SEBI orders adjudication against research firm for alleged return assurances and trade inducements

This is an adjudication order by SEBI regarding Investowryght Research Analytics Private Limited, a registered research analyst, concerning alleged violations of regulations related to assuring returns, KYC compliance, fee limits, and reporting obligations.

Who it concerns: Investowryght Research Analytics Private Limited (PAN: AAGCI9545K, Registration No: INH000012157)

What SEBI found or ordered

• SEBI alleged the company violated PFUTP Regulations and RA Regulations by assuring returns, inducing trades, and seeking a share in client profits.
• SEBI alleged the company failed to maintain KYC records in line with the CERSAI Uniform KYC Format.
• SEBI alleged the company charged fees beyond the maximum limit of Rs. 1,51,000 per annum to nine clients and displayed non-compliant pricing on its website.
• SEBI alleged the company failed to publish complaint redressal data within the required 7-day timeframe.
• SEBI alleged the company failed to submit periodic reports to the Research Analyst Administration and Supervisory Body (RAASB) for the half-yearly periods ending March 31, 2025, and September 30, 2025.
• The Noticee did not appear for the hearing scheduled on September 09, 2026, nor did it submit a response to the hearing notice.

Also in the document

• The order is an adjudication proceeding under Section 15-I of the SEBI Act, initiated after an inspection conducted on September 23, 2025.
• The alleged violations cover the period from April 01, 2024, to August 31, 2025.
• The Noticee claimed that fees charged above the limit were collected prior to the implementation of the relevant regulation, but SEBI found that nine clients paid after the regulation became effective.