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 : 17-AUG-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: VIOLATED SEBI (RESEARCH ANALYST) REGULATIONS, 2014

S.No.

PERSON

ENTITY

REGULATORY CHARGES

REGULATORY ACTION(S) / DATE OF ORDER

FURTHER DEVELOPMENTS

DHRUVESH SANGHVI

(PAN:ATZPS8735J)

DID NOT PAY RENEWAL FEE AS RESEARCH ANALYST

CANCELLED REGISTRATION AS RESEARCH ANALYST

28-JUL-2026

DIVYESH B.MADLANI

(PAN:AVLPM9547Q)

DID NOT PAY RENEWAL FEE AS RESEARCH ANALYST

CANCELLED REGISTRATION AS RESEARCH ANALYST FROM 27-MAR-2025

27-MAR-2025

GAURAV SARDA

(PAN:EHDPS8859H)

DID NOT RENEW NISM CERTIFICATE

DID NOT MAINTAIN REQUISITE RECORDS IN RESPECT OF ACTIVITIES AS RESEARCH ANALYST

DID NOT PROVIDE NECESSARY INFORMATION/DOCUMENTS TO INVESTIGATING AUTHORITY OF SEBI

CANCELLED REGISTRATION AS RESEARCH ANALYST FROM 31-JAN-2024

31-JAN-2024

GAURAV SARDA

(PAN:EHDPS8859H)

DID NOT MAINTAIN RECORDS IN RESPECT OF RECOMMENDATIONS MADE TO PUBLIC THROUGH MEDIA

DID NOT RENEW NISM CERTIFICATE

IMPOSED PENALTY RS.3,00,000

26-OCT-2023

GAURAV SHARAD RANADE

(PAN:AGMPR6462M)

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

KYABOLTAMARKET.COM

PAN:AGMPR6462M

DID NOT PAY RENEWAL FEE AS RESEARCH ANALYST

CANCELLED REGISTRATION AS RESEARCH ANALYST FROM 27-MAR-2025

27-MAR-2025

GAUTAM SANJAY KHANDELWAL

(PAN:AZWPK6632R)

ACTED AS RESEARCH ANALYST WITHOUT SEBI REGISTRATION

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 23-FEB-2017 TO 22-FEB-2023

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 23-FEB-2017 TO 22-FEB-2023

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

CEASED AND DESIST FROM DISSEMINATING NEWS OR MESSAGES IN ANY FORM RELATED TO SECURITIES MARKET, BY ANY MEANS WHATSOEVER FROM 23-FEB-2017 TO 22-FEB-2023

DIRECTED TO WITHDRAW AND REMOVE ALL ADVERTISEMENTS, REPRESENTATIONS, LITERATURES, BROCHURES, MATERIALS, PUBLICATIONS, DOCUMENTS, WEBSITE, ETC., IF ANY, IN CONNECTION WITH THE SCHEME EMPLOYED

DIRECTED NOT TO DISPOSE OF OR ALIENATE ANY OF THEIR ASSETS/PROPERTIES/ SECURITIES

DIRECTED BANKS THAT NO DEBIT SHALL BE MADE WITHOUT PERMISSION OF SEBI EXCEPT FOR THE PURPOSE OF TRANSFER OF FUNDS TO ESCROW ACCOUNT

