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.

COMPANIES: VIOLATED SEBI (INVESTMENT ADVISORS) REGULATIONS, 2013

S.No.

ENTITY

PERSONS

REGULATORY CHARGES

REGULATORY ACTION(S) / DATE OF ORDER

FURTHER DEVELOPMENTS

121

DOLLAR ADVISORY & FINANCIAL SERVICES

(PAN:AKBPM7004R)

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

RAVI PRAKASH MOHTA

PAN:AKBPM7004R

DID NOT SUBMIT COMPLETE INFORMATION UNDER THE STATEMENT OF OATH

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

DID NOT UNDERTAKE RISK PROFILING OF CLIENTS

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

OFFERED MULTIPLE PACKAGES TO EARN HUGE AMOUNT OF SERVICE FEES FROM CLIENTS

SOLD ADVISORY SERVICES PRIOR TO COMMUNICATION OF RISK PROFILE

SOLD PRODUCTS TO CLIENTS WHICH WERE NOT SUITABLE TO RISK PROFILE OF THE CLIENTS

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

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

DID NOT ADHERE TO SEBI CIRCULARS IN RELATION TO COMPLIANCE WITH PROVISIONS OF PREVENTION OF MONEY LAUNDERING ACT AND ANTI MONEY LAUNDERING GUIDELINES

TRADED ON BEHALF OF CLIENTS

DIRECTED TO REFUND MONEY TO THE INVESTORS

DIRECTED TO RESOLVE ALL PENDING COMPLAINTS

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 30-NOV-2022 TO 29-MAY-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 30-NOV-2022 TO 29-MAY-2023

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 30-NOV-2022 TO 29-MAY-2023

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

30-NOV-2022

SAT: SAT VIDE ITS ORDER DATED 15/03/2023 DIRECTED RESPONDENT TO FILE REPLY WITHIN THREE WEEKS FROM DATE OF THIS ORDER AND REJOINDER TO BE FILED WITHIN THREE WEEKS THEREAFTER

SAT: SAT VIDE ITS ORDER DATED 03/05/2023 ALLOWED APPELLANT THREE WEEKS TO FILE REJOINDER

SAT: SAT VIDE ITS ORDER DATED 30/06/2023 CONDONED THE DELAY IN FILING OF APPEAL AND ALLOWED APPELLANT FURTHER THREE WEEKS TO FILE REJOINDER

SAT: SAT VIDE ITS ORDER DATED 09/08/2023 ALLOWED APPELLANTS THREE WEEKS TO FILE REJOINDER

SEBI VIDE ITS NOTICE DATED 16/12/2024 DIRECTED TO PAY RS.8,76,000.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SEBI VIDE ITS ORDER DATED 03/01/2025 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 10/03/2025 DIRECTED ALL THE BANKS AND MUTUAL FUNDS IN INDIA TO REMIT RS.8,97,000.00 TO THE EXTENT LYING IN THE ACCOUNT OF NOTICEES TO SEBI BY WAY OF EFT/NEFT/RTG

122

DRIFT FINANCIAL SERVICES

(PAN:AODPC6797H)

AJAY CHAUHAN

PAN:AODPC6797H

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

DID NOT MAKE DISCLOSURE OF MARKET RISK ASSOCIATED WITH INVESTMENT IN SECURITIES MARKET TO ITS CLIENTS

DID NOT REDRESS INVESTOR COMPLAINTS

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

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

27-MAY-2022

SEBI VIDE ITS NOTICE DATED 30/08/2022 DIRECTED TO PAY RS.7,22,863.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SEBI VIDE ITS ORDER DATED 20/10/2022 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 24/01/2024 DIRECTED ALL THE BANKS AND MUTUAL FUNDS IN INDIA TO REMIT RS.8,48,000.00 TO THE EXTENT LYING IN THE ACCOUNT OF NOTICEE TO SEBI BY WAY OF EFT/NEFT/RTG

123

D-STREET INVESTMENT ADVISOR PVT.LTD.

