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: 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

S.No.

PERSON

ENTITY

REGULATORY CHARGES

REGULATORY ACTION(S) / DATE OF ORDER

FURTHER DEVELOPMENTS

1281

VENKATRAMAN RANGANATHAN

(PAN:ABOPR2170F)

Click here to view complete history of this specific entity/person

CEREBRA INTEGRATED TECHNOLOGIES LTD.

PAN:AAACC5941K

INDULGED IN MISUTILISATION/ DIVERSION/ MISAPPROPRIATION OF FUNDS AND PUBLISED OF MANIPULATED/ MISREPRESENTED/MISSTATED FINANCIAL STATEMENTS VIOLATING SECTION 27(1) OF SEBI ACT. 1992 AND REGULATIONS 4(1), 4(2)(E), 4(2)(F), 4(2)(K) AND 4(2)(R) OF SEBI(PFUTP) REGULATIONS, 2003IN MATTER OF CEREBRA INTEGRATED TECHNOLOGY LTD.

CERTIFIED FALSE AND MISLEADING FINANCIAL STATEMENTS VIOLATING REGULATION 17(8) OF SEBI (LODR) REGULATIONS, 2015 IN MATTER OF CEREBRA INTEGRATED TECHNOLOGY LTD.

INDULGED IN MISUTILISATION/ DIVERSION/ MISAPPROPRIATION OF FUNDS AND PUBLISED OF MANIPULATED/ MISREPRESENTED/MISSTATED FINANCIAL STATEMENTS VIOLATING REGULATIONS 4(2)(F)(I)(2), 4(2)(F)(II)(2), 4(2)(F)(II)(6) 4(2)(F)(II)(7), 4(2)(F)(III)(1), 4(2)(F)(III)(3), 4(2)(F)(III)(6), 4(2)(F)(III)(7) AND 4(2)(F)(III) (12) OF SEBI (LODR) REGULATIONS, 2015 IN MATTER OF CEREBRA INTEGRATED TECHNOLOGY LTD.

SAT: SAT VIDE ITS ORDER DATED 21/04/2025 ALLOWED RESPONDENT FOUR WEEKS TO FILE REPLY AND REJOINDER, IF ANY, TO BE FILED WITHIN TWO WEEKS THEREAFTER. STAYED RECOVERY OF PENALTY SUBJECT TO DEPOSIT 50% AMOUNT

SAT: SAT VIDE ITS ORDER DATED 08/08/2025 GRANTED RESPONDENT TWO WEEKS TO FILE REPLY AND APPELLANT TO FILE REJOINDER TWO WEEKS THEREAFTERV

SAT: SAT VIDE ITS ORDER DATED 13/10/2025 GRANTED THREE WEEKS TO FILE REJOINDER AND FOUR MORE WEEKS TO DEPOSIT 50% OF PENALTY AMOUNT

1282

VIDHI NIKUNJ SHAH

(PAN:BJIPS4239M)

INDULGED IN CREATION OF ARTIFICIAL MARKET AND PRICE MANIPULATION THROUGH CIRCULAR, SYNCHRONISED AND REVERSAL OF TRADE TRANSACTIONS IN MATTER OF DU DIGITAL TECHNOLOGIES LTD. (NOW KNOWN AS DU DIGITAL GLOBAL LTD.)

IMPOSED PENALTY RS.5,00,000

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 31-DEC-2025 TO 30-DEC-2026

RESTRAINED FROM SELLING ASSETS, PROPERTIES AND HOLDING OF MUTUAL FUNDS/SHARES/SECURITIES HELD IN DEMAT AND PHYSICAL FORM FROM 31-DEC-2025 TO 30-DEC-2026

DIRECTED TO DISGORGE RS.39,500

DIRECTED TO REMIT DISGORGED AMOUNT TO INVESTOR PROTECTION & EDUCATION FUND (IPEF)

31-DEC-2025

1283

VIDHI VIKAS KASLIWAL

(PAN:ANWPK6663Q)

LANDMARC LEISURE CORP.LTD.

CIN:L65990MH1991PLC060535
PAN:AAACL5117A

INDULGED IN MISREPRESENTATION OF FINANCIALS AND/OR BUSINESS AND MISUSE OF FUNDS/BOOKS OF ACCOUNTS VIOLATING SECTIONS 12A(A) TO 12A(C) OF SEBI ACT, 1992 AND REGULATIONS 3(B) TO 3(D), 4(1), 4(2)(F) AND 4(2)(R) OF SEBI (PFUTP) REGULATIONS, 2003 IN MATTER OF LANDMARC LEISURE CORP.LTD.

INDULGED IN MISREPRESENTATION OF FINANCIALS AND/OR BUSINESS AND MISUSE OF FUNDS/BOOKS OF ACCOUNTS OF LANDMARC LEISURE CORP.LTD. VIOLATING REGULATIONS 4(2)(F)(II)(6), (7), 4(2)(F)(III)(3), (6) AND (12) OF SEBI (LODR) REGULATIONS, 2015 IN MATTER OF LANDMARC LEISURE CORP.LTD.

DID NOT ADHERE TO REGULATION 33(2)(A) FOR CERTIFICATION AND APPROVAL OF FINANCIAL RESULTS IN MATTER OF LANDMARC LEISURE CORP.LTD.

