals Ltd. Sebi has demanded a response from associated entities for potential PFUTP violations.

In a decisive move, Sebi has barred Onelife Capital Advisors and its key promoters, Pandoo and Prabhakara Naig, from engaging in securities markets activities amid allegations of fund diversion and falsifying company financial statements.

This regulatory action extends to preventing the Naigs from serving as directors or key managerial personnel in any publicly listed company set to raise public funds or working with a Sebi-registered intermediary until further notice.

Prior complaints and internal alerts prompted an investigation into these practices, revealing fraudulent figures and unreported transactions. Sebi's interim order requests explanations from related parties for potential violations of PFUTP and LODR provisions during the probe period from April 2018 to March 2023.

(With inputs from agencies.)