DIRECTED DEPOSITORIES THAT NO DEBIT TO BE MADE WITHOUT PERMISSION OF SEBI

DIRECTED TO PROVIDE FULL INVENTORY OF ASSETS OWNED BY COMPANY

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

23-FEB-2017

DIRECTED TO DISGORGE RS.28,18,739

05-MAR-2019

SEBI VIDE ITS ORDER DATED 30/06/2017 CONFIRMED THE DIRECTIONS ISSUED VIDE ITS AD INTERIM EX-PARTE ORDER DATED 23/02/2017

SEBI VIDE ITS ORDER DATED 05/03/2019 DIRECTED TO 1) DISGORGE RS.28,18,739.00 2) NOT TO DISPOSE OFF OR ALIENATE ANY OF THEIR ASSETS / PROPERTIES / SECURITIES, TILL SUCH TIME AMOUNTS GAIN MADE ALONGWITH WITH INTEREST CREDITED TO ESCROW ACCOUNT WITHOUT PERMISSION FROM SEBI 2) NOT TO DISPOSE OFF OR ALIENATE ANY OF THEIR ASSETS / PROPERTIES / SECURITIES, TILL SUCH TIME UNLAWFUL GAINS ARE CREDITED TO ESCROW ACCOUNT 3) BANKS AND DEPOSITORIES NO TO DEBIT,WITHOUT PERMISSION OF SEBI IN RESPECT OF BANK/DEMAT ACCOUNTS, HELD BY NOTICEES 4) BANKS AND DEPOSITORIES TO ENSURE THAT ALL DIRECTIONS ARE STRICTLY ENFORCED 5) PROVIDE FULL INVENTORY OF THEIR ASSETS, PROPERTIES AND DETAILS OF ALL BANK ACCOUNTS, DEMAT ACCOUNTS AND HOLDINGS OF SHARES / SECURITIES, IF HELD IN PHYSICAL FORM AND DETAILS OF COMPANIES HOLD SUBSTANTIAL OR CONTROLLING INTEREST

SEBI VIDE ITS ORDER DATED 06/07/2022 DIRECTED TO A) RESTRAINED FROM ACCESSING SECURITIES MARKET AND FURTHER PROHIBITED FROM BUYING, SELLING OR OTHERWISE DEALING IN SECURITIES MARKET, DIRECTLY OR INDIRECTLY, OR BEING ASSOCIATING WITH SECURITIES MARKET IN ANY MANNER, WHATSOEVER FOR SIX YEARS B) DURING THE PERIOD OF RESTRAINT EXISTING HOLDING, INCLUDING UNITS OF MUTUAL FUNDS TO REMAIN FROZEN C) DISGORGE AMOUNT RS.28,18,739.00 ALONG WITH SIMPLE INTEREST @ 12% P.A. FROM DATE OF IMPOUNDING ORDER TILL DATE OF ACTUAL PAYMENT D) REMIT DISGORGEMENT AMOUNT TO INVESTOR PROTECTION AND EDUCATION FUND (IPEF)

SEBI VIDE ITS NOTICE DATED 20/10/2022 DIRECTED TO PAY RS.37,85,253.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SEBI VIDE ITS NOTICE DATED 23/11/2022 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 ORDER DATED 26/12/2022 DIRECTED ALL THE BANKS TO REMIT RS.38,31,644.00 TO THE EXTENT LYING IN THE ACCOUNT OF MR.GAUTAM SANJAY KHANDELWAL TO SEBI BY WAY OF EFT/NEFT/RTGS

SAT: SAT VIDE ITS ORDER DATED 17/03/2023 CONDONED THE DELAY IN FILING OF APPEAL.IN THE MEANWHILE,RESPONDENT MAY FILE REPLY WITHIN THREE WEEKS AND REJOINDER TO BE FILED ON OR BEFORE NEXT DATE

GIRISH SRICHAND VALECHA

(PAN:AIYPV3150A)

INDIRA TRADING CO.

PAN:AAFFI0479L

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

ACTED AS RESEARCH ANALYST WITHOUT SEBI REGISTRATION

DIRECTED NOT TO DIVERT ANY FUNDS RAISED FROM PUBLIC AT LARGE KEPT IN BANK ACCOUNT AND/OR IN THE CUSTODY OF THE COMPANY FROM 26-FEB-2021 TO 25-FEB-2025

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 26-FEB-2021 TO 25-FEB-2025

CEASED AND 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 26-FEB-2021 TO 25-FEB-2025

DIRECTED TO FILE CERTIFICATE OF COMPLETION OF PROCESS WITH SEBI FROM TWO INDEPENDENT PEER REVIEWED CHARTERED ACCOUNTANTS

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 26-FEB-2021 TO 25-FEB-2025

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 26-FEB-2021 TO 25-FEB-2025

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 26-FEB-2021 TO 25-FEB-2025

RESTRAINED FROM ASSOCIATED WITH ANY LISTED COMPANY AND ANY PUBLIC COMPANY AS DIRECTORS/PROMOTERS WHICH INTENDS TO RAISE MONEY FROM THE PUBLIC AND/OR ANY INTERMEDIARY WITH SEBI FROM 26-FEB-2021 TO 25-FEB-2025

