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 : 10-SEP-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 (INVESTMENT ADVISORS) REGULATIONS, 2013

S.No.

PERSON

ENTITY

REGULATORY CHARGES

REGULATORY ACTION(S) / DATE OF ORDER

FURTHER DEVELOPMENTS

681

ROHAN SHARMA

(PAN:BCJPS7305G)

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 21-JUL-2026

21-JUL-2026

682

ROHIT GADIA

(PAN:AGXPG1899A)

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

CAPITALVIA GLOBAL RESEARCH LTD.

PAN:AADCC5782H

REPRESENTATIVES/EMPLOYEES/AUTHORISED PERSONS DID NOT HAVE REQUISITE QUALIFICATION AND CERTIFICATION

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

ENGAGED IN CONTRARY TRANSACTIONS WITH REFERENCE TO INVESTMENT ADVICE RENDERED WITHIN FIFTEEN DAYS FROM DATE OF ADVICE

CHARGED UNREASONABLE, ARBITRARILY AND INCONSISTENT FEE

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

DID NOT ASSESS SUITABILITY OF INVESTMENT ADVICE AND MAINTAIN APPROPRIATE STANDARDS OF CONDUCT

DID NOT MONITOR COMPLIANCES AS COMPLIANCE OFFICER

IMPOSED PENALTY RS.33,00,000 ALONG WITH OTHER ENTITIES/PERSONS

27-DEC-2024

SAT: SAT VIDE ITS ORDER DATED 17/04/2025 ALLOWED RESPONDENT FOUR WEEKS TO FILE REPLY AND REJOINDER, IF ANY, TO FILED WITHIN TWO WEEKS THEREAFTER. INTERIM ORDER OF STAY OF RECOVERY IS SUBJECT TO DEPOSIT 50% OF PENALTY AMOUNT

683

ROHIT GADIA

(PAN:AGXPG1899A)

CAPITALVIA GLOBAL RESEARCH LTD.

PAN:AADCC5782H

DID NOT ADHERE TO "KNOW YOUR CLIENT" DIRECTIVES/INSTRUCTIONS/GUIDELINES

DID NOT UPDATE RISK PROFILE PERIODICALLY

DID NOT OBTAIN RELEVANT INFORMATION FROM CLIENTS

DID NOT ENSURE SUITABILITY ADVICE PROVIDE TO CLIENTS

DID NOT MAINTAIN RECORDS PERTAINING TO INVESTMENT ADVISORY SERVICES

REPRESENTATIVES/EMPLOYEES DID NOT HAVE REQUISITE QUALIFICATION AND CERTIFICATION

DID NOT USE WORDS �INVESTMENT ADVISER� IN ITS NAME

DID NOT MAKE DISCLOSURES TO CLIENTS

INVOLVED IN PROVIDING ADVISORY AND EXECUTION SERVICES WITHOUT ANY SEGREGATION AND MAINTAINED ARMS-LENGTH RELATIONSHIP BETWEEN INVESTMENT ADVISORY AND EXECUTION ACTIVITY

DID NOT ACT IN FIDUCIARY CAPACITY WITH DUE SKILL, CARE & DILIGENCE TOWARDS ITS CLIENTS AND DID NOT OBTAIN INFORMATION FROM CLIENTS WITH REGARD TO FINANCIAL SITUATION, INVESTMENT EXPERIENCE, INVESTMENT OBJECTIVES ETC.

CHARGED HUGE FEES FROM ITS CLIENTS WITHOUT JUSTIFICATION

PROVIDED INCORRECT INFORMATION WITH RESPECT TO SERVICE OFFERED ON ITS WEBSITE

SOLICITED CLIENTS THROUGH VARIOUS WEBSITES

IMPOSED PENALTY RS.70,00,000 ALONG WITH OTHER ENTITIES/PERSONS

19-OCT-2022

SEBI VIDE ITS NOTICE DATED 19/01/2023 DIRECTED TO PAY RS.1,04,01,000.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SEBI VIDE ITS ORDER DATED 25/04/2025 COMPLETED OF RECOVERY CERTIFICATE PAYMENT OF AMOUNT DUE UNDER CERTIFICATE NO.6214 OF 2023 DATED 19/01/2023

684

ROHIT GADIA

(PAN:AGXPG1899A)

CAPITALVIA GLOBAL RESEARCH LTD.

