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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 : 16-DEC-2025

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: UNAUTHORISED OPERATIONS ON EXCHANGE TERMINALS

S.No. ENTITY PERSONS REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
81
History of entity/person SWASTIKA INVESTMART LTD.

(PAN:AABCS6585J)

(Member : NSE/BSE)  
  MISUSED CLIENTS' FUNDS AND/OR SECURITIES AND/OR ACCOUNTS

MISUSED PLEDGING OF CLIENT’S SECURITIES

DID NOT MAINTAIN SEGREGATION BETWEEN CLIENT FUNDS AND OWN FUNDS

DID NOT SETTLE RUNNING ACCOUNTS OF ACTIVE AND/OR INACTIVE CLIENTS

DISCREPANCIES IN CLIENT REGISTRATION PROCESS (KYC, KRA AND CKYCR PROCESS)

SUBMITTED INCORRECT INCREASED NET-WORTH TO STOCK EXCHANGE

CREATED MULTIPLE TERMINAL IDS IN SINGLE USER   		IMPOSED PENALTY RS.10,00,000

31-MAR-2021 		 
82
History of entity/person SYKES & RAY EQUITIES (INDIA) LTD.

(PAN:AAECS5168A)

(Depository Participants : CDSL,Member : NSE/BSE)  
  MISUSED CLIENTS' FUNDS AND/OR SECURITIES AND/OR ACCOUNTS

TRANSFERRED SECURITIES BELONGING TO CLIENTS TO BROKERS OWN ACCOUNT

DID NOT SETTLE RUNNING ACCOUNTS OF ACTIVE AND/OR INACTIVE CLIENTS

DID NOT UPLOAD CORRECT AND COMPLETE DETAILS OF CLIENTS TO UCC DATABASE

ALLOWED TERMINAL TO UNAUTHORISED USERS   		IMPOSED PENALTY RS.5,50,000

27-MAY-2022 		 
83
History of entity/person UPSE SECURITIES LTD.

(PAN:AAACU6058K)

(Member : BSE/NSE)  
  ALLOWED TERMINAL TO UNAUTHORISED USERS

FAILED TO COMPLY WITH THE UNIQUE CLIENT CODE AS PRESCRIBED BY SEBI   		IMPOSED PENALTY RS.2,00,000

31-MAY-2011 		SAT: APPEAL ALLOWED WITH NO ORDER AS TO COSTS  
84
History of entity/person VSE STOCK SERVICES LTD.

(PAN:AABCV4258K)

(Member : NSE/BSE)  
  DID NOT MAINTAIN CLIENT ORDER PLACEMENT EVIDENCE DURING INSPECTION PERIOD

DID NOT ACCEPT AS NO NAME/ SIGNATURE /STAMP OF INSPECTING OFFICIALS IN INSPECTION REPORTS OF 2019, 2022 AND 2023 AS AVAILABLE ON RECORD

DID NOT DISPLAY DO’S AND DON’TS AS PER PRESCRIBED FORMAT

DID NOT DISPLAY SEBI REGISTRATION CERTIFICATE & INFORMATION REGARDING GRIEVANCE REDRESSAL MECHANISM

ALLOWED TERMINAL TO UNAUTHORISED USERS   		IMPOSED PENALTY RS.2,00,000

30-SEP-2024 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.
 
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