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 : 04-NOV-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.

PERSONS: ALLOWED BANKS TO DEBIT FOR THE PURPOSE OF MAKING REFUNDS TO CLIENTS/INVESTORS/COMPLAINANTS

S.No.

PERSON

ENTITY

REGULATORY CHARGES

REGULATORY ACTION(S) / DATE OF ORDER

FURTHER DEVELOPMENTS

221

PURAV BHARATBHAI PATEL

(PAN:ANWPP1802G)

PLANTED FALSE AND MISLEADING INFORMATION THROUGH YOUTUBE VIDEOS AND ALSO RECOMMENDED TO BUY SHARES OF PRESSURE SENSITIVE SYSTEMS (INDIA) LTD. VIOLATING SECTIONS 12(A) TO 12A(C) OF SEBI ACT. 1992 READ WITH REGULATIONS 3(A) TO 3(D) AND 4(1), 4(2)(A), 4(2)(D), 4(2)(K) AND 4(2)(R) OF SEBI (PFUTP) REGULATIONS, 2003

DIRECTED TO DISGORGE RS.56,60,153

DIRECTED TO REMIT DISGORGED AMOUNT TO INVESTOR PROTECTION & EDUCATION FUND (IPEF)

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 31-JAN-2025 TO 30-JAN-2030

RESTRAINED FROM SELLING ASSETS, PROPERTIES AND HOLDING OF MUTUAL FUNDS/SHARES/SECURITIES HELD IN DEMAT AND PHYSICAL FORM FROM 31-JAN-2025 TO 30-JAN-2030

ALLOWED BANKS TO DEBIT FOR THE PURPOSE OF MAKING REFUNDS TO CLIENTS/INVESTORS/COMPLAINANTS

31-JAN-2025

SAT: SAT VIDE ITS ORDER DATED 09/05/2025 GRANTED RESPONDENT SIX WEEKS TO FILE REPLY AND REJOINDER, IF ANY, BE FILED WITHIN THREE WEEKS THEREAFTER

SEBI VIDE ITS NOTICE DATED 30/05/2025 DIRECTED TO PAY RS.58,87,559.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SAT: SAT VIDE ITS ORDER DATED 04/08/2025 DIRECTED SEBI TO ALLOW DEBIT OF 3,65,944 CONVERTIBLE WARRANTS AND CREDIT OF EQUITY SHARES INTO APPELLANTS DEMAT ACCOUNT IN RESPECT OF OMEGA INTERACTIVE TECHNOLOGIES LTD.

SAT: SAT VIDE ITS ORDER DATED 03/09/2025 ALLOWED RESPONDENT SIX WEEKS TO FILE REPLY REJOINDER IF ANY, BE FILED WITHIN THREE WEEKS THEREAFTER

222

PURAV BHARATBHAI PATEL

(PAN:ANWPP1802G)

(Along with : HANSABEN BHARATKUMAR PATEL)

DIRECTED TO DISGORGE RS.1,06,85,797 ALONG WITH OTHER ENTITIES/PERSONS

DIRECTED TO REMIT DISGORGED AMOUNT TO INVESTOR PROTECTION & EDUCATION FUND (IPEF)

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 31-JAN-2025 TO 30-JAN-2029

RESTRAINED FROM SELLING ASSETS, PROPERTIES AND HOLDING OF MUTUAL FUNDS/SHARES/SECURITIES HELD IN DEMAT AND PHYSICAL FORM FROM 31-JAN-2025 TO 30-JAN-2029

ALLOWED BANKS TO DEBIT FOR THE PURPOSE OF MAKING REFUNDS TO CLIENTS/INVESTORS/COMPLAINANTS

31-JAN-2025

SEBI VIDE ITS NOTICE DATED 24/07/2025 DIRECTED TO PAY RS.1,13,27,945.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SAT: SAT VIDE ITS ORDER DATED 04/08/2025 DIRECTED SEBI TO ALLOW DEBIT OF 3,65,944 CONVERTIBLE WARRANTS AND CREDIT OF EQUITY SHARES INTO APPELLANTS DEMAT ACCOUNT IN RESPECT OF OMEGA INTERACTIVE TECHNOLOGIES LTD.

