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.

STOCK BROKERS: VIOLATED SEBI (STOCK BROKERS & SUB BROKERS) REGULATIONS, 1992

S.No.

ENTITY

PERSONS

REGULATORY CHARGES

REGULATORY ACTION(S) / DATE OF ORDER

FURTHER DEVELOPMENTS

GUINESS SECURITIES LTD.

(PAN:AAACG9843L)

(Depository Participants : CDSL/NSDL,Member : NSE/BSE/MSEI)

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

KAMAL KUMAR KOTHARI

PAN:AKYPK8782D

MISAPPROPRIATED CLIENT SECURITIES AND/OR FUNDS

DID NOT SETTLE CLIENT�S FUNDS AND/OR SECURITIES

DID NOT MAINTAIN CONTINUOUS NETWORTH

FALSIFIED BOOKS AND WRONGLY REPORTED TO STOCK EXCHANGE

PROVIDED EXPOSURE TO CLIENTS HAVING DEBIT BALANCE

DID NOT REDRESS INVESTOR COMPLAINTS IN STIPULATED TIME

DID NOT FURNISH INFORMATION/DATA TO SEBI VIOLATING OF REGULATION 21(1) OF SEBI (STOCK BROKERS & SUB BROKERS) REGULATIONS, 1992

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 19-DEC-2018 TO 18-DEC-2025

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 19-DEC-2018 TO 18-DEC-2025

CEASED AND DESIST FROM UNDERTAKING ANY ACTIVITY IN SECURITIES MARKET, DIRECTLY OR INDIRECTLY, IN ANY MANNER WHATSOEVER FROM 19-DEC-2018 TO 18-DEC-2025

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 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 UTILIZE ASSETS OF THE ENTITIES ONLY FOR THE PURPOSE OF PAYMENT OF MONEY AND/OR DELIVERY OF SECURITIES, AS THE CASE MAY BE, TO CLIENTS/INVESTORS UNDER THE SUPERVISION OF CONCERNED STOCK EXCHANGE(S)

DIRECTED DEPOSITORIES TO ENSURE THAT NO DEBITS AND/OR CREDITS MADE IN DEMAT ACCOUNTS, HELD JOINTLY OR SEVERALLY, OF ENTITIES AND PERSONS

DIRECTED BANKS TO ENSURE THAT NO DEBITS ARE MADE IN BANK ACCOUNTS HELD JOINTLY OR SEVERALLY EXCEPT FOR THE PURPOSE OF PAYMENT OF MONEY TO CLIENTS/INVESTORS UNDER WRITTEN CONFIRMATION OF CONCERNED STOCK EXCHANGES

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

DIRECTED BANKS TO ENSURE THAT NO DEBITS ARE MADE IN BANK ACCOUNTS HELD JOINTLY OR SEVERALLY

19-DEC-2018

SEBI VIDE ITS ORDER DATED 31/07/2019 CONFIRMED THE DIRECTIONS ISSUED VIDE ITS EX-PARTE AD INTERIM ORDER DATED 19/12/2018

SAT: SAT VIDE ITS ORDER DATED 27/04/2021 DISPOSED OFF THE APPEALS WITH DIRECTION TO APPLELLANT TO PURSUE CLAIM APPLICATION FILED BEFORE STOCK EXCHANGES WHICH WAS PENDING CONSIDERATION