1284

VIJAY KUMAR KANCHARLA

(PAN:ATNPK0320K)

BRIGHTCOM GROUP LTD.

PAN:AAACL5827B

DID NOT ADHERE TO PREPARATION AND PRESENTATION OF FINANCIAL STATEMENTS AS REQUIRED UNDER IND AS 36 VIOLATING REGULATIONS 4(1)(A) TO 4(1)(E), 4(1)(G) TO 4(1)(J), 4(2)(E)(I), 33(1)(C) AND 48 OF SEBI (LODR) REGULATIONS, 2015 IN MATTER OF BRIGHTCOM GROUP LTD.

DID NOT MAKE DISCLOSURES W.R.T. EVENTS AND CIRCUMSTANCES THAT LED TO RECOGNITION OF IMPAIRMENT LOSS IN PREPARATION AND PRESENTATION OF FINANCIAL STATEMENTS AS REQUIRED UNDER IND AS 36 VIOLATING REGULATIONS 4(1)(A) TO 4(1)(E), 4(1)(G) TO 4(1)(J), 4(2)(E)(I), 33(1)(C) AND 48 OF SEBI (LODR) REGULATIONS, 2015 IN MATTER OF BRIGHTCOM GROUP LTD.

DID NOT CARRY OUT ANNUAL IMPAIRMENT TESTING IN PREPARATION AND PRESENTATION OF FINANCIAL STATEMENTS AS REQUIRED IND AS 36 VIOLATING REGULATIONS 4(1)(A) TO 4(1)(E), 4(1)(G) TO 4(1)(J), 4(2)(E)(I), 33(1)(C) AND 48 OF SEBI (LODR) REGULATIONS, 2015 IN MATTER OF BRIGHTCOM GROUP LTD.

DID NOT RECOGNIZE IMPAIRMENT LOSS W.R.T. ITS INVESTMENTS IN SUBSIDIARY DESPITE INDICATION OF IMPAIRMENT IN PREPARATION AND PRESENTATION OF FINANCIAL STATEMENTS AS REQUIRED IND AS 36 VIOLATING REGULATIONS 4(1)(A) TO 4(1)(E), 4(1)(G) TO 4(1)(J), 4(2)(E)(I), 33(1)(C) AND 48 OF SEBI (LODR) REGULATIONS, 2015 IN MATTER OF BRIGHTCOM GROUP LTD.

DID NOT ADHERE TO PREPARATION AND PRESENTATION OF FINANCIAL STATEMENTS AS REQUIRED IND AS 26 AND IND AS 38 VIOLATING REGULATIONS 4(1)(A) TO 4(1)(E), 4(1)(G) TO 4(1)(J), 4(2)(E)(I), 33(1)(C) AND 48 OF SEBI (LODR) REGULATIONS, 2015 IN MATTER OF BRIGHTCOM GROUP LTD.

DID NOT MAKE DISCLOSURE TO STOCK EXCHANGES REGARDING FACT OF INITIATION OF FORENSIC AUDIT VIOLATING REGULATIONS 30(1), 30(2) AND 30(6) READ WITH CLAUSE 17 SCHEDULE III PARA A OF PART A OF SEBI (LODR) REGULATIONS, 2015 IN MATTER OF BRIGHTCOM GROUP LTD.

SUBMITTED INCORRECT AND MISLEADING SHAREHOLDING PATTERN TO STOCK EXCHANGES VIOLATING REGULATIONS 4(1)(C), (H) AND 31(1)(B) OF SEBI (LODR) REGULATIONS, 2015 READ WITH SEBI CIRCULAR NO.CIR/CFD/CMD/13/2015 DATED 30/11/2015 IN MATTER OF BRIGHTCOM GROUP LTD.

ISSUED FALSE AND MISLEADING PRESS RELEASE REGARDING APPOINTMENT OF INTERNAL AUDITOR VIOLATING REGULATIONS 4(1)(C) AND (H) OF SEBI (LODR) REGULATIONS, 2015 IN MATTER OF BRIGHTCOM GROUP LTD.

DID NOT REVIEW QUARTERLY CONSOLIDATED RESULTS BY STATUTORY AUDITORS VIOLATING REGULATION 33(3)(H) OF SEBI (LODR) REGULATIONS, 2015 IN MATTER OF BRIGHTCOM GROUP LTD.

DID NOT ENSURE THAT THE CONSTITUTION OF AUDIT COMMITTEE ACCORDANCE WITH REGULATORY REQUIREMENTS VIOLATING REGULATION 18(1)(B) OF SEBI (LODR) REGULATIONS, 2015 IN MATTER OF BRIGHTCOM GROUP LTD.

DID NOT APPOINT AT LEAST ONE INDEPENDENT DIRECTOR FROM ITS BOARD AS DIRECTOR ON BOARD OF DIRECTORS OF THREE UNLISTED MATERIAL SUBSIDIARIES VIOLATING REGULATION 24(1) OF SEBI (LODR) REGULATIONS, 2015 IN MATTER OF BRIGHTCOM GROUP LTD.

DID NOT PUBLISH STANDALONE FINANCIAL STATEMENTS OF ITS SUBSIDIARIES ON ITS WEBSITE VIOLATING REGULATION 4(1)(D),(G), (H), (I), (J) AND 46(2) OF SEBI (LODR) REGULATIONS, 2015 IN MATTER OF BRIGHTCOM GROUP LTD.

