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Regulatory Actions Covered By This Website

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
1 26-FEB-2026
History of entity/person GOLDENMAPLE COMMODITIES PVT.LTD. 

(PAN:AAJCS8332D)
  SEBI  INDULGED IN CREATION OF ARTIFICIAL VOLUME THROUGH REVERSAL OF TRADE TRANSACTIONS IN ILLIQUID STOCK OPTIONS AT BSE IMPOSED PENALTY RS.5,00,000

26-FEB-2026 		 
2 24-FEB-2026
History of entity/person ASHOK KUMAR GUPTA & SONS (HUF) 

(PAN:AAOHA5520P)
  SEBI  INDULGED IN CREATION OF ARTIFICIAL VOLUME THROUGH REVERSAL OF TRADE TRANSACTIONS IN ILLIQUID STOCK OPTIONS AT BSE IMPOSED PENALTY RS.5,00,000

24-FEB-2026 		 
3 24-FEB-2026
History of entity/person VISHNU PRAKASH R PUNGLIA LTD. 

(PAN:AAECV4526D)
  SEBI  DELAY IN MAKING DISCLOSURES WITH REGARD TO ACTION TAKEN BY PUBLIC HEALTH ENGINEERING DEPARTMENT, GOVERNMENT OF RAJASTHAN VIDE ORDERS DATED 22/06/2024 AND 24/06/2024 VIOLATING REGULATION 30(2) READ WITH PART A PARA A SUB-PARA 20 OF SCHEDULE III AND REGULATION 4(1)(D) OF SEBI (LODR) REGULATIONS, 2015

DELAY IN MAKING DISCLOSURES WITH REGARD TO PENDENCY OF LITIGATION UPON BECOMING PARTY OF THE LITIGATION IN RESPECT OF ORDERS DATED 22/06/2024 AND 24/06/2024 AND OUTCOME THEREOF VIOLATING REGULATIONS 30(3) READ WITH 30(4)(I)(C) AND PART A PARA B SUB-PARA O OF SCHEDULE III AND REGULATION 4(1)(D) OF SEBI (LODR) REGULATIONS, 2015 		IMPOSED PENALTY RS.2,00,000

24-FEB-2026 		 
4 23-FEB-2026
History of entity/person BF UTILITIES LTD. 

(PAN:AABCB7711M)
  SEBI  ALLEGED FAILURE IN OBTAINING PRIOR APPROVAL FROM AUDIT COMMITTEE FOR RELATED PARTY TRANSACTIONS ENTERED WITH KALYANI STEELS LTD. WITH RESPECT TO SALE OF 0% FCDS OF DGM GANESHA MINERALS PVT.LTD. VIOLATING REGULATION 103 OF SEBI (LODR) REGULATIONS, 2015 READ WITH SECTION 21 OF SCRA, 1956

ALLEGED FAILURE IN OBTAINING PRIOR APPROVAL FROM SHAREHOLDERS THROUGH SPECIAL RESOLUTION WITH RESPECT TO MATERIAL RELATED PARTY TRANSACTIONS ENTERED WITH KALYANI STEELS LTD. VIOLATING CLAUSE 49(VII)(E) OF SEBI CIRCULAR NO. CIR/CFD/POLICY/CELL/2/2014 DATED 17/04/2014 READ WITH SEBI CIRCULAR CIR/CFD/POLICY/CELL/7/2014 DATED 15/09/2014 READ WITH REGULATION 103 OF SEBI (LODR) REGULATIONS, 2015 READ WITH SECTION 21 OF SCRA, 1956

ALLEGED FAILURE IN MAKING QUARTERLY DISCLOSURE OF MATERIAL RELATED PARTY TRANSACTIONS ENTERED WITH KALYANI STEELS LTD. VIOLATING CLAUSE 49(VIII)(A)(1) OF SEBI CIRCULAR NO.CIR/CFD/POLICY/CELL/2/2014 DATED 17/04/2014 READ WITH SEBI CIRCULAR CIR/CFD/POLICY/CELL/7/2014 DATED 15/09/2014 READ WITH REGULATION 103 OF SEBI (LODR) REGULATIONS, 2015 READ WITH SECTION 21 OF SCRA, 1956 		REACHED SETTLEMENT (SETTLEMENT CHARGES RS.36,28,050 VIDE CONSENT ORDER)

23-FEB-2026 		 
5 23-FEB-2026
History of entity/person FORUM SYNERGIES (INDIA) PE FUND MANAGERS PVT.LTD. 

