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 : 02-MAR-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.

COMPANIES: VIOLATED SEBI (INVESTMENT ADVISORS) REGULATIONS, 2013

S.No.

ENTITY

PERSONS

REGULATORY CHARGES

REGULATORY ACTION(S) / DATE OF ORDER

FURTHER DEVELOPMENTS

CAPITAL MONEY MANTRA

(PAN:AAZPY1259J)

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GAURAV YADAV

PAN:AAZPY1259J

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 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 10-JUN-2021 TO 09-JUN-2023

DIRECTED BANKS NOT TO ALLOW ANY DEBITS/WITHDRAWLS AND CREDITS FROM ACCOUNT WITHOUT PERMISSION OF SEBI FROM 10-JUN-2021 TO 09-JUN-2023

DIRECTED BANKS TO ENSURE COMPLIANCE OF THE DIRECTIONS ISSUED BY SEBI FROM 10-JUN-2021 TO 09-JUN-2023

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

DIRECTED TO SUBMIT COMPLETION REPORT OF REPAYMENT TO SEBI CERTIFIED BY INDEPENDENT CHARTERED ACCOUNTANT

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 10-JUN-2021 TO 09-JUN-2023

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 10-JUN-2021 TO 09-JUN-2023

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 10-JUN-2021 TO 09-JUN-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 10-JUN-2021 TO 09-JUN-2023

10-JUN-2021

SEBI VIDE ITS NOTICE DATED 20/09/2023 DIRECTED TO PAY RS.1,52,82,152.00 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 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 21/11/2024 GRANTED RESPONDENT TWO WEEKS TO FILE REPLY TO THE APPLICATION FOR CONDONATION OF DELAY

SAT: SAT VIDE ITS ORDER DATED 17/01/2025 GRANTED FOUR WEEKS TO FILE REPLY AND APPELLANT TO FILE REJOINDER TWO WEEKS THEREAFTER

SAT: SAT VIDE ITS ORDER DATED 09/04/2025 GRANTED APPELLANT THREE WEEKS TO FILE REJOINDER

CAPITAL NIVESH RESEARCH

(PAN:AUMPN9148A)

NARESH NIMAWAT

PAN:AUMPN9148A

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

SEBI VIDE ITS ORDER DATED 28/10/2022 DIRECTED TO A) JOINTLY AND SEVERALLY REFUND THE MONEY (RS.95.30 LAC) RECEIVED FROM THE CLIENTS/INVESTORS/COMPLAINANTS, AS FEES/COMPENSATION 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 INTO FORCE OF THIS ORDER C) REPAYMENTS TO CLIENTS/INVESTORS/COMPLAINANTS,, SHALL BE EFFECTED ONLY THROUGH BANK DEMAND DRAFT OR PAY ORDER OR ELECTRONICS FUND TRANSFER D) FILE REPORT OF SUCH COMPLETION WITH SEBI DULY CERTIFIED FROM INDEPENDENT CHARTERED ACCOUNTANT E) RESTRAINED 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, WHO WERE AVAILING THE INVESTMENT ADVISORY SERVICES F) DEBARRED FROM ACCESSING THE SECURITIES MARKET AND FURTHER 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 DATE OF COMPLETION OF REFUNDS TO CLIENTS/INVESTORS/COMPLAINANTS G) NOT TO UNDERTAKE, EITHER DIRECTLY OR INDIRECTLY, INVESTMENT ADVISORY SERVICES OR ANY ACTIVITY IN THE SECURITIES MARKET WITHOUT OBTAINING CERTIFICATE OF REGISTRATION FROM SEBI H) ) 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 I) DURING THE PERIOD OF RESTRAINT, FREEZED EXISTING HOLDING, INCLUDING UNITS OF MUTUAL FUNDS

CAPITAL RAISE & RESEARCH

(PAN:DPMPR6105B)

AJAY SINGH RANAWAT

PAN:DPMPR6105B

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

RESTRAINED FROM SELLING ASSETS, PROPERTIES AND HOLDING OF MUTUAL FUNDS/SHARES/SECURITIES HELD IN DEMAT AND PHYSICAL FORM FROM 09-NOV-2022 TO 08-MAY-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 09-NOV-2022 TO 08-MAY-2023

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 09-NOV-2022 TO 08-MAY-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 09-NOV-2022 TO 08-MAY-2023

