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: VIOLATED SEBI (INVESTMENT ADVISORS) REGULATIONS, 2013

S.No.

PERSON

ENTITY

REGULATORY CHARGES

REGULATORY ACTION(S) / DATE OF ORDER

FURTHER DEVELOPMENTS

881

VAIBHAV PATIL

(PAN:BGLPP6889C)

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PROWISE CAPITAL

PAN:AASFP2716Q

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

SEBI VIDE ITS ORDER DATED 14/06/2021 DIRECTED TO A) REFUND THE MONEY RECEIVED FROM CLIENTS/INVESTORS/COMPLAINT AS FEES OR COMPENSATION OR IN ANY OTHER FORM IN RESPECT OF ITS 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 C) REPAYMENTS TO THE CLIENTS/INVESTORS SHALL BE EFFECTED ONLY THROUGH BANK DEMAND DRAFT OR PAY ORDER OR ELECTRONIC FUND TRANSFER OR THROUGH ANY OTHER APPROPRIATE BANKING CHANNELS D) NOT TO SELL ASSETS, PROPERTIES AND HOLDING OF MUTUAL FUNDS/SHARES/SECURITIES HELD IN DEMAT AND PHYSICAL FORM EXCEPT FOR THE SOLE PURPOSE OF MAKING THE REFUNDS. FURTHER, THE BANKS ARE DIRECTED TO ALLOW DEBIT ONLY FOR THE PURPOSE OF MAKING REFUNDS TO THE CLIENTS/INVESTORS WHO WERE AVAILING THE INVESTMENT ADVISORY SERVICES E) FILE REPORT OF SUCH COMPLETION WITH SEBI DULY CERTIFIED FROM INDEPENDENT CHARTERED ACCOUNTANTS F) DEBARRED FROM ACCESSING THE SECURITIES MARKET DIRECTLY OR INDIRECTLY AND ARE 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 THE DATE OF THIS ORDER OR TILL THE EXPIRY OF TWO YEARS FROM THE DATE OF COMPLETION OF REFUNDS TO INVESTORS G) 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 FOR A PERIOD OF TWO YEARS FROM THE DATE OF COMPLETION OF REFUNDS TO INVESTORS H) NOT TO UNDERTAKE, EITHER DURING OR AFTER THE EXPIRY OF THE PERIOD OF DEBARMENT/RESTRAINT, EITHER DIRECTLY OR INDIRECTLY, INVESTMENT ADVISORY SERVICES OR ANY ACTIVITY IN THE SECURITIES MARKET WITHOUT OBTAINING A CERTIFICATE OF REGISTRATION FROM SEBI AS REQUIRED UNDER THE SECURITIES LAW

SEBI VIDE ITS NOTICE DATED 30/11/2023 DIRECTED TO PAY RS.2,49,99,455.00 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 NOTICE DATED 17/09/2024 DIRECTED ALL THE BANKS AND MUTUAL FUNDS IN INDIA TO REMIT RS.26,922,413.00 TO THE EXTENT LYING IN THE ACCOUNT OF NOTICEES TO SEBI BY WAY OF EFT/NEFT/RTG

SEBI VIDE ITS NOTICE DATED 31/01/2025 ALLOWED THE APPEAL AND DIRECTED ALL THE BANKS IN INDIA/NSDL/CDSL TO RELEASE ALL THE BANK ACCOUNTS INCLUDING LOCKERS, DEMAT ACCOUNTS AND MUTUAL FUND FOLIOS OF THE DEFAULTERS WHICH WERE ATTACHED PURSUANT TO THE NOTICE OF ATTACHMENT DATED 10/07/2024

SEBI VIDE ITS ORDER DATED 19/08/2025 DIRECTED TO A) REFUND THE MONIES RECEIVED FROM CLIENTS/ INVESTORS, AS FEES OR CONSIDERATION IN RESPECT OF UNREGISTERED INVESTMENT ADVISORY ACTIVITIES THROUGH BANKING CHANNELS 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 THE MODALITIES FOR REFUND INCLUDING DETAILS OF CONTACT PERSON NAMES, ADDRESSES AND CONTACT DETAILS WITHIN 30 DAYS OF COMING FORCE OF THIS ORDER C) FILE REPORT OF SUCH COMPLETION WITH SEBI DULY CERTIFIED FROM INDEPENDENT CHARTERED ACCOUNTANTS WITHIN 15 DAYS

882

VAIBHAV RAMACHANDRA PATIL

(PAN:BAYPP4608L)

