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"Whatever the final ruling, the lesson is clear: we need to rebuild trust in trading."

I doubt if that's the lesson at all.

For over two years, SEBI has been warning market participants that 89% of Indian retail traders lose money, still F&O volumes in India have only gone up. That rules out trust deficit. On the contrary, punters's trust in their own ability to outwit titans of Wall Street and Dalal Street has only risen. I've heard some of them say, "Oh, Jane Street Shane Street and all is only USA, it won't work in India". 

Not sure what's the real lesson from this scandal but it surely has nothing to do with rebuilding trust.

"As a consequence, over half (55%) of those who acted on advice lost money as a result."

That means 45% gained money. To me, that doesn't seem to be bad at all. But that's only me.  

If Registered Investment Advisors are, say, 2X as good as finfluencers, then 90% (being 2*45%) of their clients should make money and the regulator should announce the same penalty on them for any profit rate than that. 

Deal?

Failed to comply in February 2022.

Fined in July 2025.

Keen to know why it takes three years for Bank of England to impose a fine: Is it a process issue, system issue, risk management framework issue, or something else?!!!