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.

PERSONS: VIOLATED SEBI (INVESTMENT ADVISORS) REGULATIONS, 2013

S.No.

PERSON

ENTITY

REGULATORY CHARGES

REGULATORY ACTION(S) / DATE OF ORDER

FURTHER DEVELOPMENTS

ADIL SHAMSI

(PAN:AVSPS7209L)

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

IMPOSED PENALTY RS.1,00,000

04-MAR-2021

SEBI VIDE ITS NOTICE DATED 01/05/2023 DIRECTED TO PAY RS.1,28,000.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SEBI VIDE ITS ORDER DATED 22/05/2023 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

SEBI VIDE ITS NOTICE DATED 29/05/2023 ALLOWED THE APPEAL AND DIRECTED ALL THE BANKS IN INDIA/NSDL/CDSL TO RELEASE ALL THE BANK ACCOUNTS INCLUDING LOCKERS, DEMAT ACCOUNTS AND MUTUAL FUND FOLIOS OF THE DEFAULTERS WHICH WERE ATTACHED PURSUANT TO THE NOTICE OF ATTACHMENT DATED 22/05/2023

SEBI VIDE ITS ORDER DATED 29/05/2023 COMPLETED OF RECOVERY CERTIFICATE PAYMENT OF AMOUNT DUE UNDER CERTIFICATE NO.6479 OF 2023 DATED 01/05/2023

AJAY CHAUHAN

(PAN:AODPC6797H)

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DRIFT FINANCIAL SERVICES

PAN:AODPC6797H

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

DID NOT MAKE DISCLOSURE OF MARKET RISK ASSOCIATED WITH INVESTMENT IN SECURITIES MARKET TO ITS CLIENTS

DID NOT REDRESS INVESTOR COMPLAINTS

DID NOT FURNISH ACTION TAKEN REPORT IN CONNECTION WITH REDRESSAL OF INVESTOR�S GRIEVANCES IN STIPULATED TIME

IMPOSED PENALTY RS.7,00,000 ALONG WITH OTHER ENTITIES/PERSONS

27-MAY-2022

SEBI VIDE ITS NOTICE DATED 30/08/2022 DIRECTED TO PAY RS.7,22,863.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SEBI VIDE ITS ORDER DATED 20/10/2022 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

SEBI VIDE ITS NOTICE DATED 24/01/2024 DIRECTED ALL THE BANKS AND MUTUAL FUNDS IN INDIA TO REMIT RS.8,48,000.00 TO THE EXTENT LYING IN THE ACCOUNT OF NOTICEE TO SEBI BY WAY OF EFT/NEFT/RTG

AJAY KUMAR

(DIN:05291441
PAN:BJPPK5750E)

GLOBAL MOUNT MONEY RESEARCH & ADVISORY PVT.LTD.

CIN:U74140MP2012PTC028640
PAN:AAECG8055A

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

IMPOSED PENALTY RS.6,00,000 ALONG WITH OTHER ENTITIES/PERSONS

11-JUL-2017

AJAY KUMAR

(DIN:05291441
PAN:BJPPK5750E)

GLOBAL MOUNT MONEY RESEARCH & ADVISORY PVT.LTD.

CIN:U74140MP2012PTC028640
PAN:AAECG8055A

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

DIRECTED TO CEASE & DESIST FROM ACTING AS PORTFOLIO MANAGER AND NOT TO SOLICIT OR UNDERTAKE SUCH ACTIVITIES OR ANY OTHER ACTIVITY IN SECURITIES MARKET, DIRECTLY OR INDIRECTLY, IN ANY MANNER WHATSOEVER FROM 26-OCT-2017 TO 25-OCT-2019

DIRECTED TO IMMEDIATELY WITHDRAW AND REMOVE ALL ADVERTISEMENTS, REPRESENTATIONS, LITERATURES, BROCHURES, MATERIALS, PUBLICATIONS, DOCUMENTS, WEBSITE, ETC. IN RELATION TO PORTFOLIO MANAGEMENT ACTIVITIES IN SECURITIES MARKET FROM 26-OCT-2017 TO 25-OCT-2019