SAT: SAT VIDE ITS ORDER DATED 14/09/2021 DISMISSED THE APPEAL FOR WANT OF PROSECUTION

SAT: SAT VIDE ITS ORDER DATED 07/10/2021 ALLOWED THE APPLICATION AND RECALLED ORDER DATED 27/04/2021

SEBI VIDE ITS ORDER DATED 30/06/2022 DIRECTED TO A) RESTRAINED FROM ACCESSING THE SECURITIES MARKET AND FURTHER PROHIBITED FROM BUYING, SELLING OR OTHERWISE DEALING IN SECURITIES MARKET, DIRECTLY OR INDIRECTLY AND ASSOCIATING THEMSELVES WITH SECURITIES MARKET IN ANY MANNER FOR SEVEN YEARS B) DURING THE PERIOD OF RESTRAINT THE EXISTING HOLDING, INCLUDING UNITS OF MUTUAL FUNDS SHALL REMAIN FROZEN C) NOT TO DISPOSE OFF OR ALIENATE ANY ASSETS, WHETHER MOVABLE OR IMMOVABLE, OR ANY INTEREST OR INVESTMENT OR CHARGE IN ANY SUCH ASSETS INCLUDING MONEY LYING IN BANK ACCOUNT EXCEPT WITH PRIOR PERMISSION OF SEBI D) PROVIDE FULL INVENTORY OF ALL ASSETS AND PROPERTIES AND DETAILS OF ALL THEIR BANK ACCOUNTS, DEMAT ACCOUNTS AND MUTUAL FUND INVESTMENTS AS WELL AS DETAILS OF ANY LOANS OR ADVANCE, RECOVERABLE BY THEM AS ON THE DATE OF THIS ORDER E) DIRECTED TO FULLY CO-OPERATE WITH STOCK EXCHANGES IN ENSURING THE DIRECTION INCLUDING IN LIQUIDATING THE FUNDS, SECURITIES, CHARGE, RECOVERABLE DUES, ADVANCES AND OTHER MOVABLE AND IMMOVABLE ASSETS F) BANKS TO ENSURE THAT NO DEBITS ARE MADE IN THE BANK ACCOUNTS HELD JOINTLY OR SEVERALLY BY NOTICEES

SAT: SAT VIDE ITS ORDER DATED 19/09/2022 REJECTED THE APPLICATION

SAT: SAT VIDE ITS ORDER DATED 25/09/2024 DISMISSED THE APPEAL. NO COSTS

GUINESS SECURITIES LTD.

(PAN:AAACG9843L)

(Depository Participants : CDSL/NSDL,Member : NSE/BSE/MSEI)

DHARMENDRA KOTHARI

PAN:AFGPK6680M

KAMAL KUMAR KOTHARI

PAN:AKYPK8782D

MISAPPROPRIATED CLIENT SECURITIES AND/OR FUNDS

MADE INCORRECT AND/OR DID NOT REPORT ENHANCED SUPERVISION OF DATA TO STOCK EXCHANGES

FALSIFIED BOOKS AND WRONGLY REPORTED TO STOCK EXCHANGE

DID NOT MAINTAIN CONTINUOUS NETWORTH

DID NOT SETTLE CLIENT�S FUNDS AND/OR SECURITIES

PROVIDED EXPOSURE TO CLIENTS HAVING DEBIT BALANCE

DID NOT REDRESS INVESTOR COMPLAINTS IN STIPULATED TIME

DID NOT FURNISH INFORMATION/DATA TO SEBI VIOLATING OF REGULATION 21(1) OF SEBI (STOCK BROKERS & SUB BROKERS) REGULATIONS, 1992

IMPOSED PENALTY RS.2,00,00,000

30-JUN-2022

SAT: SAT VIDE ITS ORDER DATED 19/10/2022DIRECTED RESPONDENT THREE WEEKS TO FILE REPLY FROM DATE OF THIS ORDER AND REJOINDER TO BE FILED WITHIN THREE WEEKS THEREAFTER

SEBI VIDE ITS NOTICE DATED 07/05/2024 DIRECTED TO PAY RS.2,48,01,000.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SEBI VIDE ITS ORDER DATED 28/05/2024 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 10/07/2024 DIRECTED ALL THE BANKS AND MUTUAL FUNDS IN INDIA TO REMIT RS.2,48,01,000.00 TO THE EXTENT LYING IN THE ACCOUNT OF NOTICEE TO SEBI BY WAY OF EFT/NEFT/RTG

