Description

SEBI imposes penalties on research analyst Amit Guruh Sachdeva (Registration No. INH100005190) for violations of record maintenance, audit, and code of conduct requirements.

Summary

SEBI has issued an adjudication order against research analyst Amit Guruh Sachdeva (Registration No. INH100005190) following an inspection conducted for the period April 1, 2022 to February 29, 2024. The order addresses multiple violations including failure to maintain proper records, conduct annual audits, and comply with code of conduct requirements under the Research Analysts Regulations, 2014.

Key Points

  • Research analyst Amit Guruh Sachdeva (PAN: BIJPS0406C) found in violation of multiple SEBI regulations
  • Inspection period covered April 1, 2022 to February 29, 2024
  • Violations include non-maintenance of annual audit reports, research reports, and client master records
  • Show Cause Notice issued on October 31, 2024
  • New Adjudicating Officer appointed on May 2, 2025 following superannuation of previous officer

Regulatory Changes

The order reinforces existing compliance requirements under:

  • SEBI (Research Analysts) Regulations, 2014 - Regulations 19, 24, and 25
  • Code of Conduct provisions in Third Schedule
  • SEBI Circular dated December 13, 2021
  • SEBI Circular dated April 6, 2023

Compliance Requirements

  • Research analysts must maintain comprehensive records including:
    • Annual audit reports
    • Duly signed and dated research reports
    • Research recommendations with proper rationale
    • Client master records for all clients
  • Strict adherence to code of conduct provisions
  • Compliance with all SEBI circulars and regulatory guidelines

Important Dates

  • Inspection Period: April 1, 2022 to February 29, 2024
  • Inspection Conducted: March 14-15, 2024
  • Inspection Findings Communicated: June 27, 2024
  • Show Cause Notice Issued: October 31, 2024
  • New Adjudicating Officer Appointed: May 2, 2025

Impact Assessment

This enforcement action demonstrates SEBI’s continued focus on ensuring research analysts maintain proper compliance standards. While specific to one individual, it serves as a reminder to all research analysts about the importance of maintaining comprehensive records and adhering to regulatory requirements. The action may prompt other research analysts to review their compliance procedures and record-keeping practices.

Impact Justification

Regulatory enforcement action against individual research analyst affects industry compliance standards but has limited direct market impact