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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 : 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.

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 KAMAL WADHWANI

(PAN:ABBPW7701L)  
  DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 25-APR-2025

25-APR-2025 		 
62
History of entity/person KAPIL JAIN

(PAN:AHJPJ8021E)  
  DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 25-APR-2025

25-APR-2025 		 
63
History of entity/person KAUSHAL MEHTA

(PAN:AMAPM0348R)  
  DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 25-APR-2025

25-APR-2025 		 
64
History of entity/person KETAN BORA

(PAN:BENPB0608D)  
Click here to view complete history of this specific entity/person INSANE TRADERS

PAN:BENPB0608D
  		DID NOT APPLY FOR REGISTRATION AS NON-INDIVIDUAL INVESTMENT ADVISOR

DID NOT MAINTAIN AND PROVIDE RECORD OF CLIENTS AND COPY OF AGREEMENT EXECUTED BETWEEN CLIENTS

DID NOT PROVIDE DETAILS OF KRA PROCESS AT THE TIME OF ON-SITE INSPECTION AND DID NOT FOLLOW KYC PROCESS WHILE ONBOARDING CLIENTS

DID NOT PROVIDE DOCUMENTED PROCESS FLOW TO IDENTIFY RISK PROFILE/ RISK SCORE OF CLIENTS TO DECIDE ON THEIR SUITABILITY FOR FINANCIAL PRODUCTS

DID NOT PROVIDE DOCUMENTED PROCESS FLOW AND DETAIL QUESTIONNAIRE FOR RISK PROFILING CLIENT

DID NOT MAKE DISCLOSURES ABOUT MATERIAL INFORMATION ABOUT ITSELF INCLUDING BUSINESS, DISCIPLINARY HISTORY, ANY ACTUAL OR POTENTIAL CONFLICT OF INTEREST, ETC.

DID NOT MAINTAIN MINIMUM NETWORTH

DID NOT RENEW NISM X-A & NISM X-B CERTIFICATE   		CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 28-JAN-2025

28-JAN-2025 		 
65
History of entity/person KEYURKUMAR DINESHKUMAR SHAH

(PAN:ANXPS9408E)  
  DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR

27-NOV-2025 		 
66
History of entity/person KUMAR NATHANI

(PAN:AAWPN7733K)  
  DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR

27-NOV-2025 		 
67
History of entity/person KUSHAL KOTHARI

(PAN:ARFPK9145A)  
  DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 25-APR-2025

25-APR-2025 		 
68
History of entity/person LOKESH JAYANAND CHAUDHARI

(PAN:AOPPC9751F)  
  DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR

27-NOV-2025 		 
69
History of entity/person MADHAV AGARWAL

(PAN:AIOPA0258E)  
  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 MAHAVIR PRASAD MUNDRA

(PAN:AQYPM8250G)  
  ALLOWED UNREGISTERED PERSON TO ACT AS INVESTMENT ADVISOR

OBTAINED INVESTMENT ADVISOR REGISTRATION BY SUBMITTING FAKE EXPERIENCE CERTIFICATES

ENGAGED REPRESENTATIVES TO RENDERING INVESTMENT ADVICE WITHOUT ADEQUATE QUALIFICATIONS AND/OR REGISTRATION AND INFORMATION TO SEBI

DID NOT RENEW NISM REGISTRATION

MISREPRESENTED CLIENTS THAT PRODUCTS IN FUTURES AND OPTIONS SEGMENTS GAVE REGULAR INCOME

DID NOT OBTAIN ANY SUPPORTING DOCUMENTS/EVIDENCE FROM CLIENTS WHILE DOING RISK PROFILING OF CLIENTS

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

SOLD HIGH FEES PRODUCT WITHOUT CONSIDERING ANNUAL INCOME AND PROPOSED INVESTMENT VALUE

DID NOT HAVE ANY PRODUCTS/SERVICES DESIGNED BY ITS OWN

SOLD MULTIPLE PRODUCTS AND CHARGED UNREASONABLE FEES AND/OR SERVICE CHARGE

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

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

DID NOT PROVIDE DOCUMENTS WITH REGARD TO DATE AND SUBJECT OF TRAINING, NUMBER OF PARTICIPANTS, MATERIALS DISTRIBUTED, ATTENDANCE SHEET OF EMPLOYEES ETC.   		CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 17-JUL-2023

17-JUL-2023 		 
71
History of entity/person MANIKARAN SINGAL

(PAN:AZWPS7634P)  
Click here to view complete history of this specific entity/person GOOD MONEYING FINANCIAL SOLUTIONS

PAN:AZWPS7634P
  		DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 25-APR-2025

25-APR-2025 		 
72
History of entity/person MANJEET SINGH VOHRA

(PAN:AADPV3861F)  
  DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 25-JUL-2025

25-JUL-2025 		 
73
History of entity/person MANOJ JEEVRAJ RATHORE

(PAN:ABWPR4756K)  
  DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR

27-NOV-2025 		 
74
History of entity/person MAYANK SINGH

(PAN:AXVPS8097B)  
  DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 25-APR-2025

25-APR-2025 		 
75
History of entity/person MITESH KAMDAR

(PAN:AADPK0912E)  
  DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR

27-NOV-2025 		 
76
History of entity/person MOHIT MANGHNANI

(PAN:CXGPM4395H)  
Click here to view complete history of this specific entity/person WEALTHIT GLOBAL

PAN:CXGPM4395H
  		DID NOT RENEW NISM REGISTRATION

DID NOT HAVE QUALIFICATION TO CONTINUE TO ACT AS REGISTERED INVESTMENT ADVISER

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

SOLD MULTIPLE PRODUCTS AND CHARGED UNREASONABLE FEES AND/OR SERVICE CHARGE

DID NOT CO-OPERATE IN PROVIDING INFORMATION TO SEBI FOR THE PURPOSE OF EXAMINATION OF ITS AFFAIRS

DID NOT PROVIDE MATERIAL INFORMATION TO SEBI

DID NOT COMMUNICATE RISK PROFILE TO CLIENTS

DID NOT FURNISH ACTION TAKEN REPORT IN CONNECTION WITH REDRESSAL OF INVESTOR’S GRIEVANCES IN STIPULATED TIME

DID NOT REDRESS INVESTOR COMPLAINTS   		CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 30-APR-2023

31-MAR-2023 		SAT: SAT VIDE ITS ORDER DATED 25/07/2023 CONDONED THE DELAY IN FILING OF APPEAL. ALLOWED THE APPEAL AND SET ASIDE IMPUGNED ORDER 31/03/2023. MATTER REMITTED BACK TO SEBI TO PASS FRESH ORDER IN ACCORDANCE WITH LAW  
77
History of entity/person MOIZ A.CHOOLAWALA

(PAN:AQAPM2596D)  
  DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR

27-NOV-2025 		 
78
History of entity/person MONA BAJAJ

(PAN:ADBPA0831B)  
  DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 25-APR-2025

25-APR-2025 		 
79
History of entity/person NAGESWARARAO KHANDAVALLI

(PAN:AKVPK4402H)  
  DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 25-APR-2025

25-APR-2025 		 
80
History of entity/person NANDITA ASHISH SHIVALKAR

(PAN:CBSPS0523B)  
  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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