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

D.S.CAPITAL VENTURE PVT.LTD.

(PAN:AADCH8426M)

DID NOT REDRESS INVESTOR COMPLAINTS

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

DID NOT INFORM SEBI ABOUT CHANGE OF ADDRESS

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 30-JAN-2023

30-JAN-2023

DELVE AXIS

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ANANT HASMUKHLAL SHAH

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 11-SEP-2026

11-SEP-2026

DEZIRE RESEARCH

(PAN:AGXPC3196L)

NISHANT CHOPRA

PAN:AGXPC3196L

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR

07-AUG-2026

DOLLAR ADVISORY & FINANCIAL SERVICES

(PAN:AKBPM7004R)

RAVI PRAKASH MOHTA

PAN:AKBPM7004R

DID NOT SUBMIT INFORMATION SOUGHT BY SEBI

DID NOT MAKE DISCLOSURE OF CHANGE OF REGISTERED OFFICE ADDRESS TO SEBI

DID NOT MAINTAIN RECORDS PERTAINING TO RISK PROFILING AND RISK ASSESSMENT OF CLIENTS

OFFERED MULTIPLE PACKAGES TO EARN HUGE AMOUNT OF SERVICE FEES FROM CLIENTS

SOLD ADVISORY SERVICES PRIOR TO COMMUNICATION OF RISK PROFILE

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

SOLD PRODUCTS TO CLIENTS WHICH WERE NOT SUITABLE TO RISK PROFILE OF THE CLIENTS

CHARGED ADVISORY FEES BEFORE EXPIRY OF TENURE OF EXISTING SERVICE/COLLETING MULTIPLE PAYMENTS IN SHORT PERIOD

DID NOT ADHERE TO SEBI CIRCULARS IN RELATION TO COMPLIANCE WITH PROVISIONS OF PREVENTION OF MONEY LAUNDERING ACT AND ANTI MONEY LAUNDERING GUIDELINES

TRADED ON BEHALF OF CLIENTS

DID NOT REDRESS INVESTOR COMPLAINTS

DID NOT ADHERE TO VARIOUS SEBI CIRCULARS

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 24-NOV-2022

DIRECTED TO REFUND MONEY TO THE INVESTORS

DIRECTED TO REDRESS INVESTOR GRIEVANCES

24-NOV-2022

SAT: SAT VIDE ITS ORDER DATED 03/05/2023 ALLOWED APPELLANT THREE WEEKS TO FILE REJOINDER

SAT: SAT VIDE ITS ORDER DATED 30/06/2023 CONDONED THE DELAY IN FILING OF APPEAL AND ALLOWED APPELLANT FURTHER THREE WEEKS TO FILE REJOINDER

SAT: SAT VIDE ITS ORDER DATED 09/08/2023 ALLOWED APPELLANTS THREE WEEKS TO FILE REJOINDER

SAT: SAT VIDE ITS ORDER DATED 22/04/2026 CONDONED THE DELAY IN FILING OF APPEAL AND STAYED RECOVERY PROCEEDING SUBJECT TO DEPOSIT 50% PENALTY AMOUNT WITHIN FOUR WEEKS FROM DATE OF THIS ORDER

SAT: SAT VIDE ITS ORDER DATED 06/10/2026 ALLOWED THE APPEAL. NO COSTS

DSFS ADVIOSRY

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 11-SEP-2026

11-SEP-2026

ELITE INVESTMENT ADVISORY SERVICES

(PAN:BZZPS6587H)

RAJIV KUMAR SINGH

PAN:BZZPS6587H

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

DID NOT INTIMATE SEBI ABOUT MATERIAL CHANGE IN INFORMATION

DID NOT FULFIL GENERAL RESPONSIBILITIES OF INVESTMENT ADVISER AND DID NOT MAINTAIN CLIENT LEVEL SEGREGATION OF ADVISORY AND DISTRIBUTION SERVICES

DID NOT UNDERTAKE RISK PROFILING OF CLIENTS

DID NOT PROVIDE DOCUMENTED PROCESS FLOW AND DETAIL QUESTIONNAIRE FOR RISK PROFILING CLIENT

CHARGED EXTRA MONEY FROM CLIENTS/INVESTORS

DID NOT MAKE DISCLOSURE OF MATERIAL INFORMATION TO CLIENTS

DID NOT MAINTAIN RECORDS AS PER KNOW YOUR CLIENTS (KYC) PROCEDURES

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

DID NOT CO-OPERATE WITH SEBI IN INSPECTION

ATTEMPTED DELIBERATELY TO PREVENT AND HINDER THE INSPECTION

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 25-MAR-2026

25-MAR-2026

ELITIO TECHNOLOGIES PVT.LTD.

