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SOURCE OF INFORMATION

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.

PERSONS: CANCELLED REGISTRATION AS INVESTMENT ADVISOR

S.No. PERSON ENTITY REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
61
History of entity/person DHARMENDRA KUMAR LODHI

(PAN:AJZPL7369K)  
Click here to view complete history of this specific entity/person STAR INDIA MARKET RESEARCH

PAN:AJZPL7369K
  		PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

DID NOT CARRY OUT RISK PROFILING OF CLIENTS

DID NOT ENSURE SUITABILITY ADVICE PROVIDE TO CLIENTS

CARRIED OUT IMPROPER RISK PROFILING OF CLIENTS

LEADING QUESTIONS IN QUESTIONNAIRE FOR RISK PROFILING

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

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

SOLD HNI SERVICES TO NON-HNI CLIENTS

CHARGED UNREASONABLE, ARBITRARILY AND INCONSISTENT FEE

CHARGED SERVICE FEES DISPROPORTIONATE TO ANNUAL INCOME/PROPOSED INVESTMENT

CHARGED EXTRA MONEY FROM CLIENTS/INVESTORS

DID NOT RENDER SERVICE EVEN AFTER RECEIPT OF FEES

OBTAINED REGISTRATION FROM SEBI AS AN INVESTMENT ADVISER BY SUBMITTING INCORRECT INFORMATION

DID NOT REDRESS INVESTOR COMPLAINTS

DID NOT PROVIDE INFORMATION TO SEBI

DID NOT ADHERE TO THE DIRECTIVES/INSTRUCTIONS/GUIDELINES ISSUED BY SEBI VIDE IT’S EARLIER ORDER   		CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 29-DEC-2023

29-DEC-2023 		 
62
History of entity/person DHARMESH AGARWAL

(PAN:AEVPA5923P)  
Click here to view complete history of this specific entity/person RUDRAKSH INVESTMENT

PAN:AEVPA5923P
  		DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 10-SEP-2025

10-SEP-2025 		 
63
History of entity/person DHARMESH PARMAR

(PAN:AKJPP3569N)  
  DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 10-SEP-2025

10-SEP-2025 		 
64
History of entity/person DIVYESH DIPAKKUMAR PATEL

(PAN:ARLPP0312L)  
Click here to view complete history of this specific entity/person SHUBH STOCKS CAPITAL

PAN:ARLPP0312L
  		DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR

07-AUG-2026 		 
65
History of entity/person DWARKA PRASAD GUPTA

(PAN:AKDPG6338G)  
Click here to view complete history of this specific entity/person HNI RESEARCH

PAN:AKDPG6338G
  		DID NOT REDRESS INVESTOR COMPLAINTS IN STIPULATED TIME

DID NOT PROVIDE INFORMATION TO SEBI

DID NOT INFORM SEBI PRIOR TO CHANGING ITS REGISTERED OFFICE ADDRESS   		CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 27-APR-2023

27-APR-2023 		 
66
History of entity/person GAGAN HORA  
  NOT A FIT & PROPER PERSON TO ACT AS AN INVESTMENT ADVISOR   CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 11-JAN-2023

11-JAN-2023 		 
67
History of entity/person GARIMA VERMA

(PAN:AEDPV8992D)  
Click here to view complete history of this specific entity/person SHIELD RESEARCH ADVISORY SERVICES

PAN:AEDPV8992D
  		DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR

07-AUG-2026 		 
68
History of entity/person GAURAV BALDEV

(PAN:APBPB6204K)  
  DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 21-JUL-2026

21-JUL-2026 		 
69
History of entity/person GAURAV JAIN

(PAN:AEQPJ0093L)  
  DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 25-APR-2025

25-APR-2025 		 
70
History of entity/person GAURAV KEDIA

(PAN:BHDPK3562Q)  
  DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 25-JUL-2025

25-JUL-2025 		 
71
History of entity/person GAUTAM PARSHOTTAMBHAI BARASIYA

(PAN:BAWPB5777Q)  
Click here to view complete history of this specific entity/person GREEN STOCK ADVISORY

PAN:BAWPB5777Q
  		DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 21-JUL-2026

21-JUL-2026 		 
72
History of entity/person GIRIRAJ CARPANTER

(PAN:ALYPC5937B)  
Click here to view complete history of this specific entity/person INVESTO RESEARCH

PAN:ALYPC5937B
  		DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR

27-NOV-2025 		 
73
History of entity/person GOVIND SATYANARAYAN UPADHYAY

(PAN:AAPPU2874B)  
  DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 25-APR-2025

25-APR-2025 		 
74
History of entity/person GOWRI SUGANYA B.

(PAN:BNIPG7177G)  
  DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 25-JUL-2025

25-JUL-2025 		 
75
History of entity/person GURDEEP SINGH CHHABRA

(PAN:AEVPC3771K)  
  DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR

27-NOV-2025 		 
76
History of entity/person GURMEHER SINGH ALLAGH

(PAN:BKBPA1921J)  
  DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 25-APR-2025

25-APR-2025 		 
77
History of entity/person HARDIK DILIPBHAI SOMANI  
Click here to view complete history of this specific entity/person REAL ADVISORY SERVICES
  		DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 11-SEP-2026

11-SEP-2026 		 
78
History of entity/person HARDIK MAHENDRAKUMAR SHUKLA  
  DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 21-AUG-2026

21-AUG-2026 		 
79
History of entity/person HARI PRASAD CHAPAGAIN

(PAN:AFTPC5653D)  
  DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR

27-NOV-2025 		 
80
History of entity/person HARI PRASAD SOMA

(PAN:ATFPS6200A)  
  DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 25-APR-2025

25-APR-2025 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.
 
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