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.

COMPANIES: CANCELLED REGISTRATION AS INVESTMENT ADVISOR

S.No.

ENTITY

PERSONS

REGULATORY CHARGES

REGULATORY ACTION(S) / DATE OF ORDER

FURTHER DEVELOPMENTS

BIS CAPITAL INVESTMENT ADVISOR

(PAN:BFLPP9443M)

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HARIOM SHARAN PATEL

PAN:BFLPP9443M

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 30-JUN-2023

30-JUN-2023

BIS CAPITAL INVESTMENT ADVISOR

(PAN:BFLPP9443M)

HARIOM SHARAN PATEL

PAN:BFLPP9443M

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 11-SEP-2026

11-SEP-2026

BULL RESEARCH INVESTMENT ADVISORS PVT.LTD.

(PAN:AAHCB1200H)

SANDEEP KUSHWAHA

PAN:DPBPK9313F
DIN:08176753

VINIT SATPUTE

DIN:07737200
PAN:EBMPS2703F

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

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

RECEIVED PAYMENT FROM FAMILY MEMBERS OF PRIMARY CLIENTS TO HIDE EXORBITANT FEES TAKEN FROM PRIMARY CLIENT

RECEIVED PAYMENT BEFORE DOING KNOW YOUR CLIENTS (KYC) AND RISK PROFILING OF CLIENTS

RAISED INVOICES IN THE NAME OF CLIENTS WHO DID NOT HAVE DEMAT/TRADING ACCOUNT

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

DID NOT POSSESS NISM CERTIFICATE

DID NOT ADHERE TO REQUIREMENT OF CAPITAL ADEQUACY

NOT A FIT & PROPER PERSON TO ACT AS AN INVESTMENT ADVISOR

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 15-SEP-2023

DIRECTED TO RESOLVE ALL PENDING COMPLAINTS

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

DIRECTED TO FILE A REPORT OF RESOLUTION OF COMPLAINTS

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

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 15-SEP-2023

15-SEP-2023

SAT: SAT VIDE ITS ORDER DATED 09/07/2024 CONDONED THE DELAY IN FILING OF APPEAL. GRANTED RESPONDENT FOUR WEEKS TIME TO FILE REPLY AND REJOINDER MAY BE FILED WITHIN FOUR WEEKS THEREAFTER

SAT: SAT VIDE ITS ORDER DATED 17/09/2024 CONDONED THE DELAY IN FILING OF APPEAL AND ALLOWED FOUR WEEKS TO FILE REJOINDER

SAT: SAT VIDE ITS ORDER DATED 07/01/2025 GRANTED APPELLANT TWO WEEKS TO FILE REJOINDER

SAT: SAT VIDE ITS ORDER DATED 13/02/2025 APPELLANT SOUGHT TWO WEEKS TO FILE REJOINDER

BULLMART RESEARCH

(PAN:AOAPT8664H)

DESHRAJ SINGH THAKUR

PAN:AOAPT8664H

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR

07-AUG-2026

CAA KWAN TALENT MANAGEMENT AGENCY PVT.LTD.

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 22-SEP-2026

22-SEP-2026

CANDYFLOSS INVESTMENT ADVISORS

(PAN:AIYPP4220B)

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 21-JUL-2026

21-JUL-2026

CAPITAL BOOSTERS

(PAN:BTSPM0627F)

ANKUR MISHRA

PAN:BTSPM0627F

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR

07-AUG-2026

CAPITAL GROW FINANCIAL SERVICES

(PAN:BAAPG4714Q)

PRASHANT GOLE

PAN:BAAPG4714Q

DID NOT INFORM SEBI ABOUT CHANGE OF ADDRESS

DID NOT OBTAIN MEMBERSHIP FROM BSE ADMINISTRATION & SUPERVISION LTD. (BASL)

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 15-MAR-2024

15-MAR-2024

CAPITAL STROKE INVESTMENT SERVICES PVT.LTD.