(PAN:AAECE0986C)

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 25-APR-2025

25-APR-2025

EPIC RESEARCH PVT.LTD.

(PAN:AADCE1112D)

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 11-SEP-2026

11-SEP-2026

EQUICOM FINANCIAL RESEARCH PVT.LTD.,THE

(PAN:AAECT4400E)

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR

07-AUG-2026

EQUITY MANTRA

(PAN:AAFFE8491A)

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR

27-NOV-2025

EQUITY RESEARCH LAB

(PAN:AIRPJ7778H)

TUHINANSHU JAIN

PAN:AIRPJ7778H

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR

07-AUG-2026

ESSEL FINANCE CAPSTAR ADVISORY LTD.

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 14-AUG-2026

14-AUG-2026

ETHICAL RESEARCH

(PAN:AKMPJ3779R)

ANKIT JAIN

PAN:AKMPJ3779R

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR

07-AUG-2026

EXFINITY VENTURE PARTNERS LLP

(PAN:AAXFA3467G)

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 21-AUG-2026

21-AUG-2026

F7 FINANCIAL PLANNER

(PAN:AKZPK2235L)

VIRAL NAVINCHANDRA KENIA

PAN:AKZPK2235L

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR

27-NOV-2025

FINAPPLE IDEAS

(PAN:AABPR6945G)

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR

27-NOV-2025

FINAUX ALPHA 6 INVESTMENT ADVISORS PVT.LTD.

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 11-SEP-2026

11-SEP-2026

FINCAP RESEARCH INVESTMENT ADVISOR

(PAN:AXWPN9795L)

SONIKA NAMDHARANI

PAN:AXWPN9795L

ALLOWED UNREGISTERED PERSON TO ACT AS INVESTMENT ADVISOR

OBTAINED INVESTMENT ADVISOR REGISTRATION BY SUBMITTING FAKE EXPERIENCE CERTIFICATES

ENGAGED REPRESENTATIVES TO RENDERING INVESTMENT ADVICE WITHOUT ADEQUATE QUALIFICATIONS AND/OR REGISTRATION AND INFORMATION TO SEBI

DID NOT RENEW NISM REGISTRATION

MISREPRESENTED CLIENTS THAT PRODUCTS IN FUTURES AND OPTIONS SEGMENTS GAVE REGULAR INCOME

DID NOT OBTAIN ANY SUPPORTING DOCUMENTS/EVIDENCE FROM CLIENTS WHILE DOING RISK PROFILING OF CLIENTS

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

SOLD HIGH FEES PRODUCT WITHOUT CONSIDERING ANNUAL INCOME AND PROPOSED INVESTMENT VALUE

DID NOT HAVE ANY PRODUCTS/SERVICES DESIGNED BY ITS OWN

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

CHARGED ADVISORY FEES BEFORE EXPIRY OF TENURE OF EXISTING SERVICE/COLLETING MULTIPLE PAYMENTS IN SHORT PERIOD

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

DID NOT PROVIDE DOCUMENTS WITH REGARD TO DATE AND SUBJECT OF TRAINING, NUMBER OF PARTICIPANTS, MATERIALS DISTRIBUTED, ATTENDANCE SHEET OF EMPLOYEES ETC.

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 17-JUL-2023

17-JUL-2023

FINDOC INVESTMART PVT.LTD.

(PAN:AABCF8332L)

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 25-APR-2025

25-APR-2025

FINITE RESEARCH

(PAN:APGPJ0766F)

SATYA PRAKASH JAIN

PAN:APGPJ0766F

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR

27-NOV-2025

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