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 : 10-SEP-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: FAILED TO REDRESS INVESTOR/CREDITORS COMPLAINTS

S.No.

PERSON

ENTITY

REGULATORY CHARGES

REGULATORY ACTION(S) / DATE OF ORDER

FURTHER DEVELOPMENTS

281

NAVINCHANDRA BABULAL GANDHI

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DHANENDRA OVERSAS LTD.

CIN:L17110GJ1985PLC007948
PAN:AAACD4127G

DHARNENDRA INDUSTRIES LTD.

CIN:L15200GJ1986PLC009146
PAN:AAACD4124F

DID NOT REDRESS INVESTOR COMPLAINTS

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 10-OCT-2003 TO 09-OCT-2008

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 10-OCT-2003 TO 09-OCT-2008

10-OCT-2003

282

NEELAM KUMAR OSWAL

MUKERIAN PAPERS LTD.

CIN:L21012PB1975PLC003615

DID NOT REDRESS INVESTOR COMPLAINTS

IMPOSED PENALTY RS.15,000

21-OCT-2004

INCLUDED IN SEBI LIST DATED 31/03/2011, AS DEFAULTER IN PAYMENT OF PENALTY IMPOSED BY SEBI

283

NEERAJ GROVER

(PAN:AFDPG2918P)

MISUSED CLIENTS' FUNDS AND/OR SECURITIES AND/OR ACCOUNTS

FRAUDULENTLY TRANSFERRED CLIENTS� SECURITIES TO GROUP ENTITIES

DID NOT MAINTAIN SEGREGATION BETWEEN CLIENT FUNDS AND OWN FUNDS

DIVERTED FUNDS FOR UTILIZATION BY ITSELF AND ITS GROUP COMPANIES/ASSOCIATE COMPANIES

EXTENDED MARGIN TRADING FACILITY TO ITS CLIENTS WITHOUT OBTAINING REQUISITE APPROVAL FROM STOCK EXCHANGES

DID NOT CARRY OUT ACTUAL PERIODIC SETTLEMENT OF FUNDS AND SECURITIES OF ITS CLIENTS

DID NOT ENSURE DELIVERY OF SECURITIES AND MAKING PAYMENT OF AMOUNTS DUE TO ITS CLIENTS

DID NOT PROVIDE STATEMENTS OF ACCOUNTS IN RESPECT OF FUNDS OF ITS CLIENTS

DID NOT PROVIDE PERIODIC STATEMENT OF TRANSACTIONS IN SECURITIES AND RESULTANT SHAREHOLDING TO THE BENEFICIAL OWNERS OF SUCH SECURITIES

DID NOT HAVE PERIODIC INTERNAL AUDIT CONDUCTED OF ITS STOCK BROKING AND DEPOSITORY PARTICIPANT OPERATIONS

DID NOT OBTAIN PRIOR APPROVAL FROM SEBI FOR THE CHANGE IN MANAGEMENT AND CONTROL

DID NOT MAKE PAYMENTS TO CLIENTS IN TIME

DID NOT REDRESS INVESTOR COMPLAINTS IN STIPULATED TIME

DID NOT ENSURE THAT CLIENTS� OF UNICKON SECURITIES PROVIDED WITH INFORMATION RELATED TO THEIR BANK LEDGER AND STATEMENT OF ACCOUNTS

DID NOT ENSURE RUNNING ACCOUNTS SETTLEMENT ON QUARTERLY BASIS

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 15-MAR-2016 TO 14-MAR-2018

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 15-MAR-2016 TO 14-MAR-2018

15-MAR-2016

284

NEETA DEDHIA

ESSENES FORGINGS LTD.