DID NOT MAKE DISCLOSURE TO STOCK EXCHANGES IN RESPECT OF IMPACT OF INTRODUCTION OF GENERAL DATA PROTECTION REGULATION (GDPR) ON FUNCTIONING OF COMPANY VIOLATING REGULATION 30 READ WITH CLAUSE 7 OF PARA B OF PART A OF SCHEDULE III OF SEBI (LODR) REGULATIONS, 2015 IN MATTER OF BRIGHTCOM GROUP LTD.

DID NOT MAKE DISCLOSURE TO STOCK EXCHANGES IN RESPECT OF INTRODUCTION OF GENERAL DATA PROTECTION REGULATION (GDPR) AS THREATS, OUTLOOK, RISKS OR CONCERNS IN MANAGEMENT DISCUSSION AND ANALYSIS VIOLATING REGULATION 34(2)(3) AND SCHEDULE V OF SEBI (LODR) REGULATIONS, 2015 IN MATTER OF BRIGHTCOM GROUP LTD.

DID NOT EXERCISE DUE DILIGENCE AS MEMBER OF AUDIT COMMITTEE VIOLATING REGULATION 18(3) READ WITH PART C OF SCHEDULE II OF SEBI (LODR) REGULATIONS, 2015 IN MATTER OF BRIGHTCOM GROUP LTD.

DID NOT ADHERE TO PREPARATION AND PRESENTATION OF FINANCIAL STATEMENTS AS REQUIRED IND AS 26 VIOLATING CLAUSES 49(I)(C)(1)(A) AND 50 OF LISTING AGREEMENT READ WITH SECTION 21 OF SCRA, 1956 IN MATTER OF BRIGHTCOM GROUP LTD.

SUBMITTED INCORRECT AND MISLEADING SHAREHOLDING PATTERN TO STOCK EXCHANGES VIOLATING CLAUSE 35 OF ERSTWHILE LISTING AGREEMENT READ WITH SECTION 21 OF SCRA, 1956 IN MATTER OF BRIGHTCOM GROUP LTD.

DID NOT MAINTAIN STRUCTURED DIGITAL DATABASE (SDD) CONTAINING NAMES OF SUCH PERSONS OR ENTITIES WITH WHOM UPSI WAS SHARES VIOLATING REGULATION 3(5) OF SEBI (PIT) REGULATIONS, 2015 IN MATTER OF BRIGHTCOM GROUP LTD.

DIRECTED NOT TO SELL/DISPOSE OF/DILUTE SHAREHOLDING IN COMPANY, HELD DIRECTLY OR INDIRECTLY THROUGH FAMILY MEMBERS OR THROUGH COMPANIES IN WHICH THEY OR THEIR FAMILY MEMBERS DIRECTORS

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 06-FEB-2025 TO 05-FEB-2030

RESTRAINED FROM HOLDING ANY POSITION OF DIRECTOR OR KEY MANAGERIAL PERSONNEL IN ANY LISTED COMPANY OR ANY INTERMEDIARY REGISTERED WITH SEBI AND FROM ASSOCIATING WITH ANY LISTED PUBLIC COMPANY OR PUBLIC COMPANY WHICH INTENDS TO RAISE MONEY FROM PUBLIC OR ANY INTERMEDIARY REGISTERED WITH SEBI FROM 06-FEB-2025 TO 05-FEB-2030

IMPOSED PENALTY RS.15,00,00,000

13-APR-2023

SEBI VIDE ITS ORDER DATED 06/02/2025 DIRECTED TO A) RESTRAINED FROM ACCESSING SECURITIES MARKET AND PROHIBITED FROM BUYING, SELLING OR OTHERWISE DEALING IN SECURITIES, DIRECTLY OR INDIRECTLY, OR BEING ASSOCIATED WITH SECURITIES MARKET IN ANY MANNER, WHATSOEVER, FOR FIVE YEARS FROM DATE OF THIS ORDER B) RESTRAINED FROM BEING ASSOCIATED WITH SECURITIES MARKET, IN ANY MANNER WHATSOEVER, INCLUDING AS A DIRECTOR OR KEY MANAGERIAL PERSONNEL IN A LISTED COMPANY OR AN INTERMEDIARY REGISTERED WITH SEBI OR A PUBLIC COMPANY WHICH INTENDS TO RAISE MONEY FROM PUBLIC IN THE SECURITIES MARKET FOR FIVE YEARS FROM DATE OF THIS ORDER C) IMPOSED PENALTY OF RS.15 CRORE U/S 15A(B), 15A(C), 15HA, 15HB OF SEBI ACT. AND U/S 23H OF SCRA TO BE PAID WITHIN FORTY-FIVE (45) DAYS FROM DATE OF RECEIPT OF THIS ORDER

SAT: SAT VIDE ITS ORDER DATED 17/02/2025 DISMISSED THE APPEAL AS WITHDRAWN

1285

VIJAY MALLYA

(DIN:00122890
PAN:AENPM6247A)

