Quick Summary
SEBI has issued a regulatory censure to Eqwires Research Analyst (registration INH000007465) in a final order dated September 30, 2026. SEBI found it published false client testimonials and handled a client’s trading account. It had already paid a ₹6 lakh penalty in a separate adjudication order. SEBI dropped a proposed refund of ₹2,29,88,532 in fees, citing no quantifiable client loss. The order takes effect immediately.
Five-star reviews. Glowing posts on Quora. A client claiming a ₹1 lakh profit in one month.
None of those people were clients, and the research analyst behind them admitted it.
That is the heart of the Eqwires Research Analyst SEBI order, passed on September 30, 2026.
Here is every important detail, including the parts SEBI decided in the firm’s favour.
Eqwires SEBI Order
SEBI passed this Final Order under Section 12(3) of the SEBI Act and Regulation 27 of the Intermediaries Regulations, 2008.
The order number is QJA/BS/WRO/WRO-DIV-3/32755/2026-27. Biju S signed it.
The result is a regulatory censure against M/s Eqwires Research Analyst, effective immediately.
A copy goes to BSE Limited, which is the Research Analyst Administration and Supervisory Body.
Who Is Eqwires Research Analyst?
Eqwires Research Analyst is a partnership firm registered with SEBI as a research analyst.
Its registration number is INH000007465.
At the hearing, its representative said the firm has about 70 to 80 clients.
The firm also said it was changing its form from a partnership to a company.
For a closer look at the firm itself, read our Eqwires Research Analyst review.
Eqwires SEBI Case Timeline: From 2021 Inspection to 2026 Order
The case took nearly five years.
These are the dates that matter:
1. The Inspection (November 2021)
SEBI inspected the firm from November 22 to 25, 2021. It covered April 1, 2020 to November 25, 2021.
2. The First Show Cause Notice (January 2025)
The Designated Authority issued a pre-enquiry notice on January 31, 2025. The firm replied on February 28, 2025 and was heard on March 20, 2025.
The firm’s settlement application was rejected, and it was told on July 29, 2025.
3. The Enquiry Report And A Separate Penalty (August 2025)
The enquiry report came on August 13, 2025. It recommended a regulatory censure.
The same day, a separate adjudication order (Order/AK/DS/2025-26/31592-31594) was passed for the same set of violations.
4. The Final Notice And Hearings (2026)
A post-enquiry notice followed on January 5, 2026. The firm replied on February 16, 2026, and made more submissions on February 20, 2026.
A supplementary notice dated August 7, 2026, asked why the fees should not be refunded.
The hearing was fixed for September 17, 2026, then moved to September 24, 2026, at the firm’s request. The final order came on September 30, 2026.
How SEBI Exposed Fake Testimonials and Quora Posts by Eqwires?
This is the finding that carries the most weight in the order.
SEBI said the firm placed customer reviews on its own website under a “Testimonials” heading.
Reviewers were shown giving 4 to 5 star ratings.
During the inspection, the firm said the people named were never its clients and that the testimonials were bogus.
The Quora Post That Claimed A ₹1 Lakh Profit
SEBI also checked posts on Quora. Several users there praised the firm’s accuracy.
One user said she earned ₹1 lakh in one month on an investment of ₹2.5 to ₹3 lakh.
The firm told SEBI its social media was run by paid agents, and the names were used for advertising only.
What SEBI Concluded?
SEBI said the firm knowingly made misleading statements to attract potential clients.
It also said the firm hid that its social media was run by a paid agent.
The order says an SEBI-registered intermediary cannot publish misleading information that amounts to fraud within the meaning of the PFUTP Regulations.
SEBI held that the firm broke Regulation 3(a) to (d) and Regulation 4(2)(k), (r) and (s)(i) of the PFUTP Regulations.
If you joined a research service because of reviews like these, our guide on complaint against SEBI registered research analyst explains your options.
The Defences SEBI Did Not Accept
The firm said the content was handled by a third-party agency, and no client was misled.
SEBI said hiring an agency to publish the content did not help, because the aim was to attract clients.
The firm also pointed to an April 2023 SEBI circular on testimonials, which came after the inspection period. SEBI called that reliance careless, because a registered firm must act with honesty and good faith anyway.
How Eqwires Handled Client Demat Logins: What SEBI Uncovered
SEBI looked at a SCORES complaint dated March 16, 2023 (registration SEBIE/GJ23/0000442/1).
The complainant, referred to here as Mrs. R, said the firm handled her trading account for nine months.
The firm uploaded her signed authorisation letter on SCORES on April 25, 2023.
What The Authorisation Letter Showed
Mrs. R shared her user ID and password with the firm.
The letter said the firm could place orders using her login. It also said this was not a PMS facility and was only an add-on to save time.
SEBI noted that the firm itself supplied the format of the letter.
Whose Idea Was It?
The firm said the client insisted, and it did this only for her.
Mrs. R said she told the firm she had no time to trade. She said a representative then offered the “add-on” service.
SEBI observed that she had not asked for it. The firm offered it after she said she had no time.
Why SEBI Said A Research Analyst Cannot Do This?
SEBI said a research analyst’s main job is to prepare and give research. The rules do not allow it to operate a client’s account or handle client money.
The firm argued the ban on handling accounts for fees only came in 2025, and it charged no fee.
SEBI rejected this. It said the activity never fell within what a research analyst may do, so the firm should not have provided it to anyone, even once.
SEBI held that the firm broke Regulation 13(i) of the RA Regulations and Clause 7 of the Code of Conduct.
We explain the wider risk of handing over logins in our guide on is demat account handling safe.
“Best Investment Advisor In India”: Why SEBI Looked At The Wording
SEBI also examined how the firm described itself.
Its website called it the “best stock tips provider in India” and the “most successful stock advisory company”. Other pages used the terms “stock advisory company” and “Genuine SEBI registered advisory company”.
A Telegram group named “Eqwires Research Analyst (SEBI Registered)” had about 9,800 subscribers, later more than 10,000.
Messages in that group ended by calling the firm the “best investment advisor in India”.
SEBI said the firm was holding itself out as an investment adviser while registered only as a research analyst.
1. The Sample Calls And The Missing Disclosures
SEBI quoted five sample calls the firm sent to clients, in the form “buy Hindalco” or “buy Axis Bank” with entry, stop loss and target levels.
SEBI said these read more like stock trading tips than research recommendations.
They carried none of the disclosures required by Regulation 19 of the RA Regulations. They also did not define the terms used, as Regulation 20(1) requires.
2. The Bank Narrations
SEBI listed five client payments between June 2021 and January 2022. The narrations read “Advisory Company”, “Advisory Service”, “For market tips” and “fees”.
The firm said clients can write anything in a payment note.
What SEBI Did Not Hold Against Eqwires?
The order is balanced, and some points went the firm’s way.
A fair reading needs all of them:
1. Investment Adviser Services Were Not Established
SEBI said the enquiry gave the firm the benefit of the doubt on suitability checks and risk profiling. There was no document to prove them.
The firm’s business write-up said a relationship manager understood clients’ risk appetite.
Its reply said it never did risk profiling. SEBI noted that one of these must be false but still gave the benefit of the doubt.
2. The FIU Portal Choice Was Not Counted Against It
The firm had registered on the FIU portal as an investment adviser on November 20, 2019. That was nine days after its research analyst registration on November 11, 2019.
The firm said the portal had no option for research analysts. SEBI did not treat this as adverse.
3. The Review-Removal Allegation Failed
The enquiry alleged the firm pushed the client to remove a review posted by her sister.
SEBI found no violation. The sister was not a client, and the client’s complaint arose when the firm stopped operating her account.
4. The ₹2.29 Crore Refund Was Dropped
The firm admitted collecting ₹2,29,88,532 in fees for the activities in question. The supplementary notice asked why this should not be refunded under Regulation 35.
SEBI said the refund was not sustainable. No figures could measure client loss or the firm’s gain.
Why A ₹6 Lakh Penalty Did Not End The Case
The firm argued it had already paid for the same violations, so a further order would be double jeopardy.
SEBI disagreed. Enquiry and adjudication proceedings are separate and independent.
The earlier adjudication order imposed a total of ₹6 lakh on the firm and its two partners. It has been paid. The earlier adjudication order imposed a total of ₹6 lakh on the firm and its two partners. It has been paid.
We covered that earlier order in our post on the SEBI order against Eqwires Research Analyst.
Given that, SEBI said a regulatory censure was proportionate. It also noted the firm had no earlier penalty for these violations, so they were not repetitive.
Is Eqwires Research Analyst SEBI Registered Or Not?
Yes. The order lists registration number INH000007465 as a research analyst.
The firm held that registration throughout the period under review. It first registered as a research analyst on November 11, 2019.
Always check SEBI registered research analyst status on SEBI’s website before you pay for any service.
A censure is a formal regulatory warning. The order does not cancel or suspend the registration.
How to Report a SEBI-Registered Research Analyst: SCORES & ODR Guide
You can complain if a registered research analyst misled you, handled your account, or charged you wrongly.
This applies to a SEBI-registered analyst. Keep your payment proof, chats, and any marketing you relied on.
1. File On SCORES First
Start with a complaint on the SEBI SCORES portal under the research analyst category, using the INH number.
Our guide to a SEBI SCORES complaint shows how to attach your evidence.
2. Go To SMART ODR If It Is Not Resolved
If SCORES does not settle your matter, the next step is online conciliation and, if needed, arbitration.
Our page on the SMART ODR complaint portal explains how the platform works.
Conclusion
SEBI censured Eqwires Research Analyst for false testimonials and for handling a client’s trading account.
It had earlier paid ₹6 lakh for the same violations. SEBI did not prove investment advice, dropped the ₹2.29 crore refund, and found no loss figures.
For investors, the lesson is simple. Check who is behind the reviews and never share your trading login.
Report. Recover. Stay Fraud Free.
SEBI issued a regulatory censure on September 30, 2026. The order takes effect immediately. It found the firm published false testimonials, which breached the PFUTP Regulations. It also found the firm handled a client's trading account, which breached the RA Regulations. Yes, in a separate adjudication order. It imposed ₹6 lakh on the firm and its two partners, and the firm has paid it. No. SEBI said a refund was not sustainable because no client loss could be measured. Yes. Its registration number is INH000007465. SEBI said a research analyst should not operate a client's trading account, even once and even without a fee. File on SCORES first, then use SMART ODR if the matter stays unresolved.Frequently Asked Questions
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