(PAN:AAHCD4100G)

DID NOT INFORM SEBI REGARDING USAGE OF DIFFERENT WEBSITES AND PROPRIETARY NAME FOR PROVIDING INVESTMENT ADVISORY SERVICES TO CLIENTS

DID NOT MAKE DISCLOSURE OF MATERIAL INFORMATION TO CLIENTS

PROVIDED INVESTMENT ADVICE ON FREE TRIALS TO CLIENTS

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

RESTRAINED FROM PROVIDING INVESTMENT ADVISORY SERVICES FROM 22-NOV-2022

IMPOSED PENALTY RS.5,00,000 ALONG WITH OTHER ENTITIES/PERSONS

22-NOV-2022

124

E2P SERVICES

(PAN:IYXPS4054P)

VIKRANT SHARMA

PAN:IYXPS4054P

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 16-MAR-2023 TO 15-MAR-2025

ALLOWED BANKS TO DEBIT FOR THE PURPOSE OF MAKING REFUNDS TO CLIENTS/INVESTORS/COMPLAINANTS

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 16-MAR-2023 TO 15-MAR-2025

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 16-MAR-2023 TO 15-MAR-2025

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 16-MAR-2023 TO 15-MAR-2025

16-MAR-2023

SEBI VIDE ITS NOTICE DATED 22/02/2024 DIRECTED TO PAY RS.84,78,273.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

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

125

ELITE INVESTMENT ADVISORY SERVICES

(PAN:BZZPS6587H)

RAJIV KUMAR SINGH

PAN:BZZPS6587H

DID NOT PROVIDE MATERIAL INFORMATION TO SEBI

DID NOT ASSESS SUITABILITY OF INVESTMENT ADVICE AND MAINTAIN APPROPRIATE STANDARDS OF CONDUCT

DID NOT MAKE DISCLOSURE OF MATERIAL INFORMATION TO CLIENTS

DID NOT UPLOAD CKYC DETAILS OF CLIENTS IN CERSAI PORTAL

DID NOT PROVIDE INFORMATION TO SEBI

DID NOT CO-OPERATE WITH SEBI IN INSPECTION

DID NOT REDRESS INVESTOR COMPLAINTS IN STIPULATED TIME

IMPOSED PENALTY RS.6,00,000 ALONG WITH OTHER ENTITIES/PERSONS

31-JAN-2024

SEBI VIDE ITS NOTICE DATED 08/05/2024 DIRECTED TO PAY RS.6,31,000.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SEBI VIDE ITS ORDER DATED 05/12/2024 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 16/01/2025 DIRECTED ALL THE BANKS AND MUTUAL FUNDS IN INDIA TO REMIT RS.6,79,000.00 TO THE EXTENT LYING IN THE ACCOUNT OF NOTICEES TO SEBI BY WAY OF EFT/NEFT/RTG

126

ELITE INVESTMENT ADVISORY SERVICES

(PAN:BZZPS6587H)

RAJIV KUMAR SINGH

PAN:BZZPS6587H

DID NOT SUBMIT MATERIAL INFORMATION TO SEBI

DID NOT MAINTAIN REGISTER WITH CKYC AGENCY CERSAI AND DID NOT EXECUTE RESPONSIBILITIES TOWARDS MAINTENANCE OF KYC RECORDS WITH CERSAI

DID NOT ASSESS SUITABILITY OF INVESTMENT ADVICE AND MAINTAIN APPROPRIATE STANDARDS OF CONDUCT

DID NOT CO-OPERATE WITH SEBI IN INSPECTION

DID NOT PROVIDE INFORMATION TO SEBI

DID NOT REDRESS INVESTOR COMPLAINTS IN STIPULATED TIME

PROHIBITED FROM TAKING UP ANY NEW ASSIGNMENT OR CONTRACT OR LAUNCH A NEW SCHEME FROM 29-MAY-2024 TO 28-NOV-2024

29-MAY-2024

127

ELITE INVESTMENT ADVISORY SERVICES

(PAN:BZZPS6587H)

RAJIV KUMAR SINGH

PAN:BZZPS6587H

REPRESENTATIVES/EMPLOYEES DID NOT HAVE REQUISITE QUALIFICATION AND CERTIFICATION

DID NOT TAKE REGISTRATION AS NON-INDIVIDUAL INVESTMENT ADVISER DESPITE EXCEEDING THE LIMIT OF 150 CLIENTS

DID NOT PROVIDE BANK DETAILS AND STATEMENTS OF FAMILY MEMBERS, KNOW YOUR CLIENT FORMS OF CLIENTS AND DID NOT MAKE AGREEMENTS WITH VARIOUS OTHER CLIENTS

