#Refund of Fees

The Securities Appellate Tribunal ruled that unregistered investment advisors cannot retain fees collected from clients, regardless of whether investors seek refunds. The decision underscores SEBI's power to enforce full restitution, reinforcing investor protection and regulatory compliance in securities advisory services.

Madras High Court rules that a candidate's medical withdrawal from an NRI quota PG seat must be honored, directing the college to refund the USD 80,500 fee and return original certificates. The judgment reinforces principles of natural justice in medical seat allotment and reversion processes, impacting NRI quota candidates and institutions.