SEBI finds research analyst misled clients with fixed return assurances

This is a final order by SEBI regarding the inspection of Mr. Amit Guruh Sachdeva, a registered Research Analyst, concerning alleged violations of regulations related to assuring fixed returns to clients and failing to cooperate with SEBI's inspection team.

Mr. Amit Guruh Sachdeva (SEBI Registration No. INH100005190)

• SEBI found that the Noticee misled clients by giving assurances regarding fixed returns.
• SEBI found that the Noticee failed to extend cooperation during the inspection by causing undue delay and deleting data from an email ID.
• SEBI established violations of the SEBI (Research Analyst) Regulations, 2014 and the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003.
• The Designated Authority recommended a 'regulatory censure' and a prohibition from taking up new clients for two months.
• The Noticee argued that the promises of returns were made by unauthorized Relationship Managers and that data loss was due to a technical glitch.
• The Noticee mentioned that a penalty of INR 2 lakh was already remitted in separate adjudication proceedings for the same inspection period.

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