PAN:AADCC5782H

DID NOT ADHERE TO "KNOW YOUR CLIENT" DIRECTIVES/INSTRUCTIONS/GUIDELINES

DID NOT OBTAIN RELEVANT INFORMATION FROM CLIENTS

DID NOT COMMUNICATE RISK PROFILE TO CLIENTS

DID NOT UPDATE RISK PROFILE PERIODICALLY

DID NOT ENSURE WHETHER ADVICE PROVIDED TO THE CLIENT IS SUITABLE TO THEM OR NOT

DID NOT MAKE DISCLOSURES TO CLIENTS

INVOLVED IN PROVIDING ADVISORY AND EXECUTION SERVICES WITHOUT ANY SEGREGATION AND MAINTAINED ARMS-LENGTH RELATIONSHIP BETWEEN INVESTMENT ADVISORY AND EXECUTION ACTIVITY

DID NOT ACT IN FIDUCIARY CAPACITY WITH DUE SKILL, CARE & DILIGENCE TOWARDS ITS CLIENTS AND DID NOT OBTAIN INFORMATION FROM CLIENTS WITH REGARD TO FINANCIAL SITUATION, INVESTMENT EXPERIENCE, INVESTMENT OBJECTIVES ETC.

CHARGED HUGE FEES FROM ITS CLIENTS WITHOUT JUSTIFICATION

SOLICITED CLIENTS THROUGH VARIOUS WEBSITES

PROVIDED INCORRECT INFORMATION WITH RESPECT TO SERVICE OFFERED ON ITS WEBSITE

DID NOT ADHERE TO CERTIFICATION REQUIREMENTS AS SPECIFIED IN INVESTMENT ADVISORY REGULATIONS, 2013

DID NOT USE WORDS �INVESTMENT ADVISER� IN ITS NAME

DIRECTED TO REDRESS INVESTOR GRIEVANCES

DIRECTED NOT TO SOLICIT OR UNDERTAKE ANY FRESH ADVISORY BUSINESS FROM 11-NOV-2016 TILL FURTHER ORDERS

11-NOV-2016

SAT: SAT VIDE ITS ORDER DATED 06/01/2017 DIRECTED WTM OF SEBI TO HEAR THE APPELLANT ON 16/01/2017 AND PASS ORDER BY 20/01/2017 AND COMMUNICATE THE SAME TO THE APPELLANT ON 20/01/2017 ITSELF. NO COSTS

SEBI VIDE ITS ORDER DATED 20/01/2017 DIRECTED I) NOT TO SOLICIT OR UNDERTAKE ANY FRESH ADVISORY BUSINESS FOR ANOTHER PERIOD OF FOUR MONTHS FROM DATE OF THIS ORDER II) DISCONTINUE ACCEPTANCE OF FUNDS FROM CLIENTS INCLUDING BY WAY OF DEACTIVATION OF ONLINE REMITTANCES, WITH IMMEDIATE EFFECT DURING THIS FOUR MONTHS PERIOD AND III) DISCLOSE CONTENTS OF THESE DIRECTIONS PROMINENTLY ON ITS WEBSITE(S) IMMEDIATELY

685

ROHIT SONI

(PAN:FWWPS3378J)

RNS GLOBAL CAPITAL

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 30-AUG-2022 TO 01-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

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 30-AUG-2022 TO 01-MAR-2023

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 30-AUG-2022 TO 01-MAR-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 30-AUG-2022 TO 01-MAR-2023

30-AUG-2022

SAT: SAT VIDE ITS ORDER DATED 24/11/2022 DISMISSED THE APPEAL. NO COSTS

SEBI VIDE ITS NOTICE DATED 19/01/2024 DIRECTED TO PAY RS.1,42,67,671.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

686

RUCHIT GUPTA

(PAN:AUUPG9437F)

CAPITAL GAIN RESEARCH

PAN:AUUPG9437F

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

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

RESTRAINED FROM SELLING ASSETS, PROPERTIES AND HOLDING OF MUTUAL FUNDS/SHARES/SECURITIES HELD IN DEMAT AND PHYSICAL FORM FROM 12-MAY-2023 TO 11-NOV-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 12-MAY-2023 TO 11-NOV-2023

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 12-MAY-2023 TO 11-NOV-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 12-MAY-2023 TO 11-NOV-2023

