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Regulatory actions in Chronological Order

REGULATORY ACTIONS IN CHRONOLOGICAL ORDER

NAMES IN BROWN COLOUR
Names of entities/persons in brown colour denote that the regulatory order is not against them but their names have been mentioned only for association purposes.

ENTITY

S.
No.

DATE OF ORDER

ENTITY

PERSON

COMPETENT AUTHORITY

REGULATORY CHARGES

REGULATORY ACTION(S) / DATE OF ORDER

FURTHER DEVELOPMENTS

26-AUG-2025

KFIN TECHNOLOGIES LTD.

(Old Name : KARVY FINTECH PVT.LTD.)

(Old Name : KARVY COMPUTERSHARE PVT.LTD.)

(Old Name : KARVY CONSULTANTS LTD.)

(PAN:AAGCK6303B)

SEBI

ALLEGED FAILURE IN EXERCISING DUE DILIGENCE WHILE PROCESSING REQUEST FOR DEMATERIALISATION OF SHARES

ALLEGED FAILURE IN ENHANCED DUE DILIGENCE TO MARKING FOLIOS WITHOUT HAVING PAN OR BANK ACCOUNT DETAILS

REACHED SETTLEMENT (SETTLEMENT CHARGES RS.87,75,000 VIDE CONSENT ORDER)

26-AUG-2025

26-AUG-2025

LANDMARK CAPITAL ADVISORS PVT.LTD.

(PAN:AACCL4482A)

ASHISH KUMAR JOSHI

SEBI

DID NOT DISCHARGE DUTY AS FUND MANAGER VIOLATING REGULATIONS 15(1)(C), 20(1), 20(2) AND 20(5) READ WITH CLAUSES 2(A), 2(C) AND 2(D) OF CODE OF CONDUCT SPECIFIED IN FOURTH SCHEDULE OF SEBI (ALTERNATIVE INVESTMENT FUNDS) REGULATIONS, 2012

IMPOSED PENALTY RS.3,00,000

26-AUG-2025

26-AUG-2025

LANDMARK OPPORTUNITY FUND

(PAN:AABTL1214A)

SEBI

INVESTED MORE THAN 25% OF INVESTIBLE FUNDS IN A SINGLE INVESTEE COMPANY

IMPOSED PENALTY RS.5,00,000

26-AUG-2025

21-AUG-2025

SMC GLOBAL SECURITIES LTD.

(Old Name : SAM GLOBAL SECURITIES LTD.)

(PAN:AAACS0581R)

(Member : BSE/NSE/MCX/NCDEX)

SEBI

LOCATED CTCL TERMINALS OTHER THAN THE LOCATION DECLARED BY NOTICEE TO STOCK EXCHANGE

DID NOT EXERCISE DUE SKILL, CARE & DILIGENCE AND DID NOT ADHERE TO STATUTORY REQUIREMENTS VIOLATING REGULATION 9(F) READ WITH CLAUSES A(2) AND A(5) OF CODE OF CONDUCT UNDER SCHEDULE II OF SEBI (STOCK BROKERS) REGULATIONS, 1992

IMPOSED PENALTY RS.2,00,000

21-AUG-2025

21-AUG-2025

WEIRD INFRASTRUCTURES CORP.LTD.

(PAN:AAACW9754E)

MASRUR AHMED BASHEER

SEBI

ACTED AS DEBENTURE TRUSTEE WITHOUT SEBI REGISTRATION

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 21-AUG-2025 TO 20-AUG-2026

21-AUG-2025

19-AUG-2025

AMRAPALI AADYA TRADING & INVESTMENT PVT.LTD.

(PAN:AAECA3909P)

SEBI

DID NOT SUBMIT PERIODIC REPORTS/CERTIFICATES TO SEBI

NOT A FIT & PROPER PERSON TO ACT AS PORTFOLIO MANAGER

CANCELLED REGISTRATION AS PORTFOLIO MANAGER FROM 19-AUG-2025

19-AUG-2025

19-AUG-2025

INTEGRATED MASTER SECURITIES PVT.LTD.

(PAN:AAACI2074F)

(Member : BSE/NSE)

SEBI

PROVIDED FALSE/MISLEADING INFORMATION TO SEBI DURING INVESTIGATIONS

IMPOSED PENALTY RS.1,00,000

19-AUG-2025

19-AUG-2025

SWARAJ SHARES & SECURITIES PVT.LTD.