ROUTED FUNDS TO INDIAN SECURITIES MARKET USING HIS OVERSEAS BANK ACCOUNTS WITH UBS AG AND DEALT IN SECURITIES OF LISTED COMPANIES OF HIS GROUP IN INDIA VIOLATING REGULATIONS 3(A) (B) AND (D) OF SEBI (PFUTP) REGULATIONS, 2003 READ WITH SECTION 12A(A) AND (C) OF SEBI ACT, 1992

MISREPRESENTED TRUTH AND CONCEALED MATERIAL FACT SHOWING IN SHAREHOLDING OF MATTERHORN VENTURES IN SHAREHOLDING PATTERN OF HERBERTSONS UNDER NON-PROMOTER PUBLIC HOLDING CATEGORY VIOLATING REGULATION 4(2) (F) OF SEBI (PFUTP) REGULATIONS, 2003

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 26-JUL-2024 TO 25-JUL-2027

RESTRAINED FROM ASSOCIATING WITH ANY LISTED PUBLIC COMPANY AND ANY PUBLIC COMPANY WHICH INTENDS TO RAISE MONEY FROM PUBLIC FROM 26-JUL-2024 TO 25-JUL-2027

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

26-JUL-2024

1286

VIJAY PRASAD PAPPU

(PAN:ASRPP0392H)

TEXMO PIPES & PRODUCTS LTD.

PAN:AACCT9780D

INDULGED IN APPROVAL OF BOARD RESOLUTION OF GDR ISSUE VIOLATING SECTION 12A (A) TO 12A(C) OF SEBI ACT, 1992 READ WITH REGULATIONS 3(A) TO (D) AND 4(1) OF SEBI (PFUTP) REGULATIONS, 2003 IN MATTER OF TEXMO PIPES & PRODUCTS LTD.

SAT: SAT VIDE ITS ORDER DATED 24/10/2024 SET ASIDE IMPUGNED ORDER DATED 28/02/2023 AND MATTER REMITTED TO SEBI TO PASS FRESH ORDER IN ACCORDANCE WITH LAW. APPELLANT TO PRODUCE DOCUMENTS WITHIN FOUR WEEKS FROM DATE OF THIS ORDER. NO COSTS

SEBI VIDE ITS ORDER DATED 20/02/2025 DIRECTED TO ENSURE THE COMPLIANCE OF DIRECTION AND TO FURNISH A CERTIFICATE FROM CHARTERED ACCOUNTANT RECOGNIZED BY ICAI ALONG WITH NECESSARY DOCUMENTARY EVIDENCE CERTIFYING COMPLIANCE OF THE DIRECTION

1287

VIJAY SHREE BIHANI

(PAN:AEPPB8476A)

INDULGED IN CREATION OF ARTIFICIAL MARKET AND PRICE MANIPULATION THROUGH SELF-TRADES IN SCRIP OF SULABH ENGINEERS & SERVICES LTD.

1288

VIJAY SURESHBHAI UDHANI

(PAN:ABFPU4675D)

(Along with : JATIN MANUBHAI SHAH)

INDULGED IN CREATION OF ARTIFICIAL MARKET AND PRICE MANIPULATION IN SCRIP OF SADHNA BROADCAST LTD. USING MISLEADING YOUTUBE VIDEOS WITH FALSE CONTENT BACKED BY PAID MARKETING CAMPAIGN

DIRECTED TO DISGORGE RS.24,85,421 ALONG WITH OTHER ENTITIES/PERSONS

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 29-MAY-2025 TO 28-MAY-2030

29-MAY-2025

SAT: SAT VIDE ITS ORDER DATED 11/07/2025 GRANTED RESPONDENT SIX WEEKS TO FILE REPLY AND APPELLANT TO FILE REJOINDER TWO WEEKS THEREAFTER. STAYED RECOVERY SUBJECT TO DEPOSIT 50% PENALTY AND/OR DISGORGEMENT AMOUNT WITHIN FOUR WEEKS FROM DATE OF THIS ORDER

SAT: SAT VIDE ITS ORDER DATED 02/09/2025 CONDONED THE DELAY OF FIVE DAYS IN FILING OF APPEAL. GRANTED RESPONDENT SIX WEEKS TO FILE REPLY AND REJOINDER, IF ANY, BE FILED WITHIN THREE WEEKS THEREAFTER. STAYED IMPUGNED ORDER SUBJECT TO DEPOSIT OF 50% PENALTY AND DISGORGEMENT AMOUNT WITH RESPONDENT WITHIN FOUR WEEKS FROM DATE OF THIS ORDER

SAT: SAT VIDE ITS ORDER DATED 18/09/2025 CONDONED THE DELAY OF 12 DAYS IN FILING OF APPEAL. GRANTED RESPONDENT SIX WEEKS TO FILE REPLY AND APPELLANT TO FILE REJOINDER THREE WEEKS THEREAFTER. STAYED RECOVERY SUBJECT TO DEPOSIT OF 50% PENALTY AND DISGORGEMENT AMOUNT WITHIN FOUR WEEKS FROM DATE OF THIS ORDER

SAT: SAT VIDE ITS ORDER DATED 29/10/2025 ALLOWED RESPONDENT SIX WEEKS TO FILE REPLY AND REJOINDER IF ANY, BE FILED WITHIN THREE WEEKS THEREAFTER. STAY OF RECOVERY IS SUBJECT TO DEPOSIT 50% PENALTY AND DISGORGEMENT AMOUNT WITHIN FOUR WEEKS FROM DATE OF THIS ORDER

1289

VIJUBEN RANCHHODBHAI GOLAKIA

(PAN:AAWPG3157A)

MISUSED STOCK EXCHANGE SYSTEM TO GENERATE FICTITIOUS LONG-TERM CAPITAL GAINS (LTCG) TO CONVERT UNACCOUNTED INCOME INTO ACCOUNTED ONE WITH NO PAYMENT OF TAXES AS LTCG IS TAX EXEMPT IN MATTER OF PINE ANIMATION LTD.

