Latest news with #EklavyaAssetManagers
Business Insider
22-04-2025
- Business
- Business Insider
Eklavya Asset Managers SolisMarkets confirms good standing after regulatory review
Eklavya Asset Managers SolisMarkets confirms good standing after regulatory review Eklavya Asset Managers, a South African financial company with license FSP 45583, remains fully operational following a review by the Financial Sector Conduct Authority (FSCA) in November 2024. The company faced no penalties or sanctions but continues to deal with reputation issues caused by public rumors and speculation. The FSCA Investigation Process The FSCA began looking into Eklavya Asset Managers and its SolisMarkets trading platform in November 2024. This investigation started after clients complained about problems withdrawing their investments. At that time, the FSCA mentioned that SolisMarkets might be offering financial services without proper permission and stressed that their investigation was still ongoing and had no conclusions. Eklavya worked with the FSCA throughout the review process, providing all requested information. The company received no enforcement actions, warnings, or fines, and its FSCA license remains active and valid today. This cooperation demonstrates Eklavya's commitment to following financial regulations in South Africa. The investigation created temporary uncertainty for clients and business partners. However, the absence of any penalties or license restrictions confirms that Eklavya continues to meet regulatory standards. The company maintained its normal operations during the review period, serving individual and institutional investors across South Africa. Dustan Cornelissen, Managing Director of Eklavya, emphasized their support for proper oversight: "We welcomed the review and answered every inquiry. We're now asking for the same transparency in return." Public Perception Challenges An early statement about the investigation appeared briefly on the FSCA's website before being removed. However, third-party articles, including one by compliance platform Moonstone titled "FSCA Investigating Solis Markets Following Complaints from Investors," remain online without updates or context. This situation has created ongoing confusion among clients and partners about Eklavya's current status. The lack of a public update confirming the end of the investigation has allowed unproven claims to continue circulating. This information gap has made it difficult for Eklavya to restore public trust despite their good standing with regulators fully. The company has formally asked the FSCA and relevant publishers to provide updated public statements that show the complete picture. Cornelissen noted the impact of this situation, stating: "This has been a reminder of how quickly incomplete information can take on a life of its own." The company believes that regulatory transparency should work both ways, companies must cooperate with investigations, but authorities should also clearly communicate when matters are resolved without findings of wrongdoing. Eklavya now encourages media outlets and the public to check the firm's current regulatory status through its FSCA registration (FSP 45583) when reading online content about the company. This verification step helps combat outdated or misleading information that may still appear in search results. Future Plans and Enhanced Practices Eklavya Asset Managers continues to comply with South African financial regulations fully. The company has been licensed since 2013 and offers investment advice, wealth management, and trading services. Their platform, SolisMarkets, remains fully functional and compliant with all requirements. The firm has strengthened its internal communication and compliance practices to reassure stakeholders. These improvements include broader disclosure protocols and better oversight mechanisms. These changes aim to prevent future misunderstandings and build stronger trust with clients and regulators alike. Eklavya plans to open a new regional office in Namibia by late 2025, showing confidence in its business model despite recent challenges. The company also expects to expand further into the Southern African Development Community (SADC) region by 2027, bringing its financial services to more markets across southern Africa. The company focuses on building long-term client relationships based on trust and transparency. With its regulatory status confirmed and compliance practices strengthened, Eklavya continues to serve South African investors while preparing for regional growth in the coming years.
Associated Press
10-04-2025
- Business
- Associated Press
Eklavya Asset Managers Maintains Regulatory Compliance Amid Unresolved Public Misunderstandings
Despite no regulatory action taken and its financial license remaining active, Eklavya Asset Managers continues to face reputational fallout after a now-removed notice on the FSCA website prompted third-party reporting. The firm seeks public clarification to resolve confusion from outdated content. South Africa - Eklavya Asset Managers, a licensed South African financial services provider (FSP 45583), confirms it has remained fully compliant and operational following a review initiated by the Financial Sector Conduct Authority (FSCA) in November 2024. Despite no sanctions or regulatory action, the firm continues to experience reputational damage due to public speculation. The review, part of standard regulatory oversight, focused on Eklavya's operations and its trading platform, SolisMarkets. Eklavya cooperated fully throughout the process. Since the conclusion of the inquiry, no enforcement steps, warnings, or penalties have been issued against the company or its affiliates. Eklavya's FSCA license remains active and in good standing. An initial statement referencing the review appeared briefly on the FSCA's website in 2024 but was later removed. However, content based on that initial notice, including a widely circulated article published by compliance platform Moonstone titled 'FSCA Investigating Solis Markets Following Complaints from Investors,' remains publicly available without context or closure. The company says this has caused ongoing reputational confusion and unjustified concern among clients and partners. 'Our clients deserve clarity,' said Dustan Cornelissen, Managing Director of Eklavya. 'We welcomed the review and answered every inquiry. We're now asking for the same transparency in return. If no wrongdoing was found and no action was taken, the record should reflect that as publicly as the initial notice did.' Eklavya stresses that while it supports regulatory oversight and transparency, the absence of any public update confirming the matter's closure has allowed unsupported allegations to linger. The company has formally contacted the FSCA and relevant publishers to request updated public communication that reflects the complete picture. In the meantime, Eklavya continues to operate in full compliance. Licensed in 2013, the firm provides investment advisory, wealth management, and trading services to private and institutional investors across South Africa. Its platform, SolisMarkets, has also remained fully functional and compliant. Eklavya has intensified internal communication and compliance practices to reassure stakeholders, including adopting broader disclosure protocols, enhancing oversight mechanisms, and launching new client tools such as its AI-based 'Market Pulse' system. The firm also expands inflation-hedged and cross-border solutions to serve investors better amid ongoing economic uncertainty. Plans are also underway to open a regional office in Namibia by late 2025, with further expansion into the SADC region expected by 2027. 'This has been a reminder of how quickly incomplete information can take on a life of its own,' Cornelissen added. 'We stand by how we've handled the review process and continue to operate with the highest standards of integrity.' Eklavya encourages the media and the public to reference the firm's current regulatory status via its FSCA registration (FSP 45583) when evaluating online content related to the matter. Visit the Eklavya Asset Managers website to learn more about the company's regulatory compliance and service offerings. About Eklavya Asset Managers Eklavya Asset Managers is a registered financial services provider based in South Africa. It offers comprehensive asset management services tailored to client-specific goals and risk profiles. With an emphasis on regulatory compliance and client education, Eklavya aims to build long-term relationships based on trust and transparency. The Financial Sector Conduct Authority (FSCA) licenses the company under FSP license number 45583. For more details, contact Dustan Cornelissen, Managing Director, Eklavya Asset Managers, at [email protected]. This press release may contain forward-looking statements. Forward-looking statements describe future expectations, plans, results, or strategies (including product offerings, regulatory plans and business plans) and may change without notice. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements.