CHARGED EXTRA MONEY FROM CLIENTS/INVESTORS

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

DID NOT MAKE DISCLOSURE OF MATERIAL INFORMATION TO CLIENTS

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

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

DID NOT REDRESS INVESTOR COMPLAINTS

DID NOT CO-OPERATE WITH SEBI IN INSPECTION

IMPOSED PENALTY RS.35,00,000 ALONG WITH OTHER ENTITIES/PERSONS

18-JUL-2025

SEBI VIDE ITS NOTICE DATED 10/02/2026 DIRECTED TO PAY RS.37,81,000.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

128

ELITIO TECHNOLOGIES PVT.LTD.

(PAN:AAECE0986C)

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 25-APR-2025

25-APR-2025

129

EMPIRIC TRADE

(PAN:AXCPT3030A)

NIRAJ THAKUR

PAN:AXCPT3030A

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

RESTRAINED FROM SELLING ASSETS, PROPERTIES AND HOLDING OF MUTUAL FUNDS/SHARES/SECURITIES HELD IN DEMAT AND PHYSICAL FORM FROM 17-OCT-2022 TO 16-OCT-2023

ALLOWED BANKS TO DEBIT FOR THE PURPOSE OF MAKING REFUNDS TO CLIENTS/INVESTORS/COMPLAINANTS

DIRECTED TO SUBMIT COMPLETION REPORT OF REPAYMENT TO SEBI CERTIFIED BY INDEPENDENT CHARTERED ACCOUNTANT

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 17-OCT-2022 TO 16-OCT-2023

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 17-OCT-2022 TO 16-OCT-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 17-OCT-2022 TO 16-OCT-2023

17-OCT-2022

SEBI VIDE ITS NOTICE DATED 07/08/2025 DIRECTED TO PAY RS.1,13,01,357.98 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SEBI VIDE ITS ORDER DATED 25/08/2025 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 25/09/2025 DIRECTED ALL THE BANKS AND MUTUAL FUNDS IN INDIA TO REMIT RS.1,13,84,064.33 TO THE EXTENT LYING IN THE ACCOUNT OF NOTICEES TO SEBI BY WAY OF EFT/NEFT/RTGS

130

EPIC RESEARCH PVT.LTD.

(PAN:AADCE1112D)

APURVA GANGWAL

PAN:ASGPG0065M

JAMILA BOMBAYWALA

PAN:AFMPN5189E

MOHAMMED HUSAIN NADEEM

PAN:ABAPN1418Q

MUSTAFA NADEEM

PAN:AGKPN2154J

NISREEN NADEEM

PAN:ATYPN6530B

NOORUDDIN BOMBAYWALA

PAN:ATMPB4763C

INVESTMENT ADVISORS DID NOT ADHERE TO CERTIFICATION REQUIREMENT WITHIN TIMELINE

DID NOT HAVE REQUISITE QUALIFICATIOS TO DEAL WITH CLIENTS IN AREA OF SELECTION OF SERVICE/PRODUCTS

COLLECTED INSUFFICIENT AND INCOMPLETE INFORMATION WITHOUT SUPPORTING DOCUMENTS THROUGH RISK PROFILING QUESTIONNAIRE

SOLD MULTIPLE ADVISORY SERVICES TO CLIENTS BY FREQUENTLY UPDATING/CHANGING RISK PROFILE

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

DID NOT TRANSPARENT TO CLIENTS REGARDING ADVISORY FEES AND CHARGED UNREASONABLE FEES

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 19-APR-2021 TO 18-APR-2024

CEASED & DESIST FROM UNDERTAKING ANY ACTIVITY IN SECURITIES MARKET INCLUDING ACTIVITY OF ACTING AND REPRESENTING THROUGH ANY MEDIA (PHYSICAL OR DIGITAL) AS AN INVESTMENT ADVISOR, DIRECTLY OR INDIRECTLY, IN ANY MANNER WHATSOEVER FROM 19-APR-2021 TO 18-APR-2024