SEBI VIDE ITS ORDER DATED 22/08/2016 CONFIRMED ITS DIRECTIONS ISSUED VIDE ITS AD INTERIM EX-PARTE ORDER DATED 08/05/2015 EXCEPT THAT NOTICEES CAN: A) ENTER INTO DELIVERY BASED TRANSACTIONS IN CASH SEGMENT IN SECURITIES COVERED IN NSE NIFTY 500 INDEX SCRIPS AND / OR S&P BSE 500 SCRIPS B) SUBSCRIBE TO UNITS OF MUTUAL FUNDS INCLUDING THROUGH SIP AND REDEEM THE UNITS OF MUTUAL FUNDS SO SUBSCRIBED C) DEAL IN DEBT/GOVERNMENT SECURITIES D) INVEST IN ETF E) AVAIL THE BENEFITS OF CORPORATE ACTIONS LIKE RIGHTS ISSUE, BONUS ISSUE, STOCK SPLIT, DIVIDEND, ETC. F) TENDER THE SHARES LYING IN THEIR DEMAT ACCOUNT IN ANY OPEN OFFER/DELISTING OFFER UNDER THE RELEVANT REGULATIONS OF SEBI. SEBI ALLOWED THEM FURTHER RELAXATIONS/RELIEFS A) THEY ARE PERMITTED TO SELL THE SECURITIES LYING IN THEIR DEMAT ACCOUNTS AS ON THE DATE OF THE INTERIM ORDER, OTHER THAN THE SHARES OF THE COMPANIES WHICH ARE SUSPENDED FROM TRADING BY THE CONCERNED STOCK EXCHANGE, IN ORDERLY MANNER UNDER THE SUPERVISION OF THE STOCK EXCHANGES SO AS NOT TO DISTURB THE MARKET EQUILIBRIUM AND DEPOSIT THE SALE PROCEEDS IN AN INTEREST BEARING ESCROW ACCOUNT WITH A NATIONALIZED BANK B) THEY MAY DEAL WITH OR UTILIZE THE SALE PROCEEDS LYING IN THE ESCROW ACCOUNT UNDER THE SUPERVISION OF THE CONCERNED STOCK EXCHANGE

SEBI VIDE ITS ORDER DATED 18/11/2019 DIRECTED TO A) 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, WHATSOEVER FOR 5 YEARS AND B) FREEZED EXISTING HOLDING OF SECURITIES, INCLUDING UNITS OF MUTUAL FUNDS

1290

VIKAS JAIN

(PAN:AFOPJ4431P)

SEBI VIDE ITS ORDER DATED 02/06/2017 CONFIRMED ITS DIRECTIONS ISSUED VIDE ITS AD INTERIM EX-PARTE ORDER DATED 08/05/2015 EXCEPT THAT NOTICEES CAN: A) CARRY ON DELIVERY BASED TRANSACTIONS IN CASH SEGMENT IN SECURITIES COVERED IN NSE NIFTY 500 INDEX SCRIPS AND / OR S&P BSE 500 SCRIPS B) SUBSCRIBE UNITS OF MUTUAL FUNDS INCLUDING THROUGH SIP AND REDEEM THE UNITS OF MUTUAL FUNDS SO SUBSCRIBED C) DEAL IN DEBT/GOVERNMENT SECURITIES D) INVEST IN ETF E) AVAIL THE BENEFITS OF CORPORATE ACTIONS LIKE RIGHTS ISSUE, BONUS ISSUE, STOCK SPLIT, DIVIDEND, ETC. F) TENDER THE SHARES LYING IN THEIR DEMAT ACCOUNT IN ANY OPEN OFFER/DELISTING OFFER UNDER THE RELEVANT REGULATIONS OF SEBI G) DEAL WITH OR UTILIZE SALE PROCEEDS LYING IN ESCROW ACCOUNT UNDER THE SUPERVISION OF THE CONCERNED STOCK EXCHANGE AS PROVIDED I) SALE PRODEEDS MAY BE UTILISED FOR INVESTMENTS PERMITTED II) UPTO 25% OF THE VALUE OF THE PORTFOLIO AS ON DATE OF THE INTERIM ORDER OR THE AMOUNT IN EXCESS OF THE PROFIT MADE / LOSS INCURRED OR VALUE OF SHARES PURCHASED TO GIVE EXIT, WHICHEVER IS HIGHER, MAY BE UTILIZED FOR BUSINESS PURPOSES AND /OR FOR MEETING ANY OTHER EXIGENCIES OR ADDRESS LIQUIDITY PROBLEMS ETC.

