SEBI Cancels Research Analyst Registrations of Prerna Sharma and Priyanka Yadav Over Serious Violations — September 11, 2026

The Securities and Exchange Board of India (SEBI) has cancelled the registrations of two research analysts (RAs), Prerna Sharma and Priyanka Yadav (proprietor of Trade Money Research), with immediate effect, citing grave regulatory breaches, lack of transparency, and the need to protect investor interests.

The market watchdog issued two separate final orders under Section 12(3) of the SEBI Act, 1992, read with the provisions of the SEBI (Intermediaries) Regulations, 2008. The enforcement actions follow detailed inspections by regulatory authorities that uncovered systemic non-compliance, deceptive promotional practices, and the circumvention of regulatory bans.

Algorithmic Tips and Deceptive Claims in Prerna Sharma's Case

In the case of Prerna Sharma, an inspection examining operations from April 2021 to March 2023 revealed extensive violations of the SEBI (Research Analysts) Regulations, 2014, and the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003.

Key violations identified by SEBI include:

• Failure to consistently use the mandatory term "research analyst" in client communications.
• Absence of requisite disclosures, failure to define terms used in buy/sell calls, and failure to document the rationale behind recommendations.
• Unexplained delays in redressing investor grievances.
• Submission of false work experience documents when applying for registration with the regulator.

A central focus of SEBI’s investigation was the distribution of algorithm-based buy and sell signals through an algorithmic software setup branded as "Algologic". While Sharma contended that electronic and algorithm-based signals did not constitute research reports, SEBI ruled that automated recommendations based on defined strategies and market indicators clearly qualify as research recommendations designed to influence client decisions. Consequently, they required mandatory disclosures under Regulation 19—including disclosures of business activities, material conflicts of interest, compensation received, and past disciplinary history—none of which were provided.

Furthermore, SEBI scrutinized Sharma’s YouTube channel, "AlgoLogic Live", which published videos featuring titles such as "earn profit upto 5000/- with Algologic software" and "How to make 5000/- profit daily?". The regulator held that projecting guaranteed daily earnings directly misled retail market participants by fostering an illusion of risk-free, assured returns in inherently volatile capital markets.

Proxy Operations and Regulatory Evasion at Trade Money Research

In the proceedings against Priyanka Yadav, proprietor of Nagpur- and Indore-based Trade Money Research, SEBI's action followed a joint inspection conducted with BSE.

The inspection uncovered that Yadav acted as a front to enable her husband, Sandeep Yadav, to run advisory and research services. Sandeep Yadav, the former proprietor of Capital Vista, had previously been debarred by SEBI from accessing the capital markets and directed to refund ₹89.94 lakh to investors. The regulator established that Trade Money Research used Priyanka Yadav's registration to bypass the regulatory ban, with her husband actively managing operations in breach of the regulator's "fit and proper person" criteria. The firm also failed to comply with statutory audit requirements under Regulation 25(3) of the RA regulations.

Strict Mandates on Ongoing Liabilities

In cancelling the certificates of registration, SEBI emphasized that the action will prevent any ongoing exploitation of credentials by non-compliant entities.

However, SEBI clarified that cancellation does not absolve the noticees of liabilities or penalties for violations committed during their registered tenure. The entities remain obligated to:

• Preserve and maintain client transaction and advisory records.
• Address pending investor grievances.
• Transfer client records, pending dues, or securities in accordance with regulatory directions.
• Settle all outstanding defaults and cooperate with ongoing enforcement proceedings.

The cancellations serve as a clear warning to capital market intermediaries against leveraging unregistered algorithms, making promises of guaranteed intraday trading profits, and allowing barred individuals to access the market through proxies.

Tags: SEBI BSE Research Analysts Capital Markets Algologic Trade Money Research