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 26-OCT-2017 TO 25-OCT-2019

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 26-OCT-2017 TO 25-OCT-2019

RESTRAINED FROM ASSOCIATING WITH ANY LISTED PUBLIC COMPANY AND ANY PUBLIC COMPANY WHICH INTENDS TO RAISE MONEY FROM PUBLIC FROM 26-OCT-2017 TO 25-OCT-2019

12-MAR-2015

SEBI VIDE ITS ORDER DATED 26/10/2017 DIRECTED A) NOT TO DIRECTLY OR INDIRECTLY ACCESS THE SECURITIES MARKET AND ARE PROHIBITED FROM BUYING, SELLING OR OTHERWISE DEALING IN SECURITIES MARKET DIRECTLY OR INDIRECTLY IN WHATSOEVER MANNER, TILL THE EXPIRY OF 2 YEARS AND ALSO RESTRAINED FROM ASSOCIATING WITH ANY LISTED PUBLIC COMPANY AND ANY PUBLIC COMPANY WHICH INTENDS TO RAISE MONEY FROM THE PUBLIC, OR ANY INTERMEDIARY REGISTERED WITH SEBI TILL THE EXPIRY OF 2 YEARS FROM THE DATE OF THIS ORDER B) NOT TO UNDERTAKE EITHER DIRECTLY OR INDIRECTLY INVESTMENT ADVISORY SERVICES OR ANY ACTIVITY IN THE SECURITIES MARKET WITHOUT OBTAINING A CERTIFICATE OF REGISTRATION FROM SEBI AS REQUIRED UNDER THE SECURITIES LAWS AFTER THE EXPIRY OF PERIOD OF DEBARMENT

AJAY KUMAR CHADDHA

(PAN:AUGPC0559C)

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

DIRECTED TO REFUND MONEY RECEIVED FROM CLIENTS/INVESTORS/COMPLAINANT AS FEES OR CONSIDERATION OR IN ANY OTHER FORM IN RESPECT OF UNREGISTERED INVESTMENT ADVISORY ACTIVITIES

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 07-AUG-2024 TO 06-AUG-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

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 07-AUG-2024 TO 06-AUG-2026

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 07-AUG-2024 TO 06-AUG-2026

RESTRAINED FROM ACTING AS DIRECTOR/KEY MANAGERIAL PERSONNEL OF ANY LISTED COMPANY OR SUBSIDIARY OR ANY COMPANY WHICH INTENDS TO RAISE MONEY FROM PUBLIC OR ANY SEBI REGISTERED INTERMEDIARY FROM 07-AUG-2024 TO 06-AUG-2026

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 07-AUG-2024 TO 06-AUG-2026

IMPOSED PENALTY RS.6,00,000

07-AUG-2024

AJAY KUMAR MUKHIYA

(PAN:EQCPM6774F)

MOMENTUM TIPS

PAN:EQCPM6774F

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

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

RESTRAINED FROM SELLING ASSETS, PROPERTIES AND HOLDING OF MUTUAL FUNDS/SHARES/SECURITIES HELD IN DEMAT AND PHYSICAL FORM FROM 25-OCT-2022 TO 24-OCT-2025

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

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 25-OCT-2022 TO 24-OCT-2025

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 25-OCT-2022 TO 24-OCT-2025

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 25-OCT-2022 TO 24-OCT-2025

25-OCT-2022

SEBI VIDE ITS NOTICE DATED 29/05/2025 DIRECTED TO PAY RS.43,83,115.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SEBI VIDE ITS ORDER DATED 13/11/2025 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

AJAY SHUKLA

(PAN:AHEPS9486M)

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 25-APR-2025

25-APR-2025

AJAY SINGH RANAWAT

(PAN:DPMPR6105B)

CAPITAL RAISE & RESEARCH

PAN:DPMPR6105B

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 09-NOV-2022 TO 08-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 09-NOV-2022 TO 08-MAY-2023

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 09-NOV-2022 TO 08-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 09-NOV-2022 TO 08-MAY-2023

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

09-NOV-2022

SEBI VIDE ITS NOTICE DATED 19/01/2024 DIRECTED TO PAY RS.26,09,821.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

AJAY THAKUR

(PAN:BHPPT1291P)