SEBI VIDE ITS ORDER DATED 18/11/2019 DIRECTED TO A) 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, WHATSOEVER FOR 5 YEARS AND B) FREEZED EXISTING HOLDING OF SECURITIES, INCLUDING UNITS OF MUTUAL FUNDS

SAT: SAT VIDE ITS ORDER DATED 08/06/2021 ALLOWED THE APPEAL AND QUASHED IMPUGNED ORDER DATED 18/11/2019

1291

VIKAS JAIN

(PAN:AJTPJ3155F)

INDULGED IN CREATION OF ARTIFICIAL MARKET AND PRICE MANIPULATION IN SCRIP OF PINE ANIMATION LTD.

SAT: SAT VIDE ITS ORDER DATED 08/06/2021 ALLOWED THE APPEAL AND QUASHED IMPUGNED ORDER DATED 18/11/2019

1292

VIKAS SARDA

(PAN:BGEPS4661N)

INDULGED IN FRONT RUNNING ACTIVITIES VIOLATING SECTIONS 12A(A) TO 12A(C) AND 12A(E) OF SEBI ACT, 1992 AND REGULATIONS 3(A) TO 3(D), 4(1) AND 4(2)(Q) READ WITH 2(1)(C) OF SEBI (PFUTP) REGULATIONS, 2003 IN MATTER OF PARSHVANATH FINVEST PVT.LTD., THAR SHARE BROKERS PVT.LTD. AND GANGWAL COMMODITIES PVT.LTD.

SAT: SAT VIDE ITS ORDER DATED 07/02/2025 GRANTED RESPONDENT SIX WEEKS TO FILE REPLY AND APPELLANT TO FILE REJOINDER THREE WEEKS THEREAFTER

SEBI VIDE ITS NOTICE DATED 22/04/2025 DIRECTED TO PAY RS.5,31,000.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SEBI VIDE ITS ORDER DATED 23/05/2025 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 24/06/2025 DIRECTED ALL THE BANKS AND MUTUAL FUNDS IN INDIA TO REMIT RS.5,41,000.00 TO THE EXTENT LYING IN THE ACCOUNT OF NOTICEE TO SEBI BY WAY OF EFT/NEFT/RTG

1293

VIKASH CHOWDHARY

(PAN:ABXPC9870G)

DALMIA INDUSTRIAL DEVELOPMENT LTD.

CIN:L74140WB1982PLC035394
PAN:AAACD9405B

INDULGED IN MISREPRESENTATION OF FINANCIALS AND/OR BUSINESS AND MISUSE OF FUNDS/BOOKS OF ACCOUNTS OF DALMIA INDUSTRIAL DEVELOPMENT LTD. & SUBSIDIARIES VIOLATING REGULATIONS 4(2)(F)(II), (6)(7), 4(2)(F)(III) (3), (6) AND (12) OF SEBI (LODR) REGULATIONS, 2015 IN MATTER OF DALMIA INDUSTRIAL DEVELOPMENT LTD.

DID NOT ADHERE TO REGULATIONS 33(2)(A) FOR CERTIFICATION AND APPROVAL OF FINANCIAL RESULTS IN MATTER OF DALMIA INDUSTRIAL DEVELOPMENT LTD.

ISSUED UNTRUE CERTIFICATES WITH RESPECT TO FINANCIAL STATEMENTS VIOLATING REGULATION 17(8) READ WITH PART B OF SCHEDULE II OF SEBI (LODR) REGULATIONS, 2015 IN MATTER OF DALMIA INDUSTRIAL DEVELOPMENT LTD.

SAT: SAT VIDE ITS ORDER DATED 10/08/2022 CONDONED THE DELAY IN FILING OF APPEAL

SAT: SAT VIDE ITS ORDER DATED 01/09/2022 PARTLY ALLOWED THE APPEAL BY REDUCING PENALTY TO 50% AND REDUCED DEBARMENT PERIOD TO THE PERIOD UNDERWENT

1294

VIKASH DUBEY

(PAN:APCPD7488N)

TRINITY TRADELINK LTD.

CIN:L11103MH1985PLC035826
PAN:AAFCS8117C

INDULGED IN MISREPRESENTATION OF FINANCIALS AND/OR BUSINESS AND MISUSE OF FUNDS/BOOKS OF ACCOUNTS VIOLATING REGULATIONS 4(2)(F)(II)(1), (6), (7), 4(2)(F)(III)(1)(3), (6) AND (12) OF SEBI (LODR) REGULATIONS, 2015 IN MATTER OF TRINITY TRADELINK LTD.

1295

VIKASH DUBEY

(PAN:APCPD7488N)

NEWEVER TRADE WINGS LTD.

CIN:L74999WB2012PLC181106
PAN:AADCN9668B

INDULGED IN MISREPRESENTATION OF FINANCIALS AND/OR BUSINESS AND MISUSE OF FUNDS/BOOKS OF ACCOUNTS OF NEWEVER TRADE WINGS LTD. VIOLATING REGULATIONS 4(2)(F)(II)(1), (6), (7), 4(2)(F)(III)(2), (3), (6) AND (12) OF SEBI (LODR) REGULATIONS, 2015 NEWEVER TRADE WINGS LTD.