17-MAR-2016

SEBI VIDE ITS ORDER DATED 26/02/2021 DIRECTED TO A) JOINTLY AND SEVERALLY, FORTHWITH REFUND RS.52,14,969.00 AND ANY OTHER AMOUNT IN RESPECT OF ITS UNREGISTERED INVESTMENT ADVISORY AND UNREGISTERED RESEARCH ANALYST SERVICES WITHIN THREE MONTHS FROM DATE OF THIS ORDER AND SUBMIT A A REPORT OF REFUND MADE TO SEBI ALONG WITH CERTIFICATE FROM A PEER REVIEWED CHARTERED ACCOUNTANT, WHO IS IN PANEL OF ANY PUBLIC AUTHORITY OR PUBLIC INSTITUTION WITHIN 15 DAYS OF COMPLETION OF REFUND B) ISSUE PUBLIC NOTICE, IN ALL EDITIONS OF TWO NATIONAL DAILIES AND IN ONE LOCAL DAILY WITH WIDE CIRCULATION, DETAILING THE MODALITIES FOR REFUND C) REPAYMENTS TO CLIENS SHALL BE EFFECTED ONLY THROUGH BANK DEMAND DRAFT OR PAY ORDER D) NOT TO DIVERT ANY FUNDS RAISED FROM INVESTORS, KEPT IN BANK ACCOUNTS AND/OR IN THEIR CUSTODY, EXCEPT FOR THE PURPOSE OF REFUNDS TO THE CLIENTS E) PREVENTED FROM SELLING THE ASSETS, PROPERTIES AND HOLDING OF MUTUAL FUNDS/SHARES/SECURITIES IN DEMAT AND PHYSICAL FORM EXCEPT FOR THE SOLE PURPOSE OF MAKING THE REFUNDS AS DIRECTED AND DEPOSIT THE PROCEEDS IN AN ESCROW ACCOUNT OPENED WITH A NATIONALISED BANK F) NOT TO DIRECTLY OR INDIRECTLY, ACCESS SECURITIES MARKET AND ARE PROHIBITED FROM BUYING, SELLING OR OTHERWISE DEALING IN SECURITIES MARKET, DIRECTLY OR INDIRECTLY IN WHATSOEVER MANNER, FROM DATE OF THIS ORDER, TILL EXPIRY OF FOUR (4) YEARS FROM DATE OF REFUNDS OF MONEY G) NOT TO UNDERTAKE, EITHER DIRECTLY OR INDIRECTLY, UNREGISTERED INVESTMENT ADVISORY ACTIVITIES AND UNREGISTERED RESEARCH ANALYST SERVICE OR ANY ACTIVITY IN SECURITIES MARKET WITHOUT OBTAINING CERTIFICATE OF REGISTRATION FROM SEBI H) RESTRAINED FROM ASSOCIATING WITH ANY COMPANY WHOSE SECURITIES ARE LISTED ON A RECOGNIZED STOCK EXCHANGE AND ANY COMPANY WHICH INTENDS TO RAISE MONEY FROM THE PUBLIC, OR ANY INTERMEDIARY REGISTERED WITH SEBI IN ANY CAPACITY, FROM THE DATE OF THIS ORDER, TILL THE EXPIRY OF FOUR (04) YEARS FROM THE DATE OF REFUND OF THE MONEY

AS PER SEBI NOTICE DATED 14/03/2022 NOTICEE IS UNTRACEABLE

SEBI VIDE ITS ORDER DATED 31/05/2022 DIRECTED TO PAY RS.60,50,364.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SEBI VIDE ITS NOTICE DATED 22/08/2022 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 ORDER DATED 09/11/2022 DIRECTED ALL THE BANKS TO REMIT RS.63,63,262.18 TO THE EXTENT LYING IN THE ACCOUNT OF INDIRA TRADING CO., MR.PANKAJ SETH, MR.VISHAL ANAJI GIRKAR, MR.JOHEPH CHAND MALIKSHAIKH, MR.GIRISH SRICHAND VALECHA, MR.NIWAS A.KAMBLE, MR.JAGDISH LALMANI GUPTA & MR.MOHD.ZAID SIDDIQUE TO SEBI BY WAY OF EFT/NEFT/RTGS

GIRISH SRICHAND VALECHA

(PAN:AIYPV3150A)

