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

701

SANDEEP KUSHWAHA

(PAN:DPBPK9313F
DIN:08176753)

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

BULL RESEARCH INVESTMENT ADVISORS PVT.LTD.

PAN:AAHCB1200H

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

DID NOT ACT WITH DUE SKILL, CARE, DILIGENCE, HONESTY AND IN THE BEST INTEREST OF ITS CLIENT WHILE SELLING INVESTMENT ADVICE APPROPRIATE TO THE CLIENTS� RISK PROFILE AND ALSO FAILED TO SEEK INFORMATION ABOUT THEIR FINANCIAL SITUATION, INVESTMENT EXPERIENCE AND INVESTMENT OBJECTIVES BEFORE SELLING CERTAIN INVESTMENT ADVICES/SERVICES

OFFERED PRODUCTS/SERVICES WITHOUT ASSESSING APPROPRIATE RISK BEARING CAPACITY OF THE CLIENTS

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 25-JAN-2021 UNTIL FURTHER ORDERS

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 25-JAN-2021 UNTIL FURTHER ORDERS

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 25-JAN-2021 UNTIL FURTHER ORDERS

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 25-JAN-2021 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 25-JAN-2021 UNTIL FURTHER ORDERS

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 25-JAN-2021 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 TO IMMEDIATELY REMOVE ALL CONTENTS FROM ITS WEBSITE AND DISPLAY ONLY CONTENT IN ITS WEBSITE THAT SEBI HAS PASSED VIDE ITS ORDER

DIRECTED DEPOSITORIES TO ENSURE THAT NO DEBITS AND CREDITS MADE IN DEMAT ACCOUNTS

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

25-JAN-2021

SEBI VIDE ITS ORDER DATED 30/04/2021 CONFIRMED THE DIRECTIONS ISSUED VIDE ITS EX-PARTE AD INTERIM ORDER DATED 25/01/2021

SAT: SAT VIDE ITS ORDER DATED 10/02/2022 CONDONED THE DELAY OF 192 DAYS IN FILING OF APPEAL. DIRECTED RESPONDENT TO FILE REPLY WITHIN THREE WEEKS FROM DATE OF THIS ORDER AND APPELLANT TO FILE REJOINDER THREE WEEKS THEREAFTER

SAT: SAT VIDE ITS ORDER DATED 13/04/2022 ALLOWED APPELLANT THREE WEEKS TO FILE REJOINDER

SAT: SAT VIDE ITS ORDER DATED 06/02/2023 PARTLY ALLOWED THE APPEAL AND SET ASIDE THE DIRECTIONS PROVIDED IN PARAGRAPH 31(A), (B) AND (E) OF INTERIM DIRECTIONS DATED 25/01/021. ALL THE OTHER DIRECTIONS WILL CONTINUE TO REMAIN IN OPERATION TILL THE NEXT FOUR MONTHS

702

SANDEEP KUSHWAHA

(PAN:DPBPK9313F
DIN:08176753)

BULL RESEARCH INVESTMENT ADVISORS PVT.LTD.

PAN:AAHCB1200H

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

RECEIVED PAYMENT FROM FAMILY MEMBERS OF PRIMARY CLIENTS TO HIDE EXORBITANT FEES TAKEN FROM PRIMARY CLIENT

RAISED INVOICES IN THE NAME OF CLIENTS WHO DID NOT HAVE DEMAT/TRADING ACCOUNT

SOLD MULTIPLE PACKAGES TO CLIENTS WITH THREAT OF FORFEITURE AND CHARGED UNREASONABLE AND UNDISCLOSED FEE

RECEIVED PAYMENT BEFORE DOING KNOW YOUR CLIENTS (KYC) AND RISK PROFILING OF CLIENTS

CARRIED OUT IMPROPER RISK PROFILING OF CLIENTS

DID NOT MEET CAPITAL ADEQUACY NORMS AND TOOK REGISTRATION BY SUBMITTING FORGED CA CERTIFICATE TO SEBI

DID NOT FURNISH INFORMATION, RETURN ETC. TO SEBI

DID NOT HAVE VALID NCFM/NISM CERTIFICATE

DID NOT REDRESS INVESTOR COMPLAINTS

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

29-MAY-2023

SEBI VIDE ITS NOTICE DATED 07/08/2023 DIRECTED TO PAY RS.10,41,000.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

703

SANDEEP KUSHWAHA

(PAN:DPBPK9313F
DIN:08176753)

BULL RESEARCH INVESTMENT ADVISORS PVT.LTD.