SEBI VIDE ITS ORDER DATED 17/06/2026 COMPLETED OF RECOVERY CERTIFICATE PAYMENT OF AMOUNT DUE UNDER CERTIFICATE NO.8841 OF 2025 DATED 24/07/2025

223

PURAV BHARATBHAI PATEL

(PAN:ANWPP1802G)

(Along with : SEJAL P.PATEL)

DIRECTED TO DISGORGE RS.1,71,199 ALONG WITH OTHER ENTITIES/PERSONS

DIRECTED TO REMIT DISGORGED AMOUNT TO INVESTOR PROTECTION & EDUCATION FUND (IPEF)

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 31-JAN-2025 TO 30-JAN-2029

RESTRAINED FROM SELLING ASSETS, PROPERTIES AND HOLDING OF MUTUAL FUNDS/SHARES/SECURITIES HELD IN DEMAT AND PHYSICAL FORM FROM 31-JAN-2025 TO 30-JAN-2029

ALLOWED BANKS TO DEBIT FOR THE PURPOSE OF MAKING REFUNDS TO CLIENTS/INVESTORS/COMPLAINANTS

31-JAN-2025

SEBI VIDE ITS NOTICE DATED 30/05/2025 DIRECTED TO PAY RS.1,79,047.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SAT: SAT VIDE ITS ORDER DATED 04/08/2025 DIRECTED SEBI TO ALLOW DEBIT OF 3,65,944 CONVERTIBLE WARRANTS AND CREDIT OF EQUITY SHARES INTO APPELLANTS DEMAT ACCOUNT IN RESPECT OF OMEGA INTERACTIVE TECHNOLOGIES LTD.

SAT: SAT VIDE ITS ORDER DATED 03/09/2025 ALLOWED RESPONDENT SIX WEEKS TO FILE REPLY REJOINDER IF ANY, BE FILED WITHIN THREE WEEKS THEREAFTER

224

PUSHKAR RATHORE

(PAN:DEMPR7434L)

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

MARKET INFONENTIAL

PAN:DEMPR7434L

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

DIRECTED TO REFUND MONEY TO THE INVESTORS

DIRECTED TO ISSUE PUBLIC NOTICE, IN ALL EDITIONS OF TWO NATIONAL DAILIES IN CONNECTION WITH THE REFUND OF MONEY

DIRECTED TO MAKE REFUND THROUGH BANKING CHANNELS SUCH AS DEMAND DRAFT AND/OR PAY ORDER AND/OR ELECTRONIC MODE OF TRANSFER

DIRECTED TO SUBMIT COMPLETION REPORT OF REPAYMENT TO SEBI CERTIFIED BY INDEPENDENT CHARTERED ACCOUNTANT

RESTRAINED FROM SELLING ASSETS, PROPERTIES AND HOLDING OF MUTUAL FUNDS/SHARES/SECURITIES HELD IN DEMAT AND PHYSICAL FORM FROM 01-NOV-2022 TO 30-APR-2023

ALLOWED BANKS TO DEBIT FOR THE PURPOSE OF MAKING REFUNDS TO CLIENTS/INVESTORS/COMPLAINANTS

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 01-NOV-2022 TO 30-APR-2023

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 01-NOV-2022 TO 30-APR-2023

DIRECTED NOT TO UNDERTAKE EITHER DIRECTLY OR INDIRECTLY INVESTMENT ADVISORY SERVICES AND/OR RESEARCH ANALYST ACTIVITY IN SECURITIES MARKET WITHOUT OBTAINING CERTIFICATE OF REGISTRATION FROM SEBI FROM 01-NOV-2022 TO 30-APR-2023