MAHANKAL CAPITAL

PAN:BHPPT1291P

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

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 29-SEP-2022 TO 28-MAR-2023

DIRECTED TO CEASE & DESIST FROM ACTING AS AN INVESTMENT ADVISOR AND/OR RESEARCH ANALYST AND CEASE TO SOLICIT OR UNDERTAKE SUCH ACTIVITIES OR ANY OTHER UNREGISTERED ACTIVITY IN SECURITIES MARKET, DIRECTLY OR INDIRECTLY, IN ANY MANNER WHATSOEVER FROM 29-SEP-2022 TO 28-MAR-2023

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 29-SEP-2022 TO 28-MAR-2023

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 29-SEP-2022 TO 28-MAR-2023

DIRECTED NOT TO DIVERT ANY FUNDS RAISED FROM PUBLIC AT LARGE KEPT IN BANK ACCOUNT AND/OR IN THE CUSTODY OF THE COMPANY FROM 29-SEP-2022 TO 28-MAR-2023

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 29-SEP-2022 TO 28-MAR-2023

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 BANKS NOT TO ALLOW ANY DEBITS/WITHDRAWLS AND CREDITS FROM ACCOUNT WITHOUT PERMISSION OF SEBI FROM 29-SEP-2022 TO 28-MAR-2023

DIRECTED DEPOSITORIES TO ENSURE THAT NO DEBITS AND/OR CREDITS MADE IN DEMAT ACCOUNTS, HELD JOINTLY OR SEVERALLY, OF ENTITIES AND PERSONS

DIRECTED REGISTRAR AND TRANSFER AGENTS TO ENSURE THAT NOT TRANSFERRED SECURITIES HELD JOINTLY OR SEVERALLY

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

RESTRAINED FROM SELLING ASSETS, PROPERTIES AND HOLDING OF MUTUAL FUNDS/SHARES/SECURITIES HELD IN DEMAT AND PHYSICAL FORM FROM 29-SEP-2022 TO 28-MAR-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 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 29-SEP-2022 TO 28-MAR-2023

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

07-FEB-2020

SEBI VIDE ITS ORDER DATED 29/09/2022 DIRECTED TO A) REFUND THE MONEY RECEIVED FROM THE CLIENTS/ INVESTORS, AS FEES/COMPENSATION OR IN ANY OTHER FORM, IN RESPECT OF UNREGISTERED INVESTMENT ADVISORY ACTIVITIES WITHIN THREE MONTHS FROM DATE OF THIS ORDER B) ISSUE PUBLIC NOTICE, IN ALL EDITIONS OF TWO NATIONAL DAILIES (ONE ENGLISH AND ONE HINDI) AND IN ONE LOCAL DAILY WITH WIDE CIRCULATION, DETAILING MODALITIES FOR REFUND INCLUDING DETAILS OF CONTACT PERSON NAMES, ADDRESSES AND CONTACT DETAILS WITHIN 15 DAYS OF COMING INTO FORCE OF THIS ORDER C) REPAYMENTS TO CLIENTS/INVESTORS, SHALL BE EFFECTED ONLY THROUGH BANK DEMAND DRAFT OR PAY ORDER OR ELECTRONICS FUND TRANSFER D) RESTRAINED FROM SELLING ASSETS, PROPERTIES AND HOLDING OF MUTUAL FUNDS/SHARES/SECURITIES HELD IN DEMAT AND PHYSICAL FORM EXCEPT FOR THE SOLE PURPOSE OF MAKING THE REFUNDS AS DIRECTED. FURTHER, DIRECTED BANK TO ALLOW DEBIT ONLY FOR THE PURPOSE OF MAKING REFUNDS TO THE CLIENTS/INVESTORS, WHO WERE AVAILING THE INVESTMENT ADVISORY SERVICES E) FILE REPORT OF SUCH COMPLETION WITH SEBI DULY CERTIFIED FROM INDEPENDENT CHARTERED ACCOUNTANT F) RESTRAINED FROM ACCESSING THE SECURITIES MARKET AND FURTHER PROHIBITED FROM BUYING, SELLING OR OTHERWISE DEALING IN THE SECURITIES MARKET, DIRECTLY OR INDIRECTLY IN ANY MANNER WHATSOEVER FOR A PERIOD OF SIX MONTHS FROM DATE OF COMPLETION OF REFUNDS TO CLIENTS/INVESTORS G) CEASE AND DESIST FROM ACTING AS INVESTMENT ADVISOR INCLUDING THE ACTIVITY OF ACTING AND REPRESENTING THROUGH ANY MEDIA (PHYSICAL OR DIGITAL) AS INVESTMENT ADVISOR, DIRECTLY OR INDIRECTLY, AND CEASE TO SOLICIT OR UNDERTAKE SUCH ACTIVITY OR ANY OTHER ACTIVITIES IN SECURITIES MARKET, WITHOUT OBTAINING A CERTIFICATE OF REGISTRATION FROM SEBI H) DURING THE PERIOD OF RESTRAINT, FREEZED EXISTING HOLDING, INCLUDING UNITS OF MUTUAL FUNDS