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

09-NOV-2022

SEBI VIDE ITS NOTICE DATED 19/01/2024 DIRECTED TO PAY RS.26,09,821.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

CAPITAL RESEARCH

(PAN:AMSPG6056C)

GOPAL GUPTA

PAN:AMSPG6056C

RAHUL PATEL

PAN:BPHPP7579A

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 05-APR-2023 TO 04-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 05-APR-2023 TO 04-OCT-2023

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 05-APR-2023 TO 04-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 05-APR-2023 TO 04-OCT-2023

05-APR-2023

SEBI VIDE ITS NOTICE DATED 27/02/2024 DIRECTED TO PAY RS.67,53,911.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SEBI VIDE ITS NOTICE DATED 27/02/2024 DIRECTED TO PAY RS.67,53,911.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

CAPITAL SOLUTIONS

(PAN:GNKPD2157J)

MANISH DUBEY

PAN:GNKPD2157J

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 23-DEC-2022 TO 22-DEC-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

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 23-DEC-2022 TO 22-DEC-2024

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 23-DEC-2022 TO 22-DEC-2024

RESTRAINED FROM ASSOCIATING WITH ANY LISTED PUBLIC COMPANY AND ANY PUBLIC COMPANY WHICH INTENDS TO RAISE MONEY FROM PUBLIC FROM 23-DEC-2022 TO 22-DEC-2024

IMPOSED PENALTY RS.2,00,000 ALONG WITH OTHER ENTITIES/PERSONS

23-DEC-2022

SEBI VIDE ITS NOTICE DATED 18/06/2024 DIRECTED TO PAY RS.73,78,016.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SEBI VIDE ITS NOTICE DATED 18/06/2024 DIRECTED TO PAY RS.2,39,000.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SEBI VIDE ITS ORDER DATED 10/07/2024 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

CAPITAL STROKE INVESTMENT SERVICES PVT.LTD.

(PAN:AAFCC1815M)

KAMLESH DHOLE

DIN:06513174
PAN:BGTPD3720Q

PRASHANT SINGH BAGHEL

DIN:06556521
PAN:BIKPP1812J

UPENDRA SINGH RAJPUT

DIN:06556531
PAN:CLGPS4925M

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

CHARGED UNREASONABLE, ARBITRARILY AND INCONSISTENT FEE

SOLD ADVISORY SERVICES/PACKAGES OVERLAPPING SUBSCRIPTION PERIOD WITH HUGE AMOUNT OF FEES

LOCKED CLIENTS BY ADVANCE FEE FOR SALE OF PRODUCTS WITHOUT REFUND

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 27-AUG-2021 UNTIL FURTHER ORDERS

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 27-AUG-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 27-AUG-2021 UNTIL 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 27-AUG-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 27-AUG-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 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 27-AUG-2021 UNTIL FURTHER ORDERS

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

27-AUG-2021

SEBI VIDE ITS ORDER DATED 08/06/2022 CONFIRMED THE DIRECTIONS ISSUED VIDE ITS INTERIM ORDER DATED 27/08/2021

CAPITAL STROKE INVESTMENT SERVICES PVT.LTD.

(PAN:AAFCC1815M)

KAMLESH DHOLE

DIN:06513174
PAN:BGTPD3720Q

PRASHANT SINGH BAGHEL

DIN:06556521
PAN:BIKPP1812J

UPENDRA SINGH RAJPUT

DIN:06556531
PAN:CLGPS4925M

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

REPRESENTATIVES/EMPLOYEES DID NOT HAVE REQUISITE QUALIFICATION AND CERTIFICATION

SUBMITTED FORGED DOCUMENTS TO SEBI DURING INSPECTION

CHARGED ADVISORY FEES BEFORE EXPIRY OF TENURE OF EXISTING SERVICE/COLLETING MULTIPLE PAYMENTS IN SHORT PERIOD

DID NOT PROVIDE PROOF OF COMMUNICATION TO CLIENTS ABOUT DETAILS OF ITS ADVISORY SERVICES

PROVIDED INVESTMENT ADVICE ON FREE TRIALS TO CLIENTS

SHOWED FAKE TESTIMONIALS AND PAST PERFORMANCE ON WEBSITE TO MISLEAD CLIENTS

INVOLVED IN UNREGISTERED INVESTMENT ADVISORY ACTIVITY

DID NOT COMMUNICATE RISK PROFILE TO CLIENT AFTER RISK ASSESSMENT

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

28-AUG-2025

CAPITAL TARGET ADVISORY SERVICES

(PAN:APWPP4519C)