SAT: SAT VIDE ITS ORDER DATED 25/09/2024 DISMISSED THE APPEAL. NO COSTS

SAT: SAT VIDE ITS ORDER DATED 11/12/2024 DISMISSED THE REVIEW APPLICATION AS WITHDRAWN

SAT: SAT VIDE ITS ORDER DATED 11/03/2025 REJECTED THE REVIEW APPLICATIONS

HARISH CHANDRA BIYANI,M/S

(Member : CSE)

HARISH CHANDRA BIYANI

VIOLATED SECTION 23 OF SECURITIES CONTRACTS (REGULATION) ACT, 1956

VIOLATED SEBI (PFUTP) REGULATIONS, 1995

VIOLATED REGULATION 4 OF SEBI (PFUTP) REGULATIONS, 1995

VIOLATED RULE 4 OF SEBI (STOCK BROKERS & SUB BROKERS) RULES, 1992

VIOLATED REGULATION 7 OF SEBI (STOCK BROKERS & SUB BROKERS) REGULATIONS, 1992

VIOLATED SECTION 24 OF SEBI ACT, 1992

PROSECUTION LAUNCHED

15-MAY-2006

HARVIC MANAGEMENT SERVICES (INDIA) LTD.

(Member : SKSE)

HEMANG D.JANGLA

KALPESH K.CHAWALLA

ALLEGED VIOLATION OF SEBI (STOCK BROKERS & SUB BROKERS) REGULATIONS, 1992

VIOLATED REGULATION 4 OF SEBI (PFUTP) REGULATIONS, 1995

PROSECUTION LAUNCHED

15-MAY-2006

HDFC SECURITIES LTD.

(PAN:AAACH8215R)

(Member : BSE/NSE)

ALLEGED ASSOCIATING WITH UNREGULATED ALGORITHMIC TRADING PLATFORMS THAT PROMISED GUARANTEED RETURNS VIOLATING SEBI CIRCULAR SEBI/HO/MIRSD/DOP/P/CIR/2022/117 DATED 02/09/2022 AND CLAUSE A(2) AND A(5) OF CODE OF CONDUCT UNDER SCHEDULE II READ WITH REGULATION 9 OF SEBI (STOCK BROKERS) REGULATIONS, 1992

REACHED SETTLEMENT (SETTLEMENT CHARGES RS.1,00,000 VIDE CONSENT ORDER)

17-MAR-2026

HEM SECURITIES LTD.

(PAN:AABCH8005N)

(Member : BSE)

REACHED SETTLEMENT (SETTLEMENT CHARGES RS.1,00,000 VIDE CONSENT ORDER)

17-MAR-2026

HENSEX SECURITIES PVT.LTD.

(PAN:AAFCH0585B)

(Member : BSE/NSE)

REACHED SETTLEMENT (SETTLEMENT CHARGES RS.1,00,000 VIDE CONSENT ORDER)

17-MAR-2026

HOFFLAND FINANCE LTD.

(Member : BGSE/JSE)

A.SUBBA RAO

BRIJ BHUSHAN SHARMA

BRIJ KISHORE KAPUR

JAGDISH NARAYAN

M.N.PADAM

NAVEEN CHANDRA PANDEY

NAVIN PANDEY

PRAMODH KAPUR

SURAJ PAL SHARMA

VIOLATED SECTION 26 OF SEBI ACT, 1992

VIOLATED SEBI ACT, 1992

VIOLATED SEBI (PORTFOLIO MANAGERS) REGULATIONS, 1993

ALLEGED VIOLATION OF SEBI (STOCK BROKERS & SUB BROKERS) REGULATIONS, 1992

VIOLATED SEBI (PFUTP) REGULATIONS, 1995

VIOLATED SEBI (MERCHANT BANKER) REGULATIONS, 1992

PROSECUTION LAUNCHED

15-MAY-2006

A1 AND A2 CONVICTED. A3 ACQUITTED. A4 EXPIRED, THUS, PROCEEDINGS ABATED. PROCEEDINGS AGAINST A5 QUASHED. A6 DECLARED PO. A7 COMPOUNDED (VIDE ORDER DT.21.02.2008). FILE BE CONSIGNED TO RECORD ROOM

A1 AND A2 CONVICTED. A3 ACQUITTED. A4 EXPIRED, THUS, PROCEEDINGS ABATED. PROCEEDINGS AGAINST A5 QUASHED. A6 DECLARED PO. A7 COMPOUNDED (VIDE ORDER DT.21.02.2008). FILE BE CONSIGNED TO RECORD ROOM.