(PAN:AAGCS8286D)

SEBI

DID NOT EXERCISE PROPER DUE DILIGENCE IN CERTAIN TAKEOVER TRANSACTIONS

DID NOT MAKE DISCLOSURE OF DESIGNATED EMAIL ADDRESS FOR INVESTOR GRIEVANCE ON ITS WEBSITE

DID NOT UPLOAD MONTHLY COMPLAINTS DATA ON ITS WEBSITE

DISCREPANCIES IN PERIODIC REPORTS

DID NOT DISPLAY INFORMATION REGARDING INVESTOR GRIEVANCE REDRESSAL MECHANISM AT ITS OFFICE OFFICES

DID NOT MAINTAIN DESIGNATED EMAIL ADDRESS

DID NOT IDENTIFY AND DESIGNATE A COMPLIANCE OFFICER

DID NOT INCLUDE ITS SUPPORT STAFF IN THE LIST OF DESIGNATED PERSONS

DID NOT MAKE TIMELY ENTRIES IN THE STRUCTURED DIGITAL DATABASE WITH RESPECT TO OPEN OFFERS HANDLED BY THEM

DID NOT INTIMATE SEBI IN CHANGES IN POSITIONS OF DIRECTOR, KEY MANAGERIAL POSITION AND COMPLIANCE OFFICER THROUGH SEBI INTERMEDIARIES PORTAL

CREATED FALSE RECORDS AND SUBMITTED FABRICATED DOCUMENTS TO INSPECTION TEAM

DID NOT REPORT INVESTOR COMPLAINTS AND UNABLE TO PROVIDE ANY SUPPORTING DOCUMENTS WITH RESPECT TO REDRESSAL OF COMPLAINTS

SUSPENDED REGISTRATION AS MERCHANT BANKER FROM 19-AUG-2025 TO 18-NOV-2025

19-AUG-2025

13-AUG-2025

EQWIRES RESEARCH ANALYST

(PAN:AAHFE7504J)

PRANAY DINESHBHAI MORAKHIYA

BANSRI PANKAJBHAI THAKKAR

SEBI

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

OPERATED/HANDLED TRADING ACCOUNT OF CLIENT AND EXECUTED TRADES

DISPLAYED MISLEADING AND/OR DECEPTIVE TESTIMONIALS ON ITS WEBSITE

IMPOSED PENALTY RS.6,00,000 ALONG WITH OTHER ENTITIES/PERSONS

13-AUG-2025

12-AUG-2025

COX & KINGS LTD.

(CIN:U74999MH1980PLC022661)

URRSHILA KERKAR

SEBI

DIVERTED FUNDS AND REPORTED FALSE AND MANIPULATED FINANCIAL STATEMENTS

NOT AVAILABLE

12-AUG-2025

12-AUG-2025

DEWAN HOUSING FINANCE CORP.LTD.

(New Name : PIRAMAL CAPITAL & HOUSING FINANCE LTD.)

(Old Name : DEWAN HOUSING DEVELOPMENT FINANCE LTD.)

HARSHIL MEHTA

SANTOSH SHAMRA

SEBI

INDULGED IN DIVERSION TO RS.14,040.50 CRORE FROM DEWAN HOUSING FINANCE CORP.LTD. TO CERTAIN PROMOTER-LINKED ENTITIES (BANDRA BOOK ENTITIES (BBES)) VIOLATING SECTIONS 12(A) TO 12A(C) OF SEBI ACT, 1992 AND REGULATIONS 3(B) TO 3(D), 4(1), 4(2)(F), 4(2)(K) AND 4(2)(R) OF SEBI (PFUTP) REGULATIONS, 2003

RESTRAINED FROM ACCESSING SECURITIES MARKET AND FURTHER PROHIBITED FROM BUYING/SELLING OR OTHERWISE DEALING IN SECURITIES AND/OR UNITS OF MUTUAL FUNDS DIRECTLY OR INDIRECTLY OR BEING ASSOCIATED WITH SECURITIES MARKET IN ANY MANNER FROM 12-AUG-2025 TO 11-AUG-2028

RESTRAINED AND FURTHER PROHIBITED FROM HOLDING AND OCCUPYING ANY MANAGERIAL POST OR BEING ASSOCIATED DIRECTLY OR INDIRECTLY WITH ANY LISTED PUBLIC COMPANY AND/OR ANY PUBLIC COMPANY WHICH INTENDS TO RAISE MONEY FROM PUBLIC OR ANY INTERMEDIARY REGISTERED WITH SEBI FROM 12-AUG-2025 TO 11-AUG-2028

IMPOSED PENALTY RS.24,50,00,000

12-AUG-2025

12-AUG-2025

MOTILAL OSWAL FINANCIAL SERVICES LTD.

