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 : 02-MAR-2026

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.

MERCHANT BANKERS: ANY APPLICATION OF ALTIUS FINSERV PVT.LTD. WILL NOT BE CONSIDERED BY SEBI FOR RENEWAL OF CERTIFICATE OF REGISTRATION TO ACT AS AN INTERMEDIARY IN ANY CAPACITY

S.No.

ENTITY

PERSONS

REGULATORY CHARGES

REGULATORY ACTION(S) / DATE OF ORDER

FURTHER DEVELOPMENTS

201

INFIN EQUITY SERVICES PVT.LTD.

REGISTRATION EXPIRED

DID NOT APPLY FOR RENEWAL OF REGISTRATION

CANCELLED REGISTRATION AS MERCHANT BANKER FROM 15-DEC-1997

08-JAN-1998

202

INTENSIVE FISCAL SERVICES PVT.LTD.

(PAN:AAACI2540J)

ALLEGED VIOLATION OF REGULATION 64(1) OF (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2009 IN MATTER OF INVENTURE GROWTH & SECURITIES LTD.

REACHED SETTLEMENT ( SETTLEMENT CHARGES RS.44,05,763 VIDE CONSENT ORDER)

05-NOV-2018

203

INTER CORPORATE FINANCIERS & CONSULTANTS LTD.

DID NOT PAY ANNUAL REGISTRATION FEES VIOLATING REGULATIONS 9A AND 12(1) OF SEBI (MERCHANT BANKER) REGULATIONS, 1992

CANCELLED REGISTRATION AS MERCHANT BANKER FROM 31-MAR-2020

31-MAR-2020

204

INTER STATE FINANCE LTD.

REGISTRATION EXPIRED

DID NOT APPLY FOR RENEWAL OF REGISTRATION

CANCELLED REGISTRATION AS MERCHANT BANKER FROM 15-MAY-1998

09-JUN-1998

205

INTERACT LEASING & FINANCE LTD.

DID NOT PAY FEES TO SEBI

SUSPENDED REGISTRATION AS MERCHANT BANKER FROM 08-OCT-1998

08-OCT-1998

206

INTERNATIONALE NEDERLANDEN BANK

REGISTRATION EXPIRED

DID NOT APPLY FOR RENEWAL OF REGISTRATION

CANCELLED REGISTRATION AS MERCHANT BANKER FROM 31-DEC-1997

08-JAN-1998

207

INVENTURE MERCHANT BANKER SERVICES PVT.LTD.

(PAN:AACCI7082H)

DID NOT PRODUCE SEPARATE LEGAL CERTIFICATE FOR SME IPO OF AANCHAL ISPAT LTD. DURING INSPECTION VIOLATING REGULATIONS 57(1) AND 64(1) OF SEBI (ICDR) REGULATIONS, 2009

DID NOT PROVIDE WEBPAGE/WEBLINK OF ITS TRACK RECORD OF PUBLIC ISSUES MANAGED DURING TIME OF IPOS OR EVEN DURING TIME OF INSPECTION VIOLATING REGULATIONS 57(1) AND 64(1) OF SEBI (ICDR) REGULATIONS, 2009

DID NOT SUBMIT HALF YEARLY PERIODIC REPORTS FOR HALF YEAR ENDING SEPTEMBER 2015 AND MARCH 2015 VIOLATING REGULATIONS 57(1) AND 64(1) OF SEBI (ICDR) REGULATIONS, 2009

DID NOT EXERCISE DUE DILIGENCE WHILE DISCLOSING OUTSTANDING LOAN LIABILITY OF GROUP COMPANY IN PROSPECTUS OF AANCHAL ISPAT LTD. VIOLATING REGULATION 28(2) AND CLAUSES 4, 6 AND 20 OF CODE OF CONDUCT PRESCRIBED UNDER SCHEDULE III READ WITH REGULATION 13 OF SEBI (MERCHANT BANKERS) REGULATIONS, 1992

IMPOSED PENALTY RS.10,00,000

28-JAN-2020

208

INVENTURE MERCHANT BANKER SERVICES PVT.LTD.

(PAN:AACCI7082H)

DID NOT ENSURE PROPER DUE DILIGENCE REGARDING ESTIMATION OF WORKING CAPITAL REQUIREMENT IN SME � IPO

DID NOT CONDUCT DUE DILIGENCE, ENSURE PROPER CARE AND EXERCISE AS INDEPENDENT PROFESSIONAL JUDGEMEN

DELAY IN SUBMISSION OF HALF-YEARLY REPORT

DID NOT UPDATE TRACK RECORD ON THE WEBSITE AND IN TURN FALSELY SUBMITTED TO SEBI ABOUT SUBMISSION OF THE SAME

IMPOSED PENALTY RS.7,00,000

07-NOV-2023

209

INVENTURE MERCHANT BANKER SERVICES PVT.LTD.