DID NOT ADHERE TO REGULATIONS 33(2)(A) FOR CERTIFICATION AND APPROVAL OF FINANCIAL RESULTS IN MATTER OF NEWEVER TRADE WINGS LTD.

SAT: SAT VIDE ITS ORDER DATED 19/12/2022 PARTLY ALLOWED THE APPEAL AND SET ASIDE IMPUGNED ORDER DATED 13/09/2022

1296

VIKASH KEDIA

(PAN:AFUPK1451N)

INTER GLOBE FINANCE LTD.

CIN:L65999WB1992PLC055265
PAN:AAACI5520N

INDULGED IN MISREPRESENTATION OF FINANCIALS AND/OR BUSINESS AND MISUSE OF FUNDS/BOOKS OF ACCOUNTS OF IGFL AND SUBSIDIARIES VIOLATING SECTIONS 12A(A) TO (C) OF SEBI ACT, 1992 AND REGULATIONS 3(B) TO (D), 4(1), 4(2) (F) AND (R) OF SEBI (PFUTP) REGULATION, 2003 IN MATTER OF INTER GLOBE FINANCE LTD.

INDULGED IN MISREPRESENTATION OF FINANCIALS AND/OR BUSINESS AND MISUSE OF FUNDS/BOOKS OF ACCOUNTS OF IGFL AND SUBSIDIARIES VIOLATING REGULATIONS 4(2)(F)(II)(6), (7), 4(2)(F)(III)(3), (6) AND (12) OF SEBI (LODR) REGULATIONS, 2015 IN MATTER OF INTER GLOBE FINANCE LTD.

SAT: SAT VIDE ITS ORDER DATED 17/11/2021 CONDONED THE DELAY IN FILING OF APPEAL. RESPONDENT TO FILE REPLY WITHIN THREE WEEKS FROM DATE OF THIS ORDER AND APPELLANT REJOINDER MAY FILE WITHIN THREE WEEKS THEREAFTER. IN THE EVENT, PENALTY AMOUNT DEPOSITED BY THE APPELLANTS WITHIN THREE WEEKS FROM DATE OF THIS ORDER THE RESTRAINT ORDER TO REMAIN STAYED DURING PENDENCY OF THE APPEAL

SAT: SAT VIDE ITS ORDER DATED 17/12/2021 CONDONED THE DELAY IN FILING OF APPEAL AND RECALLED ORDER DATED 17/11/2021

1297

VIKASH KOTHARI

(PAN:AQWPK3687R)

V.B.INDUSTRIES LTD.

CIN:L51909WB1982PLC035222
PAN:AAACV9152B

INDULGED IN MISREPRESENTATION OF FINANCIALS AND/OR BUSINESS AND MISUSE OF FUNDS/BOOKS OF ACCOUNTS OF VBIL AND SUBSIDIARIES VIOLATING REGULATIONS 4(2)(F)(II)(6), (7), 4(2)(F)(III)(3), (6) AND (12) OF SEBI (LODR) REGULATIONS, 2015 IN MATTER OF V.B.INDUSTRIES LTD.

DELAY IN SUBMISSION OF QUARTERLY RESULTS TO STOCK EXCHANGES VIOLATING REGULATION 33(2)(A) OF SEBI (LODR) REGULATIONS, 2015 IN MATTER OF V.B.INDUSTRIES LTD.

CERTIFIED FALSE OR MISLEADING STATEMENTS OR FIGURES VIOLATING REGULATION 17(8) READ WITH PART B OF SCHEDULE II OF SEBI (LODR) REGULATIONS, 2015 IN MATTER OF V.B.INDUSTRIES LTD.

SAT: SAT VIDE ITS ORDER DATED 13/01/2022 CONDONED OF DELAY IN FILING OF APPEAL AND DIRECTED RESPONDENT TO FILE REPLY WITHIN THREE WEEKS FROM DATE OF THIS ORDER AND APPELLANT TO FILE REJOINDER THREE WEEKS THEREAFTER

SAT: SAT VIDE ITS ORDER DATED 21/03/2022 ALLOWED APPELLANT THREE WEEKS TO FILE REJOINDER

SAT: SAT VIDE ITS ORDER DATED 27/04/2022 ALLOWED APPELLANT THREE WEEKS TO FILE REJOINDER

SAT: SAT VIDE ITS ORDER DATED 29/07/2022 CONDONED THE DELAY IN FILING OF APPEAL AND PARTLY ALLOWED THE APPEAL BY REDUCING PENALTY TO 25% IMPOSED BY WTM

SAT: SAT VIDE ITS ORDER DATED 04/11/2022 CONDONED THE DELAY IN FILING OF REVIEW APPLICATION. DISMISSED REVIEW APPLICATION

1298

VIKASH PATNI

(DIN:00560390
PAN:AKXPP4105E)

VIKASH METAL & POWER LTD.

CIN:L27109WB1996PLC080353
PAN:AAACV8850A

INDULGED IN ISSUANCE OF GDRS FRAUDULENTLY AND EXECUTED PLEDGE AGREEMENT ON BEHALF OF VIKASH VIOLATING SECTIONS 12A(A) TO 12A(C) OF SEBI ACT, 1992 READ WITH REGULATIONS 3(A) TO (D) AND 4(1) OF SEBI (PFUTP) REGULATIONS, 2003 IN MATTER OF VIKASH METAL & POWER LTD.