(PAN:AAFCC1815M)

KAMLESH DHOLE

DIN:06513174
PAN:BGTPD3720Q

PRASHANT SINGH BAGHEL

DIN:06556521
PAN:BIKPP1812J

UPENDRA SINGH RAJPUT

DIN:06556531
PAN:CLGPS4925M

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

CHARGED UNREASONABLE, ARBITRARILY AND INCONSISTENT FEE

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

LOCKED CLIENTS BY ADVANCE FEE FOR SALE OF PRODUCTS WITHOUT REFUND

CEASED & DESIST FROM UNDERTAKING ANY ACTIVITY IN SECURITIES MARKET INCLUDING ACTIVITY OF ACTING AND REPRESENTING THROUGH ANY MEDIA (PHYSICAL OR DIGITAL) AS AN INVESTMENT ADVISOR, DIRECTLY OR INDIRECTLY, IN ANY MANNER WHATSOEVER FROM 27-AUG-2021 TO 26-AUG-2026

CEASED TO SOLICIT OR UNDERTAKE INVESTMENT ADVISORY ACTIVITIES OR ANY OTHER ACTIVITY IN SECURITIES MARKET, DIRECTLY OR INDIRECTLY, IN ANY MANNER WHATSOEVER FROM 27-AUG-2021 TO 26-AUG-2026

DIRECTED NOT TO DIVERT ANY FUNDS RAISED FROM PUBLIC AT LARGE KEPT IN BANK ACCOUNT AND/OR IN THE CUSTODY OF THE COMPANY FROM 27-AUG-2021 TO 26-AUG-2026

DIRECTED TO PROVIDE FULL INVENTORY OF ASSETS, MOVABLE OR IMMOVABLE, OR ANY INTEREST OR INVESTMENT OR CHARGE IN ANY OF SUCH ASSETS, INCLUDING DETAILS OF ALL BANKS & DEMAT ACCOUNTS AND/OR MUTUAL FUNDS INVESTMENTS

DIRECTED NOT TO DISPOSE OF OR ALIENATE ANY ASSETS, MOVABLE OR IMMOVABLE, OR ANY INTEREST OR INVESTMENT OR CHARGE IN ANY OF SUCH ASSETS WITHOUT PRIOR PERMISSION OF SEBI

DIRECTED TO IMMEDIATELY WITHDRAW AND REMOVE ALL ADVERTISEMENTS, REPRESENTATIONS, LITERATURES, BROCHURES, MATERIALS, PUBLICATIONS, DOCUMENTS, WEBSITE, ETC. IN RELATION TO THOSE SCHEMES / ACTIVITIES (INVESTMENT ADVISER AND ALTERNATIVE INVESTMENT FUND, AND/OR RESEARCH ANALYST) OR ANY UNREGISTERED ACTIVITIES FROM 27-AUG-2021 TO 26-AUG-2026

DIRECTED TO IMMEDIATELY REMOVE ALL CONTENTS FROM ITS WEBSITE AND DISPLAY ONLY CONTENT IN ITS WEBSITE THAT SEBI HAS PASSED VIDE ITS ORDER

DIRECTED DEPOSITORIES TO ENSURE THAT NO DEBITS AND CREDITS MADE IN DEMAT ACCOUNTS

DIRECTED REGISTRAR AND TRANSFER AGENTS TO ENSURE THAT SECURITIES (INCLUDING MF UNITS) IN PHYSICAL FORM NOT TO TRANSFER /REDEEM WITHOUT CONFIRMATION OF CONCERNED STOCK EXCHANGES

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 27-AUG-2021 TO 26-AUG-2026

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 27-AUG-2021 TO 26-AUG-2026

27-AUG-2021

SEBI VIDE ITS ORDER DATED 08/06/2022 CONFIRMED THE DIRECTIONS ISSUED VIDE ITS INTERIM ORDER DATED 27/08/2021

SEBI VIDE ITS ORDER DATED 15/10/2026 CANCELLED CERTIFICATE OF REGISTRATION AS INVESTMENT ADVISOR. RESTRAINED FROM ACCESSING SECURITIES MARKET AND PROHIBITED FROM BUYING, SELLING OR OTHERWISE DEALING IN SECURITIES, EITHER DIRECTLY OR INDIRECTLY OR BEING ASSOCIATED WITH SECURITIES MARKET IN ANY MANNER WHATSOEVER FOR FIVE YEARS FROM DATE OF INTERIM ORDER DATED 27/08/2021

