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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 : 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: CANCELLED REGISTRATION AS INVESTMENT ADVISOR

S.No. PERSON ENTITY REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
121
History of entity/person SARIPUTTA SARKAR

(PAN:BDHPS4325R)  
  DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR

27-NOV-2025 		 
122
History of entity/person SATYA PRAKASH JAIN

(PAN:APGPJ0766F)  
Click here to view complete history of this specific entity/person FINITE RESEARCH,M/S

PAN:APGPJ0766F
  		DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR

27-NOV-2025 		 
123
History of entity/person SAURABH MUNDRA

(PAN:AJHPM9582H)  
  DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR

27-NOV-2025 		 
124
History of entity/person SHAJI GEORGE

(PAN:AFNPG7670N)  
  DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 25-JUL-2025

25-JUL-2025 		 
125
History of entity/person SHALINI GUPTA

(PAN:AFAPG7751F)  
  DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR

27-NOV-2025 		 
126
History of entity/person SHARMILA JOSHI

(PAN:ACXPJ5845K)  
  DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR

27-NOV-2025 		 
127
History of entity/person SHAZIA RAHIMTOOLA

(PAN:AVXPR6938P)  
  DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 25-APR-2025

25-APR-2025 		 
128
History of entity/person SHEETAL AGRAWAL

(PAN:AJTPD1563F)  
  DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR

27-NOV-2025 		 
129
History of entity/person SHILPA GARG

(PAN:AZNPG3349J)  
Click here to view complete history of this specific entity/person HIGHLIGHT INVESTMENT RESEARCH

PAN:AZNPG3349J
  		PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

DID NOT OBTAIN MEMBERSHIP FROM BSE ADMINISTRATION & SUPERVISION LTD. (BASL)

DID NOT REDRESS INVESTOR COMPLAINTS

DID NOT FURNISH ACTION TAKEN REPORT IN CONNECTION WITH REDRESSAL OF INVESTOR’S GRIEVANCES   		CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 12-SEP-2025

12-SEP-2025 		 
130
History of entity/person SHRUTI BANSAL

(PAN:AOKPB2147P)  
  DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 25-APR-2025

25-APR-2025 		 
131
History of entity/person SIDDHARTH HARESHKUMAR SHAH

(PAN:ELRPS8254L)  
  DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR

27-NOV-2025 		 
132
History of entity/person SIVARAMKRISHNAN ARUMUGAM RAJARAMMOHAN

(PAN:AJCPR7890L)  
  DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR

27-NOV-2025 		 
133
History of entity/person SONIKA NAMDHARANI

(PAN:AXWPN9795L)  
Click here to view complete history of this specific entity/person FINCAP RESEARCH INVESTMENT ADVISOR

PAN:AXWPN9795L
  		ALLOWED UNREGISTERED PERSON TO ACT AS INVESTMENT ADVISOR

OBTAINED INVESTMENT ADVISOR REGISTRATION BY SUBMITTING FAKE EXPERIENCE CERTIFICATES

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

DID NOT RENEW NISM REGISTRATION

MISREPRESENTED CLIENTS THAT PRODUCTS IN FUTURES AND OPTIONS SEGMENTS GAVE REGULAR INCOME

DID NOT OBTAIN ANY SUPPORTING DOCUMENTS/EVIDENCE FROM CLIENTS WHILE DOING RISK PROFILING OF CLIENTS

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

SOLD HIGH FEES PRODUCT WITHOUT CONSIDERING ANNUAL INCOME AND PROPOSED INVESTMENT VALUE

DID NOT HAVE ANY PRODUCTS/SERVICES DESIGNED BY ITS OWN

SOLD MULTIPLE PRODUCTS AND CHARGED UNREASONABLE FEES AND/OR SERVICE CHARGE

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

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

DID NOT PROVIDE DOCUMENTS WITH REGARD TO DATE AND SUBJECT OF TRAINING, NUMBER OF PARTICIPANTS, MATERIALS DISTRIBUTED, ATTENDANCE SHEET OF EMPLOYEES ETC.   		CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 17-JUL-2023

17-JUL-2023 		 
134
History of entity/person SOURABH SHARMA

(PAN:AWTPS8366C)  
  DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 25-APR-2025

25-APR-2025 		 
135
History of entity/person SUMIT RATHI

(PAN:AXAPR0008C)  
Click here to view complete history of this specific entity/person WEALTH CHASER GLOBAL RESEARCH

PAN:AXAPR0008C
  		DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR

27-NOV-2025 		 
136
History of entity/person SWATI CHHABRA

(PAN:AJWPC4615N)  
  DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR

27-NOV-2025 		 
137
History of entity/person TANU THUKRAL

(PAN:AMGPT6750L)  
  DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 25-APR-2025

25-APR-2025 		 
138
History of entity/person TARUN CHANDANI

(PAN:BBDPC8554N)  
Click here to view complete history of this specific entity/person FLANKING RESEARCH & INVESTMENT ADVISOR

PAN:BBDPC8554N
  		DID NOT CO-OPERATE AND NOT SUBMITTED DOCUMENTS DURING INSPECTION

DID NOT INTIMATE SEBI ABOUT MATERIAL CHANGE IN INFORMATION

DID NOT REDRESS INVESTOR COMPLAINTS

PROVIDED ADVICE WITHOUT PROPER RATIONALE TO RISK PROFILE OF CLIENTS

CHARGED UNREASONABLE, ARBITRARILY AND INCONSISTENT FEE

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

NOT A FIT & PROPER PERSON TO ACT AS AN INVESTMENT ADVISOR   		CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 19-DEC-2022

19-DEC-2022 		 
139
History of entity/person TARUN KUMAR SAPRA

(PAN:ARTPS2981C)  
  DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 25-JUL-2025

25-JUL-2025 		 
140
History of entity/person UDAY BANSAL

(PAN:AJOPB8353Q)  
  DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 25-APR-2025

25-APR-2025 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.
 
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