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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 : 28-AUG-2025

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: DIRECTED TO CEASE AND DESIST FROM ACTING AS AN INVESTMENT ADVISER

S.No. ENTITY PERSONS REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person CAPITAL TRADING CASH

(PAN:EQGPS3663P)  
Click here to view complete history of this specific entity/person SAUDAN SINGH

PAN:EQGPS3663P
  		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 CEASE AND DESIST FROM ACTING AS AN INVESTMENT ADVISER

RESTRAINED FROM SELLING ASSETS, PROPERTIES AND HOLDING OF MUTUAL FUNDS/SHARES/SECURITIES HELD IN DEMAT AND PHYSICAL FORM FROM 20-APR-2023 TO 19-APR-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 20-APR-2023 TO 19-APR-2025

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 20-APR-2023 TO 19-APR-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 20-APR-2023 TO 19-APR-2025

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

20-APR-2023 		SEBI VIDE ITS NOTICE DATED 31/01/2024 DIRECTED TO PAY RS.7,71,000.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SEBI VIDE ITS NOTICE DATED 31/01/2024 DIRECTED TO PAY RS.89,89,729.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SEBI VIDE ITS ORDER DATED 10/07/2024 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 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  
2
History of entity/person CAPITAL TRUE FINANCIAL SERVICES

(PAN:AINPT0227B)  
Click here to view complete history of this specific entity/person NARENDRA SINGH TANWAR

PAN:AINPT0227B
  		ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

OBTAINED REGISTRATION FROM SEBI BY PRODUCING FALSE AND FABRICATED DOCUMENTS TO PROVE HIS ELIGIBILITY TO WORK AS AN INVESTMENT ADVISOR   		DIRECTED TO CEASE & DESIST FROM ACTING AS AN INVESTMENT ADVISOR AND/OR ALTERNATIVE INVESTMENT FUND AND CEASE TO SOLICIT OR UNDERTAKE SUCH ACTIVITIES OR ANY OTHER UNREGISTERED ACTIVITIES IN SECURITIES MARKET, DIRECTLY OR INDIRECTLY, IN ANY MANNER WHATSOEVER FROM 05-JUN-2020 TO 04-JUN-2022

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 05-JUN-2020 TO 04-JUN-2022

DIRECTED NOT TO DIVERT ANY FUNDS RAISED FROM PUBLIC AT LARGE KEPT IN BANK ACCOUNT AND/OR IN THE CUSTODY OF THE COMPANY FROM 05-JUN-2020 TO 04-JUN-2022

DIRECTED TO SUBMIT LIST OF CLIENTS AND FEE COLLECTED FROM THEM

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 05-JUN-2020 TO 04-JUN-2022

DIRECTED TO CEASE AND DESIST FROM ACTING AS AN INVESTMENT ADVISER

DIRECTED NOT TO USE TERM ‘INVESTMENT ADVISER’ DIRECTLY OR INDIRECTLY IN ANY MANNER WHATSOEVER ON LETTER-HEAD, WEBSITE, SIGNAGE BOARD OR OTHERWISE

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 05-JUN-2020 TO 04-JUN-2022

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

06-NOV-2018 		SEBI VIDE ITS ORDER DATED 05/06/2020 A) CANCELLED CERTIFICATE OF REGISTRATION AS INVESTMENT ADVISER AND CEASE AND DESIST FROM ACTING AS INVESTMENT ADVISER C) DIRECTED TO NOT TO USE THE TERM ‘INVESTMENT ADVISER’ DIRECTLY OR INDIRECTLY IN ANY MANNER WHATSOEVER ON LETTER-HEAD, WEBSITE, SIGNAGE BOARD OR OTHERWISE D) 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, FOR TWO YEARS E) DURING PERIOD OF RESTRAINT FREEZED EXISTING HOLDING, INCLUDING MUTUAL FUNDS UNITS  
3
History of entity/person STANDARD CHARTISTS

(PAN:EWEPB1991R)  
Click here to view complete history of this specific entity/person HEET MANISH BAFNA (AKA.HEET MANISH BAPNA)