CAPITAL TRUE FINANCIAL SERVICES

(PAN:AINPT0227B)

NARENDRA SINGH TANWAR

PAN:AINPT0227B

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

OBTAINED REGISTRATION FROM SEBI BY PRODUCING FALSE AND FABRICATED DOCUMENTS TO PROVE HIS ELIGIBILITY TO WORK AS AN INVESTMENT ADVISOR

CEASED AND DESIST FROM ACTING AS AN INVESTMENT ADVISOR AND/OR ALTERNATIVE INVESTMENT FUND AND CEASE TO SOLICIT OR UNDERTAKE SUCH ACTIVITIES OR ANY OTHER UNREGISTERED ACTIVITIES IN SECURITIES MARKET, DIRECTLY OR INDIRECTLY, IN ANY MANNER WHATSOEVER FROM 05-JUN-2020 TO 04-JUN-2022

DIRECTED TO IMMEDIATELY WITHDRAW AND REMOVE ALL ADVERTISEMENTS, REPRESENTATIONS, LITERATURES, BROCHURES, MATERIALS, PUBLICATIONS, DOCUMENTS, WEBSITE, ETC. IN RELATION TO THOSE SCHEMES / ACTIVITIES (INVESTMENT ADVISER AND ALTERNATIVE INVESTMENT FUND, AND/OR RESEARCH ANALYST) OR ANY UNREGISTERED ACTIVITIES FROM 05-JUN-2020 TO 04-JUN-2022

DIRECTED NOT TO DIVERT ANY FUNDS RAISED FROM PUBLIC AT LARGE KEPT IN BANK ACCOUNT AND/OR IN THE CUSTODY OF THE COMPANY FROM 05-JUN-2020 TO 04-JUN-2022

DIRECTED TO SUBMIT LIST OF CLIENTS AND FEE COLLECTED FROM THEM

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 05-JUN-2020 TO 04-JUN-2022

CEASED AND DESIST FROM ACTING AS AN INVESTMENT ADVISER

DIRECTED NOT TO USE TERM �INVESTMENT ADVISER� DIRECTLY OR INDIRECTLY IN ANY MANNER WHATSOEVER ON LETTER-HEAD, WEBSITE, SIGNAGE BOARD OR OTHERWISE

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 05-JUN-2020 TO 04-JUN-2022

DIRECTED TO FREEZE EXISTING HOLDING OF SECURITIES, INCLUDING UNITS OF MUTUAL FUNDS

06-NOV-2018

SEBI VIDE ITS ORDER DATED 05/06/2020 A) CANCELLED CERTIFICATE OF REGISTRATION AS INVESTMENT ADVISER AND CEASE AND DESIST FROM ACTING AS INVESTMENT ADVISER C) DIRECTED TO NOT TO USE THE TERM �INVESTMENT ADVISER� DIRECTLY OR INDIRECTLY IN ANY MANNER WHATSOEVER ON LETTER-HEAD, WEBSITE, SIGNAGE BOARD OR OTHERWISE D) DEBARRED FROM ACCESSING SECURITIES MARKET AND FURTHER PROHIBITED FROM BUYING, SELLING OR OTHERWISE DEALING IN SECURITIES, DIRECTLY OR INDIRECTLY, OR BEING ASSOCIATED WITH SECURITIES MARKET IN ANY MANNER, FOR TWO YEARS E) DURING PERIOD OF RESTRAINT FREEZED EXISTING HOLDING, INCLUDING MUTUAL FUNDS UNITS

CAPITALPI ADVISORS & RESEARCH

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 22-SEP-2026

22-SEP-2026

CAPITALVIA GLOBAL RESEARCH LTD.

(PAN:AADCC5782H)

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 21-JUL-2026

21-JUL-2026

CAPVISION INVESTMENT ADVISOR

(PAN:AAJFC0782A)

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 27-MAR-2023

27-MAR-2023

CAPVISION INVESTMENT ADVISOR

(PAN:AAJFC0782A)