(PAN:AABCF1159M)

(Along with : FORUM SYNERGIES INDIA TRUST)
  SEBI  DID NOT WIND-UP SCHEME UPON COMPLETION OF ITS TENURE AS PER TERMS OF PRIVATE PLACEMENT MEMORANDUM VIOLATING REGULATIONS 23(1)(A) READ WITH 23(3) AND 24(2) OF SEBI (VENTURE CAPITAL FUNDS) REGULATIONS, 1996 IN MATTER OF KNOWLEDGE MANUFACTURING FUND-I IMPOSED PENALTY RS.10,00,000 ALONG WITH OTHER ENTITIES/PERSONS

23-FEB-2026 		 
6 23-FEB-2026
History of entity/person FORUM SYNERGIES INDIA TRUST 

(PAN:AAAAF0945Q)

(Along with : FORUM SYNERGIES (INDIA) PE FUND MANAGERS PVT.LTD.)
  SEBI  DID NOT WIND-UP SCHEME UPON COMPLETION OF ITS TENURE AS PER TERMS OF PRIVATE PLACEMENT MEMORANDUM VIOLATING REGULATIONS 23(1)(A) READ WITH 23(3) AND 24(2) OF SEBI (VENTURE CAPITAL FUNDS) REGULATIONS, 1996 IN MATTER OF KNOWLEDGE MANUFACTURING FUND-I IMPOSED PENALTY RS.10,00,000 ALONG WITH OTHER ENTITIES/PERSONS

23-FEB-2026 		 
7 23-FEB-2026
History of entity/person KALYANI STEELS LTD. 

(PAN:AAACK7315D)
History of entity/person DEEPTI R.PURANIK
  		SEBI  ALLEGED FAILURE IN OBTAINING PRIOR APPROVAL FROM AUDIT COMMITTEE ENTERED INTO RELATED PARTY TRANSACTIONS WITH LORD GANESHA MINERALS PVT.LTD. WITH RESPECT TO SUBSCRIPTION OF 1% NCRPS VIOLATING REGULATION 23(2) OF SEBI (LODR) REGULATIONS, 2015 READ WITH SECTION 21 OF SCRA, 1956

ALLEGED FAILURE IN OBTAINING PRIOR APPROVAL FROM AUDIT COMMITTEE ENTERED INTO RELATED PARTY TRANSACTIONS WITH LORD GANESHA MINERALS PVT.LTD. WITH RESPECT TO GRANT OF TRADE ADVANCES VIOLATING REGULATION 23(2) OF SEBI (LODR) REGULATIONS, 2015 READ WITH SECTION 21 OF SCRA, 1956

ALLEGED FAILURE IN OBTAINING PRIOR APPROVAL FROM AUDIT COMMITTEE ENTERED INTO RELATED PARTY TRANSACTIONS WITH KALYANI MINING VENTURES PVT.LTD. WITH RESPECT TO INVESTMENT IN 8% NCRPS VIOLATING REGULATION 23(2) OF SEBI (LODR) REGULATIONS, 2015 READ WITH SECTION 21 OF SCRA, 1956

ALLEGED FAILURE ON THE PART OF KALYANI STEELS LTD. TO PLACE SUMMARY OF RELATED PARTY TRANSACTIONS BEFORE AUDIT COMMITTEE ENTERED INTO WITH KICL IN RESPECT OF ICDS BORROWED BY KALYANI STEELS LTD. FROM KICL VIOLATING CLAUSE 49(IV)(A)(I) OF SEBI CIRCULAR NO.SEBI/CFD/DIL/CG/1/2004/12/10 DATED 29/10/2004 READ WITH REGULATION 103 OF SEBI (LODR) REGULATIONS, 2015 READ WITH SECTION 21 OF SCRA, 1956

ALLEGED FAILURE ON THE PART OF KALYANI STEELS LTD. TO PLACE SUMMARY OF RELATED PARTY TRANSACTIONS BEFORE AUDIT COMMITTEE ENTERED WITH KSLHPL WITH RESPECT TO INVESTMENT IN 11% NCRPS VIOLATING CLAUSE 49(IV)(A)(I) OF SEBI CIRCULAR NO.SEBI/CFD/DIL/CG/1/2004/12/10 DATED 29/10/2004 READ WITH REGULATION 103 OF SEBI (LODR) REGULATIONS, 2015 READ WITH SECTION 21 OF SCRA, 1956

