Massachusetts

On or about April 27, 2016, Raymond James Financial Services Advisors, Inc ("RJFSA") sought to register Kapur as an investment adviser representative of RJFSA in the Commonwealth of Massachusetts. Kapur has been the subject of six disclosure incidents, as reported on the CRD while registered with several entities since August 2001. These disclosure incidents have moved the Division to place conditions upon his registration as an investment adviser representative of RJFSA.

Order

Undertaking

For a period of two years from the date of entry of the order, Kapur shall: (1) be supervised on a heightened basis; (2) not have any principal, supervisory or managerial duties with RJFSA; (3) not possess or exercise discretion in the handling of Massachusetts customer accounts, and; (4) notify the Division and his supervisor should any event occur that requires Kapur's Form U4 be amended with respect to any disclosures required to be made in Questions 14A through 14M of Form U4. Two years after the date of the entry of the order, Kapur shall submit to RJFSA and the Division an affidavit stating that he has fully complied with all conditions of the order.

On or about April 27, 2016, Raymond James Financial Services Advisors, Inc ("RJFSA") sought to register Kapur as an investment adviser representative of RJFSA in the Commonwealth of Massachusetts. Kapur has been the subject of six disclosure incidents, as reported on the CRD while registered with several entities since August 2001. These disclosure incidents have moved the Division to place conditions upon his registration as an investment adviser representative of RJFSA

Massachusetts

On or about January 29, 2015, RJFS sought registration of Kapur as an agent of RJFS in Massachusetts. Kapur has been the subject of six (6) disclosure incidents, as reported on the CRD while registered with several broker-dealers since August 2001. These disclosure incidents against Kapur have moved the Division to place conditions on his registration as an agent of RJFS.

Consent

Undertaking

Kapur shall be supervised, on a heightened basis. This undertaking shall remain in effect for a period of two (2) years from the date of entry of the Order. For a period of two (2)years from the date of entry of the Order, Kapur shall notify his supervisor, or her successor, should any event occur that requires that Kapur's Form U4 be amended with respect to any criminal disclosures, regulatory action disclosures, civil judicial disclosures, customer complaint disclosures, termination disclosures and financial disclosures no later than the end of the fifth business day after which he is made aware of such event. See Questions14A through 14M of Form U4. Two (2) years after the entry of the Order, Kapur shall submit to RJFS and the Director an affidavit stating that he has fully complied with all conditions of the Order referenced in Part 14 of the Undertakings. In the event that Kapur cannot submit the required affidavit, he shall instead submit a statement explaining why the affidavit cannot be submitted.

Kapur has been the subject of six (6) disclosure incidents, as reported on the CRD while registered with several broker- since August 2001. These disclosure incidents against Kapur have moved the Division to place conditions on his registration as an agent of RJFS.

NEW YORK STATE DEPARTMENT OF FINANCIAL SERVICES

NEW YORK STATE DEPARTMENT OF FINANCIAL SERVICES FOUND REPRESENTATIVE VIOLATED SECTION 2110(I) OF THE INSURANCE LAW IN THAT REPRESENTATIVE FAILED TO REPORT TO THE SUPERINTENDENT WITHIN 30 DAYS OF THE FINAL DISPOSITION OF THE MATTER THAT ON OR ABOUT SEPTEMBER 17, 2010, THE STATE OF FLORIDA, OFFICE OF FINANCIAL REGULATION DENIED REPRESENTATIVE'S APPLICATION FOR REGISTRATION AS AN ASSOCIATED PERSON IN THE STATE OF FLORIDA.

Stipulation and Consent

Civil and Administrative Penalty(ies)/Fine(s)

$750.00

FLORIDA OFFICE OF FINANCIAL REGULATION

MAKING A MATERIAL FALSE STATEMENT ON THE APPLICATION FOR REGISTRATION

Order

Denial

MERRILL LYNCH PIERCE, FENNER & SMITH, INC.

Discharged

CONDUCT INVOLVING INACCURATE INFORMATION PROVIDED ON PERSONAL MORTGAGE DOCUMENTATION.

CUSTOMER ALLEGES THAT THE RISKS OF A MUNICIPAL BOND FUND PURCHASED ON OCTOBER 26, 2006, WERE NOT DISCLOSED, CAUSING $30,000 IN DAMAGES

$30,000.00