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SOURCE OF INFORMATION : SECURITIES AND EXCHANGE BOARD OF INDIA WEBSITE – PRESS RELEASES/ CHAIRMAN’S AND MEMBER’S ORDERS / AO ORDERS/ SAT ORDERS/ NEWSPAPER ADS
UPDATED TILL : 21-NOV-2024

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.

PERSONS: DEFAULTED/IRREGULARITIES IN NCFM/NISM CERTIFICATES

S.No. PERSON ENTITY REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1 
History of entity/person KETAN BORA

(PAN:BENPB0608D)  
History of entity/person INSANE TRADERS

(PAN:BENPB0608D)
  		DID NOT RENEW NISM X-A & NISM X-B CERTIFICATE

DID NOT MAINTAIN AND PROVIDE RECORD OF CLIENTS AND COPY OF AGREEMENT EXECUTED BETWEEN CLIENTS

DID NOT PROVIDE DETAILS OF KRA PROCESS AT THE TIME OF ON-SITE INSPECTION AND DID NOT FOLLOW KYC PROCESS WHILE ONBOARDING CLIENTS

DID NOT PROVIDE DOCUMENTED PROCESS FLOW TO IDENTIFY RISK PROFILE/ RISK SCORE OF CLIENTS TO DECIDE ON THEIR SUITABILITY FOR FINANCIAL PRODUCTS

DID NOT PROVIDE DOCUMENTED PROCESS FLOW AND DETAIL QUESTIONNAIRE FOR RISK PROFILING CLIENT

DID NOT MAKE DISCLOSURES ABOUT MATERIAL INFORMATION ABOUT ITSELF INCLUDING BUSINESS, DISCIPLINARY HISTORY, ANY ACTUAL OR POTENTIAL CONFLICT OF INTEREST, ETC.

DID NOT APPLY FOR REGISTRATION AS NON-INDIVIDUAL INVESTMENT ADVISOR

DID NOT ADHERE TO NET WORTH REQUIREMENT  		IMPOSED PENALTY RS.8,00,000 ALONG WITH OTHER ENTITIES/PERSONS

29-OCT-2024
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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