12-MAY-2023

SEBI VIDE ITS NOTICE DATED 28/03/2024 DIRECTED TO PAY RS.87,71,090.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SEBI VIDE ITS ORDER DATED 05/08/2024 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

687

RUPABEN KEVINBHAI BHATT

(PAN:BVBPB4487K)

SHIVAAY INVESTMENT

PAN:BSKPG9592A

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

MADE FALSE DECLARATION ON WEBSITE ASSURING FOR GUARANTEED ALLOTMENT IN IPOS OF COMPANIES

DIRECTED TO REFUND INVESTMENT MANAGEMENT AND ADVISORY FEES

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 25-OCT-2023 TO 24-OCT-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 25-OCT-2023 TO 24-OCT-2025

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 25-OCT-2023 TO 24-OCT-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 25-OCT-2023 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-2023 TO 24-OCT-2025

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

25-OCT-2023

SEBI VIDE ITS NOTICE DATED 15/10/2024 DIRECTED TO PAY RS.6,79,000.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SEBI VIDE ITS NOTICE DATED 16/10/2024 DIRECTED TO PAY RS.2,17,40,098.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SEBI VIDE ITS ORDER DATED 07/11/2024 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

SEBI VIDE ITS NOTICE DATED 24/12/2024 DIRECTED ALL THE BANKS AND MUTUAL FUNDS IN INDIA TO REMIT RS.2,21,24,861.00 TO THE EXTENT LYING IN THE ACCOUNT OF NOTICEES TO SEBI BY WAY OF EFT/NEFT/RTG

688

RUPEASSH AGRAWAAL

(PAN:AJFPA3175L)

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR

27-NOV-2025

689

S.KOKILA

TREND MARKET ADVISORY SERVICES

PAN:AAFFT3503J

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 07-JUL-2022 TO 06-JAN-2023

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-JUL-2022 TO 06-JAN-2023

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 07-JUL-2022 TO 06-JAN-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 07-JUL-2022 TO 06-JAN-2023

07-JUL-2022

690

SACHIN CHOUHAN

(PAN:BCAPC6629J)

PREMIUM CAPITAL RESEARCH

PAN:BCAPC6629J

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

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

RESTRAINED FROM SELLING ASSETS, PROPERTIES AND HOLDING OF MUTUAL FUNDS/SHARES/SECURITIES HELD IN DEMAT AND PHYSICAL FORM FROM 19-APR-2023 TO 18-OCT-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 19-APR-2023 TO 18-OCT-2023

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 19-APR-2023 TO 18-OCT-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 19-APR-2023 TO 18-OCT-2023

19-APR-2023

691

SAHARSH MISHRA

(PAN:CSAPM7641F)

CAPVISION INVESTMENT ADVISOR LTD.

PAN:AAGCC2325P

ENGAGED IN NON-GENUINE AND DECEPTIVE ACTIVITY OF OBTAINING PAYMENTS FROM CLIENTS TO THIRD PARTY BANK ACCOUNTS VIOLATING SECTIONS 12(A) TO 12A(C) OF SEBI ACT, 1992 AND REGULATIONS 3(A) TO 3(D) AND 4(1) OF SEBI (PFUTP) REGULATIONS, 2003 IN MATTER OF CAPVISION INVESTMENT ADVISOR

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

PROVIDED INVESTMENT ADVICE ON FREE TRIALS TO CLIENTS

DID NOT DISPLAY COMPLAINTS STATUS ON WEBSITE

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 28-FEB-2023 TO 27-FEB-2026

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 28-FEB-2023 TO 27-FEB-2026

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 28-FEB-2023 TO 27-FEB-2026

DIRECTED NOT TO UNDERTAKE EITHER DIRECTLY OR INDIRECTLY AS INVESTMENT ADVISORY SERVICES OR ANY ACTIVITY IN SECURITIES MARKET FROM DATE OF ORDER FROM 28-FEB-2023 TO 27-FEB-2026

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 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 28-FEB-2023 TO 27-FEB-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

28-FEB-2023

SAT: SAT VIDE ITS ORDER DATED 04/07/2023 DISMISSED THE APPEAL. NO COSTS

692

SAHIL BHARGAVA

(PAN:DCDPB3950A)

BHAROSA TECHNOSERVE PVT.LTD.