SEBI VIDE ITS NOTICE DATED 14/09/2023 DIRECTED TO PAY RS.96,09,113.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

AJIT BASWANT PATNEKAR

(PAN:AABPP7242C)

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 25-APR-2025

25-APR-2025

AJIT KUMAR

(PAN:DBVPK6391D)

EPROFITZONE FINCAP CONSULTANT PVT.LTD.

PAN:AAECE4442M

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

SEBI VIDE ITS ORDER DATED 27/05/2022 DIRECTED TO A) REFUND THE MONEY RECEIVED FROM CLIENTS/INVESTORS, AS FEES OR CONSIDERATION OR IN ANY OTHER FORM, IN RESPECT OF UNREGISTERED INVESTMENT ADVISORY ACTIVITIES WITHIN THREE MONTHS FROM DATE OF THIS ORDER B) ISSUE PUBLIC NOTICE, IN ALL EDITIONS OF TWO NATIONAL DAILIES (ONE ENGLISH AND ONE HINDI) AND IN ONE LOCAL DAILY WITH WIDE CIRCULATION, DETAILING MODALITIES FOR REFUND INCLUDING DETAILS OF CONTACT PERSON NAMES, ADDRESSES AND CONTACT DETAILS WITHIN 15 DAYS OF COMING FORCE OF THIS ORDER C) REPAYMENTS TO CLIENTS/INVESTORS SHALL BE EFFECTED ONLY THROUGH BANK DEMAND DRAFT OR PAY ORDER OR ELECTRONICS FUND TRANSFER D) PREVENTED FROM SELLING ASSETS, PROPERTIES AND HOLDING OF MUTUAL FUNDS/SHARES/SECURITIES HELD IN DEMAT AND PHYSICAL FORM EXCEPT FOR THE SOLE PURPOSE OF MAKING THE REFUNDS AS DIRECTED. FURTHER, DIRECTED BANK TO ALLOW DEBIT ONLY FOR THE PURPOSE OF MAKING REFUNDS TO THE CLIENTS/INVESTORS/COMPLAINTS WHO WERE AVAILING THE INVESTMENT ADVISORY SERVICES E) RESOLVE ALL THE COMPLAINTS PENDING AGAINST THEM AND FILE REPORT OF SUCH RESOLUTION WITH SEBI WITHIN A PERIOD OF 30 DAYS FROM THE DATE OF THIS ORDER F) FILE REPORT OF SUCH COMPLETION WITH SEBI DULY CERTIFIED FROM INDEPENDENT CHARTERED ACCOUNTANTS G) DEBARRED FROM ACCESSING SECURITIES MARKET DIRECTLY OR INDIRECTLY AND ARE PROHIBITED FROM BUYING, SELLING OR OTHERWISE DEALING IN THE SECURITIES MARKET, DIRECTLY OR INDIRECTLY IN ANY MANNER WHATSOEVER FOR TWO YEARS FROM DATE OF THIS ORDER OR TILL EXPIRY OF TWO YEARS FROM DATE OF COMPLETION OF REFUNDS TO INVESTORS H) RESTRAINED FROM ASSOCIATING WITH ANY COMPANY WHOSE SECURITIES ARE LISTED ON RECOGNIZED STOCK EXCHANGE AND ANY COMPANY WHICH INTENDS TO RAISE MONEY FROM THE PUBLIC OR ANY INTERMEDIARY REGISTERED WITH SEBI ANY CAPACITY FOR PERIOD OF TWO YEARS FROM THE DATE OF THIS ORDER OR TILL EXPIRY OF TWO YEARS FROM DATE OF COMPLETION OF REFUNDS TO INVESTORS I) NOT TO UNDERTAKE, EITHER DIRECTLY OR INDIRECTLY, INVESTMENT ADVISORY SERVICES OR ANY OTHER ACTIVITY IN THE SECURITIES MARKET WITHOUT OBTAINING CERTIFICATE OF REGISTRATION FROM SEBI J) NOT TO DIVERT ANY FUNDS COLLECTED FROM INVESTORS, KEPT IN BANK ACCOUNT(S) AND/OR IN THEIR CUSTODY EXCEPT FOR THE PURPOSE OF REFUND K) NOT TO DISPOSE OFF OR ALIENATE ANY ASSETS, WHETHER MOVABLE OR IMMOVABLE, OR ANY INTEREST OR INVESTMENT OR CHARGE ON ANY OF SUCH ASSETS HELD THEIR NAME, INCLUDING MONEY LYING IN BANK ACCOUNTS EXCEPT FOR PURPOSE OF REFUND

