SEBI adjudicates OnePaper Research Analysts over alleged trade violations

This is an adjudication order by SEBI regarding OnePaper Research Analysts Private Limited, a registered research analyst, concerning alleged violations of regulations related to fraudulent trade practices and code of conduct observed during an inspection.

Who it concerns: OnePaper Research Analysts Private Limited (SEBI Regn No.: INH000008093)

What SEBI found or ordered

• SEBI conducted an inspection on March 14, 2024, at the company's Bengaluru office for the period April 2022 to March 2024.
• SEBI alleged violations of PFUTP Regulations, RA Regulations, and applicable SEBI Circulars, including issues with SMS policies and WhatsApp communications to clients.
• The Noticee's settlement application was rejected by SEBI on September 10, 2025.
• The Adjudicating Officer granted the Noticee multiple opportunities for personal hearings and extensions to submit replies, with the final hearing held on May 21, 2026.
• The Noticee argued that employee WhatsApp messages were sent on personal phones without company knowledge and that SMS recommendations did not constitute advertisements.

Also in the document

• The order text provided is truncated and does not contain the final penalty amount, specific findings of violation, or final directions imposed by SEBI.
• The proceedings involved a dispute over document inspection, where the Noticee requested access to the order granting the surprise inspection, which was eventually provided in a redacted form.