ALLEGED FAILURE ON THE PART OF KALYANI STEELS LTD. TO PLACE SUMMARY OF RELATED PARTY TRANSACTIONS BEFORE AUDIT COMMITTEE ENTERED WITH KICL WITH RESPECT TO SALE OF NON-CUMULATIVE OPTIONALLY CONVERTIBLE PREFERENCE SHARES OF LORD GANESHA MINERALS PVT.LTD. VIOLATING CLAUSE 49(IV)(A)(I) OF SEBI CIRCULAR NO.SEBI/CFD/DIL/CG/1/2004/12/10 DATED 29/10/2004 READ WITH REGULATION 103 OF SEBI (LODR) REGULATIONS, 2015 READ WITH SECTION 21 OF SCRA, 1956

ALLEGED FAILURE ON THE PART OF KALYANI STEELS LTD. TO PLACE SUMMARY OF RELATED PARTY TRANSACTIONS BEFORE AUDIT COMMITTEE ENTERED WITH LORD GANESHA MINERALS PVT.LTD. WITH RESPECT TO GRANT OF TRADE ADVANCES VIOLATING CLAUSE 49(IV)(A)(I) OF SEBI CIRCULAR NO.SEBI/CFD/DIL/CG/1/2004/12/10 DATED 29/10/2004 READ WITH REGULATION 103 OF SEBI (LODR) REGULATIONS, 2015 READ WITH SECTION 21 OF SCRA, 1956

ALLEGED FAILURE ON THE PART OF KALYANI STEELS LTD. TO PLACE SUMMARY OF RELATED PARTY TRANSACTIONS BEFORE AUDIT COMMITTEE ENTERED WITH KALYANI NATURAL RESOURCES PVT.LTD. WITH RESPECT TO INVESTMENT IN 8% NON-CONVERTIBLE REDEEMABLE PREFERENCE SHARES VIOLATING CLAUSE 49(IV)(A)(I) OF SEBI CIRCULAR NO.SEBI/CFD/DIL/CG/1/2004/12/10 DATED 29/10/2004 READ WITH REGULATION 103 OF SEBI (LODR) REGULATIONS, 2015 READ WITH SECTION 21 OF SCRA, 1956

ALLEGED FAILURE IN OBTAINING PRIOR APPROVAL FROM SHAREHOLDERS THROUGH SPECIAL RESOLUTION WITH RESPECT TO MATERIAL RELATED PARTY TRANSACTIONS ENTERED WITH DGM GANESHA MINERALS PVT.LTD. VIOLATING CLAUSE 49(VII)(E) OF SEBI CIRCULAR NO. CIR/CFD/POLICY/CELL/2/2014 DATED 17/04/2014 READ WITH SEBI CIRCULAR CIR/CFD/POLICY/CELL/7/2014 DATED 15/09/2014 READ WITH REGULATION 103 OF SEBI (LODR) REGULATIONS, 2015 READ WITH SECTION 21 OF SCRA, 1956

ALLEGED FAILURE IN MAKING QUARTERLY DISCLOSURE OF MATERIAL RELATED PARTY TRANSACTIONS ENTERED WITH DGM GANESHA MINERALS PVT.LTD. VIOLATING CLAUSE 49(VIII)(A)(1) OF SEBI CIRCULAR NO.CIR/CFD/POLICY/CELL/2/2014 DATED 17/04/2014 READ WITH SEBI CIRCULAR CIR/CFD/POLICY/CELL/7/2014 DATED 15/09/2014 READ WITH REGULATION 103 OF SEBI (LODR) REGULATIONS, 2015 READ WITH SECTION 21 OF SCRA, 1956 		REACHED SETTLEMENT (SETTLEMENT CHARGES RS.2,80,22,150 VIDE CONSENT ORDER)

23-FEB-2026 		 
8 23-FEB-2026
History of entity/person 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

DISCREPANCIES IN STOCK RECONCILIATION

DID NOT HAVE CALL RECORDING/ORDER PLACEMENT MECHANISM AND/OR DID NOT MAINTAIN RECORDS AND/OR SUBMITTED FORGED AND FALSIFIED EVIDENCES