IMPOSED PENALTY RS.3,00,000 ALONG WITH OTHER ENTITIES/PERSONS

01-NOV-2022

SEBI VIDE ITS NOTICE DATED 08/11/2023 DIRECTED TO PAY RS.52,68,819.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SEBI VIDE ITS ORDER DATED 22/07/2024 DIRECTED ALL THE BANKS IN INDIA AND/OR NSDL/CDSL TO 1. ATTACH ALL THE ACCOUNTS BY WHATEVER NAME CALLED INCLUDING LOCKERS, DEMAT ACCOUNTS, MUTUAL FUNDS FOLIOS AND/OR POST OFFICE ACCOUNT EITHER SINGLY OR JOINTLY WITH ANY PERSON/S AND ALL OTHER AMOUNT/PROCEEDS DUE OR MAY BECOME DUE OR ANY MONEY HELD OR MAY SUBSEQUENTLY HOLD FOR ON ACCOUNT OF THE DEFAULTERS AND 2. NOT TO DEBIT ANY AMOUNT IN THE SAID ACCOUNT/S.HOWEVER CREDITS, IF ANY, INTO THE ACCOUNT MAY BE ALLOWED

SEBI VIDE ITS NOTICE DATED 19/12/2025 DIRECTED ALL THE BANKS AND MUTUAL FUNDS IN INDIA TO REMIT RS.64,34,266.06 TO THE EXTENT LYING IN THE ACCOUNT OF NOTICEES TO SEBI BY WAY OF EFT/NEFT/RTG

225

PUSHPENDRA CHOURASIYA

(PAN:DCFFP0828H)

CAPVISION INVESTMENT ADVISOR

PAN:AAJFC0782A

CAPVISION INVESTMENT ADVISOR LTD.

PAN:AAGCC2325P

CAPVISION,M/S

PAN:DCFFP0828H

ENGAGED IN NON-GENUINE AND DECEPTIVE ACTIVITY OF OBTAINING PAYMENTS FROM CLIENTS TO THIRD PARTY BANK ACCOUNTS VIOLATING SECTIONS 12(A) TO 12A(C) OF SEBI ACT, 1992 AND REGULATIONS 3(A) TO 3(D) AND 4(1) OF SEBI (PFUTP) REGULATIONS, 2003 IN MATTER OF CAPVISION INVESTMENT ADVISOR

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

PROVIDED INVESTMENT ADVICE ON FREE TRIALS TO CLIENTS

DID NOT DISPLAY COMPLAINTS STATUS ON WEBSITE

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 28-FEB-2023 TO 27-FEB-2026

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 28-FEB-2023 TO 27-FEB-2026

RESTRAINED FROM ASSOCIATED WITH ANY OTHER LISTED COMPANY OR SEBI REGISTERED INTERMEDIARY IN ANY CAPACITY INCLUDING DIRECTOR OR KEY MANAGERIAL PERSON DIRECTLY OR INDIRECTLY FROM 28-FEB-2023 TO 27-FEB-2026

DIRECTED NOT TO UNDERTAKE EITHER DIRECTLY OR INDIRECTLY AS INVESTMENT ADVISORY SERVICES OR ANY ACTIVITY IN SECURITIES MARKET FROM DATE OF ORDER FROM 28-FEB-2023 TO 27-FEB-2026

DIRECTED TO REFUND MONEY TO THE INVESTORS

DIRECTED TO ISSUE PUBLIC NOTICE, IN ALL EDITIONS OF TWO NATIONAL DAILIES IN CONNECTION WITH THE REFUND OF MONEY

DIRECTED TO ACCEPT REFUND CLAIMS/REQUESTS FROM THE PUBLIC

DIRECTED TO DEPOSIT REMAINING BALANCE AMOUNT WITH SEBI TO BE KEPT IN ESCROW ACCOUNT

DIRECTED TO MAKE REFUND THROUGH BANKING CHANNELS SUCH AS DEMAND DRAFT AND/OR PAY ORDER AND/OR ELECTRONIC MODE OF TRANSFER

