| S.No. |
PERSON |
ENTITY |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 61 |
|
JITESH JETHALAL PATEL
(PAN:AIJPP3326R)
|
|
|
|
ASMITA PATEL GLOBAL SCHOOL OF TRADING PVT.LTD.
PAN:AASCA6577F
|
|
ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION
ACTED AS RESEARCH ANALYST WITHOUT SEBI REGISTRATION
|
CEASED AND DESIST FROM OFFERING UNREGISTERED INVESTMENT ADVISORY/PORTFOLIO MANAGEMENT SERVICES/RESEARCH ANALYST SERVICES FROM 06-FEB-2025 TILL 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 06-FEB-2025 TILL FURTHER ORDERS
DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 06-FEB-2025 TILL FURTHER ORDERS
DIRECTED TO DISGORGE RS.53,67,46,384 ALONG WITH OTHER ENTITIES/PERSONS
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
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
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, TILL SUCH TIME UNLAWFUL GAINS ARE CREDITED TO ESCROW ACCOUNT
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 06-FEB-2025 TILL 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 06-FEB-2025 TILL FURTHER ORDERS
06-FEB-2025
|
|
| 62 |
|
|
JOHEPH CHAND MALIKSHAIKH
(PAN:BEPPM1043D)
|
|
|
|
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
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
|
| 63 |
|
|
JYOTI MORE
(PAN:BBFPM4285C)
|
|
|
DID NOT PAY RENEWAL FEE AS RESEARCH ANALYST
|
CANCELLED REGISTRATION AS RESEARCH ANALYST
04-AUG-2026
|
|
| 64 |
|
|
K.KARTHIK RAJA
(PAN:AQTPK8932C)
|
|
|
DID NOT PAY RENEWAL FEE AS RESEARCH ANALYST
|
CANCELLED REGISTRATION AS RESEARCH ANALYST
30-JUN-2026
|
|
| 65 |
|
|
K.VENKATESH
(PAN:ADWPV4168R)
|
|
|
DID NOT PAY RENEWAL FEE AS RESEARCH ANALYST
|
CANCELLED REGISTRATION AS RESEARCH ANALYST FROM 27-MAR-2025
27-MAR-2025
|
|
| 66 |
|
|
KALPESH DESAI
(PAN:AHZPD8452F)
|
|
|
|
KARADOCT FINSERVE
PAN:AHZPD8452F
|
|
DID NOT PAY RENEWAL FEE AS RESEARCH ANALYST
|
CANCELLED REGISTRATION AS RESEARCH ANALYST FROM 27-MAR-2025
27-MAR-2025
|
|
| 67 |
|
|
KALPESH RATHI
(PAN:AHNPR0928E)
|
|
|
DID NOT PAY RENEWAL FEE AS RESEARCH ANALYST
|
CANCELLED REGISTRATION AS RESEARCH ANALYST
30-JUN-2026
|
|
| 68 |
|
|
KARAN ATUL
(PAN:AFMPT5121L)
|
|
|
|
MS PM SECURITIES EQUITY RESEARCH
PAN:AFMPT5121L
|
|
DID NOT PAY RENEWAL FEE AS RESEARCH ANALYST
|
CANCELLED REGISTRATION AS RESEARCH ANALYST FROM 27-MAR-2025
27-MAR-2025
|
|
| 69 |
|
|
KOMAL RAJENDRAPRASAD JAISWAL
(PAN:AVQPJ6443B)
|
|
|
|
MOTIVATE FINANCIAL SERVICES PVT.LTD.