DID NOT REDRESS INVESTOR COMPLAINTS

DID NOT REGISTER FOR SEBI COMPLAINTS REDRESSAL SYSTEM (SCORES)

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 21-SEP-2017 TILL RESOLVE ALL INVESTOR GRIEVANCE PENDING

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 21-SEP-2017 TILL RESOLVE ALL INVESTOR GRIEVANCE PENDING

21-SEP-2017

285

NEHA GUPTA

(PAN:BEHPG5479R)

TRADE INDIA RESEARCH

PAN:BEHPG5479R

CHARGED UNREASONABLE, ARBITRARILY AND INCONSISTENT FEE

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

SOLD ADVISORY SERVICES/PRODUCTS TO CLIENTS WITHOUT ENSURING SUITABILITY OF ADVICE ACCORDING TO THEIR RISK PROFILE

PROVIDED INVESTMENT ADVICE WITHOUT CONSENT OF THE CLIENTS

DID NOT OBTAIN AND/OR MAINTAIN ANY DOCUMENTS FOR KNOW YOUR CLIENTS (KYC), RISK PROFILING, SUITABILITY, ACKNOWLEDGEMENT FROM CLIENTS, COMMUNICATION WITH CLIENTS/INVESTORS, CALL RECORDING OF CARRYING OUT RISK PROFILING AND RATIONALE FOR ADVISORY SERVICES ETC.

DID NOT INTIMATE SEBI ABOUT MATERIAL CHANGE IN INFORMATION

MANIPULATED AND FORCED CLIENT TO PAY MORE AND MORE FEES WITH THREAT OF FORFEITURE

PROVIDED EXECUTION SERVICES TO CLIENT

MOBILIZED MONEY FROM CLIENT IN DECEITFULLY AND CREATED FAKE PORTFOLIO

CONCEALED INFORMATION IN APPLICATION FORM FOR GRANT OF REGISTRATION CERTIFICATE

REPRESENTATIVES/EMPLOYEES DID NOT HAVE REQUISITE QUALIFICATION AND CERTIFICATION

DID NOT REDRESS INVESTOR COMPLAINTS

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 30-NOV-2023

30-NOV-2023

286

NEHA GUPTA

(PAN:BEHPG5479R)

TRADE INDIA RESEARCH

PAN:BEHPG5479R

SOLD MULTIPLE PRODUCTS AND CHARGED UNREASONABLE FEES AND/OR SERVICE CHARGE

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

MISLED PROSPECTIVE CLIENTS THROUGH ITS WEBSITE

PROVIDED INVESTMENT ADVICE WITHOUT CONSENT OF THE CLIENTS

SOLD ADVISORY SERVICES PRIOR TO COMMUNICATION OF RISK PROFILE

DID NOT MAINTAIN RECORDS OF COMMUNICATION WITH CLIENTS DURING RISK PROFILING AND SUITABILITY ASSESSMENT OF ADVICE/SELECTION OF ADVISORY PRODUCT/SERVICES

REPRESENTATIVES/EMPLOYEES DID NOT HAVE REQUISITE QUALIFICATION AND CERTIFICATION

DID NOT REDRESS INVESTOR COMPLAINTS

DID NOT PROVIDE INFORMATION TO SEBI

IMPOSED PENALTY RS.25,00,000 ALONG WITH OTHER ENTITIES/PERSONS

31-AUG-2023

SEBI VIDE ITS NOTICE DATED 12/12/2023 DIRECTED TO PAY RS.26,01,000.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

287

NILESH MADHUKAR SAWANT

INDO BIOTECH FOODS LTD.

DID NOT REDRESS INVESTOR COMPLAINTS

DIRECTED TO RESOLVE THE GRIEVANCES AND SUBMIT STATUS REPORT TO SEBI

20-JUL-2011

SHOW CAUSE NOTICE DATED 22/02/2012 ISSUED

288

NILESH SURNDRA MODI

ESSENES FORGINGS LTD.

DID NOT REDRESS INVESTOR COMPLAINTS

DID NOT REGISTER FOR SEBI COMPLAINTS REDRESSAL SYSTEM (SCORES)

289

NIRANJANA S.SHUKLA

OJAS TECHNOCHEM PRODUCTS LTD.