PAN:AAHCB1200H

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

SOLD ADVISORY SERVICES/PACKAGES TO SAME CLIENTS ON MULTIPLE OCCASION AT DIFFERENT ARBITRARY PRICE FOR FUTURE/OVERLAPPING PERIOD WHILE EXISTING SUBSCRIPTION WAS ACTIVE

RECEIVED PAYMENT FROM FAMILY MEMBERS OF PRIMARY CLIENTS TO HIDE EXORBITANT FEES TAKEN FROM PRIMARY CLIENT

RECEIVED PAYMENT BEFORE DOING KNOW YOUR CLIENTS (KYC) AND RISK PROFILING OF CLIENTS

RAISED INVOICES IN THE NAME OF CLIENTS WHO DID NOT HAVE DEMAT/TRADING ACCOUNT

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

DID NOT POSSESS NISM CERTIFICATE

DID NOT ADHERE TO REQUIREMENT OF CAPITAL ADEQUACY

NOT A FIT & PROPER PERSON TO ACT AS AN INVESTMENT ADVISOR

DIRECTED TO RESOLVE ALL PENDING COMPLAINTS

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

DIRECTED TO FILE A REPORT OF RESOLUTION OF COMPLAINTS

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 15-SEP-2023

WARNED/DIRECTED TO BE MORE CAREFUL WHILE DEALING WITH SECURITIES MARKET

15-SEP-2023

SAT: SAT VIDE ITS ORDER DATED 09/07/2024 CONDONED THE DELAY IN FILING OF APPEAL. GRANTED RESPONDENT FOUR WEEKS TIME TO FILE REPLY AND REJOINDER MAY BE FILED WITHIN FOUR WEEKS THEREAFTER

SAT: SAT VIDE ITS ORDER DATED 17/09/2024 CONDONED THE DELAY IN FILING OF APPEAL AND ALLOWED FOUR WEEKS TO FILE REJOINDER

SAT: SAT VIDE ITS ORDER DATED 07/01/2025 GRANTED APPELLANT TWO WEEKS TO FILE REJOINDER

SAT: SAT VIDE ITS ORDER DATED 13/02/2025 APPELLANT SOUGHT TWO WEEKS TO FILE REJOINDER

704

SANDEEP SHRIWAS

(PAN:FFDPS9776G)

ZENITHVIA RESEARCH SERVICES

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 27-SEP-2023 TO 26-MAR-2024

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

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 27-SEP-2023 TO 26-MAR-2024

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 27-SEP-2023 TO 26-MAR-2024

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-SEP-2023 TO 26-MAR-2024

IMPOSED PENALTY RS.1,00,000 ALONG WITH OTHER ENTITIES/PERSONS

27-SEP-2023

SEBI VIDE ITS NOTICE DATED 08/04/2024 DIRECTED TO PAY RS.27,57,740.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SEBI VIDE ITS NOTICE DATED 08/04/2024 DIRECTED TO PAY RS.1,09,000.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SAT: SAT VIDE ITS ORDER DATED 28/08/2024 CONDONED THE DELAY OF 90 DAYS IN FILING OF APPEAL. GRANTED RESPONDENT FOUR WEEKS TO FILE REPLY AND REJOINDER TO BE FILED WITHIN TWO WEEKS THEREAFTER

SAT: SAT VIDE ITS ORDER DATED 11/08/2025 GRANTED APPELLANTS THREE WEEKS TO FILE REJOINDER

SEBI VIDE ITS ORDER DATED 30/10/2025 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

705

SANDEEP SUBHASHBHAI BORSE

(PAN:APWPB6279B)

SK SALES

PAN:ADTFS4891H

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 AND/OR RESEARCH ANALYSIS 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 28-DEC-2023 TO 27-DEC-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

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

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 28-DEC-2023 TO 27-DEC-2025

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 28-DEC-2023 TO 27-DEC-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 28-DEC-2023 TO 27-DEC-2025

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

28-DEC-2023

SEBI VIDE ITS NOTICE DATED 05/09/2024 DIRECTED TO PAY RS.6,61,000.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SEBI VIDE ITS NOTICE DATED 05/09/2024 DIRECTED TO PAY RS.3,32,49,925.81 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SEBI VIDE ITS ORDER DATED 30/09/2024 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 15/10/2024 DIRECTED ALL THE BANKS AND MUTUAL FUNDS IN INDIA TO REMIT RS.6,67,000.00 TO THE EXTENT LYING IN THE ACCOUNT OF NOTICEES TO SEBI BY WAY OF EFT/NEFT/RTG

