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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 : 16-DEC-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.

PERSONS: DIRECTED BANKS AND DEPOSITORIES TO ENSURE THAT PAY-OUTS AND REDEMPTION/SALE PROCEEDS DEBIT FROM BANK ACCOUNTS ARE ONLY FOR THE PURPOSE OF COMPLIANCE OF THIS ORDER

S.No. PERSON ENTITY REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person ALKESH NARWARE

(PAN:BQCPN5590D)  
  MISUSED ONLINE TRADING KITS OF INVESTORS

PROMISED GUARANTEE RETURNS FROM ALGO/SOFTWARE-BASED TRADING AND EXECUTION OF FRAUDULENT AND MANIPULATIVE TRADES IN ILLIQUID ‘OUT OF MONEY’ (OTM) STOCK OPTIONS   		DIRECTED TO DISGORGE RS.4,83,11,996 ALONG WITH OTHER ENTITIES/PERSONS

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 20-JUN-2025 TO 19-JUN-2028

IMPOSED PENALTY RS.25,00,000

RESTRAINED FROM SELLING ASSETS, PROPERTIES AND HOLDING OF MUTUAL FUNDS/SHARES/SECURITIES HELD IN DEMAT AND PHYSICAL FORM FROM 20-JUN-2025 TO 19-JUN-2028

DIRECTED BANKS AND DEPOSITORIES TO ENSURE THAT PAY-OUTS AND REDEMPTION/SALE PROCEEDS DEBIT FROM BANK ACCOUNTS ARE ONLY FOR THE PURPOSE OF COMPLIANCE OF THIS ORDER FROM 20-JUN-2025 TO 19-JUN-2028

20-JUN-2025 		SEBI VIDE ITS NOTICE DATED 09/09/2025 DIRECTED TO PAY RS.26,01,000.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SEBI VIDE ITS NOTICE DATED 10/09/2025 DIRECTED TO PAY RS.6,95,70,274.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE  
2
History of entity/person M.S.MOHAMMED ALI

(PAN:FPKPM0819D)  
Click here to view complete history of this specific entity/person LIFEINSPIRE KNOWLEDGE SOLUTIONS PVT.LTD.

PAN:AAECL3050A
  		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 29-OCT-2025 TO 28-OCT-2027

DIRECTED BANKS AND DEPOSITORIES TO ENSURE THAT PAY-OUTS AND REDEMPTION/SALE PROCEEDS DEBIT FROM BANK ACCOUNTS ARE ONLY FOR THE PURPOSE OF COMPLIANCE OF THIS ORDER FROM 29-OCT-2025 TO 28-OCT-2027

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-OCT-2025 TO 28-OCT-2027

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 29-OCT-2025 TO 28-OCT-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-OCT-2025 TO 28-OCT-2027

IMPOSED PENALTY RS.10,00,000

29-OCT-2025 		 
3
History of entity/person SHIVPRASAD PATTIYA

(PAN:CSVPP4272J)  
  MISUSED ONLINE TRADING KITS OF INVESTORS

PROMISED GUARANTEE RETURNS FROM ALGO/SOFTWARE-BASED TRADING AND EXECUTION OF FRAUDULENT AND MANIPULATIVE TRADES IN ILLIQUID ‘OUT OF MONEY’ (OTM) STOCK OPTIONS   		DIRECTED TO DISGORGE RS.4,83,11,996 ALONG WITH OTHER ENTITIES/PERSONS

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 20-JUN-2025 TO 19-JUN-2028

IMPOSED PENALTY RS.25,00,000

RESTRAINED FROM SELLING ASSETS, PROPERTIES AND HOLDING OF MUTUAL FUNDS/SHARES/SECURITIES HELD IN DEMAT AND PHYSICAL FORM FROM 20-JUN-2025 TO 19-JUN-2028

DIRECTED BANKS AND DEPOSITORIES TO ENSURE THAT PAY-OUTS AND REDEMPTION/SALE PROCEEDS DEBIT FROM BANK ACCOUNTS ARE ONLY FOR THE PURPOSE OF COMPLIANCE OF THIS ORDER FROM 20-JUN-2025 TO 19-JUN-2028

20-JUN-2025 		SEBI VIDE ITS NOTICE DATED 09/09/2025 DIRECTED TO PAY RS.26,01,000.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SEBI VIDE ITS NOTICE DATED 10/09/2025 DIRECTED TO PAY RS.6,95,70,274.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE  
4
History of entity/person SIKKANDAR ALAM MUZAFAR AHAMMED ALI

(PAN:DDMPA2078A)  
Click here to view complete history of this specific entity/person LIFEINSPIRE KNOWLEDGE SOLUTIONS PVT.LTD.

PAN:AAECL3050A
  		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 29-OCT-2025 TO 28-OCT-2027

DIRECTED BANKS AND DEPOSITORIES TO ENSURE THAT PAY-OUTS AND REDEMPTION/SALE PROCEEDS DEBIT FROM BANK ACCOUNTS ARE ONLY FOR THE PURPOSE OF COMPLIANCE OF THIS ORDER FROM 29-OCT-2025 TO 28-OCT-2027

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-OCT-2025 TO 28-OCT-2027

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 29-OCT-2025 TO 28-OCT-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-OCT-2025 TO 28-OCT-2027

IMPOSED PENALTY RS.15,00,000

29-OCT-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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