Only 20% of London equity analysts have considered the risks of search engine penalties when analysing stocks, a new study has found.

But the survey by news navigator One News Page, which is behind the “Have I Been Penalized?” campaign for search engine penalty transparency, also found that nine out of ten want search engines to be more transparent over search penalties.

Most analysts agreed that search penalties were becoming an increasingly important topic, especially in the light of the European Commission recently opening its investigation into Google.

The survey findings coincide with the announcement of a forthcoming seminar on how search engine penalties can affect investments in smaller quoted companies. One News Page is inviting retail and technology equity analysts and fund managers to an event where experts from the US and UK will offer an insight into risks posed by search engine penalties.

Search engine penalties are designed to restrict visibility of ‘illegitimate’ websites, such those involved in spamming. But search engines can also inflict penalties accidentally. AIM-quoted Media Corp recently lost an estimated £1 million in revenues after a two-year penalty drastically reduced searches to a couple of its sites.

“Badly applied penalties pose risks to online businesses which the City needs to get a firm understanding of,” said One News Page CEO Dr Marc Pinter-Krainer. “Our seminar features experts on search engine penalties, including Bob Sakayama, one of the leading expert consultants on search penalties, and UK-based award-winning online marketing company Adrac Ltd, who will discuss the iniquities of some penalties and how these can destroy business on legitimate sites.”

The early evening City seminar on 14 April is hosted by BBC presenter Ray Snoddy. Full details of the seminar can be found at http://www.haveibeenpenalized.com/seminar.php.