C.MURALITHARAN

PAN:AFKPC7801E

CHITHANATHAN PARANITHARAN

PAN:APWPP4519C

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 05-JUL-2022 TO 04-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 05-JUL-2022 TO 04-JAN-2023

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 05-JUL-2022 TO 04-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 05-JUL-2022 TO 04-JAN-2023

05-JUL-2022

CAPITAL TARGET FINANCIALS

(PAN:AAHFC0266F)

CHITHANATHAN PARANITHARAN

PAN:APWPP4519C

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 05-JUL-2022 TO 04-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 05-JUL-2022 TO 04-JAN-2023

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 05-JUL-2022 TO 04-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 05-JUL-2022 TO 04-JAN-2023

05-JUL-2022

SAT: SAT VIDE ITS ORDER DATED 21/09/2022 PARTLY ALLOWED THE APPEAL BY A) DIRECTED APPELLANT TO ISSUE PUBLIC NOTICE IN ALL EDITION OF TWO NATIONALS DAILIES (ONE ENGLISH AND ONE HINDI) AND ONE IN LOCAL DAILY WITH WIDE CIRCULATION, DETAILING THE MODALITIES FOR REFUND INCLUDING THE DETAILS OF CONTACT PERSON SUCH AS NAMES, ADDRESS AND CONTACT DETAILS WITHIN 21 DAYS FROM DATE OF THIS ORDER B) REPAYMENTS TO THE COMPLAINANTS/INVESTORS TO BE EFFECTED ONLY THROUGH DEMAND DRAFT OR PAY OR ELECTRONIC FUND TRANSFER OR THOUGH ANY OTHER APPROPRIATE BANKING CHANNELS WITHIN 3 MONTHS FROM DATE OF THIS ORDER C) APPELLANT TO FILE REPORT TO SEBI DETAILING THE AMOUNT REFUNDED D) REMAINING BALANCE AMOUNT TO BE DEPOSITED WITH SEBI IN ESCROW ACCOUNT FOR A PERIOD OF ONE YEAR E) RESTRAINED APPELLANTS FROM ACCESSING SECURITIES MARKET DIRECTLY OR INDIRECTLY AND FURTHER PREVENTED FROM SELLING ASSETS, PROPERTIES AND HOLDING OF MUTUAL FUNDS/SHARES/SECURITIES HELD BY THEM IN DEMAT ACCOUNT AND PHYSICAL FORM F) UPON SUBMISSION OF REPORT TO SEBI AND DEPOSIT OF THE REMAINING MONEY, IF ANY, DEBARMENT ORDER AND RESTRAINT ORDER WOULD BE LIFTED WITHIN 15 DAYS THEREAFTER

CAPITAL TRADING CASH

(PAN:EQGPS3663P)

SAUDAN SINGH

PAN:EQGPS3663P

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 CEASE AND DESIST FROM ACTING AS AN INVESTMENT ADVISER

RESTRAINED FROM SELLING ASSETS, PROPERTIES AND HOLDING OF MUTUAL FUNDS/SHARES/SECURITIES HELD IN DEMAT AND PHYSICAL FORM FROM 20-APR-2023 TO 19-APR-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 20-APR-2023 TO 19-APR-2025

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 20-APR-2023 TO 19-APR-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 20-APR-2023 TO 19-APR-2025

IMPOSED PENALTY RS.7,00,000 ALONG WITH OTHER ENTITIES/PERSONS

20-APR-2023

SEBI VIDE ITS NOTICE DATED 31/01/2024 DIRECTED TO PAY RS.7,71,000.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SEBI VIDE ITS NOTICE DATED 31/01/2024 DIRECTED TO PAY RS.89,89,729.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SEBI VIDE ITS ORDER DATED 10/07/2024 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 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

CAPITAL TRUE FINANCIAL SERVICES

(PAN:AINPT0227B)

NARENDRA SINGH TANWAR

PAN:AINPT0227B

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

OBTAINED REGISTRATION FROM SEBI BY PRODUCING FALSE AND FABRICATED DOCUMENTS TO PROVE HIS ELIGIBILITY TO WORK AS AN INVESTMENT ADVISOR

