SEBI Slaps Rs2 Lakh Penalty on Research Analyst Amit Guruh Sachdeva for Compliance Failures

Moneylife Digital Team 28 August 2025

Investor Interest

Market regulator Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs2 lakh on Amit Guruh Sachdeva, a registered research analyst (RA), after finding multiple lapses during an inspection of his operations.

One of the major lapses observed was the failure to maintain essential records. SEBI found that Mr Sachdeva did not properly maintain signed research reports, research recommendations, the rationale behind recommendations, client master details and an annual audit report.

The audit report he submitted also lacked a unique document identification number (UDIN). While the auditor later admitted the omission was due to a technical issue, SEBI noted that, despite several opportunities, Mr Sachdeva failed to produce sufficient evidence to prove compliance.

The regulator also found that Mr Sachdeva did not comply with SEBI’s December 2021 circular requiring RA to prominently display the investor carter on their websites or, in the absence of a website, to send it to clients via email.

Although Mr Sachdeva claimed he had no website, SEBI discovered that his site stockbenifits.com displayed his RA registration number, user agreement and payment details, clearly showing RA services were being offered. Despite this, the investor charter was neither displayed nor sent to clients by other means.

Another violation related to SEBI’s SCORES platform for grievance redressal. SEBI’s inspection revealed that Mr Sachdeva did not provide clients with a link to either the SCORES website or the mobile application. He admitted to not providing a dedicated link to the mobile app and failed to clarify whether a website link was shared, leading SEBI to conclude that he had not complied with the mandate.

Additionally, SEBI noted that at his registered office in Lucknow, Mr Sachdeva had not displayed details of the grievance redressal mechanism or the compliance officer, as required. His explanation that renovations were underway at the time of inspection was rejected, as no such activity was observed by the inspection team and no supporting evidence was provided.

After reviewing all findings, SEBI concluded that Mr Sachdeva had failed to comply with several provisions of the Research Analyst Regulations and related circulars. The market regulator accordingly imposed a penalty of Rs2 lakh.

Comments

User

Sonu.gupta6690

2 months ago

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Nitin.malik89

3 months ago

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Alok21116

3 months ago

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aglvip84

3 months ago

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