**SEBI Issues Reprimand to Winway Research Proprietor** The Securities and Exchange Board of India (**SEBI**) has issued an administrative warning to Ankur Jain, proprietor of **Winway Research**, following an investigation that revealed significant regulatory non-compliance. **Financial Irregularities** The regulator identified that client funds were improperly routed through employee bank accounts rather than designated business channels. Additionally, the firm was found charging **overlapping fees**, resulting in redundant costs for clients. **Operational Lapses** Compliance failures extended to record-keeping and grievance redressal. The firm failed to maintain mandatory call records required for audit trails. Furthermore, investor complaints registered on the **SCORES** platform remained unresolved. **Regulatory Outcome** SEBI formally rejected the defense explanations submitted by Jain regarding these breaches, upholding the findings and issuing a strict reprimand for the violations.