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.
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