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The AT upheld penalties against a Research Analyst for multiple regulatory violations. The appellant failed to sign and date research reports, maintain proper records of recommendations made on WhatsApp/Telegram channels, and establish independence between research activities and other business ventures. The tribunal rejected arguments that WhatsApp/Telegram publications did not constitute "public appearances" requiring disclosure. The AT found the appellant violated arm's length requirements by operating multiple business divisions (Chartered Accountancy, Spiritual Teaching, and News Broadcasting) while functioning as a Research Analyst. Penalties under Sections 15A(c), 15EB, and 15HA totaling 15 lakhs were confirmed for misleading information and multiple regulatory breaches.
The AT upheld penalties against a Research Analyst for multiple regulatory violations. The appellant failed to sign and date research reports, maintain proper records of recommendations made on WhatsApp/Telegram channels, and establish independence between research activities and other business ventures. The tribunal rejected arguments that WhatsApp/Telegram publications did not constitute "public appearances" requiring disclosure. The AT found the appellant violated arm's length requirements by operating multiple business divisions (Chartered Accountancy, Spiritual Teaching, and News Broadcasting) while functioning as a Research Analyst. Penalties under Sections 15A(c), 15EB, and 15HA totaling 15 lakhs were confirmed for misleading information and multiple regulatory breaches.
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