(PAN:AACCI7082H)

TRANSFERRED FUNDS TO THIRD PARTIES IN GUISE OF ISSUE RELATED EXPENSES ON INSTRUCTION OF LEAD MANAGER, MUCH HIGHER THAN ISSUE RELATED EXPENSES DISCLOSED IN PROSPECTUS VIOLATING REGULATION 12A(A) TO 12A(C) OF SEBI ACT, 1992 AND REGULATION 4(1) OF SEBI (PFUTP) REGULATIONS, 2003 IN MATTER OF VARYAA CREATIONS LTD.

DIRECTED NOT TO TAKE UP ANY NEW ASSIGNMENT OF MERCHANT BANKER IN SECURITIES MARKET FROM 14-MAY-2025 UNTIL FURTHER ORDERS

DIRECTED TO APPOINT A MONITORING AGENCY TO MONITOR USE OF PROCEEDS IRRESPECTIVE OF ISSUE SIZE

14-MAY-2025

SEBI VIDE ITS ORDER DATED 29/12/2025 VACATED ITS DIRECTIONS ISSUED VIDE ITS INTERIM ORDER DATED 14/05/2025

SAT: SAT VIDE ITS ORDER DATED 19/01/2026 DISMISSED THE APPEAL AS INFRUCTUOUS. NO COSTS

210

INVESTRIX FINANCIAL SERVICES PVT.LTD.

(CIN:U65990MH1995PTC088492)

REGISTRATION EXPIRED

DID NOT APPLY FOR RENEWAL OF REGISTRATION

CANCELLED REGISTRATION AS MERCHANT BANKER FROM 15-JUL-1998

27-AUG-1998

211

J.J.CHAUDHARI & CO.

DID NOT PAY FEES TO SEBI

SUSPENDED REGISTRATION AS MERCHANT BANKER FROM 04-MAY-1998

08-MAY-1998

212

J.M.FINANCIAL & INVESTMENTS CONSULTANCY SERVICES LTD.

DID NOT ADHERE TO SEBI TAKEOVER REGULATIONS, 1997

IMPOSED PENALTY RS.1,80,000

20-OCT-2000

SAT: IMPUGNED ORDER MODIFIED BY REDUCING PENALTY AMOUNT TO RS.1,00,000 FROM RS.1,80,000.APPEAL DISPOSED OFF

213

JAIN SECURITIES INTERNATIONAL LTD.

REGISTRATION EXPIRED

DID NOT APPLY FOR RENEWAL OF REGISTRATION

CANCELLED REGISTRATION AS MERCHANT BANKER FROM 31-DEC-1997

08-JAN-1998

214

JASMINE BATLIWALA

Click here to view complete history of this specific entity/person

HSBC SECURITIES & CAPITAL MARKETS (INDIA) PVT.LTD.

VIOLATED SEBI TAKEOVER REGULATIONS IN CASE OF OPEN OFFER OF MODI RUBBER LTD.

NOT ACTED NEGLIGENTLY WARRANTING IMPOSITION OF PENALTY

09-DEC-2003

215

JAWA CAPITAL SERVICES PVT.LTD.

(PAN:AABCI4476N)

DID NOT EXERCISE DUE DILIGENCE, ENSURE PROPER CARE AND EXERCISE INDEPENDENT PROFESSIONAL JUDGEMENT IN RESPECT OF PUBLIC COMMUNICATION AS MANAGEMENT VIOLATING REGULATION 263 READ WITH CLAUSE 1 OF SCHEDULE IX OF SEBI (ICDR) REGULATIONS, 2018 AND REGULATION 13 READ WITH CLAUSES 1, 3, 4 AND 7 OF SCHEDULE III OF SEBI (MERCHANT BANKERS) REGULATIONS, 1992 IN MATTER OF PUBLIC ISSUE OF ACCRETION PHARMACEUTICALS LTD.

IMPOSED PENALTY RS.1,00,000

07-JAN-2026

216

JAY VIJAY CORPORATE FINANCIAL SERVICES LTD.

REGISTRATION EXPIRED

DID NOT APPLY FOR RENEWAL OF REGISTRATION

CANCELLED REGISTRATION AS MERCHANT BANKER FROM 15-OCT-1998

27-NOV-1998

217

JAYANT N.PAREKH

PANTHER FINCAP & MANAGEMENT SERVICES LTD.

PAN:AAACP3045P

VIOLATED SEBI ACT, 1992

PROSECUTION LAUNCHED

15-MAY-2006

218

JAYANTILAL KHANDWALA & SONS PVT.LTD.

(PAN:AAACJ9403D)

(Along with : KHANDWALA SECURITIES LTD.)