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 : 16-DEC-2025

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

21ST CENTURY MANAGEMENT SERVICES LTD.

DID NOT EXERCISE DUE DILIGENCE IN MATTER OF INDO FRENCH BIOTECH ENTERPRISES

SUSPENDED REGISTRATION AS MERCHANT BANKER FROM 09-SEP-1998

09-SEP-1998

A.K.CAPITAL SERVICES LTD.

(PAN:AAACA1069L)

ALLEGED TO DEVISED A SCHEME WHEREIN AK GROUP BY USING THE POWERS OF ATTORNEY (POA) SUBMITTED BID APPLICATIONS FOR 1,408,015 NCDS ON BEHALF OF 911 APPLICANTS IN PUBLIC ISSUE OF NCD VIOLATING CLAUSES 2, 3, 9, 19, 27 AND 32 SPECIFIED IN SCHEDULE III OF SEBI (MERCHANT BANKERS) REGULATIONS, 1992 READ WITH SEBI CIRCULAR NO.CIR. /IMD/DF/22/2011 DATED 26/12/2011 IN MATTER OF ISSUANCE OF NCDS BY DEWAN HOUSING CORP.LTD.

ALLEGED PURSUANT TO ALLOTMENT OF NCDS, AK CAPITAL GROUP, BY USING THE POWER OF ATTORNEY SOLD OF THE NCDS ALLOTTED TO 911 APPLICANTS TO EASPL AND RSDPL THROUGH OFF-MARKET TRANSACTIONS IN MATTER OF ISSUANCE OF NCDS BY DEWAN HOUSING CORP.LTD.

ALLEGED INDULGENCE IN UNFAIR TRADE PRACTICE, ACTED TO PROVIDE GUARANTEED EXITS AT A PROFIT TO 911 APPLICANTS ON THE DAY OF LISTING OR ON NEXT DAY BY SHARING PART OF COMMISSION/ BROKERAGE/ INCENTIVES RECEIVED BY THEM VIOLATING REGULATIONS 4(1) AND/OR 4(2) OF SEBI (PFUTP) REGULATIONS, 2003 IN MATTER OF ISSUANCE OF NCDS BY DEWAN HOUSING CORP.LTD.

REACHED SETTLEMENT (SETTLEMENT CHARGES RS.54,67,500, DISGORGEMENT AMOUNT RS.20,25,000, INTEREST RS.15,74,507 VIDE CONSENT ORDER)

16-OCT-2025

A.P.CHUTTAR & CO.

REGISTRATION EXPIRED

DID NOT APPLY FOR RENEWAL OF REGISTRATION

CANCELLED REGISTRATION AS MERCHANT BANKER FROM 15-APR-1998

09-JUN-1998

A.P.GARG & CO.

DID NOT FILE APPLICATION FOR RENEWAL OF REGISTRATION

CANCELLED REGISTRATION AS MERCHANT BANKER FROM 31-DEC-1998

26-FEB-1999

A.SUBBA RAO

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HOFFLAND FINANCE LTD.

(Member : BGSE/JSE)

VIOLATED SEBI ACT, 1992

VIOLATED SECTION 26 OF SEBI ACT, 1992

VIOLATED SEBI (PORTFOLIO MANAGERS) REGULATIONS, 1993

ALLEGED VIOLATION OF SEBI (STOCK BROKERS & SUB BROKERS) REGULATIONS, 1992

VIOLATED SEBI (PFUTP) REGULATIONS, 1995

VIOLATED SEBI (MERCHANT BANKER) REGULATIONS, 1992

PROSECUTION LAUNCHED

15-MAY-2006

A1 AND A2 CONVICTED. A3 ACQUITTED. A4 EXPIRED, THUS, PROCEEDINGS ABATED. PROCEEDINGS AGAINST A5 QUASHED. A6 DECLARED PO. A7 COMPOUNDED (VIDE ORDER DT.21.02.2008). FILE BE CONSIGNED TO RECORD ROOM

A1 AND A2 CONVICTED. A3 ACQUITTED. A4 EXPIRED, THUS, PROCEEDINGS ABATED. PROCEEDINGS AGAINST A5 QUASHED. A6 DECLARED PO. A7 COMPOUNDED (VIDE ORDER DT.21.02.2008). FILE BE CONSIGNED TO RECORD ROOM.

