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SEBI Censures Research Analyst Sameer Pande for False Claims and Promises of Assured Returns
Moneylife Digital Team 15 May 2025
Investor Interest
Market regulator Securities and Exchange Board of India (SEBI) has issued a regulatory censure against Sameer Pande, Proprietor of Niftypro Trading Research, following multiple violations of SEBI regulations, including misleading investors by promising assured returns and using prohibited marketing practices. The censure follows a thematic inspection covering the period from 24 May 2022 to 31 January 2024, and highlights serious concerns about investor protection and fair market conduct.
 
In an order, Ananth Narayan G, whole-time member (WTM) of SEBI, says, "That irrespective of the terminology used by the Mr Pande, the research analyst (RA) conduct clearly reflects an attempt to entice clients with the promise of high and quick returns, implying assured returns on availing its services, when he knew that the same were misleading. Therefore, I find that Mr Pande as also violated regulations 3 (a),(b),(c) and(d) and regulations 4(1), 4(2)(k), (o)and  (s) of the PFUTP Regulations of the SEBI Act.”
 
Mr Pande, registered as a RA under SEBI, was found to have breached the SEBI Act, SEBI RA Regulations, SEBI Prohibition of Fraudulent and Unfair Trade Practices Regulations and applicable SEBI circulars. The violations include promising assured and expected returns, with sales representatives making definitive claims such as profits of Rs8,000 to Rs10,000 per day on a Rs50,000 investment and recovery of RA fees within 2 to 3 trading days. Mr Pande also used misleading testimonials on the website, which portrayed guaranteed success and created a deceptive impression despite the inherent risks in the securities market.
 
Furthermore, the website cited prohibited accuracy levels by claiming '90% accuracy' in recommendations which is explicitly banned under Clause C(x) of SEBI’s advertisement code for a RA. Mr Pande also used superlative and misleading terms such as “best” and “accurate,” which are not permitted as they imply guaranteed outcomes or superiority. Internal evidence, including lead generation sheets and sample call recordings, confirmed that profit assurances were routinely made during client interactions.
 
Despite attempts by Mr Pande to justify these practices as standard industry language or argue that internal records were not client-facing, SEBI concluded that the nature of communications and representations constituted mis-selling and inducement, both of which violate the PFUTP Regulations and the RA Code of Conduct.
 
SEBI acknowledged that a monetary penalty had already been imposed and paid for some of the violations, and that the present proceedings were independent but aimed at ensuring a proportional regulatory response. “Mr Pande has removed the problematic website content and claims to have ceased using prohibited language in client communications. No investor complaints have been recorded related to the allegations raised in the show cause notice (SCN). The violations were identified during a thematic inspection intended to correct defaults rather than to impose harsh penalties.”
 
Considering the scale of the violations, the corrective actions taken by Mr Pande and the absence of significant investor harm, SEBI says it has opted for a regulatory censure instead of stronger punitive measures. 
 
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