DIRECTED TO CEASE & 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 05-JUN-2020 TO 04-JUN-2022

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 05-JUN-2020 TO 04-JUN-2022

DIRECTED NOT TO DIVERT ANY FUNDS RAISED FROM PUBLIC AT LARGE KEPT IN BANK ACCOUNT AND/OR IN THE CUSTODY OF THE COMPANY FROM 05-JUN-2020 TO 04-JUN-2022

DIRECTED TO SUBMIT LIST OF CLIENTS AND FEE COLLECTED FROM THEM

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 05-JUN-2020 TO 04-JUN-2022

DIRECTED TO CEASE AND DESIST FROM ACTING AS AN INVESTMENT ADVISER

DIRECTED NOT TO USE TERM �INVESTMENT ADVISER� DIRECTLY OR INDIRECTLY IN ANY MANNER WHATSOEVER ON LETTER-HEAD, WEBSITE, SIGNAGE BOARD OR OTHERWISE

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 05-JUN-2020 TO 04-JUN-2022

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

06-NOV-2018

SEBI VIDE ITS ORDER DATED 05/06/2020 A) CANCELLED CERTIFICATE OF REGISTRATION AS INVESTMENT ADVISER AND CEASE AND DESIST FROM ACTING AS INVESTMENT ADVISER C) DIRECTED TO NOT TO USE THE TERM �INVESTMENT ADVISER� DIRECTLY OR INDIRECTLY IN ANY MANNER WHATSOEVER ON LETTER-HEAD, WEBSITE, SIGNAGE BOARD OR OTHERWISE D) DEBARRED FROM ACCESSING SECURITIES MARKET AND FURTHER PROHIBITED FROM BUYING, SELLING OR OTHERWISE DEALING IN SECURITIES, DIRECTLY OR INDIRECTLY, OR BEING ASSOCIATED WITH SECURITIES MARKET IN ANY MANNER, FOR TWO YEARS E) DURING PERIOD OF RESTRAINT FREEZED EXISTING HOLDING, INCLUDING MUTUAL FUNDS UNITS

CAPITAL VISTA SERVICES

(PAN:ADLPY1281D)

SANDEEP YADAV

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

CAPITAL VRADDHI FINANCIAL SERVICES

(PAN:AQKPJ9329B)

RAJU JHARIYA

PAN:AQKPJ9329B

REPRESENTATIVES/EMPLOYEES DID NOT HAVE REQUISITE QUALIFICATION AND CERTIFICATION

COLLECTED FEES IN EXCESS FEES OF THE PERMISSIBLE LIMIT

RECEIVED FEES WITHOUT EXECUTING ANY AGREEMENT WITH CLIENTS

DID NOT MAINTAIN CALL RECORDINGS OF CLIENTS

DID NOT OBTAIN AND/OR MAINTAIN ANY DOCUMENTS FOR KNOW YOUR CLIENTS (KYC), RISK PROFILING, SUITABILITY, ACKNOWLEDGEMENT FROM CLIENTS, COMMUNICATION WITH CLIENTS/INVESTORS, CALL RECORDING OF CARRYING OUT RISK PROFILING AND RATIONALE FOR ADVISORY SERVICES ETC.

PROVIDED INVESTMENT ADVICE ON FREE TRIALS TO CLIENTS

PROVIDED TIPS/ RECOMMENDATIONS TO CLIENTS USING THEIR PERSONAL NUMBERS

PRODUCED FAKE REVIEWS OF THROUGH BLOG TO MISLED THE CLIENTS TO BE ON BOARD AND BUY THE SERVICES

CHARGED FEE HIGHER THAN INCOME/PROPOSED INVESTMENT OF CLIENTS

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

PROVIDED WRONG INFORMATION AND/OR MISREPRESENTED TO CLIENTS

IMPOSED PENALTY RS.40,00,000 ALONG WITH OTHER ENTITIES/PERSONS

22-OCT-2024

SEBI VIDE ITS NOTICE DATED 07/01/2025 DIRECTED TO PAY RS.41,61,000.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SEBI VIDE ITS ORDER DATED 27/01/2025 DIRECTED ALL THE BANKS IN INDIA AND/OR NSDL/CDSL TO 1. ATTACH ALL THE ACCOUNTS BY WHATEVER NAME CALLED INCLUDING LOCKERS, DEMAT ACCOUNTS 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 06/03/2025 DIRECTED ALL THE BANKS AND MUTUAL FUNDS IN INDIA TO REMIT RS.42,41,000.00 TO THE EXTENT LYING IN THE ACCOUNT OF NOTICEE TO SEBI BY WAY OF EFT/NEFT/RTG