SAT: SAT VIDE ITS ORDER DATED 25/08/2022 DISMISSED THE APPEAL. NO COSTS

AJITESH KUMAR

(PAN:DGVPK5909N)

BULLMATICS ADVISORY PVT.LTD.

PAN:AAGCB7496J

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

RESTRAINED FROM SELLING ASSETS, PROPERTIES AND HOLDING OF MUTUAL FUNDS/SHARES/SECURITIES HELD IN DEMAT AND PHYSICAL FORM FROM 28-JAN-2022 TO 27-JUL-2022

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

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 28-JAN-2022 TO 27-JUL-2022

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 28-JAN-2022 TO 27-JUL-2022

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 28-JAN-2022 TO 27-JUL-2022

28-JAN-2022

AJJUGATTU RAGHUNATH

(PAN:AHCPA1963H)

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 25-APR-2025

25-APR-2025

AKASH JAISWAL

(PAN:BVPPJ3417H)

BILLIONAIRE SOLUTIONS

PAN:BVPPJ3417H

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

SEBI VIDE ITS ORDER DATED 12/01/2022 DIRECTED TO A) REFUND THE MONEY RECEIVED FROM CLIENTS/INVESTORS/COMPLAINTS, AS FEES OR CONSIDERATION OR IN ANY OTHER FORM, IN RESPECT OF UNREGISTERED INVESTMENT ADVISORY ACTIVITIES WITHIN THREE MONTHS FROM DATE OF THIS ORDER B) ISSUE PUBLIC NOTICE, IN ALL EDITIONS OF TWO NATIONAL DAILIES (ONE ENGLISH AND ONE HINDI) AND IN ONE LOCAL DAILY WITH WIDE CIRCULATION, DETAILING MODALITIES FOR REFUND INCLUDING DETAILS OF CONTACT PERSON NAMES, ADDRESSES AND CONTACT DETAILS WITHIN 15 DAYS OF COMING FORCE OF THIS ORDER C) REPAYMENTS TO CLIENTS/INVESTORS TO BE EFFECTED ONLY IN CASH THROUGH BANK DEMAND DRAFT OR PAY ORDER OR ELECTRONICS FUND TRANSFER D) PREVENTED FROM SELLING ASSETS, PROPERTIES AND HOLDING OF MUTUAL FUNDS/SHARES/SECURITIES HELD IN DEMAT AND PHYSICAL FORM EXCEPT FOR THE SOLE PURPOSE OF MAKING THE REFUNDS AS DIRECTED. FURTHER, DIRECTED BANK TO ALLOW DEBIT ONLY FOR THE PURPOSE OF MAKING REFUNDS TO THE CLIENTS/INVESTORS WHO WERE AVAILING THE INVESTMENT ADVISORY SERVICES E) RESOLVE ALL THE COMPLAINTS PENDING AGAINST THEM AND FILE REPORT OF SUCH RESOLUTION WITH SEBI WITHIN A PERIOD OF 30 DAYS FROM THE DATE OF THIS ORDER F) FILE REPORT OF SUCH COMPLETION WITH SEBI DULY CERTIFIED FROM INDEPENDENT CHARTERED ACCOUNTANTS G) DEBARRED FROM ACCESSING SECURITIES MARKET DIRECTLY OR INDIRECTLY AND ARE PROHIBITED FROM BUYING, SELLING OR OTHERWISE DEALING IN THE SECURITIES MARKET, DIRECTLY OR INDIRECTLY IN ANY MANNER WHATSOEVER FOR TWO YEARS FROM DATE OF COMPLETION OF REFUNDS TO INVESTORS H) RESTRAINED FROM ASSOCIATING WITH ANY LISTED COMPANY AND ANY PUBLIC COMPANY WHICH INTENDS TO RAISE MONEY FROM PUBLIC, OR ANY INTERMEDIARY REGISTERED WITH SEBI IN ANY CAPACITY FOR ONE YEAR FROM DATE OF COMPLETION OF REFUNDS TO INVESTORS I) NOT TO UNDERTAKE, EITHER DIRECTLY OR INDIRECTLY, INVESTMENT ADVISORY SERVICES OR ANY OTHER ACTIVITY IN THE SECURITIES MARKET WITHOUT OBTAINING CERTIFICATE OF REGISTRATION FROM SEBI J) NOT TO DIVERT ANY FUNDS COLLECTED FROM INVESTORS, KEPT IN BANK ACCOUNT(S) AND/OR IN THEIR CUSTODY EXCEPT FOR THE PURPOSE OF REFUND K) NOT TO DISPOSE OFF OR ALIENATE ANY ASSETS, WHETHER MOVABLE OR IMMOVABLE, OR ANY INTEREST OR INVESTMENT OF CREATE ON ANY OF SUCH ASSETS HELD THEIR NAME, INCLUDING MONEY LYING IN BANK ACCOUNTS EXCEPT FOR PURPOSE OF REFUND

