SEBI cancels registration of investment adviser Research Guru after inspection
SEBI has cancelled the registration of investment adviser Research Guru, finding that its staff lacked required qualifications and that claims on its website about them were false.
Key points
- SEBI cancelled the investment adviser registration INA000005507 of Research Guru in an order dated 30 October 2026.
- SEBI found unqualified staff, false website claims and lapses in risk profiling, and had earlier imposed a Rs 12 lakh penalty.
- SEBI directed the adviser to refund any pending dues to investors; the order can be appealed before the Securities Appellate Tribunal.
The Securities and Exchange Board of India (SEBI) has cancelled the registration of Research Guru, a proprietorship registered as an investment adviser under registration number INA000005507. The order, dated 30 October 2026, follows a surprise inspection SEBI carried out from 14 July 2022 to 18 July 2022.
What Happened
According to the order, SEBI found that the adviser's client-facing employees did not meet the educational qualification and certification norms for investment advisers, a fact the order says the adviser admitted. SEBI held that claims on the adviser's website about the qualifications and experience of its staff were therefore false and could induce investors to take its services, in violation of SEBI's rules against fraudulent and unfair trade practices. SEBI also found violations of rules on risk profiling and suitability of advice, record keeping, and receiving fees in bank accounts other than the adviser's own.
The order did not uphold a separate allegation that advice was given through franchisees, holding that the material on record was not enough to prove it.
The adviser had argued that it closed its operations after the 2022 inspection and that a penalty already paid should not be read as an admission. The order notes that an adjudicating officer had imposed a penalty of Rs 12 lakh for the same set of allegations by an order dated 22 January 2026. SEBI agreed with the recommendation of its designated authority to cancel the registration, with immediate effect.
What It Means
The adviser can no longer act as a SEBI-registered investment adviser. SEBI has directed it to refund any pending dues to investors despite the cancellation. The order is a regulator's finding and can be appealed before the Securities Appellate Tribunal.
Before paying any adviser, readers can check its registration on SEBI's website and ask for the qualifications of the person giving advice. Fees should be paid only into the adviser's own registered bank account. Complaints against SEBI-registered intermediaries can be filed at https://scores.sebi.gov.in.
Source: SEBI order
This report describes enforcement actions and allegations on the public record, attributed to the officials cited. An order, FIR or chargesheet is not a conviction; parties are presumed innocent until proven guilty.
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Sources & Citations
- SEBI order — Securities and Exchange Board of India