SEBI finds Winway Research charged fees for overlapping Stock Option periods

This order addresses regulatory violations by Winway Research (Proprietor Mr. Ankur Jain), a registered Investment Adviser, regarding issues such as charging fees for overlapping service periods, receiving client funds in personal accounts, and failing to maintain records or resolve complaints.

Who it concerns: Winway Research – Proprietor Mr. Ankur Jain (SEBI Registration No. INA000007492)

What SEBI found or ordered

• SEBI found that the Noticee charged fees for the same product (Stock Option) for overlapping durations.
• SEBI found that the Noticee received money from a client in the personal bank account of an employee.
• SEBI found that the Noticee failed to maintain and submit call records to SEBI.
• SEBI found that the Noticee did not resolve SCORES complaints.
• The Designated Authority recommended a 'regulatory censure' against the Noticee.
• The order is based on an Enquiry Report dated November 18, 2024.

Also in the document

• The Designated Authority noted that the number of violation instances was few and the value involved was less.
• The Noticee argued that former employees misused company credentials to receive funds, but SEBI’s findings indicate the violation was established against the Noticee.
• The Noticee contested the call record violation citing technical failures and SEBI consultation papers, but the finding of non-compliance stands in the DA's report.