DURING THE TRIAL A21 (SHRI ASHOK KUMAR KOHLI) HAD EXPIRED, THEREFORE, PROCEEDINGS QUA HIM WAS ABATED. ACCUSED NO.20 (M/S EVERGROW FINANCIAL SERVICES PVT.LTD.) AND A22 ( SHRI PRADEEP SHARMA) FACED THE TRIAL AND THEY REMAINING ACCUSED WERE DECLARED POS. THE CAPTIONED MATTER WAS POSTED BEFORE THE LD. COURT ON JULY 30, 2012 FOR PRONOUNCEME NT OF JUDGMENT. AFTER RECORDING ITS REASONS THE COURT HELD THAT SEBI COULD NOT PROVE ITS CASE AGAINST A20 AND A22 BEYOND THE SHADOW OF ALL REASONABLE DOUBTS, AND THEREBY ACQUITTED A20 AND A22

HORIZON PORTFOLIO LTD.

(PAN:AAACH2097M)

(Member : BSE/NSE)

DID NOT SUBMIT APPLICATION FOR PRIOR APPROVAL FROM SEBI AND STOCK EXCHANGES FOR CHANGE IN CONTROL VIOLATING REGULATION 26 (XVII) OF SEBI (STOCK BROKERS) REGULATIONS, 1992

IMPOSED PENALTY RS.2,00,000

20-SEP-2024

ICICI SECURITIES LTD.

(PAN:AAACI0996E)

(Member : NSE)

ALLEGED FAILURE IN ADHERE TO CONDITIONS UNDER MARGIN TRADING FACILITY (MTF) AGREED WITH CLIENTS

ALLEGED SOFTWARE MODULE FOR LIQUIDATION OF SHARES WAS NOT FUNCTIONAL TO SQUARE OFF SECURITIES LYING IN CLIENT UNPAID SECURITIES ACCOUNT

ALLEGED INSTEAD OF SQUARING OFF UNCONFIRMED PLEDGED SECURITIES PERTAINING TO MTF CLIENTS, KEPT SUCH SECURITIES IN CUSA ACCOUNT/TRANSFERRED SECURITIES FROM CURRENT SETTLEMENT ID TO ONE FUTURE SETTLEMENT ID IN THE POOL ACCOUNT

ALLEGED SUBMISSION OF INCORRECT DATA RELATED UNCONFIRMED PLEDGE SECURITIES UNDER MARGIN TRADING FACILITY (MTF)

REACHED SETTLEMENT ( SETTLEMENT CHARGES RS.80,46,000 VIDE CONSENT ORDER)

13-FEB-2025

ICICI SECURITIES LTD.

(PAN:AAACI0996E)

(Member : BSE/NSE)

REACHED SETTLEMENT (SETTLEMENT CHARGES RS.1,00,000 VIDE CONSENT ORDER)

17-MAR-2026

IIFL SECURITIES LTD.

(PAN:AAACI7397D)

(Member : BSE/NSE)

REACHED SETTLEMENT (SETTLEMENT CHARGES RS.1,00,000 VIDE CONSENT ORDER)

17-MAR-2026

INDIA CEMENTS INVESTMENT SERVICES LTD.

(PAN:AAACA3197M)

(Member : NSE)

REACHED SETTLEMENT (SETTLEMENT CHARGES RS.1,00,000 VIDE CONSENT ORDER)

17-MAR-2026

INDIRA SECURITIES PVT.LTD.