SEBI VIDE ITS NOTICE DATED 21/10/2024 DIRECTED ALL THE BANKS AND MUTUAL FUNDS IN INDIA TO REMIT RS.3,35,52,188.77 TO THE EXTENT LYING IN THE ACCOUNT OF NOTICEES TO SEBI BY WAY OF EFT/NEFT/RTG

706

SANDEEP SUBHASHBHAI BORSE

(PAN:APWPB6279B)

CONCEALED INFORMATION IN APPLICATION FORM FOR GRANT OF REGISTRATION CERTIFICATE

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 29-DEC-2023

29-DEC-2023

707

SANDEEP TIWARI

(PAN:BMAPT1283P)

VISION GAINERS

PAN:JWXPS4202L

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 31-JUL-2023 TO 30-JUL-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

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

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 31-JUL-2023 TO 30-JUL-2025

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 31-JUL-2023 TO 30-JUL-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 31-JUL-2023 TO 30-JUL-2025

IMPOSED PENALTY RS.2,00,000

31-JUL-2023

SEBI VIDE ITS NOTICE DATED 08/04/2024 DIRECTED TO PAY RS.2,19,000.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SEBI VIDE ITS NOTICE DATED 08/04/2024 DIRECTED TO PAY RS.34,93,139.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

708

SANDEEP YADAV

(PAN:ADLPY1281D)

CAPITAL VISTA SERVICES

PAN:ADLPY1281D

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 30-JAN-2023 TO 29-JAN-2025

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

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 30-JAN-2023 TO 29-JAN-2025

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 30-JAN-2023 TO 29-JAN-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 30-JAN-2023 TO 29-JAN-2025

30-JAN-2023

SAT: SAT VIDE ITS ORDER DATED 05/06/2023 DISMISSED THE APPEAL. NO COSTS

SEBI VIDE ITS NOTICE DATED 31/01/2024 DIRECTED TO PAY RS.1,01,65,343.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

709

SANDEEPKUMAR MANUBHAI PATEL

(DIN:09033711)

SHUKUL WEALTH ADVISORY

PAN:ADYFS5029C

SHUKUL WEALTH CREATOR LLP

PAN:ADRFS8026Q

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

SEBI VIDE ITS ORDER DATED 13/08/2021 DIRECTED TO REFUND THE MONEY COLLECTED UNDER VARIOUS SCHEMES TO THE INVESTORS JOINTLY AND SEVERALLY TO THE TUNE OF RS.87,33,17,200.00 (OUTSTANDING DUES AS PER THE CA REPORT) ALONG WITH INTEREST OF 12 % FROM DATE OF RECEIPT OF FUNDS FROM THE INVESTORS WITHIN SIX MONTHS FROM DATE OF THIS ORDER

710

SANGAIYAH JANSIRANI

(PAN:AUBPJ4042N)

GOOD PROFIT ADVISORY CO.

PAN:AUBPJ4042N

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

SEBI VIDE ITS ORDER DATED 22/07/2022 DIRECTED TO A) REFUND THE MONEY RECEIVED FROM ANY 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/COMPLAINTS 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 G) FILE REPORT OF SUCH COMPLETION WITH SEBI DULY CERTIFIED FROM INDEPENDENT CHARTERED ACCOUNTANT H) 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 CLIENTS/COMPLAINTS/INVESTORS J) RESTRAINED FROM ASSOCIATING THEMSELVES WITH ANY LISTED PUBLIC COMPANY AND ANY PUBLIC COMPANY WHICH INTENDS TO RAISE MONEY FROM PUBLIC OR ANY INTERMEDIARY REGISTERED WITH SEBI FOR A PERIOD OF FOUR YEARS FROM DATE OF COMPLETION OF REFUNDS TO CLIENTS/COMPLAINTS/INVESTORS K) 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 L) NOT TO DIVERT ANY FUNDS COLLECTED FROM CLIENTS/INVESTORS/COMPLAINTS, KEPT IN BANK ACCOUNTS AND/OR IN THEIR CUSTODY, EXCEPT FOR THE PURPOSE OF REFUND M) NOT TO DISPOSE OF 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

711

SANJAY BHARGAVA

(PAN:AHWPB0829R)

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

712

SANJAY KUMAR DWIVEDI (AKA.SANJAY SHESHMANI DWIVEDI)

(PAN:AJEPD3015F)

D.S.CAPITAL VENTURE PVT.LTD.