SAT: SAT VIDE ITS ORDER DATED 12/03/2025 CONDONED THE DELAY OF 36 DAYS IN FILING OF APPEAL AND GRANTED RESPONDENT FOUR WEEKS TO FILE REPLY AND APPELLANT TO FILE REJOINDER TWO WEEKS THEREAFTER. STAYED PENALTY ORDER SUBJECT TO DEPOSIT 50% PENALTY AMOUNT WITHIN FOUR WEEKS FROM DATE OF THIS ORDER

SAT: SAT VIDE ITS ORDER DATED 02/07/2025 GRANTED RESPONDENT TWO WEEKS TO FILE REPLY

CAPITAL VRADDHI FINANCIAL SERVICES

(PAN:AQKPJ9329B)

RAJU JHARIYA

PAN:AQKPJ9329B

DID NOT POSSESS NISM CERTIFICATE

CHARGED EXTRA MONEY FROM CLIENTS/INVESTORS

RECEIVED FEES WITHOUT EXECUTING ANY AGREEMENT WITH CLIENTS

DID NOT MAINTAIN CALL RECORDINGS OF CLIENTS

CHARGED FEE HIGHER THAN INCOME/PROPOSED INVESTMENT OF CLIENTS

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

RESTRAINED FROM TAKING UP/ONBOARDING ANY NEW CLIENTS FROM 14-NOV-2025 TO 13-MAY-2026

14-NOV-2025

CAPITAL WAYS INVESTMENT ADVISER

(PAN:AAPPO6194C)

DEEPAK OSTWAL

PAN:AAPPO6194C

REPRESENTATIVES/EMPLOYEES DID NOT HAVE REQUISITE QUALIFICATION AND CERTIFICATION

DETAILS OF THE INVOICES DID NOT MATCH WITH AGREEMENTS

INVOICES GENERATED PRIOR TO ENTERING INTO AGREEMENT WITH THE CLIENTS

DID NOT DO PROPER SUITABILITY ASSESSMENT AND SOLD PRODUCTS BEARING HIGHER RISK THAN RISK CATEGORIES DEFINED BY RISK PROFILE OF CLIENTS

DID NOT MAINTAIN RECORDS OF COMMUNICATION WITH CLIENTS DURING RISK PROFILING AND SUITABILITY ASSESSMENT OF ADVICE/SELECTION OF ADVISORY PRODUCT/SERVICES

DID NOT CO-OPERATE WITH SEBI IN INSPECTION

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

DID NOT MAINTAIN CALL RECORDINGS OF CLIENTS

FORCED CLIENT TO TAKE ADDITIONAL ADVISORY SERVICES AND MAKE ADDITIONAL PAYMENT

HANDLED CLIENTS DEMAT ACCOUNT

DID NOT REDRESS INVESTOR COMPLAINTS

DID NOT PROVIDE TRAINING RELATED TO PREVENTION OF MONEY LAUNDERING ACT, 2002 (PMLA) TO ITS EMPLOYEES

SUSPENDED REGISTRATION AS INVESTMENT ADVISER FROM 23-MAY-2025 TO 22-NOV-2025

23-MAY-2025

CAPITAL WAYS INVESTMENT ADVISER

(PAN:AAPPO6194C)

DEEPAK OSTWAL

PAN:AAPPO6194C

REPRESENTATIVES/EMPLOYEES DID NOT HAVE REQUISITE QUALIFICATION AND CERTIFICATION

DETAILS OF THE INVOICES DID NOT MATCH WITH AGREEMENTS

INVOICES GENERATED PRIOR TO ENTERING INTO AGREEMENT WITH THE CLIENTS

DID NOT DO PROPER SUITABILITY ASSESSMENT AND SOLD PRODUCTS BEARING HIGHER RISK THAN RISK CATEGORIES DEFINED BY RISK PROFILE OF CLIENTS