RESTRAINED FROM SELLING ASSETS, PROPERTIES AND HOLDING OF MUTUAL FUNDS/SHARES/SECURITIES HELD IN DEMAT AND PHYSICAL FORM FROM 28-FEB-2023 TO 27-FEB-2026

ALLOWED BANKS TO DEBIT FOR THE PURPOSE OF MAKING REFUNDS TO CLIENTS/INVESTORS/COMPLAINANTS

DIRECTED TO SUBMIT COMPLETION REPORT OF REPAYMENT TO SEBI CERTIFIED BY INDEPENDENT CHARTERED ACCOUNTANT

28-FEB-2023

SAT: SAT VIDE ITS ORDER DATED 04/07/2023 DISMISSED THE APPEAL. NO COSTS

226

PUSHPENDRA KUMAR BHALSE

(PAN:BFFPB3552K)

HEAVEN RESEARCH SECURITY ADVISORY

PAN:BFFPB3552K

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

DIRECTED TO REFUND MONEY TO THE INVESTORS

DIRECTED TO ISSUE PUBLIC NOTICE, IN ALL EDITIONS OF TWO NATIONAL DAILIES IN CONNECTION WITH THE REFUND OF MONEY

DIRECTED TO MAKE REFUND THROUGH BANKING CHANNELS SUCH AS DEMAND DRAFT AND/OR PAY ORDER AND/OR ELECTRONIC MODE OF TRANSFER

DIRECTED TO SUBMIT COMPLETION REPORT OF REPAYMENT TO SEBI CERTIFIED BY INDEPENDENT CHARTERED ACCOUNTANT

DIRECTED TO DEPOSIT REMAINING BALANCE AMOUNT WITH SEBI TO BE KEPT IN ESCROW ACCOUNT

RESTRAINED FROM SELLING ASSETS, PROPERTIES AND HOLDING OF MUTUAL FUNDS/SHARES/SECURITIES HELD IN DEMAT AND PHYSICAL FORM FROM 24-NOV-2022 TO 23-MAY-2023

ALLOWED BANKS TO DEBIT FOR THE PURPOSE OF MAKING REFUNDS TO CLIENTS/INVESTORS/COMPLAINANTS

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 24-NOV-2022 TO 23-MAY-2023

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 24-NOV-2022 TO 23-MAY-2023

DIRECTED NOT TO UNDERTAKE EITHER DIRECTLY OR INDIRECTLY INVESTMENT ADVISORY SERVICES AND/OR RESEARCH ANALYST ACTIVITY IN SECURITIES MARKET WITHOUT OBTAINING CERTIFICATE OF REGISTRATION FROM SEBI FROM 24-NOV-2022 TO 23-MAY-2023

24-NOV-2022

SAT: SAT VIDE ITS ORDER DATED 08/02/2023 AFFIRMED THE VIOLATIONS AND DIRECTIONS ISSUED BY WTM AND MATTER REMITTED TO WTM TO DECIDE AS WHAT IS THE ACTUAL AMOUNT THAT WAS RECEIVED BY THE APPELLANT TOWARDS ADVISORY SERVICES. NECESSARY EVIDENCE MAY BE FILED BY APPELLANT WHICH WILL BE CONSIDERED AND APPROPRIATE ORDERS TO BE PASSED BY WTM WITHIN THREE MONTHS FROM DATE OF THIS ORDER. APPEAL IS PARTLY ALLOWED