INDIAN STOCK TIPS

PAN:AAFFI1014H

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

ACTED AS RESEARCH ANALYST WITHOUT SEBI REGISTRATION

DIRECTED NOT TO DIVERT ANY FUNDS RAISED FROM PUBLIC AT LARGE KEPT IN BANK ACCOUNT AND/OR IN THE CUSTODY OF THE COMPANY FROM 18-DEC-2017 TO 17-DEC-2021

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 18-DEC-2017 TO 17-DEC-2021

CEASED AND 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 18-DEC-2017 TO 17-DEC-2021

DIRECTED TO FILE CERTIFICATE OF COMPLETION OF PROCESS WITH SEBI FROM TWO INDEPENDENT PEER REVIEWED CHARTERED ACCOUNTANTS

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

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 18-DEC-2017 TO 17-DEC-2021

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 18-DEC-2017 TO 17-DEC-2021

RESTRAINED FROM ASSOCIATING WITH ANY LISTED PUBLIC COMPANY AND ANY PUBLIC COMPANY WHICH INTENDS TO RAISE MONEY FROM PUBLIC FROM 18-DEC-2017 TO 17-DEC-2021

17-MAR-2016

SEBI VIDE ITS ORDER DATED 18/12/2017 DIRECTED TO 1) REFUND THE MONEY RECEIVED FROM THE CLIENTS IN RESPECT OF UNREGISTERED INVESTMENT ADVISORY ACTIVITIES AND SUBMIT A CERTIFICATE FROM PEER REVIEWED CHARTERED ACCOUNTANT WHO IS IN THE PANEL OF ANY PUBLIC AUTHORITY OR PUBLIC INSTITUTION WITHIN A PERIOD OF THREE MONTHS B) NOT TO DIVERT ANY FUNDS RAISED FROM INVESTORS, KEPT IN BANK ACCOUNTS AND/OR IN THEIR CUSTODY, EXCEPT FOR THE PURPOSE OF REFUNDS TO THE CLIENTS C) PREVENTED FROM SELLING THEIR ASSETS, PROPERTIES AND HOLDING OF MUTUAL FUNDS/SHARES/SECURITIES HELD BY THEM IN DEMAT AND PHYSICAL FORM EXCEPT FOR THE SOLE PURPOSE OF MAKING THE REFUNDS AS DIRECTED AND DEPOSIT THE PROCEEDS IN AN ESCROW ACCOUNT OPENED WITH A NATIONALISED BANK D) REPAYMENT TO THE CLIENTS THROUGH BANK DEMAND DRAFT OR PAY ORDER E) NOT TO, DIRECTLY OR INDIRECTLY, ACCESS SECURITIES MARKET AND ARE PROHIBITED FROM BUYING, SELLING OR OTHERWISE DEALING IN THE SECURITIES MARKET, DIRECTLY AND INDIRECTLY IN WHATSOEVER MANNER, FOR A PERIOD OF FOUR YEARS DATE OF COMPLETION OF REFUNDS TO INVESTORS E) NOT TO UNDERTAKE, EITHER DIRECTLY OR INDIRECTLY, INVESTMENT ADVISORY SERVICES OR RESEARCH ANALYST SERVICES OR ANY ACTIVITY IN THE SECURITIES MARKET WITHOUT OBTAINING A CERTIFICATE OF REGISTRATION FROM SEBI EXPIRY OF PERIOD OF DEBARMENT

SEBI VIDE ITS NOTICE DATED 12/02/2019 DIRECTED ALL THE BANKS AND MUTUAL FUNDS IN INDIA AND/OR NSDL/CDSL TO 1. ATTACH ALL THE ACCOUNTS BY WHATEVER NAME CALLED INCLUDING LOCKERS 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

AS PER SEBI NOTICE DATED 14/03/2022 NOTICEE IS UNTRACEABLE

SEBI VIDE ITS ORDER DATED 09/11/2022 DIRECTED ALL THE BANKS TO REMIT RS.17,43,177.00 TO THE EXTENT LYING IN THE ACCOUNT OF INDIAN STOCK TIPS, MR.GIRISH SRICHAND VALECHA & MS.NAGMA HUSAIN AHMED ANSARI TO SEBI BY WAY OF EFT/NEFT/RTGS

GOURI AVADHUT SATHE

(PAN:BIUPS6942Q)

AVADHUT SATHE TRADING ACADEMY PVT.LTD.