(PAN:AABCI2772F)

(Member : NSE)

REACHED SETTLEMENT (SETTLEMENT CHARGES RS.1,00,000 VIDE CONSENT ORDER)

17-MAR-2026

INDO THAI SECURITIES LTD.

(PAN:AAACI4380E)

(Member : BSE/NSE)

REACHED SETTLEMENT (SETTLEMENT CHARGES RS.1,00,000 VIDE CONSENT ORDER)

17-MAR-2026

JAINAM BROKING LTD.

(CIN:U67120GJ2003PLC043162
PAN:AABCJ3918N)

(Member : BSE/NSE)

REACHED SETTLEMENT (SETTLEMENT CHARGES RS.1,00,000 VIDE CONSENT ORDER)

17-MAR-2026

JAINAM BROKING LTD.

(CIN:U67120GJ2003PLC043162
PAN:AABCJ3918N)

(Member : NSE/BSE)

USED NON-PERMISSIBLE WORDS I.E., WEALTH/ WEALTH ADVISORY/ ADVISORY MANAGEMENT/ INVESTMENT ADVISORY/ ADVISORS WITHOUT OBTAINING REGISTRATION FROM SEBI

DID NOT KEEP EVIDENCE IN RESPECT OF ORDER PLACED BY CLIENTS

DID NOT DISPLAY CONTAINING ALL DETAILS/INFORMATION AT THE INSPECTION LOCATION

COMPLAINT REGISTER WAS MAINTAINED BY AUTHORISED PERSON

DID NOT DISPLAY REGISTRATION LETTERS ISSUED BY EXCHANGES AT INSPECTION LOCATION

DO & DON�T AND INVESTOR GRIEVANCES WERE NOT DISPLAYED AT THE INSPECTION LOCATION

DID NOT DISPLAY INVESTOR GRIEVANCES REDRESSAL MECHANISM AT INSPECTION LOCATION

DID NOT PROVIDE AUTHORISED PERSON AGREEMENT

BANK STATEMENTS WERE NOT AVAILABLE FOR VERIFICATION OF DEALINGS WITH CLIENTS

DID NOT MENTION THE DETAILS REGARDING NUMBER OF EMPLOYEES OF AUTHORIZED PERSONS AND NUMBER OF CLIENTS MAPPED TO AUTHORIZED PERSONS

DID NOT OPERATE FROM THE LOCATION REPORTED BY NOTICEE TO EXCHANGES

CTCL IDS OPERATED BY PERSONS OTHER THAN APPROVED USERS

IMPOSED PENALTY RS.6,00,000

29-AUG-2024

JHUNJHUNWALA STOCK BROKERS PVT.LTD.

(Member : BSE)

AJIT R.SANGHVI

ARTI R.JHUNJHUNWALA

MALINI A.SANGHVI

PARAS D.SHAH

RAJENDRAPASAD K.JHUNJHUNWALA

VIOLATED SECTION 13 OF SECURITIES CONTRACTS (REGULATION) ACT, 1956

VIOLATED REGULATION 4 OF SEBI (PFUTP) REGULATIONS, 1995

DEALT IN SECURITIES VIOLATING REGULATION 4 OF SEBI (PROHIBITION OF INSIDER TRADING) REGULATIONS, 1992

ALLEGED VIOLATION OF SEBI (STOCK BROKERS & SUB BROKERS) REGULATIONS, 1992

PROSECUTION LAUNCHED

15-MAY-2006

DISCHARGED

JK SECURITIES PVT.LTD.

(PAN:AAACJ4979J)

(Member : BSE/NSE)

REACHED SETTLEMENT (SETTLEMENT CHARGES RS.1,00,000 VIDE CONSENT ORDER)

17-MAR-2026

JM FINANCIAL SERVICES LTD.

(PAN:AAACJ5977A)

(Member : BSE/NSE)

REACHED SETTLEMENT (SETTLEMENT CHARGES RS.1,00,000 VIDE CONSENT ORDER)

17-MAR-2026

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