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.

COMPANIES: VIOLATED SEBI (RESEARCH ANALYST) REGULATIONS, 2014

S.No.

ENTITY

PERSONS

REGULATORY CHARGES

REGULATORY ACTION(S) / DATE OF ORDER

FURTHER DEVELOPMENTS

101

TRADEDEAL FINANCIAL SERVICES PVT.LTD.

(PAN:AAJCA5184F)

DID NOT PAY RENEWAL FEE AS RESEARCH ANALYST

CANCELLED REGISTRATION AS RESEARCH ANALYST

04-AUG-2026

102

TRUSTLINE SECURITIES LTD.

(PAN:AAACK1251G)

DID NOT MAINTAIN RECORDS IN RESPECT OF RECOMMENDATIONS/CALLS MADE THROUGH WHATSAPP/E-MAIL/TERMINAL

DID NOT MAINTAIN RECORDS IN RESPECT OF RECOMMENDATIONS MADE TO PUBLIC THROUGH MEDIA

EMPLOYED RESEARCH ANALYST WHO DID NOT HAVE QUALIFICATIONS/CERTIFICATION REQUIREMENTS

DID NOT SEGREGATE RESEARCH ANALYSTSACTIVITIES/OPERATIONS FROM OTHER BUSINESS/ACTIVITIES

DID NOT FRAME/ADOPT INTERNAL POLICIES AND CONTROL PROCEDURES GOVERNING DEALING AND TRADING BY RESEARCH ANALYSTS AND ENSURING MONITORING & APPROVAL OF TRADES OF ITS RESEARCH ANALYSTS

TRADED DURING PROHIBITED PERIOD AND CONTRARY TO RECOMMENDATIONS OF ITS OWN RESEARCH ANALYSTS

DID NOT MAKE NECESSARY DISCLOSURES IN RESEARCH REPORTS

DID NOT MAKE NECESSARY DISCLOSURES IN PUBLIC APPEARANCES

DID NOT OBTAIN SCORES AUTHENTICATION AND PUT IN PLACE A COMPLAINT REDRESSAL SYSTEM

DID NOT CONDUCT APPROPRIATE INTERNAL AUDIT

DID NOT CO-OPERATE AND FURNISHED FALSE INFORMATION

IMPOSED PENALTY RS.3,00,000

23-JUN-2022

103

VARHAD FINANCIAL CONSULTANCY SERVICES PVT.LTD.

(PAN:AADCV6386Q)

DID NOT PAY RENEWAL FEE AS RESEARCH ANALYST

CANCELLED REGISTRATION AS RESEARCH ANALYST FROM 27-MAR-2025

27-MAR-2025

104

VERACITY FINANCIAL SERVICES PVT.LTD.

(PAN:AADCV9242K)

DID NOT PAY RENEWAL FEE AS RESEARCH ANALYST

CANCELLED REGISTRATION AS RESEARCH ANALYST FROM 27-MAR-2025

27-MAR-2025

105

VIKABH SECURITIES PVT.LTD.

(PAN:AAACB3469P)

DID NOT PAY RENEWAL FEE AS RESEARCH ANALYST