PAN:AATCA1675K

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

ACTED AS RESEARCH ANALYST WITHOUT SEBI REGISTRATION

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

DISSEMINATED MISLEADING INFORMATION AND ADVERTISEMENTS THROUGH SOCIAL MEDIA PLATFORMS

CEASED AND DESIST FROM OFFERING UNREGISTERED INVESTMENT ADVISORY/PORTFOLIO MANAGEMENT SERVICES/RESEARCH ANALYST SERVICES FROM 04-DEC-2025 UNTIL FURTHER ORDERS

CEASED TO SOLICIT OR UNDERTAKE INVESTMENT ADVISORY ACTIVITIES OR ANY OTHER ACTIVITY IN SECURITIES MARKET, DIRECTLY OR INDIRECTLY, IN ANY MANNER WHATSOEVER FROM 04-DEC-2025 UNTIL FURTHER ORDERS

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 COLLECT ANY MONEY AND/OR FEE FROM THE INVESTORS FROM 04-DEC-2025 UNTIL FURTHER ORDERS

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 04-DEC-2025 UNTIL FURTHER ORDERS

04-DEC-2025

SAT: SAT VIDE ITS ORDER DATED 19/12/2025 ALLOWED RESPONDENT SIX WEEKS TO FILE REPLY AND REJOINDER, IF ANY, TO BE FILED WITHIN THREE WEEKS THEREAFTER. DIRECTED BANKS THAT PENDING CONSIDERATION OF INTERIM PRAYER, PERMIT APPELLANTS TO WITHDRAW OF RS.2.25 CRORE FOR THIS MONTH EXPENDITURE

SAT: SAT VIDE ITS ORDER DATED 22/01/2026 PARTLY ALLOWED THE APPEAL BY MODIFYING DIRECTIONS IN PARA NO.83(IX) AND ORDER THAT DIRECTIONS STIPULATED IN PARA NO.(III), (VI) AND (VII) SHALL CEASE TO APPLY UPON APPELLANTS DEPOSITING RS.100 CRORE IN TERMS OF DIRECTION 83(V) B) APPELLANTS TO FILE AFFIDAVIT BEFORE WTM OF SEBI DISCLOSING FULL DETAILS OF THEIR ASSETS WITH VALUATION CERTIFICATE BY SEBI CERTIFIED VALUER AND TO UNDERTAKE NOT TO ALIENATE FIXED ASSETS WITHOUT LEAVE OF WTM C) APPELLANTS TO FILE REPLY WITHIN FOUR WEEKS FROM DATE OF THIS ORDER. NO COSTS

SAT: SAT VIDE ITS ORDER DATED 16/02/2026 DISMISSED THE APPEAL. NO COSTS

GOWRISHANKAR

(PAN:ANXPG2487P)

DID NOT PAY RENEWAL FEE AS RESEARCH ANALYST

CANCELLED REGISTRATION AS RESEARCH ANALYST FROM 27-MAR-2025

27-MAR-2025

GYAN CHAND PIPARA

(PAN:ABEPP8813D)

CENTRE FOR CORRECT & ACCURATE BALANCE SHEET ANALYSIS

PAN:ABEPP8813D

DID NOT PAY RENEWAL FEE AS RESEARCH ANALYST

CANCELLED REGISTRATION AS RESEARCH ANALYST FROM 27-MAR-2025

27-MAR-2025

HARINDER KUMAR SAHU

(PAN:BLPPS3144G)

DID NOT MAKE PUBLISH INVESTOR CHARTER ON THEIR WEBSITE

DID NOT OBTAIN NISM CERTIFICATION AS RESEARCH ANALYST

DID NOT MENTION FULL REGISTERED ADDRESS OF BUSINESS PLACE ON WEBSITE

DID NOT ESTABLISH INTERNAL POLICY AND CONTROL PROCEDURE TO ADDRESS POTENTIAL CONFLICTS OF INTEREST ARISING FROM TRADING ACTIVITIES AND RESEARCH ANALYST ACTIVITIES

DID NOT MAKE DISCLOSURE OF MATERIAL DISCLOSURES INCLUDING SEBI REGISTRATION NUMBER, DETAILS ABOUT BUSINESS ACTIVITIES IN RESEARCH REPORTS, FINANCIAL INTEREST/BENEFICIAL OWNERSHIP OF IT AND ITS ASSOCIATES IN SECURITIES