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 NOT TO DISPOSE OF OR ALIENATE ANY ASSETS, MOVABLE OR IMMOVABLE, OR ANY INTEREST OR INVESTMENT OR CHARGE IN ANY OF SUCH ASSETS WITHOUT PRIOR PERMISSION OF SEBI

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 REGISTRAR AND TRANSFER AGENTS TO ENSURE THAT NOT TRANSFERRED SECURITIES HELD JOINTLY OR SEVERALLY

DIRECTED TO CEASE & DESIST WITH EPIC OR ANY OTHER INVESTMENT ADVISERS, FROM COMMISSION OR OMISSION OF ANY ACTIVITY AMOUNTING TO FRAUD

DIRECTED TO FURNISH REPORT TO SEBI DULY CERTIFIED BY CHARTERED ACCOUNTANT RESOLVED ALL COMPLAINTS

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

18-DEC-2019

SEBI VIDE ITS ORDER DATED 19/04/2021 DIRECTED TO A) RESTRAIN 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 THREE YEARS FROM DATE OF THIS ORDER 2) RESOLVE THE COMPLAINTS PENDING IN THE SCORES AND OTHERWISE, WITHIN 30 DAYS FROM DATE OF THIS ORDER 3) FURNISH REPORT TO SEBI DULY CERTIFIED BY CHARTERED ACCOUNTANT CERTIFYING ALL THE COMPLAINTS HAVE BEEN RESOLVED WITHIN THREE MONTHS FROM DATE OF THIS ORDER 4) DURING PERIOD OF RESTRAINT, EXISTING HOLDING OF SECURITIES INCLUDING UNITS OF MUTUAL FUNDS TO REMAIN FROZEN 5) ALIENATING ASSETS INCLUDING THE MONEY IN BANK ACCOUNTS ETC. TO BE DISCONTINUED

131

EPIC TRADERS

(PAN:AUYPV2775R)

MANGILAL VERMA

PAN:AUYPV2775R

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

DIRECTED TO REFUND MONEY RECEIVED FROM CLIENTS/INVESTORS/COMPLAINANT AS FEES OR CONSIDERATION OR IN ANY OTHER FORM IN RESPECT OF UNREGISTERED INVESTMENT ADVISORY ACTIVITIES

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

RESTRAINED FROM SELLING ASSETS, PROPERTIES AND HOLDING OF MUTUAL FUNDS/SHARES/SECURITIES HELD IN DEMAT AND PHYSICAL FORM FROM 17-DEC-2024 TO 16-DEC-2026

ALLOWED BANKS TO DEBIT FOR THE PURPOSE OF MAKING REFUNDS TO CLIENTS/INVESTORS/COMPLAINANTS

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

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 17-DEC-2024 TO 16-DEC-2026

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 17-DEC-2024 TO 16-DEC-2026

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 17-DEC-2024 TO 16-DEC-2026

IMPOSED PENALTY RS.6,00,000 ALONG WITH OTHER ENTITIES/PERSONS

17-DEC-2024

132

EPROFITZONE FINCAP CONSULTANT PVT.LTD.

(PAN:AAECE4442M)

AJIT KUMAR

PAN:DBVPK6391D

PRAKASH KUMAR

PAN:BVRPK8681G

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

SEBI VIDE ITS ORDER DATED 27/05/2022 DIRECTED TO A) REFUND THE MONEY RECEIVED FROM CLIENTS/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 CLIENTS/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 CLIENTS/INVESTORS/COMPLAINTS WHO WERE AVAILING THE INVESTMENT ADVISORY SERVICES E) RESOLVE ALL THE COMPLAINTS PENDING AGAINST THEM AND FILE REPORT OF SUCH RESOLUTION WITH SEBI WITHIN A PERIOD OF 30 DAYS FROM THE DATE OF THIS ORDER F) FILE REPORT OF SUCH COMPLETION WITH SEBI DULY CERTIFIED FROM INDEPENDENT CHARTERED ACCOUNTANTS G) 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 TWO YEARS FROM DATE OF COMPLETION OF REFUNDS TO INVESTORS H) 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 I) NOT TO DIVERT ANY FUNDS COLLECTED FROM INVESTORS, KEPT IN BANK ACCOUNT(S) AND/OR IN THEIR CUSTODY EXCEPT FOR THE PURPOSE OF REFUND J) NOT TO DISPOSE OFF OR ALIENATE ANY ASSETS, WHETHER MOVABLE OR IMMOVABLE, OR ANY INTEREST OR INVESTMENT OR CHARGE ON ANY OF SUCH ASSETS HELD THEIR NAME, INCLUDING MONEY LYING IN BANK ACCOUNTS EXCEPT FOR PURPOSE OF REFUND