PAN:AADCH8426M

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

DID NOT PROVIDE MATERIAL INFORMATION TO SEBI

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

DID NOT REDRESS INVESTOR COMPLAINTS

IMPOSED PENALTY RS.8,00,000

10-JAN-2023

SEBI VIDE ITS NOTICE DATED 19/04/2023 DIRECTED TO PAY RS.15,61,000.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SEBI VIDE ITS ORDER DATED 05/10/2023 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 16/01/2024 DIRECTED ALL THE BANKS AND MUTUAL FUNDS IN INDIA TO REMIT RS.16,96,000.00 TO THE EXTENT LYING IN THE ACCOUNT OF NOTICEE TO SEBI BY WAY OF EFT/NEFT/RTG

SAT: SAT VIDE ITS ORDER DATED 15/06/2026 PARTLY ALLOWED THE APPEAL BY REDUCING PENALTY AMOUNT TO RS.8 LAC FROM RS.15 LAC. NO COSTS

713

SANJAY KUMAR JENA

(PAN:AXEPJ4859P)

TIGER STOCKS

PAN:AXEPJ4859P

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

DIRECTED TO RETURN MONEY TO ITS CLIENTS RECEIVED AS FEES OR IN ANY OTHER FORM IN RESPECT OF UNREGISTERED INVESTMENT ADVISORY SERVICES

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

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 29-AUG-2019

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 29-AUG-2019

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 29-AUG-2019

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

29-AUG-2019

SEBI VIDE ITS NOTICE DATED 25/05/2023 DIRECTED TO PAY RS.1,58,13,771.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SAT: SAT VIDE ITS ORDER DATED 19/07/2023 CONDONED THE DELAY OF 1352 DAYS IN FILING OF APPEAL AND RESPONDENT TO FILE REPLY WITHIN A WEEK

SEBI VIDE ITS ORDER DATED 16/06/2023 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

SAT: SAT VIDE ITS ORDER DATED 09/08/2023 CONDONED THE DELAY OF 1352 DAYS IN FILING OF APPEAL AND CONDONED THE DELAY IN PAYMENT OF COST OF RS.2 LAC

SEBI VIDE ITS NOTICE DATED 12/09/2023 DIRECTED ALL THE BANKS AND MUTUAL FUNDS IN INDIA TO REMIT RS.1,62,46,998.00 TO THE EXTENT LYING IN THE ACCOUNT OF NOTICEES TO SEBI BY WAY OF EFT/NEFT/RTG

SAT: SAT VIDE ITS ORDER DATED 12/09/2023 DIRECTED RESPONDENT TO FILE REPLY WITHIN THREE WEEK AND APPELLANT TO FILE REJOINDER WITHIN THREE WEEKS THEREAFTER

SEBI VIDE ITS NOTICE DATED 23/09/2025 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 16/06/2023

SEBI VIDE ITS ORDER DATED 23/09/2025 COMPLETED OF RECOVERY CERTIFICATE PAYMENT OF AMOUNT DUE UNDER CERTIFICATE NO.6595 OF 2023 DATED 25/05/2023

714

SANJAY SHESHMANI DWIVEDI (AKA.SANJAY KUMAR DWIVEDI)

(PAN:AJEPD3015F)

D.S.CAPITAL VENTURE PVT.LTD.

PAN:AADCH8426M

IMPOSED PENALTY RS.8,00,000

10-JAN-2023

715

SANJAY SHESHMANI DWIVEDI (AKA.SANJAY KUMAR DWIVEDI)

(PAN:AJEPD3015F)

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

DID NOT OBTAIN APPROVAL FROM SEBI FOR UPDATION/CHANGE OF DIRECTORS

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

RESTRAINED FROM ACCESSING SECURITIES MARKET AND FURTHER PROHIBITED FROM BUYING/SELLING OR OTHERWISE DEALING IN SECURITIES AND/OR UNITS OF MUTUAL FUNDS DIRECTLY OR INDIRECTLY OR BEING ASSOCIATED WITH SECURITIES MARKET IN ANY MANNER FROM 29-DEC-2022 TO 28-DEC-2027

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

RESTRAINED AND FURTHER PROHIBITED FROM HOLDING AND OCCUPYING ANY MANAGERIAL POST OR BEING ASSOCIATED DIRECTLY OR INDIRECTLY WITH ANY LISTED PUBLIC COMPANY AND/OR ANY PUBLIC COMPANY WHICH INTENDS TO RAISE MONEY FROM PUBLIC OR ANY INTERMEDIARY REGISTERED WITH SEBI FROM 29-DEC-2022 TO 28-DEC-2027

29-DEC-2022

716

SANJAY SUBODHCHANDRA SHUKLA

(PAN:ARWPS8657A)

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 25-JUL-2025

25-JUL-2025

717

SANJAY YADAV

(PAN:ACBPY3729K)