PAN:AAGCB2957E

DID NOT INFORM SEBI ABOUT MATERIAL CHANGES IN SHAREHOLDING PATTERN

DID NOT PERFORM RISK PROFILING IN THE REQUISITE MANNER AND OUTSOURCING THE SAME

DID NOT PERFORM SUITABILITY ASSESSMENT AND OUTSOURCING THE SAME

DID NOT PROVIDE ADEQUATE DISCLOSURES RELATED TO MATERIAL FACTS INVOLVING KEY FEATURES OF THE PRODUCTS CLASS ADVISED PARTICULARLY AND PERFORMANCE TRACK RECORD ETC.

DID NOT OBTAIN REGISTRATION FROM KYC REGISTRATION AGENCY (KRA) AND CENTRAL KNOW YOUR CUSTOMER (CKYC)

DID NOT OBTAIN SCORES REGISTRATION AND DISPLAY INFORMATION IN RESPECT OF STATUS OF COMPLAINTS ON WEBSITE

DID NOT PROVIDE EXECUTION SERVICES THROUGH A SUBSIDIARY/SEPARATELY IDENTIFIABLE DEPARTMENT AND MAKING IT OBLIGATORY FOR ITS CLIENTS TO TAKE EXECUTION SERVICES

DID NOT DO KNOW YOUR CLIENTS (KYC) OF CLIENTS AND OUTSOURCING THIS CORE COMPLIANCE FUNCTION OF PERFORMING KNOW YOUR CLIENTS (KYC) TO MFU AND SMALLCASE

DID NOT ADOPT ANY PROCEDURES/WRITTEN PROCEDURES TO IMPLEMENT ANTI-MONEY LAUNDERING PROVISIONS AS ENVISAGED UNDER PMLA AND OUTSOURCED THE SAME

ACCEPTED FEES FOR PROVIDING INVESTMENT ADVICE THROUGH PAYMENT GATEWAY MECHANISM

IMPOSED PENALTY RS.10,00,000 ALONG WITH OTHER ENTITIES/PERSONS

11-SEP-2024

SAT: SAT VIDE ITS ORDER DATED 23/10/2024 GRANTED RESPONDENT FOUR WEEKS TO FILE REPLY AND APPELLANT TO FILE REJOINDER TWO WEEKS THEREAFTER. STAYED FOR RECOVERY OF PENALTY AMOUNT SUBJECT TO DEPOSIT OF RS.5 LAC WITH SEBI WITHIN FOUR WEEKS FROM THE DATE OF THIS ORDER

SAT: SAT VIDE ITS ORDER DATED 28/11/2025 DISMISSED THE APPEAL. NO COSTS

693

SAKET JALAN

(PAN:ABSPJ5836A)

ORANGE RICH FINANCIALS

PAN:ABSPJ5836A

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

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 29-APR-2016 TO 28-APR-2021

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 29-APR-2016 TO 28-APR-2021

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 29-APR-2016 TO 28-APR-2021

08-JUL-2015

SEBI VIDE ITS ORDER DATED 29/04/2016 DIRECTED TO 1) PROHIBITED FROM BUYING, SELLING AND OTHERWISE DEALING IN SECURITIES MARKET, EITHER DIRECTLY OR INDIRECTLY, IN ANY MANNER WHATSOEVER, FOR A PERIOD OF 5 YEARS FROM DATE OF THIS ORDER 2) NOT TO UNDERTAKE, EITHER DIRECTLY OR INDIRECTLY, INVESTMENT ADVISORY SERVICES OR ANY ACTIVITY IN SECURITIES MARKET WITHOUT OBTAINING CERTIFICATE OF REGISTRATION FROM SEBI 3) TO EXPEDITIOUSLY RETURN MONIES RECEIVED FROM ITS CLIENTS, IF ANY, IN RESPECT OF ITS UNREGISTERED INVESTMENT ADVISORY ACTIVITIES AS FOUND IN THIS ORDER AND SUBMIT A CERTIFICATE FROM PEER REVIEWED CHARTERED ACCOUNTANTS WITHIN A PERIOD OF THREE MONTHS FROM DATE OF THIS ORDER

694

SAKET SHARMA

(PAN:APGPS5006R)

FINASSURE FINANCIAL SERVICES PVT.LTD.

PAN:AACCF3263B

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION