Mumbai: SEBI has imposed Rs 7 lakh penalties on investment advisory Winway Research for failure to resolve investor grievances. The market regulator imposed a penalty of Rs7 lakh on Ankur Jain, proprietor of Winway Research after receiving complaints on the SEBI Complaints Redress System (SCORES).

The complaints highlighted non-resolution of grievances and failure to maintain required call records, led to SEBI investigation that uncovered multiple regulatory breaches by Winway Research advisory firm.

The SEBI investigation found that Ankur Jain, proprietor of Winway Research had not appropriately resolved investor complaints and instead submitted action-taken reports (ATRs) that documented procedural compliance without actually resolving issues.

"I find from the observations made against Mr Jain and other material available on record that Mr Jain has failed to comply with the regulatory provisions and also failed to adhere to high standards of services to its clients,” said SEBI adjudicating officer (AO) Asha Shetty order.