SEBI VIDE ITS ORDER DATED 28/04/2023 DIRECTED TO REFUND FEES OF RS 9,70,832.00 FOR UNREGISTERED ADVISORY SERVICES

SEBI VIDE ITS NOTICE DATED 16/11/2023 DIRECTED TO PAY RS.7,56,197.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SEBI VIDE ITS ORDER DATED 13/12/2023 DIRECTED ALL THE BANKS IN INDIA AND/OR NSDL/CDSL TO 1. ATTACH ALL THE ACCOUNTS BY WHATEVER NAME CALLED INCLUDING LOCKERS, DEMAT ACCOUNTS AND MUTUAL FUNDS FOLIOS EITHER SINGLY OR JOINTLY WITH ANY PERSON/S AND ALL OTHER AMOUNT/PROCEEDS DUE OR MAY BECOME DUE OR ANY MONEY HELD OR MAY SUBSEQUENTLY HOLD FOR ON ACCOUNT OF THE DEFAULTERS AND 2. NOT TO DEBIT ANY AMOUNT IN THE SAID ACCOUNT/S.HOWEVER CREDITS, IF ANY, INTO THE ACCOUNT MAY BE ALLOWED

227

RAGHUNANDAN TAK

(PAN:AWWPT0648M)

J.S.R.A. GLOBAL RESEARCH CENTER,THE

PAN:AWWPT0648M

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

DIRECTED TO ISSUE PUBLIC NOTICE, IN ALL EDITIONS OF TWO NATIONAL DAILIES IN CONNECTION WITH THE REFUND OF MONEY

DIRECTED TO REFUND MONEY TO THE INVESTORS

DIRECTED TO MAKE REFUND THROUGH BANKING CHANNELS SUCH AS DEMAND DRAFT AND/OR PAY ORDER AND/OR ELECTRONIC MODE OF TRANSFER

RESTRAINED FROM SELLING ASSETS, PROPERTIES AND HOLDING OF MUTUAL FUNDS/SHARES/SECURITIES HELD IN DEMAT AND PHYSICAL FORM FROM 11-NOV-2022 TO 10-NOV-2023

ALLOWED BANKS TO DEBIT FOR THE PURPOSE OF MAKING REFUNDS TO CLIENTS/INVESTORS/COMPLAINANTS

DIRECTED TO SUBMIT COMPLETION REPORT OF REPAYMENT TO SEBI CERTIFIED BY INDEPENDENT CHARTERED ACCOUNTANT

DIRECTED TO DEPOSIT REMAINING BALANCE AMOUNT WITH SEBI TO BE KEPT IN ESCROW ACCOUNT

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 11-NOV-2022 TO 10-NOV-2023

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 11-NOV-2022 TO 10-NOV-2023

DIRECTED NOT TO UNDERTAKE EITHER DIRECTLY OR INDIRECTLY INVESTMENT ADVISORY SERVICES AND/OR RESEARCH ANALYST ACTIVITY IN SECURITIES MARKET WITHOUT OBTAINING CERTIFICATE OF REGISTRATION FROM SEBI FROM 11-NOV-2022 TO 10-NOV-2023

11-NOV-2022

SEBI VIDE ITS NOTICE DATED 27/02/2024 DIRECTED TO PAY RS.53,13,044.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SEBI VIDE ITS ORDER DATED 05/08/2024 DIRECTED ALL THE BANKS IN INDIA AND/OR NSDL/CDSL TO 1. ATTACH ALL THE ACCOUNTS BY WHATEVER NAME CALLED INCLUDING LOCKERS, DEMAT ACCOUNTS AND MUTUAL FUNDS FOLIOS EITHER SINGLY OR JOINTLY WITH ANY PERSON/S AND ALL OTHER AMOUNT/PROCEEDS DUE OR MAY BECOME DUE OR ANY MONEY HELD OR MAY SUBSEQUENTLY HOLD FOR ON ACCOUNT OF THE DEFAULTERS AND 2. NOT TO DEBIT ANY AMOUNT IN THE SAID ACCOUNT/S.HOWEVER CREDITS, IF ANY, INTO THE ACCOUNT MAY BE ALLOWED

228

RAGHVENDRA SINGH

(PAN:CHPPS6375C)

MONEY DESIRE RESEARCH

PAN:AAYFM6388F

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

CHARGED UNREASONABLE, ARBITRARILY AND INCONSISTENT FEE

SOLD MULTIPLE ADVISORY SERVICES TO CLIENTS BY FREQUENTLY UPDATING/CHANGING RISK PROFILE