MADE UNREALISTIC AND MISLEADING DISCLOSURES WITH RESPECT TO PROFIT AND LOSS MADE FROM TRADING/OPTIONS STRATEGIES OFFERED

DID NOT MAINTAIN RECORDS IN RESPECT OF RECOMMENDATIONS/CALLS MADE THROUGH WHATSAPP/E-MAIL/TERMINAL

SUSPENDED REGISTRATION AS RESEARCH ANALYSTS FROM 21-MAR-2024 TO 20-JUN-2024

21-MAR-2024

SAT: SAT VIDE ITS ORDER DATED 03/04/2024 ALLOWED RESPONDENT THREE WEEKS TO FILE REPLY AND REJOINDER TO BE FILED THREE WEEKS THEREAFTER

SAT: SAT VIDE ITS ORDER DATED 21/06/2024 GRANTED APPELLANT FOUR WEEKS TO FILE REJOINDER

SAT: SAT VIDE ITS ORDER DATED 24/10/2024 ALLOWED THE EXEMPTION APPLICATION AND GRANTED APPELLANT THREE WEEKS TO FILE REJOINDER

SAT: SAT VIDE ITS ORDER DATED 12/12/2024 GRANTED APPELLANT THREE WEEKS TO FILE REJOINDER

SAT: SAT VIDE ITS ORDER DATED 20/01/2025 GRANTED APPELLANT THREE WEEKS TO FILE REJOINDER

SAT: SAT VIDE ITS ORDER DATED 17/04/2025 GRANTED APPELLANTS FOUR WEEKS TO FILE REJOINDER

HARINDER KUMAR SAHU

(PAN:BLPPS3144G)

IMPOSED PENALTY RS.20,00,000

24-NOV-2023

SAT: SAT VIDE ITS ORDER DATED 12/01/2024 DIRECTED TO FILE REPLY ON THE ISSUE OF STAY AGAINST IMPUGNED ORDER DATED 24/11/2023 WITHIN TEN DAYS

SEBI VIDE ITS NOTICE DATED 02/02/2024 DIRECTED TO PAY RS.20,81,000.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SAT: SAT VIDE ITS ORDER DATED 14/02/2024 ALLOWED RESPONDENT THREE WEEKS TO FILE REPLY AND REJOINDER TO BE FILE THREE WEEKS THEREAFTER. DIRECTED APPELLANT TO DEPOSIT RS.10 LAC WITHIN THREE WEEKS. IF AMOUNT DEPOSITED, BALANCE AMOUNT NOT TO BE RECOVERED

SAT: SAT VIDE ITS ORDER DATED 17/04/2024 ALLOWED APPELLANT THREE WEEKS TO FILE REJOINDER

SAT: SAT VIDE ITS ORDER DATED 21/06/2024 GRANTED APPELLANT FOUR WEEKS TO FILE REJOINDER

SAT: SAT VIDE ITS ORDER DATED 28/08/2024 GRANTED APPELLANT TWO WEEKS TO FILE REJOINDER

SAT: SAT VIDE ITS ORDER DATED 24/10/2024 ALLOWED THE EXEMPTION APPLICATION AND GRANTED APPELLANT THREE WEEKS TO FILE REJOINDER

SAT: SAT VIDE ITS ORDER DATED 12/12/2024 GRANTED APPELLANT THREE WEEKS TO FILE REJOINDER

SAT: SAT VIDE ITS ORDER DATED 20/01/2025 GRANTED APPELLANT THREE WEEKS TO FILE REJOINDER

SAT: SAT VIDE ITS ORDER DATED 17/04/2025 GRANTED APPELLANTS FOUR WEEKS TO FILE REJOINDER

HEMANT KUMAR GUPTA

(PAN:AIOPG9523G)

INDULGED IN PROVIDING STOCK RECOMMENDATIONS THROUGH SOCIAL MEDIA PLATFORMS WITH THE INTENT TO ARTIFICIALLY INFLATE THE MARKET PRICE OF VARIOUS SCRIPS VIOLATING SECTIONS 12A(A) TO 12A(C) OF SEBI ACT, 1992 AND REGULATIONS 3(A) TO 3(D), 4(1), 4(2)(A), 4(2)(D), 4(2)(E) AND 4(2)(K) OF SEBI (PFUTP) REGULATIONS, 2003