SEBI VIDE ITS NOTICE DATED 30/11/2023 DIRECTED TO PAY RS.44,89,040.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

AKHILESH CHADHA

(PAN:ANCPC9343F)

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 25-APR-2025

25-APR-2025

AKHILESH RAGHUVANSHI

(PAN:ALDPR2234H
DIN:05340629)

EQUICOM FINANCIAL RESEARCH PVT.LTD.,THE

PAN:AAECT4400E

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

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

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

USED FAKE NAMES IN DEALING WITH CLIENTS

DID NOT MAINTAIN FULL RECORDS OF INVESTMENT ADVICE PROVIDED ORALLY NOR RATIONAL FOR SUCH ADVICES RENDERED

OFFERED SEVERAL ADVICES OVER PHONE FROM UNQUALIFIED AND WITHOUT NISM CERTIFIED REPRESENTATIVE

SEBI VIDE ITS ORFER DATED 19/04/2021 DIRECTED TO RESTRAIN 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 WHATSOEVER, FOR A PERIOD OF THREE YEARS FROM DATE OF THIS ORDER

SEBI VIDE ITS ORDER DATED 24/09/2025 DISPOSED OF THE PROCEEDINGS INITIATED VIDE SCN DATED 24/09/2024 WITHOUT ANY FURTHER DIRECTIONS

ALI GHOUSE MUNAVARDEEN FAHEETH

(PAN:AGQPF5876K)

OPTION RESEARCH CONSULTANCY

PAN:AAHFO6585D

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

DIRECTED TO REFUND MONEY RECEIVED FROM CLIENTS/INVESTORS/COMPLAINANT AS FEES OR CONSIDERATION OR IN ANY OTHER FORM IN RESPECT OF UNREGISTERED INVESTMENT ADVISORY ACTIVITIES

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

RESTRAINED FROM SELLING ASSETS, PROPERTIES AND HOLDING OF MUTUAL FUNDS/SHARES/SECURITIES HELD IN DEMAT AND PHYSICAL FORM FROM 27-AUG-2024 TO 26-AUG-2026

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

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

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 27-AUG-2024 TO 26-AUG-2026

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 27-AUG-2024 TO 26-AUG-2026

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 27-AUG-2024 TO 26-AUG-2026

IMPOSED PENALTY RS.6,00,000

27-AUG-2024

ALKA SHRIVASTAVA

(PAN:CBPPS2075D)