(Old Name : MOTILAL OSWAL SECURITIES LTD.)

(PAN:AAECM2876P)

(Member : BSE/NSE)

SEBI

DID NOT SETTLE RUNNING ACCOUNTS OF ACTIVE AND/OR INACTIVE CLIENTS

DELAY IN REPORTING/SUBMISSION OF ROOT CAUSE ANALYSIS (RCA) OF INCIDENT BY ONE DAY

DID NOT DEPLOY ADEQUATE MECHANISM TO GET TIMELY ALERTS ON CAPACITY UTILIZATION OF SYSTEMS WHEN IT GOES BEYOND 70% OF INSTALLED CAPACITY

DISCREPANCY IN CALCULATION OF PEAK LOAD

DID NOT CONDUCT LIVE TRADING FROM DR SITE

ALLOWED TERMINAL TO UNAUTHORISED USERS

IMPOSED PENALTY RS.11,00,000

12-AUG-2025

12-AUG-2025

MOTISONS SHARES PVT.LTD.

(PAN:AAECM3530C)

(Member : BSE/NSE)

SEBI

MISUSED CLIENTS' FUNDS AND/OR SECURITIES AND/OR ACCOUNTS

DID NOT MAINTAIN SEGREGATION BETWEEN CLIENT FUNDS AND OWN FUNDS

DID NOT MAINTAIN DAILY RECONCILIATION STATEMENT

INCORRECT REPORTING OF MARGIN TO STOCK EXCHANGES

PASSED PENALTY TO CLIENTS ON SHORT/NON-COLLECTION AND/OR REPORTING OF UPFRONT MARGINS

DID NOT RECORD TRADE DETAILS OF BSE CURRENCY DERIVATIVES SEGMENT

DID NOT KEEP EVIDENCE IN RESPECT OF ORDER PLACED BY CLIENTS

MADE INCORRECT REPORTING WITH RESPECT TO MULTIPLE HEADS OF WEEKLY SUBMISSION

DID NOT PROVIDE CORRECT DATA TO STOCK EXCHANGE UNDER RISK-BASED SUPERVISION

DID NOT UNDERTAKE REPORTING AND TAGGING OF BANK ACCOUNTS

ENGAGED IN BUSINESS OTHER THAN SECURITIES OR COMMODITY DERIVATIVES INVOLVING PERSONAL FINANCIAL LIABILITY

IMPOSED PENALTY RS.12,00,000

12-AUG-2025

12-AUG-2025

TRADE NEXA RESEARCH INVESTMENT ADVISOR

(PAN:BXHPA0464M)

MINAKSHI ASAVANI

SEBI

RECEIVED FEES WITHOUT EXECUTING ANY AGREEMENT WITH CLIENTS

DID NOT MAINTAIN CALL RECORDINGS OF CLIENTS

PROVIDED INVESTMENT ADVICE ON FREE TRIALS TO CLIENTS

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

IMPOSED PENALTY RS.7,00,000 ALONG WITH OTHER ENTITIES/PERSONS

12-AUG-2025

08-AUG-2025

ZEBU SHARE & WEALTH MANAGEMENTS PVT.LTD.

(PAN:AALCA8580D)

(Member : MCX)

SEBI

DID NOT DEPLOY ADEQUATE MECHANISM TO GET TIMELY ALERTS ON CAPACITY UTILIZATION OF SYSTEMS WHEN IT GOES BEYOND 70% OF INSTALLED CAPACITY

DID NOT CONDUCT TESTING OF SOFTWARE, UPDATES AND CHANGES PRIOR TO DEPLOYMENT IN THE PRODUCTION

DID NOT HAVE INCIDENT AND RESPONSE TEAM/ CRISIS MANAGEMENT TEAM

DID NOT IDENTIFY AND CLASSIFY CRITICAL ASSETS BASED ON THEIR SENSITIVITY AND CRITICALITY FOR BUSINESS OPERATIONS, SERVICES AND DATA MANAGEMENT

DID NOT CONDUCT VULNERABILITY ASSESSMENT AND PENETRATION TEST (VAPT) OF ALL THE CRITICAL ASSETS AND INFRASTRUCTURE

DID NOT ESTABLISH APPROPRIATE MONITORING SYSTEMS AND PROCESSES TO FACILITATE CONTINUOUS MONITORING OF SECURITY EVENTS AND ALERTS/TIMELY DETECTION OF UNAUTHORIZED OR MALICIOUS ACTIVITIES

DID NOT PROVIDE LIST OF USERS WHO WERE GRANTED ACCESS TO CRITICAL SERVERS, PURPOSES AND PERIOD FOR WHICH ACCESS WAS GRANTED

DID NOT MAINTAIN LOGS OF SERVERS AND FIREWALLS

DID NOT INSTRUCT VENDORS TO ADHERE TO APPLICABLE GUIDELINES IN CYBER SECURITY AND CYBER RESILIENCE POLICY AND DID NOT OBTAIN NECESSARY SELF-CERTIFICATIONS FROM THEM TO ENSURE COMPLIANCE WITH POLICY GUIDELINES

IMPOSED PENALTY RS.5,00,000

08-AUG-2025

07-AUG-2025

AVG LOGISTICS PVT.LTD.