ACTED AS RESEARCH ANALYST WITHOUT SEBI REGISTRATION

DIRECTED TO IMPOUND UNLAWFUL GAIN RS.76,99,875

DIRECTED TO OPEN FIXED DEPOSIT ACCOUNTS EITHER IN ANY NOTICEE�S NAME OR JOINTLY/SEVERALLY WITH LIEN MARK IN FAVOUR OF SEBI AND MONIES KEPT THEREIN NOT TO BE RELEASED WITHOUT PERMISSION FROM SEBI

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 22-MAY-2026 UNTIL FURTHER ORDER

DIRECTED BANKS THAT NO DEBIT SHALL BE MADE WITHOUT PERMISSION OF SEBI

DIRECTED DEPOSITORIES THAT NO DEBIT TO BE MADE WITHOUT PERMISSION OF SEBI

DIRECTED BANKS AND/OR DEPOSITORIES AND/OR CUSTODIANS TO ENSURE STRICT ENFORCEMENT OF DIRECTIONS

ALLOWED BANKS TO DEBIT FOR THE PURPOSE OF COMPLYING WITH THIS ORDER

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

DIRECTED NOT TO DISPOSE OF OR ALIENATE ANY OF THEIR ASSETS/PROPERTIES/ SECURITIES

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

CEASED AND DESIST FROM OFFERING UNREGISTERED RESEARCH ANALYST SERVICES FROM ACTING AS OR HOLDING THEMSELVES OUT TO BE RESEARCH ANALYSTS

CEASED TO SOLICIT OR UNDERTAKE SUCH ACTIVITY OR ANY OTHER UNREGISTERED OR FRAUDULENT ACTIVITY IN SECURITIES MARKET DIRECTLY OR INDIRECTLY IN ANY MANNER WHATSOEVER

22-MAY-2026

SAT: SAT VIDE ITS ORDER DATED 17/07/2026 DISMISSED THE APPEAL AS WITHDRAWN. NO COSTS

IMTIAZ REHMAN MERCHANT

(PAN:AJYPM9149F)

DID NOT PAY RENEWAL FEE AS RESEARCH ANALYST

CANCELLED REGISTRATION AS RESEARCH ANALYST

28-JUL-2026

JAGDISH LALMANI GUPTA

(PAN:ARLPG5832C)

INDIRA TRADING CO.

PAN:AAFFI0479L

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

ACTED AS RESEARCH ANALYST WITHOUT SEBI REGISTRATION

SEBI VIDE ITS ORDER DATED 26/02/2021 DIRECTED TO A) JOINTLY AND SEVERALLY, FORTHWITH REFUND RS.52,14,969.00 AND ANY OTHER AMOUNT IN RESPECT OF ITS UNREGISTERED INVESTMENT ADVISORY AND UNREGISTERED RESEARCH ANALYST SERVICES WITHIN THREE MONTHS FROM DATE OF THIS ORDER AND SUBMIT A A REPORT OF REFUND MADE TO SEBI ALONG WITH CERTIFICATE FROM A PEER REVIEWED CHARTERED ACCOUNTANT, WHO IS IN PANEL OF ANY PUBLIC AUTHORITY OR PUBLIC INSTITUTION WITHIN 15 DAYS OF COMPLETION OF REFUND B) ISSUE PUBLIC NOTICE, IN ALL EDITIONS OF TWO NATIONAL DAILIES AND IN ONE LOCAL DAILY WITH WIDE CIRCULATION, DETAILING THE MODALITIES FOR REFUND C) REPAYMENTS TO CLIENS SHALL BE EFFECTED ONLY THROUGH BANK DEMAND DRAFT OR PAY ORDER D) NOT TO DIVERT ANY FUNDS RAISED FROM INVESTORS, KEPT IN BANK ACCOUNTS AND/OR IN THEIR CUSTODY, EXCEPT FOR THE PURPOSE OF REFUNDS TO THE CLIENTS E) PREVENTED FROM SELLING THE ASSETS, PROPERTIES AND HOLDING OF MUTUAL FUNDS/SHARES/SECURITIES IN DEMAT AND PHYSICAL FORM EXCEPT FOR THE SOLE PURPOSE OF MAKING THE REFUNDS AS DIRECTED AND DEPOSIT THE PROCEEDS IN AN ESCROW ACCOUNT OPENED WITH A NATIONALISED BANK F) NOT TO DIRECTLY OR INDIRECTLY, ACCESS SECURITIES MARKET AND ARE PROHIBITED FROM BUYING, SELLING OR OTHERWISE DEALING IN SECURITIES MARKET, DIRECTLY OR INDIRECTLY IN WHATSOEVER MANNER, FROM DATE OF THIS ORDER, TILL EXPIRY OF FOUR (4) YEARS FROM DATE OF REFUNDS OF MONEY G) NOT TO UNDERTAKE, EITHER DIRECTLY OR INDIRECTLY, UNREGISTERED INVESTMENT ADVISORY ACTIVITIES AND UNREGISTERED RESEARCH ANALYST SERVICE OR ANY ACTIVITY IN SECURITIES MARKET WITHOUT OBTAINING CERTIFICATE OF REGISTRATION FROM SEBI H) RESTRAINED FROM ASSOCIATING WITH ANY COMPANY WHOSE SECURITIES ARE LISTED ON A RECOGNIZED STOCK EXCHANGE AND ANY COMPANY WHICH INTENDS TO RAISE MONEY FROM THE PUBLIC, OR ANY INTERMEDIARY REGISTERED WITH SEBI IN ANY CAPACITY, FROM THE DATE OF THIS ORDER, TILL THE EXPIRY OF FOUR (04) YEARS FROM THE DATE OF REFUND OF THE MONEY

