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: VIOLATED SECURITIES CONTRACTS (REGULATION) ACT, 1956

S.No.

PERSON

ENTITY

REGULATORY CHARGES

REGULATORY ACTION(S) / DATE OF ORDER

FURTHER DEVELOPMENTS

161

MILIND A.MHATRE

DID NOT DISCLOSE ACTUAL SHAREHOLDING PATTERN TO STOCK EXCHANGES VIOLATING SECTION 21 OF SCRA, 1956

ACTED IN CONCERT WITH PROMOTERS OF JAY BHARAT TEXTILE & REAL ESTATE LTD.FOR THE PURPOSE OF ACQUISITION OF SHARES/VOTING RIGHTS INDIRECTLY FOR PROMOTERS FOR THE PURPOSE OF CONCEALMENT OF THEIR ACQUISITION OF SHARES VIOLATING REGULATIONS 7 AND 8 SEBI TAKEOVER CODE, 1997

DID NOT MAKE PUBLIC ANNOUNCEMENT AS REQUIRED UNDER REGULATIONS 10 AND 11 OF SEBI TAKEOVER CODE, 1997 IN MATTER OF JAY BHARAT TEXTILE & REAL ESTATE LTD.

INDULGED IN CREATION OF ARTIFICIAL MARKET AND PRICE MANIPULATION IN SCRIP OF JAY BHARAT TEXTILE & REAL ESTATE LTD.

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 12-MAR-2010 TILL FURTHER ORDERS

DIRECTED DEPOSITORIES NOT TO GIVE EFFECT TO ANY TRANSFER OF SHARES OF PROMOTERS/PERSONS ACTING IN CONCERT/DIRECTORS/CLIENTS IN DEFAULT FROM 12-MAR-2010 TILL FURTHER ORDERS

DIRECTED BSE AND NSE TO PERMIT MEMBERS TO SQUARE OFF THEIR EXISTING OPEN POSITIONS IF ANY, IN F&O SEGMENT AND ENSURE THAT NO FRESH POSITIONS ARE CREATED

DIRECTED REGISTRAR & TRANSFER AGENT NOT TO GIVE EFFECT TRANSFER OF SHARES FROM 12-MAR-2010 TILL FURTHER ORDERS

DIRECTED DEPOSITORIES TO KEEP A WATCH AND REPORT SUSPICIOUS ACTIVITIES TO SEBI

12-MAR-2010

SAT: APPEAL DISPOSED OFF HOLDING THAT DIRECTIONS ISSUED IN IMPUGNED ORDER SHALL BE CONFINED ONLY TO SHARES HELD IN KSLIL AND SECOND RESPONDENT WITH NO ORDER AS TO COSTS

162

MINAL BHARAT PATEL

(PAN:AACPP5126G)

DID NOT MAKE DISCLOSURE OF SHAREHOLDING/CHANGES IN SHAREHOLDING TO COMPANY AND STOCK EXCHANGES AS REQUIRED UNDER REGULATIONS 29(2) READ WITH 29(3) OF SAST REGULATIONS, 2011 IN MATTER OF JYOTI LTD.

TRANSFERRED AND RECEIVED SHARES IN OFF-MARKET TRANSACTIONS WITHOUT ANY PAYMENT/RECEIPT OF CONSIDERATION VIOLATING SECTION 16 OF SCRA, 1956 READ WITH SEBI NOTIFICATION NO.S.O.184(E) DATED 01/03/2000 & SEBI NOTIFICATION NO.LAD-NRO/GN/2013-14/26/6667 DATED 03/10/2013, SECTIONS 13 AND 18 OF SCRA, 1956 READ WITH SECTION 2(I) OF SEBI SECURITIES CONTRACTS (REGULATION) ACT, 1956 IN MATTER OF JYOTI LTD.

