Notice of Demand under Recovery Certificate No. 8961 of 2025 dated 27.11.2025 issued against Trade Nexa Research Investment Advisor (Prop. Minakshi Asavani) (PAN- BXHPA0464M) in the matter of certain non-compliance with provisions of SEBI (Investment Advisers) Regulations, 2013, SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 and circulars issued by SEBI.