SEBI VIDE ITS ORDER DATED 31/05/2022 DIRECTED TO PAY RS.60,50,364.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SEBI VIDE ITS NOTICE DATED 22/08/2022 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 ORDER DATED 09/11/2022 DIRECTED ALL THE BANKS TO REMIT RS.63,63,262.18 TO THE EXTENT LYING IN THE ACCOUNT OF INDIRA TRADING CO., MR.PANKAJ SETH, MR.VISHAL ANAJI GIRKAR, MR.JOHEPH CHAND MALIKSHAIKH, MR.GIRISH SRICHAND VALECHA, MR.NIWAS A.KAMBLE, MR.JAGDISH LALMANI GUPTA & MR.MOHD.ZAID SIDDIQUE TO SEBI BY WAY OF EFT/NEFT/RTGS

JANAK NIRANJAN SHAH

(PAN:AFUPS6351R)

DID NOT PAY RENEWAL FEE AS RESEARCH ANALYST

CANCELLED REGISTRATION AS RESEARCH ANALYST FROM 27-MAR-2025

27-MAR-2025

JAYKUMAR ARVINDKUMAR THAKKAR

(PAN:ADYPT6842N)

DID NOT PAY RENEWAL FEE AS RESEARCH ANALYST

CANCELLED REGISTRATION AS RESEARCH ANALYST FROM 27-MAR-2025

27-MAR-2025

JEEVAN LAL MARU

(PAN:AXUPM0503H)

PREMIUM CAPITAL SERVICES

PAN:AXUPM0503H

PREMIUM RESEARCH FINANCIAL SERVICES

PAN:AXUPM0503H

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

ACTED AS RESEARCH ANALYST WITHOUT SEBI REGISTRATION

CEASED AND 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 26-AUG-2019 UNTIL FURTHER ORDERS

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 26-AUG-2019 UNTIL FURTHER ORDERS

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 26-AUG-2019 UNTIL FURTHER ORDERS

DIRECTED NOT TO DIVERT ANY FUNDS RAISED FROM PUBLIC AT LARGE KEPT IN BANK ACCOUNT AND/OR IN THE CUSTODY OF THE COMPANY FROM 26-AUG-2019 UNTIL FURTHER ORDERS

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 26-AUG-2019 UNTIL FURTHER ORDERS

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 BANKS NOT TO ALLOW ANY DEBITS/WITHDRAWLS AND CREDITS FROM ACCOUNT WITHOUT PERMISSION OF SEBI FROM 26-AUG-2019 UNTIL FURTHER ORDERS

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

26-AUG-2019

JEEVAN LAL MARU

(PAN:AXUPM0503H)

PREMIUM CAPITAL SERVICES

PAN:AXUPM0503H

PREMIUM RESEARCH FINANCIAL SERVICES

PAN:AXUPM0503H

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

ACTED AS RESEARCH ANALYST WITHOUT SEBI REGISTRATION

INDULGED IN ACTIVITY OF PORTFOLIO MANAGER WITHOUT SEBI REGISTRATION