IMPOSED PENALTY RS.6,00,000

29-JUN-2021

163

MOHAMMED AZHAR KHAN

(PAN:ARIPK1912C)

TRANSFERRED AND/OR RECEIVED SHARES IN OFF-MARKET TRANSACTIONS WITHOUT ANY PAYMENT/RECEIPT OF CONSIDERATION SAME DAY OR NEXT DAY VIOLATING SECTION 2(I) READ WITH SECTIONS 13, 16 AND 18 OF SECURITIES CONTRACTS (REGULATION) ACT, 1956 IN MATTER OF VKS PROJECT LTD.

IMPOSED PENALTY RS.5,00,000

05-AUG-2020

SEBI VIDE ITS NOTICE DATED 11/12/2024 DIRECTED TO PAY RS.15,31,000.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SEBI VIDE ITS ORDER DATED 16/01/2025 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

SAT: SAT VIDE ITS ORDER DATED 12/03/2025 CONDONED THE DELAY OF 1620 DAYS IN FILING OF APPEAL AND PARTLY ALLOWED THE APPEAL BY REDUCING PENALTY AMOUNT TO RS.5 LAC FROM RS.10 LAC DEPOSIT WITHIN FOUR WEEKS FROM DATE OF THIS ORDER

SEBI VIDE ITS NOTICE DATED 08/04/2025 ALLOWED THE APPEAL AND DIRECTED ALL THE BANKS IN INDIA/NSDL/CDSL TO RELEASE ALL THE BANK ACCOUNTS INCLUDING LOCKERS, DEMAT ACCOUNTS AND MUTUAL FUND FOLIOS OF THE DEFAULTERS WHICH WERE ATTACHED PURSUANT TO THE NOTICE OF ATTACHMENT DATED 16/01/2025

SEBI VIDE ITS ORDER DATED 08/04/2025 COMPLETED OF RECOVERY CERTIFICATE PAYMENT OF AMOUNT DUE UNDER CERTIFICATE NO.8443 OF 2024 DATED 11/12/2024

SAT: SAT VIDE ITS ORDER DATED 28/03/2025 DIRECTED APPELLANT TO DEPOSIT MODIFIED PENALTY OF RS 5 LACS WITHIN FOUR WEEKS AND PERMITTED APPELLANT TO OPERATE THE BANK ACCOUNT

164

MOHAMMEDYUNUS MOHAMMEDHABIB SARESHWALA

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PARSOLI CORP.LTD.

PAN:AABCP9030F

INDULGED IN CREATION OF ARTIFICIAL MARKET AND PRICE MANIPULATION THROUGH OFF-MARKET TRANSACTIONS IN SCRIP OF PARSOLI CORP.LTD.

ENTERED INTO OFF-MARKET TRANSACTIONS WHICH WERE NOT IN THE NATURE OF SPOT DELIVERY CONTRACTS VIOLATING SECTIONS 13 AND 16 READ WITH SECTION 18 OF SECURITIES CONTRACTS (REGULATION) ACT, 1956

IMPOSED PENALTY RS.3,00,000

01-MAR-2011

SAT: APPEAL DISMISSED

INCLUDED IN SEBI LIST DATED 31/03/2014, AS DEFAULTER IN PAYMENT OF PENALTY IMPOSED BY SEBI

SEBI VIDE ITS NOTICE DATED 16/12/2013 DIRECTED ALL THE BANKS IN INDIA AND/OR NSDL/CDSL TO 1. ATTACH ALL THE ACCOUNTS BY WHATEVER NAME CALLED INCLUDING LOCKERS 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

165

MUKAT BIHARI SHARMA

(PAN:AIYPS6825M)

LEEL ELECTRICALS LTD.

PAN:AAACL0484G

INDULGED IN DIVERSION OF FUNDS TO RELATED PARTIES AND MISREPRESENTATION OF FINANCIAL STATEMENTS AND MISREPRESENTATION OF PROFITS FROM SALE OF CONSUMER DURABLE (CD) BUSINESS VIOLATING SECTION 12A(A) TO 12A(C) OF SEBI ACT, 1992 AND REGULATIONS 3(B) TO 3(D), 4(1), 4(2)(E), 4(2)(F), 4(2)(K) AND 4(2)(R) OF SEBI (PFUTP) REGULATIONS, 2003 IN MATTER OF LEEL ELECTRICAL LTD.

INDULGED IN DIVERSION OF FUNDS TO RELATED PARTIES AND MISREPRESENTATION OF FINANCIAL STATEMENTS AND MISREPRESENTATION OF PROFITS FROM SALE OF CONSUMER DURABLE (CD) BUSINESS VIOLATING REGULATIONS 4(1)(A) TO 4(1)(C), 4(1)(E), 4(1)(G) TO 4(1)(J), 4(2)(F)(I)(2), 4(2)(F)(II)(2),(6)(7), 4(2)(F)(III)(7), 23(4) READ WITH 23(1) AND 33(2)(A) OF SEBI (LODR) REGULATIONS, 2015 IN MATTER OF LEEL ELECTRICAL LTD.

INDULGED IN DIVERSION OF FUNDS TO RELATED PARTIES AND MISREPRESENTATION OF FINANCIAL STATEMENTS AND MISREPRESENTATION OF PROFITS FROM SALE OF CONSUMER DURABLE (CD) BUSINESS VIOLATING CLAUSE 41(1)(A) OF ERSTWHILE LISTING AGREEMENT READ WITH SECTION 21 OF SCRA, 1956 IN MATTER OF LEEL ELECTRICAL LTD.

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

RESTRAINED FROM ASSOCIATED WITH ANY OTHER LISTED COMPANY OR SEBI REGISTERED INTERMEDIARY IN ANY CAPACITY INCLUDING DIRECTOR OR KEY MANAGERIAL PERSON DIRECTLY OR INDIRECTLY FROM 18-APR-2024 TO 17-APR-2027

IMPOSED PENALTY RS.2,00,00,000

18-APR-2024

SAT: SAT VIDE ITS ORDER DATED 26/09/2024 GRANTED RESPONDENT THREE WEEKS TO FILE REPLY AND APPELLANT TO FILE REJOINDER THREE WEEKS THEREAFTER

SEBI VIDE ITS NOTICE DATED 30/09/2024 DIRECTED TO PAY RS.2,12,01,000.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SAT VIDE ITS ORDER DATED 08/10/2024 CONDONED THE DELAY OF 100 DAYS IN FILING OF APPEAL. GRANTED RESPONDENT FOUR WEEKS TO FILE REPLY AND APPELLANT TO FILE REJOINDER TWO WEEKS THEREAFTER. NO RECOVERY OF PENALTY AMOUNT SUBJECT TO DEPOSIT OF RS.3 LAC WITH SEBI WITHIN FOUR WEEKS FROM DATE OF THIS ORDER

SEBI VIDE ITS ORDER DATED 12/12/2024 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 14/01/2025 DIRECTED ALL THE BANKS AND MUTUAL FUNDS IN INDIA TO REMIT RS.2,20,01,000.00 TO THE EXTENT LYING IN THE ACCOUNT OF NOTICEE TO SEBI BY WAY OF EFT/NEFT/RTG

SAT: SAT VIDE ITS ORDER DATED 07/11/2025 STAYED RECOVERY OF PENALTY AMOUNT

166

MUKAT BIHARI SHARMA

(PAN:AIYPS6825M)

LEEL ELECTRICALS LTD.

PAN:AAACL0484G

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 18-APR-2024 TO 17-APR-2029

18-APR-2024

SAT: SAT VIDE ITS ORDER DATED 26/09/2024 GRANTED RESPONDENT THREE WEEKS TO FILE REPLY AND APPELLANT TO FILE REJOINDER THREE WEEKS THEREAFTER

SAT: SAT VIDE ITS ORDER DATED 08/10/2024 CONDONED THE DELAY OF 100 DAYS IN FILING OF APPEAL. GRANTED RESPONDENT FOUR WEEKS TO FILE REPLY AND APPELLANT TO FILE REJOINDER TWO WEEKS THEREAFTER. NO RECOVERY OF PENALTY AMOUNT SUBJECT TO DEPOSIT OF RS.3 LAC WITH SEBI WITHIN FOUR WEEKS FROM DATE OF THIS ORDER

167

MUKESH CHANDRESHBHAI BIJAVA

(PAN:AUMPB7059C)

TRANSFERRED AND RECEIVED SHARES IN OFF-MARKET TRANSACTIONS WITHOUT ANY PAYMENT/RECEIPT OF CONSIDERATION SAME DAY OR NEXT DAY VIOLATING SECTION 2(I)(A) READ WITH SECTIONS 13, 16 AND 18 OF SECURITIES CONTRACTS (REGULATION) ACT, 1956 IN IPOS OF L&T FINANCE HOLDINGS LTD., TREE HOUSE EDUCATION LTD. AND FUTURE VENTURES INDIA LTD.

IMPOSED PENALTY RS.15,000

31-AUG-2020

SAT: SAT VIDE ITS ORDER DATED 19/07/2021 PARTLY ALLOWED THE APPEAL BY REDUCING PENALTY TO RS.15,000.00 FROM RS.25,000.00

SAT: SAT VIDE ITS ORDER DATED 05/10/2021 REJECTED MODIFICATION APPLICATION

168

MUKUND YADU JAMBHALE

ENTERED INTO OFF-MARKET TRANSACTIONS WHICH WERE NOT IN THE NATURE OF SPOT DELIVERY CONTRACTS VIOLATING SECTIONS 13 AND 18 READ WITH SECTION 2(I) OF SECURITIES CONTRACTS (REGULATION) ACT, 1956 IN SCRIP OF INDO PACIFIC SOFTWARE & ENTERTAINMENT LTD.

IMPOSED PENALTY RS.1,00,000

30-MAR-2012

INCLUDED IN SEBI LIST DATED 31/12/2017, AS DEFAULTER IN PAYMENT OF PENALTY IMPOSED BY SEBI

SEBI VIDE ITS ORDER DATED 11/07/2014 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 ORDER DATED 28/03/2023 DIRECTED ALL THE BANKS TO REMIT RS.2,19,000.00 TO THE EXTENT LYING IN THE ACCOUNT OF MR.MUKUND YADU JAMBHALE TO SEBI BY WAY OF EFT/NEFT/RTGS

169

MUSTAFA N.SAYYED

INDULGED IN CREATION OF ARTIFICIAL MARKET AND PRICE MANIPULATION THROUGH SYNCHRONIZED AND OFF-MARKET TRANSACTIONS IN SCRIP OF PARSOLI CORP.LTD.

ENTERED INTO OFF-MARKET TRANSACTIONS WHICH WERE NOT IN THE NATURE OF SPOT DELIVERY CONTRACTS VIOLATING SECTIONS 13 AND 16 READ WITH SECTION 18 OF SECURITIES CONTRACTS (REGULATION) ACT, 1956

IMPOSED PENALTY RS.3,00,000

24-MAR-2011

170

NANDKISHOR PANCHAL

171

NARESH SHAH

(PAN:ARYPS5993F)

ENTERED INTO SPOT DELIVERY CONTRACTS WITHOUT ANY PAYMENT/RECEIPT OF CONSIDERATION WITHIN THE TIME FRAME AS PER SECTION 2(I) OF SCRA, 1956 READ WITH SECTIONS 13, 16 AND 18 IN MATTER OF GFL FINANCIALS LTD.

DID NOT MAKE DISCLOSURE OF SHAREHOLDING/CHANGES IN SHAREHOLDING TO COMPANY AND STOCK EXCHANGES AS REQUIRED UNDER REGULATIONS 29(1) AND 29(2) READ WITH 29(3) OF SAST REGULATIONS, 2011 IN MATTER OF GFL FINANCIALS LTD.

DID NOT MAKE DISCLOSURE OF SHAREHOLDING/CHANGES IN SHAREHOLDING TO COMPANY AND STOCK EXCHANGES AS REQUIRED UNDER REGULATIONS 13(1), 13(3) AND 13(4) READ WITH 13(5) OF SEBI (PROHIBITION OF INSIDER TRADING) REGULATIONS, 1992 IN MATTER OF GFL FINANCIALS LTD.

IMPOSED PENALTY RS.18,00,000

28-FEB-2018

SEBI VIDE ITS NOTICE DATED 20/10/2021 DIRECTED ALL THE BANKS IN INDIA AND/OR NSDL/CDSL AND/OR MUTUAL FUNDS TO 1. ATTACH ALL THE ACCOUNTS (INCLUDING MUTUAL FUNDS) BY WHATEVER NAME CALLED INCLUDING LOCKERS 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

AS PER SEBI NOTICE DATED 14/03/2022 NOTICEE IS UNTRACEABLE

SEBI VIDE ITS ORDER DATED 14/11/2022 DIRECTED ALL THE BANKS TO REMIT RS.28,27,000.00 TO THE EXTENT LYING IN THE ACCOUNT OF MR.NARESH SHAH TO SEBI BY WAY OF EFT/NEFT/RTGS

172

NATWARLAL L.KANANI

(PAN:ADNPK4872E)

ENTERED INTO OFF-MARKET TRANSACTION WHICH WAS NOT IN CONFORMITY WITH SECTION 13, 16 AND 18 READ WITH SECTION 2(I) OF SECURITIES CONTRACTS (REGULATION) ACT, 1956 IN MATTER OF 163500 EQUITY SHARES OF SQUARE FOUR PROJECTS INDIA LTD.

IMPOSED PENALTY RS.1,00,000

08-NOV-2017

173

NEERAJ GUPTA

(PAN:AFOPG5298R)

ISSUED FALSE AND MISLEADING CERTIFICATE UNDER REGULATIONS 17(8) AND 33(2)(A) OF SEBI (LODR) REGULATION, 2015 IN MATTER OF FEDDERS ELECTRIC & ENGINEERING LTD.

DID NOT EXERCISE DUE DILIGENCE AS MEMBER OF AUDIT COMMITTEE VIOLATING SECTION 21 OF SCRA, 1956 IN MATTER OF FEDDERS ELECTRIC & ENGINEERING LTD.

IMPOSED PENALTY RS.5,00,000

28-MAR-2023

174

NELESH DEVENDRA VORA

(PAN:ABOPV0353L)

IMPOSED PENALTY RS.1,00,000

05-AUG-2020

SEBI VIDE ITS NOTICE DATED 11/12/2024 DIRECTED TO PAY RS.15,31,000.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SEBI VIDE ITS ORDER DATED 30/12/2024 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 31/01/2025 DIRECTED ALL THE BANKS AND MUTUAL FUNDS IN INDIA TO REMIT RS.15,41,000.00 TO THE EXTENT LYING IN THE ACCOUNT OF NOTICEE TO SEBI BY WAY OF EFT/NEFT/RTG

SAT: SAT VIDE ITS ORDER DATED 06/05/2025 DELAY OF 1671 DAYS IN FILING OF APPEAL AND GRANTED FOUR WEEKS TO FILE REPLY

SAT: SAT VIDE ITS ORDER DATED 12/06/2025 GRANTED TWO WEEKS TO FILE REPLY AND APPELLANT TO FILE REJOINDER TWO WEEKS THEREAFTER

SAT: SAT VIDE ITS ORDER DATED 08/07/2025 GRANTED APPELLANT TWO WEEKS TO FILE REJOINDER

SAT: SAT VIDE ITS ORDER DATED 04/08/2025 DISPOSED OF APPEAL BY REDUCING PENALTY AMOUNT TO RS.1 LAC FROM RS.10 LAC. ALLOWED APPELLANT FOUR WEEKS TO MAKE THE PAYMENT

SEBI VIDE ITS NOTICE DATED 28/08/2025 ALLOWED THE APPEAL AND DIRECTED ALL THE BANKS IN INDIA/NSDL/CDSL TO RELEASE ALL THE BANK ACCOUNTS INCLUDING LOCKERS, DEMAT ACCOUNTS AND MUTUAL FUND FOLIOS OF THE DEFAULTERS WHICH WERE ATTACHED PURSUANT TO THE NOTICE OF ATTACHMENT DATED 30/12/2024

SEBI VIDE ITS ORDER DATED 28/08/2025 COMPLETED OF RECOVERY CERTIFICATE PAYMENT OF AMOUNT DUE UNDER CERTIFICATE NO.8448 OF 2024 DATED 11/12/2024

175

NEMICHANDRA DHANYAKUMAR JAIN

(PAN:AHMPJ1361L)

INDULGED IN MANIPULATION OF BOOKS OF ACCOUNTS OR FINANCIAL STATEMENTS VIOLATING REGULATIONS 4(2)(F)(I)(2), 4(2)(F)(II)(2),(6),(7) AND 4(2)(F)(III)(7) OF SEBI (LODR) REGULATIONS, 2015 IN MATTER OF FEDDERS ELECTRIC & ENGINEERING LTD.

DID NOT EXERCISE DUE DILIGENCE AS MEMBER OF AUDIT COMMITTEE VIOLATING SECTION 21 OF SCRA READ WITH SECTION 27 OF SEBI ACT, 1992 IN MATTER OF FEDDERS ELECTRIC & ENGINEERING LTD.

IMPOSED PENALTY RS.5,00,000

28-MAR-2023

176

NIKHLESH KUMAR

(PAN:AFHPN8413N)

INDULGED IN CREATION OF ARTIFICIAL MARKET AND PRICE MANIPULATION IN SCRIP OF KALPA COMMERCIAL LTD.

TRANSFERRED AND RECEIVED SHARES IN OFF-MARKET TRANSACTIONS WITHOUT/PARTIAL CONSIDERATION VIOLATING SECTION 16 OF SCRA, 1956 READ WITH SEBI NOTIFICATION NO.G.S.R. 219(E) DATED 03/10/2013 AND SECTIONS 13 AND 18 OF SCRA, 1956 READ WITH SECTION 2(I) OF SEBI SECURITIES CONTRACTS (REGULATION) ACT, 1956 IN MATTER OF KALPA COMMERCIAL LTD.

IMPOSED PENALTY RS.7,00,000

24-NOV-2021

SEBI VIDE ITS ORDER DATED 09/09/2022 ENHANCED PENALTY FROM RS.4 LAC TO RS.5 LAC AND DIRECTED TO PAY ENHANCED PENALTY WITHIN FORTY FIVE DAYS FROM THE DATE OF COMING INTO FORCE OF THIS DIRECTIONS

SEBI VIDE ITS NOTICE DATED 10/05/2023 DIRECTED TO PAY RS.1,10,000.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SEBI VIDE ITS NOTICE DATED 10/05/2023 DIRECTED TO PAY RS.7,15,000.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SEBI VIDE ITS ORDER DATED 28/08/2023 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 ORDER DATED 29/08/2023 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 05/10/2023 DIRECTED ALL THE BANKS AND MUTUAL FUNDS IN INDIA TO REMIT RS.1,15,000.00 TO THE EXTENT LYING IN THE ACCOUNT OF NOTICEE TO SEBI BY WAY OF EFT/NEFT/RTG

SEBI VIDE ITS NOTICE DATED 05/10/2023 DIRECTED ALL THE BANKS AND MUTUAL FUNDS IN INDIA TO REMIT RS.2,03,000.00 TO THE EXTENT LYING IN THE ACCOUNT OF NOTICEE TO SEBI BY WAY OF EFT/NEFT/RTG

177

NILESH KRUSHNA PALANDE

(PAN:AGLPP8818Q)

IMPOSED PENALTY RS.1,50,000

31-JAN-2018

SEBI VIDE ITS NOTICE DATED 19/01/2021 DIRECTED ALL THE BANKS IN INDIA AND/OR NSDL/CDSL AND/OR MUTUAL FUNDS TO 1. ATTACH ALL THE ACCOUNTS (INCLUDING MUTUAL FUNDS) BY WHATEVER NAME CALLED INCLUDING LOCKERS 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

SAT: SAT VIDE ITS ORDER DATED 14/05/2024 CONDONED THE DELAY OF 2209 DAYS IN FILING OF APPEAL. ALLOWED THE APPEAL AND SET ASIDE IMPUGNED ORDER DATED 31/01/2018

SEBI VIDE ITS NOTICE DATED 15/05/2024 ALLOWED THE APPEAL AND DIRECTED ALL THE BANKS IN INDIA/NSDL/CDSL TO RELEASE ALL THE BANK ACCOUNTS INCLUDING LOCKERS, DEMAT ACCOUNTS AND MUTUAL FUND FOLIOS OF THE DEFAULTERS WHICH WERE ATTACHED PURSUANT TO THE NOTICE OF ATTACHMENT DATED 19/01/2021

SEBI VIDE ITS ORDER DATED 15/05/2024 COMPLETED OF RECOVERY CERTIFICATE PAYMENT OF AMOUNT DUE UNDER CERTIFICATE NO.1799 OF 2018 DATED 20/11/2018

SEBI VIDE ITS ORDER DATED 13/09/2024 DISPOSED OFF ADJUDICATION PROCEEDINGS INITIATED VIDE SCN DATED 31/05/2016 WITHOUT ANY PENALTY

178

NILESH RAMANLAL SHAH

EXCELL MULTITECH LTD.

KARVY STOCK BROKING LTD.

PAN:AABCK5190K

(Member : BSE/NSE/HSE)

SEER FINLEASE PVT.LTD.

TAURAS INFOSYS LTD.

ZENET SOFTWARE LTD.

PAN:AAACZ0978K

FILED APPLICATION FOR SUBSCRIPTION AND/OR ACQUISITION OF SHARES IN FICTITIOUS NAME

VIOLATED SECTION 12A OF SEBI ACT.,1992

VIOLATED SECTION 24 (1) OF SEBI ACT, 1992

VIOLATED SEBI (PFUTP) REGULATIONS, 1995

VIOLATED SECURITIES CONTRACTS (REGULATION) ACT, 1956

VIOLATED SEBI DEPOSITORIES ACT, 1996

PROSECUTION LAUNCHED

15-MAY-2006

179

NIMISH PANKAJKUMAR SHAH

(PAN:AVXPS8823M)

TRANSFERRED AND RECEIVED SHARES IN OFF-MARKET TRANSACTIONS WITHOUT ANY PAYMENT/RECEIPT OF CONSIDERATION VIOLATING SECTION 2(I) READ WITH SECTIONS 13, 16 AND 18 OF SCRA, 1956 READ WITH SEBI NOTIFICATION NO.LAD-NRO/GN/2013-14/26/6667 DATED 03/10/2013 IN MATTER OF TIMBOR HOME LTD.

IMPOSED PENALTY RS.1,80,000

06-JUL-2021

180

NINA AJAY MALOO

(PAN:AJXPM3547Q)

IMPOSED PENALTY RS.1,00,000

06-JUL-2021