VRP CAPITAL & DERIVATIVE MARKET SERVICES

PAN:BAYPP4608L

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

SEBI VIDE ITS ORDER DATED 30/03/2022 DIRECTED TO A) REFUND THE MONEY RECEIVED FROM COMPLAINTS/INVESTORS, AS FEES OR CONSIDERATION 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 FORCE OF THIS ORDER C) REPAYMENTS TO COMPLAINTS/INVESTORS TO BE EFFECTED ONLY IN CASH THROUGH BANK DEMAND DRAFT OR PAY ORDER OR ELECTRONICS FUND TRANSFER D) PREVENTED 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/COMPLAINTS WHO WERE AVAILING THE INVESTMENT ADVISORY SERVICES E) FILE REPORT OF SUCH COMPLETION WITH SEBI DULY CERTIFIED FROM INDEPENDENT CHARTERED ACCOUNTANTS F) DEBARRED FROM ACCESSING SECURITIES MARKET DIRECTLY OR INDIRECTLY AND ARE PROHIBITED FROM BUYING, SELLING OR OTHERWISE DEALING IN THE SECURITIES MARKET, DIRECTLY OR INDIRECTLY IN ANY MANNER WHATSOEVER FOR SIX MONTHS FROM DATE OF COMPLETION OF REFUNDS TO COMPLAINTS/INVESTORS G) NOT TO UNDERTAKE, EITHER DIRECTLY OR INDIRECTLY, INVESTMENT ADVISORY SERVICES OR ANY OTHER ACTIVITY IN THE SECURITIES MARKET WITHOUT OBTAINING CERTIFICATE OF REGISTRATION FROM SEBI

883

VAIBHAV SHARMA

(PAN:EHVPS8595A)

STOCKEY INVESTMENT ADVISORS

PAN:EHVPS8595A

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 25-APR-2025

25-APR-2025

884

VAISHALI RAGHUWANSHI

TRADE INDIA RESEARCH

PAN:BEHPG5479R

CHARGED UNREASONABLE, ARBITRARILY AND INCONSISTENT FEE

DID NOT TAKE CONSENT OF CLIENTS ON RISK PROFILES

USED FAKE NAMES IN DEALING WITH CLIENTS

PROVIDED INVESTMENT ADVICE WITHOUT CONSENT OF THE CLIENTS

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

SOLD NON EXISTED PRODUCTS/SERVICES

CREATED FAKE PORTFOLIO OF CLIENTS AND SHOWED PROFIT IN SUCH PORTFOLIO

CEASE AND DESIST FROM UNDERTAKING FRAUDULENT ACTIVITIES, DIRECTLY OR INDIRECTLY, AND TO CONDUCT THEMSELVES IN STRICT COMPLIANCE WITH NORMS UNDER IA REGULATIONS FROM 13-DEC-2019 TILL FURTHER ORDERS

13-DEC-2019

SEBI VIDE ITS ORDER DATED 27/07/2021 CONFIRMED ITS DIRECTIONS ISSUED VIDE ITS INTERIM ORDER DATED 13/12/2019

885

VAISHALI UMESH KALE

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 10-SEP-2026

10-SEP-2026

886

VALERIAN LOUIS MENDANHA

(PAN:ANOPM8570A)

MSS TRADING SYSTEM CENTRE

PAN:ANOPM8570A

INDULGED IN ACTIVITY OF PORTFOLIO MANAGER WITHOUT SEBI REGISTRATION

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

SEBI VIDE ITS ORDER DATED 18/08/2022 DIRECTED TO A) REFUND THE MONEY RECEIVED FROM ANY COMPLAINTS AND/OR INVESTORS, AS FEES OR CONSIDERATION OR IN ANY OTHER FORM, IN RESPECT OF UNREGISTERED PORTFOLIO MANAGEMENT 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 FORCE OF THIS ORDER C) REPAYMENTS TO COMPLAINTS AND/OR INVESTORS, SHALL BE EFFECTED ONLY THROUGH BANK DEMAND DRAFT OR PAY ORDER OR ELECTRONICS FUND TRANSFER D) PREVENTED 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 COMPLAINTS AND/OR INVESTORS, WHO WERE AVAILING THE PORTFOLIO MANAGEMENT SERVICES E) FILE REPORT OF SUCH COMPLETION WITH SEBI DULY CERTIFIED FROM INDEPENDENT CHARTERED ACCOUNTANT F) DEBARRED FROM ACCESSING SECURITIES MARKET DIRECTLY OR INDIRECTLY AND ARE PROHIBITED FROM BUYING, SELLING OR OTHERWISE DEALING IN THE SECURITIES MARKET, DIRECTLY OR INDIRECTLY IN ANY MANNER WHATSOEVER FOR SIX MONTH FROM DATE OF COMPLETION OF REFUNDS TO COMPLAINTS/INVESTORS G) NOT TO UNDERTAKE, EITHER DIRECTLY OR INDIRECTLY, PORTFOLIO MANAGEMENT SERVICES OR ANY ACTIVITY IN THE SECURITIES MARKET WITHOUT OBTAINING CERTIFICATE OF REGISTRATION FROM SEBI

SAT: SAT VIDE ITS ORDER DATED 12/12/2022 RECALLED THE ORDER DATED 10/11/2022

SAT: SAT VIDE ITS ORDER DATED 12/12/2022 DISMISSED THE APPEAL

SAT: SAT VIDE ITS ORDER DATED 03/02/2023 REJECTED REVIEW APPLICATION

SEBI VIDE ITS NOTICE DATED 20/06/2023 DIRECTED TO PAY RS.1,79,81,991.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

887

VARDHAN KOSHAL

(PAN:AVGPK9584N)