MUKESH KUMAR NAGAR

SEBI

DID NOT DISGORGE AND REMIT THE PROFIT EARNED FROM CONTRA TRADES BY MR.ANKIT JAIN VIOLATING CLAUSE 10 OF MINIMUM STANDARDS FOR CODE OF CONDUCT (FOR LISTED COMPANIES) TO REGULATE, MONITOR AND REPORT TRADING BY DESIGNATED PERSONS AS SPECIFIED UNDER SUB-REGULATION (1) OF REGULATION 9 OF SEBI (PIT) REGULATIONS, 2015 IN MATTER OF AVG LOGISTICS LTD.

IMPOSED PENALTY RS.1,00,000

07-AUG-2025

31-JUL-2025

BESTWAY SMART FINANCIAL PVT.LTD.

(PAN:AAKCB2828G)

(Along with : SMART FINANCIAL)

MANOJ JETHANAND VARYANI

SEBI

DID NOT MAINTAIN ARMS�LENGTH DISTANCE BETWEEN INVESTMENT ADVISORY ACTIVITIES AND OTHER BUSINESS ACTIVITIES

CENSURED/WARNED & DIRECTED TO BE DILIGENT IN COMPLYING WITH SEBI REGULATIONS

31-JUL-2025

31-JUL-2025

DECIPHER LABS LTD.

(PAN:AAACC8372L)

JANAKIRAM AJJARAPU

KUMAR RAGHAVAN

SUSHANT MOHAN LAL

SEBI

ISSUED FALSE AND MISLEADING CORPORATE ANNOUNCEMENTS VIOLATING SECTIONS 12(A) TO 12A(C) OF SEBI ACT, 1992 AND REGULATIONS 3(A) TO 3(D) AND 4(1), 4(2)(E),4(2)(F), 4(2)(K) AND 4(2)(R) OF SEBI (PFUTP) REGULATIONS, 2003 IN MATTER OF DECIPHER LABS LTD.

ISSUED FALSE AND MISLEADING CORPORATE ANNOUNCEMENTS VIOLATING REGULATIONS 30(7) READ WITH 4(1)(C), 4(1)(E), 4(1)(H) AND 4(1)(I) OF SEBI (LODR) REGULATIONS, 2015 IN MATTER OF DECIPHER LABS LTD.

RESTRAINED FROM BUYING, SELLING OR OTHERWISE DEALING IN SECURITIES (INCLUDING UNITS OF MUTUAL FUNDS), DIRECTLY OR INDIRECTLY FROM 31-JUL-2025 TO 30-JUL-2026

31-JUL-2025

31-JUL-2025

GOLDENPI SECURITIES PVT.LTD.

(PAN:AAJCG9823H)

(Member : BSE/NSE)

SAMIR BARAN PRATIHAR

VISHAL SHARMA

ABHIJIT ROY

SAI PRASAD

NAVEEN SUBBARAO

SEBI

DID NOT ENSURE THAT ALL ORDERS ARE ROUTED THROUGH REQUEST FOR QUOTE PLATFORM OF A RECOGNIZED STOCK EXCHANGES

ADVERTISED WITHOUT OBTAINING PROPER APPROVAL FROM STOCK EXCHANGES

ADVERTISED ITS BUSINESS IN THE FORM OF SPONSORED ADS ON GOOGLE

PUBLISHED ADVERTISEMENTS IN THE FORMS OF MESSAGE, EMAIL SAMPLES AND WEB ADS ETC.

SOLD AT-1 AND TIER II INSTRUMENTS IN A MISLEADING WAY TO RETAIL INVESTORS

IMPOSED PENALTY RS.2,50,000 ALONG WITH OTHER ENTITIES/PERSONS

31-JUL-2025

31-JUL-2025

GOLDENPI SECURITIES PVT.LTD.

(PAN:AAJCG9823H)

(Member : BSE/NSE)

SEBI

IMPOSED PENALTY RS.2,00,000

31-JUL-2025

The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.