Advani Hotels & Resorts (India) Ltd has filed a complaint with the Securities and Exchange Board of India (SEBI) against Simply Wall Street Pty Ltd for alleged serious violations of the SEBI (Research Analysts) Regulations, 2014. The company accused the foreign research entity of publishing factually inaccurate, incomplete, and misleading reports concerning its financials and valuation, which it argues constitutes unregistered research activity. The complaint highlights that Simply Wall Street disseminates investment advice on Indian listed securities without the required registration or agreement with a SEBI-registered research analyst, potentially exposing retail investors to manipulative information and systemic risks.

The company detailed several specific instances of alleged misleading content on the Simply Wall Street dashboard. It contested the platform's assertion that the company's dividend has been volatile over the last decade, stating that dividends aggregating INR 102,00,00,000 were paid in nine out of the last ten financial years, with the only exception being the financial year 2020-2021 due to the COVID-19 lockdown. Advani Hotels also flagged contradictory remarks regarding the number of new directors and negative valuation labels such as 'Below Future Cash Flow Value' without disclosed methodology. The company contrasted Simply Wall Street's valuation of INR 20.39 per share with reports from two Registered Valuers, ANVI Technical Advisors India Private Limited and Whitestone Valuers and Consultants Private Limited, which valued the operating business undertaking significantly higher.

Furthermore, the complaint challenged a Simply Wall Street article dated January 20, 2026, which used an unsubstantiated 25% industry growth rate to imply under-performance, whereas the company cited industry guidance ranging between 9% and 14%. It also disputed claims regarding Chief Executive Officer compensation, stating that the CEO's remuneration was INR 1,44,90,000 and remained unchanged for the period August 1, 2025, to July 31, 2026, contrary to the platform's report of a 20% increase. The company noted that despite previous correspondence pointing out factual inaccuracies in articles dated April 27, 2023, and February 13, 2023, Simply Wall Street failed to adequately correct or withdraw the content.

Advani Hotels argued that Simply Wall Street's conduct may amount to contraventions of the SEBI Act and the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003. The company has urged SEBI to verify whether Simply Wall Street has entered into agreements with registered research entities and to immediately direct the platform to cease and desist from publishing reports on Indian securities. Additionally, Advani Hotels requested enforcement proceedings, including penalties and disgorgement of illicit gains, and a comprehensive investigation into the entity's operations.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE199C01026/2972fa6d1340439b.pdf

Advani Hotels & Resorts (India) Ltd has filed a complaint with the Securities and Exchange Board of India (SEBI) against InfinHub Market Technologies FZ-LLC, alleging serious violations of research analyst regulations and the publication of factually incorrect financial data. The complaint accuses InfinHub, which operates the website MarketsMojo, of acting as a research entity without the necessary registration and disseminating misleading information that distorts valuations and erodes market integrity. The company has urged SEBI to pass a cease and desist order and initiate enforcement proceedings against the foreign entity.

The complaint highlights that InfinHub systematically publishes articles containing financial data and investment recommendations on Indian securities, which qualify as research reports under the SEBI (Research Analysts) Regulations, 2014. However, InfinHub has not disclosed any registration status or an agreement with a SEBI-registered research analyst, as mandated by Regulation 4 of the regulations. Advani Hotels argues that InfinHub is flouting these mandates by issuing reports from outside India without clarity on registration or compliance.

Advani Hotels pointed out specific instances of inaccurate data published on MarketsMojo. An article dated May 26, 2026, stated the company's dividend payout ratio was 133.34%, whereas the actual ratio for the financial year 2025–2026 is approximately 70%. The company noted that this error had previously been flagged in November 2025. Additionally, the article mentioned an interest coverage ratio of 27.15x, which the company described as wholly inaccurate since it has no long-term debt and only minimal short-term borrowings with negligible interest expense.

The complaint also draws attention to inconsistent investment recommendations issued by MarketsMojo within short time intervals. On May 26, 2026, the platform published a "Good" rating at 8:00 AM IST, which was changed to a "Hold" rating 45 minutes later. Similarly, on June 2, 2026, an "Attractive" rating was assigned, only to be changed to a "Sell" rating two days later on June 4, 2026. Advani Hotels stated that such contradictory recommendations are confusing and have the potential to mislead retail investors.

Further, the company alleged that MarketsMojo used contextually irrelevant historical data to cast it in a negative light. Articles published in November 2025 compared the company's performance in 2025 with data from 2008 and 2010, periods when the company had different business operations, including the Airport Plaza flight kitchen and a stake in a subsidiary. Advani Hotels argued that there is no legitimate analytical basis for comparing current performance with such remote and non-comparable periods.

In its communication to SEBI, Advani Hotels requested the regulator to verify if InfinHub has entered into an agreement with a registered research analyst and to immediately direct InfinHub to cease and desist from publishing research reports on Indian securities. The company also sought enforcement proceedings under the SEBI Act and the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003, including the imposition of penalties and disgorgement of illicit gains.