SAT: SAT VIDE ITS ORDER DATED 25/08/2022 DISMISSED THE APPEAL. NO COSTS

133

EQUICOM FINANCIAL RESEARCH PVT.LTD.,THE

(PAN:AAECT4400E)

AKHILESH RAGHUVANSHI

PAN:ALDPR2234H
DIN:05340629

AMIT KUKDA

PAN:BOHPK6437B
DIN:05340621

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

SOLD MULTIPLE ADVISORY SERVICES TO CLIENTS BY FREQUENTLY UPDATING/CHANGING RISK PROFILE

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

USED FAKE NAMES IN DEALING WITH CLIENTS

DID NOT MAINTAIN FULL RECORDS OF INVESTMENT ADVICE PROVIDED ORALLY NOR RATIONAL FOR SUCH ADVICES RENDERED

OFFERED SEVERAL ADVICES OVER PHONE FROM UNQUALIFIED AND WITHOUT NISM CERTIFIED REPRESENTATIVE

SEBI VIDE ITS ORDER DATED 19/04/2021 DIRECTED TO A) RESTRAIN 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 THREE YEARS FROM DATE OF THIS ORDER 2) RESOLVE THE COMPLAINTS PENDING IN THE SCORES AND OTHERWISE, WITHIN PERIOD OF 30 DAYS FROM DATE OF THIS ORDER 3) FURNISH REPORT TO SEBI DULY CERTIFIED BY CHARTERED ACCOUNTANT CERTIFYING ALL THE COMPLAINTS HAVE BEEN RESOLVED WITHIN THREE MONTHS FROM DATE OF THIS ORDER 4) DURING PERIOD OF RESTRAINT, EXISTING HOLDING OF SECURITIES INCLUDING UNITS OF MUTUAL FUNDS TO REMAIN FROZEN AND 5) ALIENATING ASSETS INCLUDING THE MONEY IN BANK ACCOUNTS ETC. TO BE DISCONTINUED

SEBI VIDE ITS ORDER DATED 24/09/2025 DISPOSED OF THE PROCEEDINGS INITIATED VIDE SCN DATED 24/09/2024 WITHOUT ANY FURTHER DIRECTIONS

134

EQUITY EXPRESS MARKET & RESEARCH SERVICES

(PAN:ANPPA2906H)

RAHUL ARYA

PAN:ANPPA2906H

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

DIRECTED TO REFUND MONEY RECEIVED FROM CLIENTS/INVESTORS/COMPLAINANT AS FEES OR CONSIDERATION OR IN ANY OTHER FORM IN RESPECT OF UNREGISTERED INVESTMENT ADVISORY ACTIVITIES

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

RESTRAINED FROM SELLING ASSETS, PROPERTIES AND HOLDING OF MUTUAL FUNDS/SHARES/SECURITIES HELD IN DEMAT AND PHYSICAL FORM FROM 25-OCT-2024 TO 24-OCT-2026

ALLOWED BANKS TO DEBIT FOR THE PURPOSE OF MAKING REFUNDS TO CLIENTS/INVESTORS/COMPLAINANTS

DIRECTED TO SUBMIT COMPLETION REPORT OF REPAYMENT TO SEBI CERTIFIED BY INDEPENDENT CHARTERED ACCOUNTANT

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 25-OCT-2024 TO 24-OCT-2026

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 25-OCT-2024 TO 24-OCT-2026

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 25-OCT-2024 TO 24-OCT-2026

IMPOSED PENALTY RS.11,00,000 ALONG WITH OTHER ENTITIES/PERSONS

25-OCT-2024

SEBI VIDE ITS NOTICE DATED 18/02/2026 DIRECTED TO PAY RS.29,71,067.20 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

