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: VIOLATED SEBI (RESEARCH ANALYST) REGULATIONS, 2014

S.No.

ENTITY

PERSONS

REGULATORY CHARGES

REGULATORY ACTION(S) / DATE OF ORDER

FURTHER DEVELOPMENTS

I TIPS ADVISORY

DID NOT PAY RENEWAL FEE AS RESEARCH ANALYST

CANCELLED REGISTRATION AS RESEARCH ANALYST

04-AUG-2026

IDEAL ASSOCIATES

(PAN:AAFFI1586E)

DID NOT PAY RENEWAL FEE AS RESEARCH ANALYST

CANCELLED REGISTRATION AS RESEARCH ANALYST

30-JUN-2026

INDEED RESEARCH

DID NOT PAY RENEWAL FEE AS RESEARCH ANALYST

CANCELLED REGISTRATION AS RESEARCH ANALYST FROM 23-SEP-2026

23-SEP-2026

INDIAN STOCK TIPS

(PAN:AAFFI1014H)

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GIRISH SRICHAND VALECHA

PAN:AIYPV3150A

NAGMA HUSAIN AHMED ANSARI

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

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

INDIANIVESH SECURITIES PVT.LTD.

(PAN:AABCI4553L)

DID NOT PAY RENEWAL FEE AS RESEARCH ANALYST

CANCELLED REGISTRATION AS RESEARCH ANALYST FROM 23-SEP-2026

23-SEP-2026

INDIRA TRADING CO.

(PAN:AAFFI0479L)

GIRISH SRICHAND VALECHA

PAN:AIYPV3150A

JAGDISH LALMANI GUPTA

PAN:ARLPG5832C

JOHEPH CHAND MALIKSHAIKH

PAN:BEPPM1043D

MOHD.ZAID SIDDIQUE

NIWAS A.KAMBLE

PAN:BBPPK9582E

PANKAJ SETH

PAN:COLPS0476M

VISHAL ANAJI GIRKAR

PAN:BAHPG8679M

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

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

INGOVERN RESEARCH SERVICES PVT.LTD.

DID NOT PAY RENEWAL FEE AS RESEARCH ANALYST

CANCELLED REGISTRATION AS RESEARCH ANALYST

28-JUL-2026

INVESTOPHER RESEARCH SERVICES PVT.LTD.

(PAN:AAGCI0072B)

DID NOT INFORM SEBI OF MATERIAL CHANGES IN INFORMATION ALREADY SUBMITTED AT THE TIME OF REGISTRATION

DID NOT USE TERM �RESEARCH ANALYST� IN COMMUNICATIONS

TRIED TO LURE INVESTORS WITHOUT GIVING TRUE PICTURE OF BUSINESS

DID NOT MAKE DISCLOSURE OF TECHNICAL ANALYSIS IN RESEARCH RECOMMENDATION SENT THROUGH SMS TO CLIENTS

DID NOT DEFINE TERMS USED IN RESEARCH RECOMMENDATION SENT THROUGH SMS TO CLIENTS

DID NOT KEEP DULY SIGNED AND DATED RESEARCH REPORTS

IMPOSED PENALTY RS.7,00,000

22-MAR-2024

INVESTOPHER RESEARCH SERVICES PVT.LTD.

(PAN:AAGCI0072B)

MADE MISLEADING CLAIMS ON ITS WEBSITE

DID NOT INTIMATE SEBI ABOUT MATERIAL CHANGE IN INFORMATION

CENSURED/WARNED & DIRECTED TO BE DILIGENT IN COMPLYING WITH SEBI REGULATIONS

02-JUL-2025

INVESTOWRYGHT RESEARCH ANALYTICS PVT.LTD.

(PAN:AAGCI9545K)

MADE MULTIPLE FALSE AND MISLEADING CLAIMS/ DISCLOSURES/ STATEMENTS RELATED TO HIGH RETURNS/ASSURED RETURNS

DID NOT CAPTURE RELEVANT KYC DETAILS MANDATED THROUGH UNIFORM KYC FORMAT/CKYCR TEMPLATE PRESCRIBED FOR SEBI-REGISTERED INTERMEDIARIES

DELAY IN PUBLISHING COMPLAINT REDRESSAL DATA

COLLECTED FEES IN EXCESS FEES OF THE PERMISSIBLE LIMIT

IMPOSED PENALTY RS.10,00,000

11-SEP-2026

JAINAM WEALTH

(PAN:AALFJ2037K)

DID NOT PAY RENEWAL FEE AS RESEARCH ANALYST

CANCELLED REGISTRATION AS RESEARCH ANALYST FROM 27-MAR-2025

27-MAR-2025

JHAVERI SECURITIES LTD.

(PAN:AAACJ4727A)

DID NOT PAY RENEWAL FEE AS RESEARCH ANALYST

CANCELLED REGISTRATION AS RESEARCH ANALYST FROM 20-AUG-2026

20-AUG-2026

JINANAND RESEARCH ANALYST

(PAN:ACKPJ2512J)

RAJESH JAIN

PAN:ACKPJ2512J

DID NOT PAY RENEWAL FEE AS RESEARCH ANALYST

CANCELLED REGISTRATION AS RESEARCH ANALYST

09-JUL-2026

JOINDRE CAPITAL SERVICES LTD.

(PAN:AAACJ1480E)