DID NOT MAINTAIN RECORDS OF COMMUNICATION WITH CLIENTS DURING RISK PROFILING AND SUITABILITY ASSESSMENT OF ADVICE/SELECTION OF ADVISORY PRODUCT/SERVICES

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

DID NOT MAINTAIN CALL RECORDINGS OF CLIENTS

DID NOT PROVIDE TRAINING RELATED TO PREVENTION OF MONEY LAUNDERING ACT, 2002 (PMLA) TO ITS EMPLOYEES

SOLD HIGH-RISK PRODUCT/SERVICE TO CLIENT WITH MODERATE/LOW RISK APPETITE

DID NOT REDRESS INVESTOR COMPLAINTS

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

26-DEC-2024

SEBI VIDE ITS NOTICE DATED 27/03/2025 DIRECTED TO PAY RS.10,41,000.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SAT: SAT VIDE ITS ORDER DATED 15/04/2025 ALLOWED RESPONDENT FOUR WEEKS TO FILE REPLY AND REJOINDER, IF ANY, TO BE FILED WITHIN TWO WEEKS THEREAFTER AND INTERIM ORDER SHALL BE SUBJECT TO DEPOSIT OF RS.5 LAC WITHIN FOUR WEEKS FROM DATE OF THIS ORDER

CAPITAL WORTH RESEARCH HOUSE

(PAN:AANFC2170Q)

ANKIT SHRIVASTAV

PAN:FNXPS2212D

MOHAMMED AAMIR SHAIKH

PAN:DZDPS7841Q

SAMEER MEMON

PAN:DBUPM4094J

SHAHID RANGREJ

PAN:CAHPR9501A

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 22-FEB-2023 TO 21-FEB-2026

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

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 22-FEB-2023 TO 21-FEB-2026

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 22-FEB-2023 TO 21-FEB-2026

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 22-FEB-2023 TO 21-FEB-2026

22-FEB-2023

SEBI VIDE ITS NOTICE DATED 08/01/2024 DIRECTED TO PAY RS.1,73,31,574.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

CAPITAL YIELD RESEARCH & ADVISORY

(PAN:AGCPL2573P)

MANISH LALWANI

PAN:AGCPL2573P

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 18-JAN-2023 TO 17-JAN-2026

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

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 18-JAN-2023 TO 17-JAN-2026

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 18-JAN-2023 TO 17-JAN-2026

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 18-JAN-2023 TO 17-JAN-2026

18-JAN-2023

SEBI VIDE ITS ORDER DATED 25/05/2023 DIRECTED TO A) REFUND THE MONEY RECEIVED FROM CLIENTS/INVESTORS/COMPLAINANT AS FEES OR CONSIDERATION OR IN ANY OTHER FORM IN RESPECT OF 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 INCLUDING DETAILS OF CONTACT PERSON NAMES, ADDRESSES AND CONTACT DETAILS C) REPAYMENTS TO CLIENTS/INVESTORS ONLY THROUGH BANK DEMAND DRAFT OR PAY ORDER OR ELECTRONICS FUND TRANSFER D) FILE REPORT OF SUCH COMPLETION WITH SEBI DULY CERTIFIED FROM INDEPENDENT CHARTERED ACCOUNTANT E) REMAINING BALANCE AMOUNT DEPOSITED WITH SEBI TO BE KEPT IN AN ESCROW ACCOUNT FOR ONE YEAR FOR DISTRIBUTION TO CLIENTS/INVESTORS F) RESTRAINED 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, WHO WERE AVAILING THE INVESTMENT ADVISORY SERVICES

CAPITALAIM FINANCIAL ADVISORY PVT.LTD.

(PAN:AAFCC0828E)

ANANT TIWARI

PAN:AOZPT7238L
DIN:08254807

DEBABRATA BHATTACHARJEE

DIN:08271304
PAN:AKKPB4039N

SHEETAL FOUJDAR

PAN:AVLPB6079L
DIN:07285442

SOLD ADVISORY SERVICES PRIOR TO COMMUNICATION OF RISK PROFILE

SOLD HIGH-RISK PRODUCT/SERVICE TO CLIENT WITH MODERATE/LOW RISK APPETITE

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

CHARGED SERVICE FEES DISPROPORTIONATE TO ANNUAL INCOME/PROPOSED INVESTMENT

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