DID NOT TRANSFER SHARE CERTIFICATES WITHIN STIPULATED TIME

DID NOT REDRESS INVESTOR COMPLAINTS

LAUNCHED CRIMINAL PROSECUTION

03-APR-2001

290

NIRMALSINH D.RANA

GUJARAT FUN N WATER PARK LTD.

DID NOT TRANSFER SHARE CERTIFICATES WITHIN STIPULATED TIME

FAILED TO PAY DIVIDENDS TO SHAREHOLDERS

DID NOT REDRESS INVESTOR COMPLAINTS

LAUNCHED CRIMINAL PROSECUTION

27-SEP-2001

291

NISHANT CHOPRA

(PAN:AGXPC3196L)

DEZIRE RESEARCH

PAN:AGXPC3196L

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

SOLD ADVISORY SERVICES PRIOR TO COMMUNICATION OF RISK PROFILE

SOLD ADVISORY SERVICES/PACKAGES OVERLAPPING SUBSCRIPTION PERIOD WITH HUGE AMOUNT OF FEES

DID NOT HAVE REQUISITE NISM CERTIFICATES AT ALL TIMES TO PROVIDE INVESTMENT ADVICE

SOLD ADVISORY SERVICES/PACKAGES TO SAME CLIENTS ON MULTIPLE OCCASION AT DIFFERENT ARBITRARY PRICE FOR FUTURE/OVERLAPPING PERIOD WHILE EXISTING SUBSCRIPTION WAS ACTIVE

PROVIDED WRONG INFORMATION AND/OR MISREPRESENTED TO CLIENTS

DID NOT MAINTAIN RECORDS OF COMMUNICATION WITH CLIENTS DURING RISK PROFILING AND SUITABILITY ASSESSMENT OF ADVICE/SELECTION OF ADVISORY PRODUCT/SERVICES

REPRESENTATIVES/EMPLOYEES DID NOT HAVE REQUISITE QUALIFICATION AND CERTIFICATION

DID NOT MAKE DISCLOSURE TO CLIENTS ABOUT FINANCIAL POSITION OR HOLDING

DID NOT MAKE DISCLOSURE THAT PROPRIETOR OF NOTICEE WAS EMPLOYED WITH A BROKING FIRM AND WAS ALSO HOLDING SHARES

THREATENED COMPLAINANTS TO WITHDRAW THE COMPLAINT ON SCORES FALLING WHICH SERVICES WILL NOT BE PROVIDED

IMPOSED PENALTY RS.10,00,000 ALONG WITH OTHER ENTITIES/PERSONS

26-JUL-2023

SEBI VIDE ITS NOTICE DATED 12/12/2023 DIRECTED TO PAY RS.10,61,000.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SEBI VIDE ITS NOTICE DATED 16/01/2025 CANCELLED THE RECOVERY CERTIFICATE NO.7466 OF 2023 DATED 12/12/2023

292

NITIN NATHURAM SAWANT

DSJ COMMUNICATIONS LTD.

PAN:AAACD1935A
CIN:L22120MH1989PLC054329

DID NOT REDRESS INVESTOR COMPLAINTS

DIRECTED TO RESOLVE THE GRIEVANCES AND SUBMIT STATUS REPORT TO SEBI

20-JUL-2011

SHOW CAUSE NOTICE DATED 23/02/2012 ISSUED

SEBI VIDE ITS ORDER DATED 27/07/2012 CONFIRMED THAT ACTION TAKEN REPORT HAS BEEN SUBMITTED AND ALL THE PENDING COMPLAINTS HAVE BEEN REDRESSED. SHOW CAUSE NOTICE DATED 22/02/2012 HAS BEEN DISPOSED OFF

293

OM PRAKASH TUSHIR

MAHADEV AGRO INDUSTRIES LTD.

DID NOT REDRESS INVESTOR COMPLAINTS