Adjudication Order in the matter of OnePaper Research Analysts Private Limited

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.

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

• 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.

Written from the document by AI, and checked against it. The original below is authoritative.

The original document