SAT: SAT VIDE ITS ORDER DATED 01/02/2022 ALLOWED THE APPEAL AND QUASHED IMPUGNED ORDER DATED 29/09/2021 SO FAR IT RELATED TO APPELLANTS.MATTER REMITTED TO WTM TO PASS A FRESH ORDER IN ACCORDANCE WITH LAW AND APPELLANTS TO APPEAR BEFORE WTM ON 18/02/2022

SAT: SAT VIDE ITS ORDER DATED 06/02/2023 DISMISSED THE APPEALS

1299

VIKRAM KUMAR

(PAN:AROPK2904N)

MISUSED CLIENTS' FUNDS AND/OR SECURITIES AND/OR ACCOUNTS

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 11-OCT-2019 TO 10-OCT-2024

DIRECTED TO CEASE & DESIST FROM UNDERTAKING ANY ACTIVITY IN SECURITIES MARKET, DIRECTLY OR INDIRECTLY, IN ANY MANNER WHATSOEVER FROM 11-OCT-2019 TO 10-OCT-2024

DIRECTED NOT TO DISPOSE OF OR ALIENATE ANY ASSETS, MOVABLE OR IMMOVABLE, OR TO CREATE OR INVOKE OR RELEASE ANY INTEREST OR CHARGE IN ANY OF SUCH ASSETS WITHOUT PRIOR PERMISSION OF NSE AND BSE

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 TO UTILIZE ASSETS OF THE ENTITIES ONLY FOR THE PURPOSE OF PAYMENT OF MONEY AND/OR DELIVERY OF SECURITIES, AS THE CASE MAY BE, TO CLIENTS/INVESTORS UNDER THE SUPERVISION OF CONCERNED STOCK EXCHANGE(S)

DIRECTED DEPOSITORIES TO ENSURE THAT NO DEBITS AND/OR CREDITS MADE IN DEMAT ACCOUNTS, HELD JOINTLY OR SEVERALLY, OF ENTITIES AND PERSONS

DIRECTED BANKS TO ENSURE THAT NO DEBITS ARE MADE IN BANK ACCOUNTS HELD JOINTLY OR SEVERALLY

DIRECTED EXCHANGES AND/OR CLEARING CORPORATIONS AND/OR DEPOSITORIES TO APPOINT FORENSIC AUDITOR TO TRACK MISUSE OF CLIENT'S FUNDS/SECURITIES AND TO IDENTIFY NET ASSETS/LIABILITIES

DIRECTED EXCHANGES TO DEAL WITH COMPLAINTS/CLAIMS OF CLIENTS AGAINST MEMBER AND RETURN AMOUNT OF CLIENT FUND AND SECURITIES TO CLIENTS

11-OCT-2019

SEBI VIDE ITS ORDER DATED 24/01/2020 CONFIRMED DIRECTIONS ISSUED VIDE ITS EX-PARTE AD-INTERIM ORDER DATED 11/10/2019

SEBI VIDE ITS ORDER DATED 28/06/2023 DIRECTED TO A) RESTRAINED FROM ACCESSING SECURITIES MARKET AND FURTHER PROHIBITED FROM BUYING, SELLING OR OTHERWISE DEALING IN SECURITIES, EITHER DIRECTLY OR INDIRECTLY, OR BEING ASSOCIATED WITH SECURITIES MARKET IN ANY MANNER WHATSOEVER FOR FIVE YEARS FROM INTERIM ORDER

1300

VIKRAM NAVINCHANDRA SHAH

(PAN:AKCPS7427B)

INDULGED IN CREATION OF ARTIFICIAL MARKET AND PRICE MANIPULATION IN SCRIP OF MISHKA FINANCE & TRADING LTD.

SAT: SAT VIDE ITS ORDER DATED 13/01/2022 CONDONED THE DELAY OF 300 DAYS IN FILING OF APPEAL AND DIRECTED RESPONDENT FILE REPLY WITHIN THREE WEEKS FROM DATE OF THIS ORDER AND APPELLANT TO FILE REJOINDER THREE WEEKS THEREAFTER

SAT: SAT VIDE ITS ORDER DATED 08/03/2022 ALLOWED APPELLANTS THREE WEEKS TO FILE REJOINDER

SAT: SAT VIDE ITS ORDER DATED 12/04/2022 ALLOWED APPELLANTS THREE WEEKS TO FILE REJOINDER

SAT: SAT VIDE ITS ORDER DATED 13/05/2022 ALLOWED APPELLANT FURTHER THREE WEEKS TO FILE REJOINDER

SAT: SAT VIDE ITS ORDER DATED 12/01/2023 CONDONED THE DELAY IN FILING OF APPEAL

SAT: SAT VIDE ITS ORDER DATED 14/02/2023 ALLOWED THE APPEAL AND QUASHED IMPUGNED ORDERS DATED 02/12/2020 AND 29/07/2022.NO COSTS

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

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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

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SOURCE OF INFORMATION : SECURITIES AND EXCHANGE BOARD OF INDIA WEBSITE � PRESS RELEASES/ CHAIRMAN�S AND MEMBER�S ORDERS / AO ORDERS/ SAT ORDERS/ NEWSPAPER ADSUPDATED TILL : 02-MAR-2026

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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