PAN:AAFCM2945H
|
|
ACTED AS RESEARCH ANALYST WITHOUT SEBI REGISTRATION
ACTED AS INVESTMENT ADVISER 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 04-NOV-2016 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 04-NOV-2016 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-NOV-2016 UNTIL FURTHER ORDERS
04-NOV-2016
|
|
| 70 |
|
|
KRISHNAMURTHY SETHURAMAN
(PAN:AMWPS6419H)
|
|
|
DID NOT PAY RENEWAL FEE AS RESEARCH ANALYST
|
CANCELLED REGISTRATION AS RESEARCH ANALYST
30-JUN-2026
|
|
| 71 |
|
|
KUMAR VENKATARAMEGOWDA SANTHOSH
(PAN:BPDPS6595F)
|
|
|
|
STREETGAINS RESEARCH SERVICES
PAN:BPDPS6595F
|
|
MISLED CLIENTS BY MAKING ASSURED PROFIT COMMITMENT
DID NOT EXERCISE DUE DILIGENCE BY NOT EXERCISING ANY CONTROL OVER EMPLOYEES ENGAGED WITH CLIENTS
DID NOT MAINTAIN DIGITALLY SIGNED RESEARCH REPORT IN ELECTRONIC FORM
ADVERTISED PAST PERFORMANCE IN RESPECT OF RESEARCH CALL ON SOCIAL MEDIA
SOLD PRODUCTS TO CLIENTS WHICH WERE NOT SUITABLE TO RISK PROFILE OF THE CLIENTS
|
IMPOSED PENALTY RS.8,00,000 ALONG WITH OTHER ENTITIES/PERSONS
31-JUL-2025
|
|
| 72 |
|
|
KUMAR VENKATARAMEGOWDA SANTHOSH
(PAN:BPDPS6595F)
|
|
|
|
STREETGAINS RESEARCH SERVICES
PAN:BPDPS6595F
|
|
MADE MULTIPLE FALSE AND MISLEADING CLAIMS/ DISCLOSURES/ STATEMENTS RELATED TO HIGH RETURNS/ASSURED RETURNS
ENCOURAGED SALE OF PRODUCTS WITHOUT MATCHING RISK PROFILES OF CLIENTS
DID NOT DIGITALLY SIGN THE RESEARCH REPORTS AND DID NOT MAINTAIN ELECTRONIC FORM
ADVERTISED PAST PERFORMANCE IN RESPECT OF RESEARCH CALL ON SOCIAL MEDIA
|
CENSURED/WARNED & DIRECTED TO BE DILIGENT IN COMPLYING WITH SEBI REGULATIONS
25-MAR-2026
|
|
| 73 |
|
|
KUSHAL AMIT PARIKH
(PAN:AQLPP9807H)
|
|
|
DID NOT PAY RENEWAL FEE AS RESEARCH ANALYST
|
CANCELLED REGISTRATION AS RESEARCH ANALYST FROM 27-MAR-2025
27-MAR-2025
|
|
| 74 |
|
|
KUSHANK KAMAL PODDAR
(PAN:ARRPP6872B)
|
|
|
DID NOT PAY RENEWAL FEE AS RESEARCH ANALYST
|
CANCELLED REGISTRATION AS RESEARCH ANALYST
09-JUL-2026
|
|
| 75 |
|
|
MAHESH SHRIKRISHNA JOSHI
(PAN:ACWPJ5969R)
|
|
|
DID NOT PAY RENEWAL FEE AS RESEARCH ANALYST
|
CANCELLED REGISTRATION AS RESEARCH ANALYST
28-JUL-2026
|
|
| 76 |
|
|
MAMRAJ SINGH
(PAN:CCAPS3789Q)
|
|
|
DID NOT PAY RENEWAL FEE AS RESEARCH ANALYST
|
CANCELLED REGISTRATION AS RESEARCH ANALYST
04-AUG-2026
|
|
| 77 |
|
|
MANAS JAISWAL
(PAN:AFVPJ9226R)
|
|
|
EMPLOYED RESEARCH ANALYST WHO DID NOT HAVE QUALIFICATIONS/CERTIFICATION REQUIREMENTS
DID NOT MAINTAIN RATIONALES OF ALL THE RECOMMENDATIONS AND DID NOT CAPTURE SUPPORTING DATA IN RATIONALE
REMOVED TERM “RISK & REWARD RATIO” FROM THE WEBSITE
DID NOT PROVIDE NECESSARY DISCLOSURE IN RESEARCH REPORTS AND RECOMMENDATIONS MADE IN GENERAL OR THROUGH PUBLIC APPEARANCES
DID NOT MAINTAIN REQUISITE RECORDS IN RESPECT OF ACTIVITIES AS RESEARCH ANALYST
|
IMPOSED PENALTY RS.5,00,000
15-MAY-2025
|
|
| 78 |
|
|
MANISH GOEL (AKA.MANISH KUMAR GOYAL)
(PAN:AHWPG4252B)
|
|
|
|
MULTIBAGGER SECURITIES RESEARCH & ADVISORY PVT.LTD.
