SEBI passed a order imposing fine of 60 lakhs on a research analyst (RA)

Some of the allegations against the RA –

  • That the concerned RA has not duly signed and dated the research reports, has not kept proper records of research recommendations provided by him, has not recorded rationale for arriving at research recommendations and has not kept records of public appearances

  • Since Noticee has admitted that he did not maintain records pertaining to the research recommendations made in his Whatsapp/Telegram chats, I find that Noticee has failed to comply with Regulation 25(1) of RA Regulations.”

  • In his Whatsapp and Telegram groups, Goel also assured his subscribers that they would get one stock recommendation for free if they suffered any loss from investing based on the recommendation. This the Sebi Adjudicating Officer found to be a promise of assured returns, without any evidence of such an assurance backed by proper research.

I think this dude is a fool. He should have just mentioned FOR EDUCATIONAL PURPOSES ONLY like all other finfluencers. He would have saved 60 lakhs

1 Like