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR

27-NOV-2025

888

VARSHA OSWAL

(PAN:ADPPO5693K)

TRADE SOLUTIONS SERVICES

PAN:ADPPO5693K

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 09-JAN-2023 TO 08-JUL-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-JAN-2023 TO 08-JUL-2023

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 09-JAN-2023 TO 08-JUL-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-JAN-2023 TO 08-JUL-2023

09-JAN-2023

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

889

VARUN JALAN

(PAN:AFJPJ1156L)

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 25-JUL-2025

25-JUL-2025

890

VARUN RUIA

(PAN:ARWPR3399G)

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 25-APR-2025

25-APR-2025

891

VEENA SHARMA

(PAN:CCCPS4149A)

RESEARCH GURU

PAN:CCCPS4149A

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

DID NOT PROVIDE MATERIAL INFORMATION TO SEBI

DID NOT CARRY OUT RISK PROFILING AND SUITABILITY ASSESSMENT OF CLIENTS

DID NOT MAINTAIN RECORDS PERTAINING TO RISK PROFILING AND RISK ASSESSMENT OF CLIENTS

RECEIVED FEES IN BANK ACCOUNTS OF OTHER ENTITIES THAN OWN BANK ACCOUNT

CANCELLED REGISTRATION AS INVESTMENT ADVISOR

30-OCT-2026

892

VEENA SHARMA

(PAN:CCCPS4149A)

RESEARCH GURU

PAN:CCCPS4149A

ENGAGED IN DEALING WITH CLIENTS BY COLLECTING MONEY FROM THEM FOR TIPS IN SECURITIES MARKET

REPRESENTATIVES/EMPLOYEES DID NOT HAVE REQUISITE QUALIFICATION AND CERTIFICATION

DID NOT INTIMATE SEBI ABOUT MATERIAL CHANGE IN INFORMATION

SUBMITTED FALSE INFORMATION TO EPFO IN RESPECT OF ACTUAL NUMBER OF ITS EMPLOYEES

DID NOT MAINTAIN CALL RECORDINGS OF CLIENTS

RECEIVED FEES IN BANK ACCOUNTS OF OTHER ENTITIES THAN OWN BANK ACCOUNT

DID NOT SUBMIT ANY DOCUMENTARY EVIDENCE TO PROVE THAT DISCLOSED IN RESPECT OF ITS FRANCHISE ARRANGEMENT TO PROSPECTIVE CLIENTS

DID NOT MAINTAIN RECORDS PERTAINING TO RISK PROFILING AND RISK ASSESSMENT OF CLIENTS

DID NOT PROVIDE INFORMATION TO SEBI

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

22-JAN-2026

893

VEER BHARTIYA

(PAN:ALEPB7617F)

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 25-APR-2025

25-APR-2025

894

VEERENDRA KUMAR GUPTA

(PAN:BEDPG9199C)

NIVESHICON INVESTMENT ADVISORY

PAN:BEDPG9199C

DID NOT REDRESS INVESTOR COMPLAINTS IN STIPULATED TIME

DID NOT DISPLAY COMPLAINTS STATUS ON WEBSITE

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

DID NOT FAIR AND TRANSPARENT IN DEALING WITH CLIENTS REGARDING FEE CHARGED

SOLD ADVISORY SERVICES/PRODUCTS TO CLIENTS HAVING DIFFERENT NAMES BUT SAME FEATURE

RECEIVED PAYMENT BEFORE DOING KNOW YOUR CLIENTS (KYC) AND RISK PROFILING OF CLIENTS

NOT A FIT & PROPER PERSON TO ACT AS AN INVESTMENT ADVISOR

DIRECTED NOT TO UNDERTAKE EITHER DIRECTLY OR INDIRECTLY AS INVESTMENT ADVISORY SERVICES OR ANY ACTIVITY IN SECURITIES MARKET FROM DATE OF ORDER FROM 31-JAN-2023 TO 30-JUL-2023

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 31-JAN-2023 TO 30-JUL-2023

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 31-JAN-2023 TO 30-JUL-2023

RESTRAINED AND FURTHER PROHIBITED FROM HOLDING AND OCCUPYING ANY MANAGERIAL POST OR BEING ASSOCIATED DIRECTLY OR INDIRECTLY WITH ANY LISTED PUBLIC COMPANY AND/OR ANY PUBLIC COMPANY WHICH INTENDS TO RAISE MONEY FROM PUBLIC OR ANY INTERMEDIARY REGISTERED WITH SEBI FROM 31-JAN-2023 TO 30-JUL-2023

DIRECTED TO RESOLVE ALL PENDING COMPLAINTS

IMPOSED PENALTY RS.25,00,000 ALONG WITH OTHER ENTITIES/PERSONS

31-JAN-2023

895

VEERENDRA KUMAR GUPTA

(PAN:BEDPG9199C)

NIVESHICON INVESTMENT ADVISORY

PAN:BEDPG9199C

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR

27-NOV-2025

896

VENKATA RAO

(PAN:AIJPR0766P)

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 21-JUL-2026

21-JUL-2026

897

VENKATA VASANTA KUMAR PATIBANDLA

(PAN:ADEPV8903E)