DURING THE TRIAL A21 (SHRI ASHOK KUMAR KOHLI) HAD EXPIRED, THEREFORE, PROCEEDINGS QUA HIM WAS ABATED. ACCUSED NO.20 (M/S EVERGROW FINANCIAL SERVICES PVT.LTD.) AND A22 ( SHRI PRADEEP SHARMA) FACED THE TRIAL AND THEY REMAINING ACCUSED WERE DECLARED POS. THE CAPTIONED MATTER WAS POSTED BEFORE THE LD. COURT ON JULY 30, 2012 FOR PRONOUNCEME NT OF JUDGMENT. AFTER RECORDING ITS REASONS THE COURT HELD THAT SEBI COULD NOT PROVE ITS CASE AGAINST A20 AND A22 BEYOND THE SHADOW OF ALL REASONABLE DOUBTS, AND THEREBY ACQUITTED A20 AND A22

A.T.KHATRI & CO.

REGISTRATION EXPIRED

DID NOT APPLY FOR RENEWAL OF REGISTRATION

CANCELLED REGISTRATION AS MERCHANT BANKER FROM 15-MAY-1998

09-JUN-1998

ABHISHEK MAHESHWARI LTD.

DID NOT PAY FEES TO SEBI

SUSPENDED REGISTRATION AS MERCHANT BANKER FROM 10-JUN-1998

18-JUN-1998

ABHISHEK MAHESHWARI LTD.

REGISTRATION EXPIRED

DID NOT APPLY FOR RENEWAL OF REGISTRATION

CANCELLED REGISTRATION AS MERCHANT BANKER FROM 31-JUL-1998

27-AUG-1998

ABIRAMI FINANCIAL SERVICES (INDIA) LTD.

DID NOT APPLY FOR RENEWAL OF REGISTRATION

REGISTRATION EXPIRED

CANCELLED REGISTRATION AS MERCHANT BANKER FROM 31-AUG-1998

06-OCT-1998

ADEPT FINANCIAL & CONSULTANCY SERVICES PVT.LTD.

REGISTRATION EXPIRED

DID NOT APPLY FOR RENEWAL OF REGISTRATION

CANCELLED REGISTRATION AS MERCHANT BANKER FROM 15-DEC-1997

08-JAN-1998

AD-MANUM FINANCE LTD.

REGISTRATION EXPIRED

DID NOT APPLY FOR RENEWAL OF REGISTRATION

CANCELLED REGISTRATION AS MERCHANT BANKER FROM 15-DEC-1997

08-JAN-1998

AFCO CAPITAL INDIA PVT.LTD.

(PAN:AACCF0194M)

DID NOT OPEN SEPARATE ACQUISITION WINDOW IN OPEN OFFER OF STANDARD SHOE SOLE & MOULD (INDIA) LTD. VIOLATING REGULATION 27(5) OF SAST REGULATIONS READ WITH PARA TITLED �ACQUISITION WINDOW� OF CHAPTER 4 OF SEBI MASTER CIRCULAR DATED 16/02/2023, CLAUSES 3 AND 4 OF CODE OF CONDUCT FOR MERCHANT BANKERS, 1992

DELAY IN SUBMISSION OF HALF-YEARLY REPORT

DELAY IN APPOINTMENT OF COMPLIANCE OFFICER VIOLATING REGULATION 28A OF SEBI (MERCHANT BANKER) REGULATIONS, 1992 READ WITH CLAUSE 3 OF SEBI CIRCULAR DATED 02/05/2017

DELAY IN INTIMATION TO SEBI REGARDING RESIGNATION AND APPOINTMENT OF COMPLIANCE OFFICERS VIOLATING REGULATION 9A(1)(F) OF SEBI (MERCHANT BANKER) REGULATIONS, 1992

IMPOSED PENALTY RS.2,00,000

24-NOV-2025

AFFLUENT FINANCIAL SERVICES PVT.LTD.

REGISTRATION EXPIRED

DID NOT APPLY FOR RENEWAL OF REGISTRATION

CANCELLED REGISTRATION AS MERCHANT BANKER FROM 15-MAY-1998

09-JUN-1998

AGILE MANAGEMENT & FINANCIAL CONS.PVT.LTD.

REGISTRATION EXPIRED

DID NOT APPLY FOR RENEWAL OF REGISTRATION

CANCELLED REGISTRATION AS MERCHANT BANKER FROM 30-JUN-1998

27-JUL-1998

AGRICULTURAL FINANCE CORP.LTD.

REGISTRATION EXPIRED

DID NOT APPLY FOR RENEWAL OF REGISTRATION

CANCELLED REGISTRATION AS MERCHANT BANKER FROM 30-SEP-1998

27-NOV-1998

AJAY PURI

KHANDWALA SECURITIES LTD.

PAN:AAACK2214P