PAN:EWEPB1991R
Click here to view complete history of this specific entity/person HEET MANISH BAPNA (AKA.HEET MANISH BAFNA)

PAN:EWEPB1991R
  		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

DIRECTED TO CEASE AND DESIST FROM ACTING AS AN INVESTMENT ADVISER

RESTRAINED FROM SELLING ASSETS, PROPERTIES AND HOLDING OF MUTUAL FUNDS/SHARES/SECURITIES HELD IN DEMAT AND PHYSICAL FORM FROM 29-FEB-2024 TO 28-FEB-2027

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 29-FEB-2024 TO 28-FEB-2027

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 29-FEB-2024 TO 28-FEB-2027

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 29-FEB-2024 TO 28-FEB-2027

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

DIRECTED TO CEASE AND DESIST FROM CARRYING ON UNAUTHORIZED ADVISORY ACTIVITY FROM 29-FEB-2024 TO 28-FEB-2027

29-FEB-2024 		SAT: SAT VIDE ITS ORDER DATED 19/09/2024 GRANTED RESPONDENT FOUR WEEKS TO FILE REPLY AND APPELLANT TO FILE REJOINDER TWO WEEKS THEREAFTER

SEBI VIDE ITS NOTICE DATED 05/12/2024 DIRECTED TO PAY RS.2,13,84,399.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SEBI VIDE ITS NOTICE DATED 05/12/2024 DIRECTED TO PAY RS.5,51,000.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SEBI VIDE ITS ORDER DATED 26/12/2024 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

SAT VIDE ITS ORDER DATED 05/11/2024 GRANTED RESPONDENT A WEEK TO FILE REPLY

SAT: SAT VIDE ITS ORDER DATED 10/03/2025 PARTLY ALLOWED THE APPEAL AND MATTER REMITTED TO SEBI FOR LIMITED PURPOSE OF REASSESSING QUANTUM OF MONEY RECEIVED TOWARDS INVESTMENT ADVISORY SERVICES AND THEREAFTER TO PASS FRESH ORDER REGARDING REFUND AND PERIOD OF DEBARMENT BASED ON AMOUNT ASSESSED

SEBI VIDE ITS ORDER DATED 14/07/2025 DIRECTED TO A) REFUND ALL THE MONEY RECEIVED FROM INVESTORS/COMPLAINTS, AS FEES OR CONSIDERATION OR IN ANY OTHER FORM, IN RESPECT OF UNREGISTERED INVESTMENT ADVISORY ACTIVITIES WITHIN THREE MONTHS FROM THE 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 C) REPAYMENTS TO INVESTORS TO BE EFFECTED ONLY IN CASH THROUGH BANK TRANSFERS, ELECTRONIC FUND TRANSFER OR THROUGH ANY OTHER APPROPRIATE BANKING CHANNELS D) PROHIBITED FROM SELLING THE ASSETS, PROPERTIES AND INCLUDING MUTUAL FUNDS/SHARES/SECURITIES IN DEMAT AND PHYSICAL FORM EXCEPT FOR THE SOLE PURPOSE OF EFFECTING REFUNDS AS DIRECTED E) CONCERNED DEPOSITORIES AND RTAS SHALL IN COORDINATION WITH THE BANKS ARE DIRECTED TO ENSURE THAT THE PAY-OUTS AND REDEMPTION/SALE PROCEEDS ARE DEBITED FROM THE BANK ACCOUNTS OF THE NOTICEES ONLY FOR THE PURPOSE OF COMPLIANCE OF THIS ORDER F) FILE REPORT OF COMPLETION DULY CERTIFIED BY INDEPENDENT CHARTERED ACCOUNTANT WITHIN ONE MONTH 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 ONE YEAR FROM DATE OF COMPLETION OF REFUNDS TO INVESTORS H) NOT TO UNDERTAKE, EITHER DIRECTLY OR INDIRECTLY, INVESTMENT ADVISORY SERVICES OR ANY ACTIVITY IN THE SECURITIES MARKET WITHOUT OBTAINING CERTIFICATE OF REGISTRATION FROM SEBI  
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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