PAN:AAKCM8779K
|
|
DID NOT HAVE ANY INTERNAL POLICY NOR FOLLOWING ANY INTERNAL POLICY AND CONTROL PROCEDURE DEALING AND TRADING IN SECURITIES
DID NOT ENSURE INDEPENDENCE OF RESEARCH ACTIVITIES FROM OTHER BUSINESS ACTIVITIES AND DID NOT MAINTAIN ARMS-LENGTH RELATIONSHIP BETWEEN RESEARCH ACTIVITIES AND OTHER ACTIVITIES
TRADED IN RESTRICTED PERIOD ON MULTIPLE INSTANCES AND TRADED IN A MANNER CONTRARY TO HIS RECOMMENDATIONS
DID NOT MAINTAIN RECORDS OF RECOMMENDATIONS IN MULTIPLE INSTANCES AND HAD GIVEN RETURN ASSURED RECOMMENDATION
PROVIDED RECOMMENDATIONS WITHOUT ANY ADEQUATE DOCUMENTARY BASIS AND FAILED TO COMPLY WITH IN RESPECT OF CONTENTS OF RESEARCH REPORT
DID NOT PROVIDE NECESSARY DISCLOSURE IN RESEARCH REPORTS AND RECOMMENDATIONS MADE IN GENERAL OR THROUGH PUBLIC APPEARANCES
DID NOT FOLLOW AND REFUSED TO FOLLOW ‘KNOW YOUR CLIENT’ (KYC) PROCEDURES SPECIFIED I SEBI CIRCULARS AND GUIDELINES ISSUED IN RESPECT OF KNOW YOUR CLIENT (KYC), CLIENT DUE DILIGENCE (CDD), ANTI-MONEY LAUNDERING (AML) AND PREVENTION OF MONEY LAUNDERING ACT, 2002 (PMLA)
DID NOT FOLLOW AND REFUSED TO PROVIDE RELEVANT RECORDS AND ALL SUCH ASSISTANCE AND CO-OPERATION AS REQUIRED IN CONNECTION WITH INSPECTION
ENGAGED IN OTHER BUSINESS ACTIVITIES LIKE TAX CONSULTANCY AND SEBI REGISTERED INVESTMENT ADVISOR BUSINESS ETC.
|
SUSPENDED REGISTRATION AS RESEARCH ANALYSTS FROM 30-OCT-2023 TO 29-APR-2024
30-OCT-2023
|
SAT: SAT VIDE ITS ORDER DATED 14/02/2025 DISMISSED THE APPEAL. NO COSTS
SAT: SAT VIDE ITS ORDER DATED 05/12/2025 DISMISSED REVIEW APPLICATION DATED 14/02/2025
|
| 79 |
|
|
MANISH KUMAR
(PAN:AIMPK0146M)
|
|
|
DID NOT PAY RENEWAL FEE AS RESEARCH ANALYST
|
CANCELLED REGISTRATION AS RESEARCH ANALYST
09-JUL-2026
|
|
| 80 |
|
|
MANISH KUMAR JAWANPURIA
(PAN:AEGPJ5103B)
|
|
|
DID NOT PAY RENEWAL FEE AS RESEARCH ANALYST
|
CANCELLED REGISTRATION AS RESEARCH ANALYST FROM 27-MAR-2025
27-MAR-2025
|
|
| The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column. |
| |
|
|
| Page 4 of 9
|