MADE INCORRECT AND/OR DID NOT REPORT ENHANCED SUPERVISION OF DATA TO STOCK EXCHANGES

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

DID NOT UNDERTAKE REPORTING AND TAGGING OF BANK ACCOUNTS

SHORT COLLECTION OF MARGINS FROM CLIENTS 		DIRECTED NOT TO TAKE NEW CLIENTS AS STOCK BROKER FROM 23-FEB-2026 TO 22-MAR-2026

23-FEB-2026 		 
9 23-FEB-2026
History of entity/person SAI PROFICIENT RESEARCH INVESTMENT ADVISORY 

(PAN:AVBPV2205J)
History of entity/person MEESHIKA VISHWAKARMA
  		SEBI  PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

RECEIVED MONEY FROM THIRD PARTY

CHARGED FEE HIGHER THAN INCOME/PROPOSED INVESTMENT OF CLIENTS

DID NOT OBTAIN “KNOW YOUR CLIENTS” (KYC) DETAILS OF CLIENTS

SOLD ADVISORY SERVICES/PRODUCTS TO CLIENTS HAVING DIFFERENT NAMES BUT SAME FEATURE

DID NOT UNDERTAKE RISK PROFILING OF CLIENTS

DID NOT INTIMATE SEBI ABOUT MATERIAL CHANGE IN INFORMATION

DID NOT REDRESS INVESTOR COMPLAINTS IN STIPULATED TIME 		SUSPENDED REGISTRATION AS INVESTMENT ADVISER FROM 23-FEB-2026 TO 22-FEB-2027

23-FEB-2026 		 
10 23-FEB-2026
History of entity/person VISTRA ITCL (INDIA) LTD. 

(Old Name : IL&FS TRUST CO.LTD.)

(PAN:AAACI6832K)
  SEBI  DID NOT INTIMATE FUND THE FUND TO INITIATE WINDING UP OF SCHEME WHEN ITS TENURE ENDED AS PER TERMS OF PRIVATE PLACEMENT MEMORANDUM VIOLATING REGULATIONS 23(1)(A) READ WITH 23(3) AND 24(2) OF SEBI (VENTURE CAPITAL FUNDS) REGULATIONS, 1996 IN MATTER OF KNOWLEDGE MANUFACTURING FUND-I IMPOSED PENALTY RS.10,00,000

23-FEB-2026 		 
11 20-FEB-2026
History of entity/person DELPHI WORLD MONEY LTD. 

(PAN:AABCC7143A)
  SEBI  ALLEGED FAILURE IN MAKING DISCLOSURE OF RELATED PARTY TRANSACTIONS REQUIRED UNDER ACCOUNTING STANDARD 24 VIOLATING REGULATION 4(1)(A), 4(1)(B), 4(2)(E)(I), 33(1)(C), 34(3) AND 48 OF SEBI (LODR) REGULATIONS, 2015 REACHED SETTLEMENT (SETTLEMENT CHARGES RS.37,05,000 VIDE CONSENT ORDER)

20-FEB-2026 		 
12 20-FEB-2026
History of entity/person RAMAN KUMAR & SONS (HUF) 

(PAN:AAMHR4119K)
  SEBI  INDULGED IN CREATION OF ARTIFICIAL VOLUME THROUGH REVERSAL OF TRADE TRANSACTIONS IN ILLIQUID STOCK OPTIONS AT BSE IMPOSED PENALTY RS.5,00,000

20-FEB-2026 		 
13 18-FEB-2026
History of entity/person MIRAGE MARBLES PVT.LTD. 

(PAN:AAFCM1894A)

(Along with : NIRMAL MARBLES LTD.)
History of entity/person ABHISHEK JAIN
  		SEBI  AIDED AND ABETTED IN INFLATION OF PURCHASES AND SALES ENTRIES VIOLATING SECTIONS 12A(A) TO 12A(C) OF SEBI ACT, 1992 READ WITH REGULATIONS 3(C), 3(D) AND 4(1) OF SEBI (PFUTP) REGULATIONS, 2003 READ WITH SECTION 27 OF SEBI ACT, 1992 IN MATTER OF ORIENTAL TRIMEX LTD. IMPOSED PENALTY RS.20,00,000 ALONG WITH OTHER ENTITIES/PERSONS

18-FEB-2026 		 
14 18-FEB-2026
History of entity/person NIRMAL MARBLES LTD. 

(PAN:AAACN6944R)

(Along with : MIRAGE MARBLES PVT.LTD.)
History of entity/person ABHISHEK JAIN
  		SEBI  AIDED AND ABETTED IN INFLATION OF PURCHASES AND SALES ENTRIES VIOLATING SECTIONS 12A(A) TO 12A(C) OF SEBI ACT, 1992 READ WITH REGULATIONS 3(C), 3(D) AND 4(1) OF SEBI (PFUTP) REGULATIONS, 2003 READ WITH SECTION 27 OF SEBI ACT, 1992 IN MATTER OF ORIENTAL TRIMEX LTD. IMPOSED PENALTY RS.20,00,000 ALONG WITH OTHER ENTITIES/PERSONS

18-FEB-2026 		 
15 18-FEB-2026
History of entity/person ORIENTAL TRIMEX LTD. 

(PAN:AAACO1556G)
  SEBI  INDULGED IN MANIPULATION OF BOOKS OF ACCOUNTS OR FINANCIAL STATEMENTS BY BOOKING FICTIOUS SALES AND PURCHASES VIOLATING SECTIONS 12A(A) TO 12A(C) OF SEBI ACT, 1992 READ WITH REGULATIONS 3(A) TO 3(D), 4(1), 4(2)(F), 4(2)(K) AND 4(2)(R) OF SEBI (PFUTP) REGULATIONS, 2003 IN MATTER OF ORIENTAL TRIMEX LTD.

PUBLISHED MISREPRESENTED/ MISSTATED AND MISLEADING FINANCIAL STATEMENTS VIOLATING REGULATIONS 4(1) TO 4(1)(E), 4(1)(G), 4(1)(H), 4(1)(I), 4(1)(J), 4(2)E, 33(1)(A), 33(1)(C) AND 48 OF SEBI (LODR) REGULATIONS, 2015 READ WITH SECTION 27 OF SEBI ACT, 1992 IN MATTER OF ORIENTAL TRIMEX LTD. 		IMPOSED PENALTY RS.50,00,000

18-FEB-2026 		 
16 18-FEB-2026
History of entity/person SALWEEN SECURITIES PVT.LTD. 

(Old Name : SUZLON SECURITIES PVT.LTD.)

(PAN:AANCS5746H)
  SEBI  INDULGED IN CREATION OF ARTIFICIAL VOLUME THROUGH REVERSAL OF TRADE TRANSACTIONS IN ILLIQUID STOCK OPTIONS AT BSE IMPOSED PENALTY RS.5,00,000

18-FEB-2026 		 
17 13-FEB-2026
History of entity/person SHILUSH TRADING PVT.LTD. 

(PAN:AALCS0075M)
  SEBI  INDULGED IN CREATION OF ARTIFICIAL VOLUME THROUGH REVERSAL OF TRADE TRANSACTIONS IN ILLIQUID STOCK OPTIONS AT BSE IMPOSED PENALTY RS.5,00,000

13-FEB-2026 		 
18 12-FEB-2026
History of entity/person B B COMMERCIAL LTD. 

(CIN:L51909WB1980PLC033130
PAN:AABCB4535B)
  SEBI  INDULGED IN CREATION OF ARTIFICIAL MARKET AND PRICE MANIPULATION THROUGH REVERSAL OF TRADES AND SYNCHRONIZED TRANSACTIONS IN SCRIP OF ANI INTEGRATED SERVICES LTD. IMPOSED PENALTY RS.42,00,000 ALONG WITH OTHER ENTITIES/PERSONS

12-FEB-2026 		 
19 12-FEB-2026
History of entity/person BHAVESH ORTHO AIDS 

(PAN:BDMPR5701F)

(Along with : S S TRADERS,

S R TRADERS,

GANESH TRADING)
History of entity/person BHAVESH POPATLAL RANGI
  		SEBI  DID NOT PERSONALLY APPEAR AND/OR PROVIDE NECESSARY INFORMATION / DOCUMENTS IN RESPONSE TO SUMMONS IN MATTER OF ANI INTEGRATED SERVICES LTD. IMPOSED PENALTY RS.2,00,000 ALONG WITH OTHER ENTITIES/PERSONS

12-FEB-2026 		 
20 12-FEB-2026
History of entity/person DINESH MANWANI (HUF) 

(PAN:AAHHD9073R)
  SEBI  INDULGED IN CREATION OF ARTIFICIAL VOLUME THROUGH REVERSAL OF TRADE TRANSACTIONS IN ILLIQUID STOCK OPTIONS AT BSE IMPOSED PENALTY RS.5,00,000

12-FEB-2026 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.
 
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