135

EQUITY MANIA FINANCIAL ADVISORY

(PAN:AUQPG5385A)

ANKIT GOEL

PAN:AUQPG5385A

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

SEBI VIDE ITS ORDER DATED 24/06/2021 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 28/07/2022 DIRECTED TO PAY RS.48,98,763.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

136

EQUITY MANTRA

(PAN:AAFFE8491A)

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR

27-NOV-2025

137

EQUITY MANTRA

(PAN:DPDPP1122R)

NARESH PAL

PAN:DPDPP1122R

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

DIRECTED TO REFUND MONEY RECEIVED FROM CLIENTS/INVESTORS/COMPLAINANT AS FEES OR CONSIDERATION OR IN ANY OTHER FORM IN RESPECT OF UNREGISTERED INVESTMENT ADVISORY ACTIVITIES

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

RESTRAINED FROM SELLING ASSETS, PROPERTIES AND HOLDING OF MUTUAL FUNDS/SHARES/SECURITIES HELD IN DEMAT AND PHYSICAL FORM FROM 24-JUL-2024 TO 23-JUL-2025

ALLOWED BANKS TO DEBIT FOR THE PURPOSE OF MAKING REFUNDS TO CLIENTS/INVESTORS/COMPLAINANTS

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

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 24-JUL-2024 TO 23-JUL-2025

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 24-JUL-2024 TO 23-JUL-2025

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 24-JUL-2024 TO 23-JUL-2025

IMPOSED PENALTY RS.6,00,000 ALONG WITH OTHER ENTITIES/PERSONS

24-JUL-2024

138

EQUITY99

(PAN:AAFFE4984L)

DID NOT POSSESS NISM CERTIFICATE

DID NOT USE WORDS �INVESTMENT ADVISER� IN ITS NAME

COLLECTED FEES AND RENDERED ADVICE TO CLIENTS PRIOR TO EXECUTION OF AGREEMENT

DID NOT OBTAIN CERTIFICATE OF REGISTRATION OF RESEARCH ANALYST

PROVIDED CONTRADICTING STATEMENTS WITH REGARD TO �RISK PROFILING QUESTIONNAIRE ANALYSIS PROCESS AND DID NOT COMMUNICATE TO CLIENTS

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

DID NOT OBTAIN �KNOW YOUR CLIENTS� (KYC) DETAILS OF CLIENTS

DID NOT DISPLAY NAME AND CONTACT DETAILS OF COMPLIANCE OFFICER

DID NOT SUBMIT CORRECT DETAIL OF INVESTOR COMPLAINTS

DID NOT REDRESS INVESTOR COMPLAINTS

IMPOSED PENALTY RS.3,00,000

29-NOV-2023

139

EQUITY99

(PAN:AAFFE4984L)

DID NOT RENEW NISM REGISTRATION

DID NOT USE WORDS �INVESTMENT ADVISER� IN ITS NAME

COLLECTED FEES AND RENDERED ADVICE TO CLIENTS PRIOR TO EXECUTION OF AGREEMENT

DID NOT OBTAIN CERTIFICATE OF REGISTRATION OF RESEARCH ANALYST

PROVIDED CONTRADICTING STATEMENTS WITH REGARD TO �RISK PROFILING QUESTIONNAIRE ANALYSIS PROCESS AND DID NOT COMMUNICATE TO CLIENTS

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

DID NOT OBTAIN �KNOW YOUR CLIENTS� (KYC) DETAILS OF CLIENTS

DID NOT DISPLAY NAME AND CONTACT DETAILS OF COMPLIANCE OFFICER

DID NOT SUBMIT CORRECT DETAIL OF INVESTOR COMPLAINTS

DID NOT REDRESS INVESTOR COMPLAINTS

SUSPENDED REGISTRATION AS INVESTMENT ADVISER FROM 24-JAN-2024 TO 23-APR-2024

24-JAN-2024

140

EQUITYPANDIT FINANCIAL SERVICES PVT.LTD.

(PAN:AADCE3035F)

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

IMPOSED PENALTY RS.40,00,000

02-APR-2018

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