MONEY SECURE INVESTOR

PAN:CBPPS2075D

DID NOT PROVIDE MATERIAL INFORMATION TO SEBI

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

TRADED ON BEHALF OF CLIENTS

PROVIDED ADVICE WITHOUT PROPER RATIONALE TO RISK PROFILE OF CLIENTS

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

DISPLAYED INCORRECT NUMBER OF PENDING COMPLAINTS ON WEBSITE

DID NOT REDRESS INVESTOR COMPLAINTS IN STIPULATED TIME

DID NOT FURNISH ACTION TAKEN REPORT IN CONNECTION WITH REDRESSAL OF INVESTOR�S GRIEVANCES IN STIPULATED TIME

DEALT IN CASH WITH CLIENTS

SUSPENDED REGISTRATION AS INVESTMENT ADVISER FROM 28-MAR-2023 TO 27-MAR-2024

28-MAR-2023

ALKA SHRIVASTAVA

(PAN:CBPPS2075D)

MONEY SECURE INVESTOR

PAN:CBPPS2075D

DID NOT PROVIDE MATERIAL INFORMATION TO SEBI

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

OBTAINED TRADING ACCOUNT DETAILS FROM CLIENTS AND EXECUTED TRADES

CARRIED OUT IMPROPER RISK PROFILING OF CLIENTS

CHARGED UNREASONABLE, ARBITRARILY AND INCONSISTENT FEE

DID NOT ADHERE TO VARIOUS SEBI CIRCULARS

DID NOT REDRESS INVESTOR COMPLAINTS

DIRECTED TO RESOLVE ALL PENDING COMPLAINTS

RESTRAINED FROM SELLING ASSETS, PROPERTIES AND HOLDING OF MUTUAL FUNDS/SHARES/SECURITIES HELD IN DEMAT AND PHYSICAL FORM FROM 30-AUG-2022 TO 29-AUG-2025

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

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 30-AUG-2022 TO 29-AUG-2025

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 30-AUG-2022 TO 29-AUG-2025

IMPOSED PENALTY RS.5,00,000 ALONG WITH OTHER ENTITIES/PERSONS

30-AUG-2022

SEBI VIDE ITS NOTICE DATED 12/02/2025 DIRECTED TO PAY RS.19,66,000.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SAT: SAT VIDE ITS ORDER DATED 06/08/2025 PARTLY ALLOWED THE APPEAL BY REDUCING PENALTY AMOUNT TO RS.5 LAC FROM RS.15 LAC. NO COSTS

ALTAMASH SHEIKH

(PAN:CPPPS6004G)

PROFICIENT RESEARCH

PAN:AAQFP1547F

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 01-NOV-2021 TO 31-OCT-2025

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 01-NOV-2021 TO 31-OCT-2025

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 01-NOV-2021 TO 31-OCT-2025

DIRECTED TO REFUND MONEY RECEIVED FROM CLIENTS/INVESTORS/COMPLAINANT AS FEES OR CONSIDERATION OR IN ANY OTHER FORM IN RESPECT OF UNREGISTERED INVESTMENT ADVISORY ACTIVITIES

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

PROHIBITED FROM SELLING, TRANSFERRING, DIRECTLY OR INDIRECTLY, ASSETS, PROPERTIES (IMMOVABLE AND MOVABLE) AND HOLDING OF MUTUAL FUNDS/SHARES/SECURITIES HELD IN DEMAT AND PHYSICAL FORM FROM 01-NOV-2021 TO 31-OCT-2025

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

DIRECTED BANKS TO ENSURE THAT NO DEBITS ARE MADE IN BANK ACCOUNTS HELD JOINTLY OR SEVERALLY

DIRECTED DEPOSITORIES TO ENSURE THAT NO DEBITS AND/OR CREDITS MADE IN DEMAT ACCOUNTS, HELD JOINTLY OR SEVERALLY, OF ENTITIES AND PERSONS

01-NOV-2021

SEBI VIDE ITS NOTICE DATED 10/04/2024 DIRECTED TO PAY RS.62,41,000.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SEBI VIDE ITS ORDER DATED 10/07/2024 DIRECTED ALL THE BANKS IN INDIA AND/OR NSDL/CDSL TO 1. ATTACH ALL THE ACCOUNTS BY WHATEVER NAME CALLED INCLUDING LOCKERS, DEMAT ACCOUNTS 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

The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.