PROFIT REDEFINE FINANCIAL SOLUTION

PAN:ACBPY3729K

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

SEBI VIDE ITS ORDER DATED 05/07/2022 DIRECTED TO A) REFUND THE MONEY RECEIVED FROM ANY COMPLAINTS/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 COMPLAINTS/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 COMPLAINTS/INVESTORS WHO WERE AVAILING THE INVESTMENT ADVISORY SERVICES E) FILE REPORT OF SUCH COMPLETION WITH SEBI DULY CERTIFIED FROM INDEPENDENT CHARTERED ACCOUNTANTS F) 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 SIX MONTHS FROM DATE OF COMPLETION OF REFUNDS TO COMPLAINTS/INVESTORS G) 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

SEBI VIDE ITS NOTICE DATED 20/09/2023 DIRECTED TO PAY RS.1,80,19,527.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SEBI VIDE ITS ORDER DATED 11/12/2023 DIRECTED ALL THE BANKS IN INDIA AND/OR NSDL/CDSL TO 1. ATTACH ALL THE ACCOUNTS BY WHATEVER NAME CALLED INCLUDING LOCKERS, DEMAT ACCOUNTS, 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

SEBI VIDE ITS NOTICE DATED 19/12/2025 DIRECTED ALL THE BANKS AND MUTUAL FUNDS IN INDIA TO REMIT RS.2,22,49,963.28 TO THE EXTENT LYING IN THE ACCOUNT OF NOTICEES TO SEBI BY WAY OF EFT/NEFT/RTG

718

SANJEEV SINGH

(PAN:EQSPS8015M)

WILD STOCK

PAN:EQSPS8015M

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

SEBI VIDE ITS ORDER DATED 03/06/2021 DIRECTED TO A) REFUND THE MONEY RECEIVED FROM CLIENTS/INVESTORS/COMPLAINT AS FEES OR COMPENSATION OR IN ANY OTHER FORM IN RESPECT OF ITS UNREGISTERED INVESTMENT ADVISORY ACTIVITIES 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 C) REPAYMENTS TO THE CLIENTS/INVESTORS SHALL BE EFFECTED ONLY THROUGH BANK DEMAND DRAFT OR PAY ORDER OR ELECTRONIC FUND TRANSFER OR THROUGH ANY OTHER APPROPRIATE BANKING CHANNELS D) NOT TO SELL ASSETS, PROPERTIES AND HOLDING OF MUTUAL FUNDS/SHARES/SECURITIES HELD IN DEMAT AND PHYSICAL FORM EXCEPT FOR THE SOLE PURPOSE OF MAKING THE REFUNDS. FURTHER, THE BANKS ARE DIRECTED 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 ACCOUNTANTS F) DEBARRED FROM ACCESSING THE 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 A PERIOD OF TWO YEARS FROM THE DATE OF THIS ORDER OR TILL THE EXPIRY OF TWO YEARS FROM THE DATE OF COMPLETION OF REFUNDS TO INVESTORS G) RESTRAINED FROM ASSOCIATING WITH ANY LISTED COMPANY WHOSE SECURITIES ARE LISTED ON RECOGNIZED STOCK EXCHANGE AND WHICH INTENDS TO RAISE MONEY FROM PUBLIC, OR ANY INTERMEDIARY REGISTERED WITH SEBI IN ANY CAPACITY OF DIRECTOR/PROMOTER/SENIOR MANAGEMENT FOR TWO YEARS FROM THE DATE OF COMPLETION OF REFUNDS TO INVESTORS H) NOT TO UNDERTAKE, EITHER DURING OR AFTER THE EXPIRY OF THE PERIOD OF DEBARMENT/RESTRAINT, 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

SEBI VIDE ITS NOTICE DATED 30/11/2023 DIRECTED TO PAY RS.64,32,158.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

719

SANJIV KUMAR

(PAN:DLFPK2400B
DIN:07060034)

RIPPLES ADVISORY PVT.LTD.

PAN:AACCR5455P

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

CHARGED UNREASONABLE, ARBITRARILY AND INCONSISTENT FEE

PROVIDED INVESTMENT ADVICE WITHOUT CONSENT OF THE CLIENTS

SOLD HNI SERVICES TO NON-HNI CLIENTS

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 31-DEC-2019 UNTIL FURTHER ORDERS

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 31-DEC-2019 UNTIL FURTHER ORDERS

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 31-DEC-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 31-DEC-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 31-DEC-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

31-DEC-2019

720

SANTHOSHKUMAR RAVI

(PAN:IULPS5334A)

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION