| S.No. |
ENTITY |
PERSONS |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 1 |
|
ASMITA PATEL GLOBAL SCHOOL OF TRADING PVT.LTD.
(PAN:AASCA6577F)
|
|
|
|
ASMITA JITESH PATEL
PAN:BQTPP3844B
|
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JIGAR RAMESHBHAI DAWADA
PAN:AKVPD3098G
|
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JITESH JETHALAL PATEL
PAN:AIJPP3326R
|
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SAGAR DHANJIBHAI
PAN:EGGPS8029K
|
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SURESH PARMASHIVAM
PAN:EPGPP1022C
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ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION
ACTED AS RESEARCH ANALYST WITHOUT SEBI REGISTRATION
|
CEASED AND DESIST FROM OFFERING UNREGISTERED INVESTMENT ADVISORY/PORTFOLIO MANAGEMENT SERVICES/RESEARCH ANALYST SERVICES FROM 06-FEB-2025 TILL FURTHER ORDERS
CEASED TO SOLICIT OR UNDERTAKE INVESTMENT ADVISORY ACTIVITIES OR ANY OTHER ACTIVITY IN SECURITIES MARKET, DIRECTLY OR INDIRECTLY, IN ANY MANNER WHATSOEVER FROM 06-FEB-2025 TILL FURTHER ORDERS
DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 06-FEB-2025 TILL FURTHER ORDERS
DIRECTED TO DISGORGE RS.53,67,46,384 ALONG WITH OTHER ENTITIES/PERSONS
DIRECTED TO OPEN FIXED DEPOSIT ACCOUNTS EITHER IN ANY NOTICEE’S NAME OR JOINTLY/SEVERALLY WITH LIEN MARK IN FAVOUR OF SEBI AND MONIES KEPT THEREIN NOT TO BE RELEASED WITHOUT PERMISSION FROM SEBI
DIRECTED BANKS THAT NO DEBIT SHALL BE MADE WITHOUT PERMISSION OF SEBI
DIRECTED DEPOSITORIES THAT NO DEBIT TO BE MADE WITHOUT PERMISSION OF SEBI
DIRECTED BANKS AND/OR DEPOSITORIES AND/OR CUSTODIANS TO ENSURE STRICT ENFORCEMENT OF DIRECTIONS
DIRECTED REGISTRAR AND TRANSFER AGENTS TO ENSURE THAT SECURITIES (INCLUDING MF UNITS) IN PHYSICAL FORM NOT TO TRANSFER /REDEEM WITHOUT CONFIRMATION OF CONCERNED STOCK EXCHANGES
DIRECTED NOT TO DISPOSE OF OR ALIENATE ANY OF THEIR ASSETS / PROPERTIES / SECURITIES, TILL SUCH TIME UNLAWFUL GAINS ARE CREDITED TO ESCROW ACCOUNT
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 COLLECT ANY MONEY AND/OR FEE FROM THE INVESTORS FROM 06-FEB-2025 TILL FURTHER ORDERS
DIRECTED TO IMMEDIATELY WITHDRAW AND REMOVE ALL ADVERTISEMENTS, REPRESENTATIONS, LITERATURES, BROCHURES, MATERIALS, PUBLICATIONS, DOCUMENTS, WEBSITE, ETC. IN RELATION TO THOSE SCHEMES / ACTIVITIES (INVESTMENT ADVISER AND ALTERNATIVE INVESTMENT FUND, AND/OR RESEARCH ANALYST) OR ANY UNREGISTERED ACTIVITIES FROM 06-FEB-2025 TILL FURTHER ORDERS
06-FEB-2025
|
SAT: SAT VIDE ITS ORDER DATED 09/01/2026 A) DIRECTED SEBI TO FURNISH DOCUMENTS AT SERIAL NO.1 AND 3 2) REQUEST FOR DOCUMENTS MENTIONED AT SERIAL NOS.5,6 AND 7 NOT PRESSED 3) REQUEST REJECTED FOR DOCUMENTS MENTIONED AT SERIAL NO.2,9 AND 10. NO COSTS
|
| 2 |
|
|
AVADHUT SATHE TRADING ACADEMY PVT.LTD.
(PAN:AATCA1675K)
|
|
|
|
AVADHUT DINKAR SATHE
PAN:BCSPS7915K
|
|
ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION
ACTED AS RESEARCH ANALYST WITHOUT SEBI REGISTRATION
PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS
DISSEMINATED MISLEADING INFORMATION AND ADVERTISEMENTS THROUGH SOCIAL MEDIA PLATFORMS
|
CEASED AND DESIST FROM OFFERING UNREGISTERED INVESTMENT ADVISORY/PORTFOLIO MANAGEMENT SERVICES/RESEARCH ANALYST SERVICES FROM 23-OCT-2026 TO 22-OCT-2028
CEASED TO SOLICIT OR UNDERTAKE INVESTMENT ADVISORY ACTIVITIES OR ANY OTHER ACTIVITY IN SECURITIES MARKET, DIRECTLY OR INDIRECTLY, IN ANY MANNER WHATSOEVER FROM 23-OCT-2026 TO 22-OCT-2028
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 COLLECT ANY MONEY AND/OR FEE FROM THE INVESTORS FROM 23-OCT-2026 TO 22-OCT-2028
DIRECTED TO IMMEDIATELY WITHDRAW AND REMOVE ALL ADVERTISEMENTS, REPRESENTATIONS, LITERATURES, BROCHURES, MATERIALS, PUBLICATIONS, DOCUMENTS, WEBSITE, ETC. IN RELATION TO THOSE SCHEMES / ACTIVITIES (INVESTMENT ADVISER AND ALTERNATIVE INVESTMENT FUND, AND/OR RESEARCH ANALYST) OR ANY UNREGISTERED ACTIVITIES FROM 23-OCT-2026 TO 22-OCT-2028
DIRECTED TO OPEN FIXED DEPOSIT ACCOUNTS EITHER IN ANY NOTICEE’S NAME OR JOINTLY/SEVERALLY WITH LIEN MARK IN FAVOUR OF SEBI AND MONIES KEPT THEREIN NOT TO BE RELEASED WITHOUT PERMISSION FROM SEBI
DIRECTED BANKS THAT NO DEBIT SHALL BE MADE WITHOUT PERMISSION OF SEBI
DIRECTED DEPOSITORIES THAT NO DEBIT TO BE MADE WITHOUT PERMISSION OF SEBI
DIRECTED BANKS AND/OR DEPOSITORIES AND/OR CUSTODIANS TO ENSURE STRICT ENFORCEMENT OF DIRECTIONS
ALLOWED BANKS TO DEBIT FOR THE PURPOSE OF COMPLYING WITH THIS ORDER
DIRECTED REGISTRAR AND TRANSFER AGENTS TO ENSURE THAT SECURITIES (INCLUDING MF UNITS) IN PHYSICAL FORM NOT TO TRANSFER /REDEEM WITHOUT CONFIRMATION OF CONCERNED STOCK EXCHANGES
DIRECTED NOT TO DISPOSE OF OR ALIENATE ANY OF THEIR ASSETS / PROPERTIES / SECURITIES, TILL SUCH TIME UNLAWFUL GAINS ARE CREDITED TO ESCROW ACCOUNT
DIRECTED TO DISGORGE RS.5,46,16,65,367 ALONG WITH OTHER ENTITIES/PERSONS
04-DEC-2025
IMPOSED PENALTY RS.6,00,00,000
DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 23-OCT-2026 TO 22-OCT-2028
DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 23-OCT-2026 TO 22-OCT-2028
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 23-OCT-2026 TO 22-OCT-2028
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
23-OCT-2026
|
SAT: SAT VIDE ITS ORDER DATED 19/12/2025 ALLOWED RESPONDENT SIX WEEKS TO FILE REPLY AND REJOINDER, IF ANY, TO BE FILED WITHIN THREE WEEKS THEREAFTER. DIRECTED BANKS THAT PENDING CONSIDERATION OF INTERIM PRAYER, PERMIT APPELLANTS TO WITHDRAW OF RS.2.25 CRORE FOR THIS MONTH EXPENDITURE
SAT: SAT VIDE ITS ORDER DATED 22/01/2026 PARTLY ALLOWED THE APPEAL BY MODIFYING DIRECTIONS IN PARA NO.83(IX) AND ORDER THAT DIRECTIONS STIPULATED IN PARA NO.(III), (VI) AND (VII) SHALL CEASE TO APPLY UPON APPELLANTS DEPOSITING RS.100 CRORE IN TERMS OF DIRECTION 83(V) B) APPELLANTS TO FILE AFFIDAVIT BEFORE WTM OF SEBI DISCLOSING FULL DETAILS OF THEIR ASSETS WITH VALUATION CERTIFICATE BY SEBI CERTIFIED VALUER AND TO UNDERTAKE NOT TO ALIENATE FIXED ASSETS WITHOUT LEAVE OF WTM C) APPELLANTS TO FILE REPLY WITHIN FOUR WEEKS FROM DATE OF THIS ORDER. NO COSTS
SAT: SAT VIDE ITS ORDER DATED 16/02/2026 DISMISSED THE APPEAL. NO COSTS
SEBI VIDE ITS ORDER DATED 23/10/2026 A) CEASED AND DESIST FROM OFFERING UNREGISTERED INVESTMENT ADVISORY AND RESEARCH ANALYST SERVICES AND NOT TO USE LIVE OR HISTORICAL DATA WHICH PROVIDES FUTURE DIRECTIONAL MOVEMENT FOR A SPECIFIED SECURITY B) DISGORGE AND REFUND OF RS.546.17 CRORE JOINTLY AND SEVERALLY, COLLECTED/RECEIVED FROM INVESTORS/PARTICIPANTS AS FEES OR CONSIDERATION IN RESPECT OF UNREGISTERED INVESTMENT ADVISORY/RESEARCH ANALYSIS ACTIVITIES BY DEPOSITING IN A DEDICATED BANK ACCOUNT WITHIN A PERIOD NOT LATER THAN FIVE MONTHS FROM DATE OF RECEIPT OF THIS ORDER. FURTHER, DEPOSIT INTEREST OF RS.67.87 CRORE JOINTLY AND SEVERALLY IN IPEF MAINTAINED BY SEBI C) ISSUE PUBLIC NOTICE, IN ALL EDITIONS OF TWO NATIONAL NEWSPAPERS (ONE ENGLISH AND ONE HINDI) AND IN ONE LOCAL NEWSPAPER IN VERNACULAR LANGUAGE WITH WIDE CIRCULATION, DETAILING MODALITIES FOR REFUND D) REPAYMENTS TO CLIENTS/INVESTORS TO BE EFFECTED ONLY IN CASH THROUGH ELECTRONIC FUND TRANSFERS OR THROUGH ANY OTHER APPROPRIATE BANKING CHANNELS E) PROHIBITED FROM SELLING THE ASSETS, PROPERTIES AND HOLDING OF MUTUAL FUNDS/SHARES/SECURITIES IN DEMAT AND PHYSICAL FORM EXCEPT FOR SOLE PURPOSE OF MAKING REFUNDS AS DIRECTED F) FILE REPORT OF SUCH COMPLETION WITH SEBI DULY CERTIFIED FROM PEER REVIEWED CHARTERED ACCOUNTANT G) REMAINING BALANCE TO BE DEPOSITED WITH SEBI TO BE KEPT IN ESCROW ACCOUNT FOR ONE YEAR FOR DISTRIBUTION TO CLIENTS/COMPLAINANTS/INVESTORS WHO AVAILING INVESTMENT ADVISORY / RESEARCH ANALYSIS SERVICES FROM THE NOTICES H) DEBARRED FROM ACCESSING SECURITIES MARKET DIRECTLY OR INDIRECTLY AND PROHIBITED FROM BUYING, SELLING OR OTHERWISE DEALING IN SECURITIES MARKET, DIRECTLY OR INDIRECTLY IN ANY MANNER WHATSOEVER FOR TWO YEARS FROM DATE OF THIS ORDER OR TILL DATE OF COMPLIANCE WITH DIRECTION I) IMPOSED PENALTY OF RS.5 CRORE U/S 15HA AND RS.1 CRORE U/S 15EB OF SEBI ACT.
|
| 3 |
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|
STARK INVESTMENTS
(PAN:AEJFS2830K)
|
|
|
|
SHAKUNTALA DAVENDRA SINGH
PAN:DVJPS6011Q
|
|
|
SURABHI CHAUHAN
PAN:AOFPC0570C
|
|
|
ZAHIN ISMAIL JESSANI
PAN:AGNPJ2499P
|
|
ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION
INDULGED IN ACTIVITY OF PORTFOLIO MANAGER WITHOUT SEBI REGISTRATION
|
DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 24-JUL-2026 UNTIL FURTHER ORDERS
DIRECTED BANKS TO ENSURE THAT NO DEBITS ARE MADE IN BANK ACCOUNTS HELD JOINTLY OR SEVERALLY
DIRECTED DEPOSITORIES TO ENSURE THAT NO DEBITS AND/OR CREDITS MADE IN DEMAT ACCOUNTS, HELD JOINTLY OR SEVERALLY, OF ENTITIES AND PERSONS
DIRECTED BANKS AND/OR DEPOSITORIES AND/OR CUSTODIANS TO ENSURE STRICT ENFORCEMENT OF DIRECTIONS
DIRECTED REGISTRAR AND TRANSFER AGENTS TO ENSURE THAT SECURITIES (INCLUDING MF UNITS) IN PHYSICAL FORM NOT TO TRANSFER /REDEEM WITHOUT CONFIRMATION OF CONCERNED STOCK EXCHANGES
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 OF THEIR ASSETS/PROPERTIES/ SECURITIES
CEASED AND DESIST FROM OFFERING UNREGISTERED INVESTMENT ADVISORY/PORTFOLIO MANAGEMENT SERVICES/RESEARCH ANALYST SERVICES FROM 24-JUL-2026 UNTIL FURTHER ORDERS
24-JUL-2026
|
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| 4 |
|
|
STARKBLUE VENTURES LLP
(PAN:AERFS0106E)
|
|
|
|
SHAKUNTALA DAVENDRA SINGH
PAN:DVJPS6011Q
|
|
|
SURABHI CHAUHAN
PAN:AOFPC0570C
|
|
|
ZAHIN ISMAIL JESSANI
PAN:AGNPJ2499P
|
|
ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION
INDULGED IN ACTIVITY OF PORTFOLIO MANAGER WITHOUT SEBI REGISTRATION
|
DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 24-JUL-2026 UNTIL FURTHER ORDERS
DIRECTED BANKS TO ENSURE THAT NO DEBITS ARE MADE IN BANK ACCOUNTS HELD JOINTLY OR SEVERALLY
DIRECTED DEPOSITORIES TO ENSURE THAT NO DEBITS AND/OR CREDITS MADE IN DEMAT ACCOUNTS, HELD JOINTLY OR SEVERALLY, OF ENTITIES AND PERSONS
DIRECTED BANKS AND/OR DEPOSITORIES AND/OR CUSTODIANS TO ENSURE STRICT ENFORCEMENT OF DIRECTIONS
DIRECTED REGISTRAR AND TRANSFER AGENTS TO ENSURE THAT SECURITIES (INCLUDING MF UNITS) IN PHYSICAL FORM NOT TO TRANSFER /REDEEM WITHOUT CONFIRMATION OF CONCERNED STOCK EXCHANGES
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 OF THEIR ASSETS/PROPERTIES/ SECURITIES
CEASED AND DESIST FROM OFFERING UNREGISTERED INVESTMENT ADVISORY/PORTFOLIO MANAGEMENT SERVICES/RESEARCH ANALYST SERVICES FROM 24-JUL-2026 UNTIL FURTHER ORDERS
24-JUL-2026
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| The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column. |
