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.

MERCHANT BANKERS: PROVIDED WRONG/INCOMPLETE INFORMATION TO SEBI/DID NOT CO-OPERATE WITH SEBI IN INVESTIGATIONS

S.No.

ENTITY

PERSONS

REGULATORY CHARGES

REGULATORY ACTION(S) / DATE OF ORDER

FURTHER DEVELOPMENTS

BRISK CAPITAL MARKET SERVICES LTD.

DID NOT FURNISH REQUISITE INFORMATION TO SEBI IN TIME

CANCELLED REGISTRATION AS MERCHANT BANKER FROM 05-AUG-1998

13-AUG-1998

EFCON SECURITIES LTD.

DID NOT FURNISH REQUISITE INFORMATION TO SEBI IN TIME

CANCELLED REGISTRATION AS MERCHANT BANKER FROM 19-NOV-1997

28-DEC-1997

EXX-ON FINANCIAL SERVICES LTD.

DID NOT FURNISH REQUISITE INFORMATION TO SEBI IN TIME

CANCELLED REGISTRATION AS MERCHANT BANKER FROM 21-NOV-1997

28-NOV-1997

FIRST OVERSEAS CAPITAL LTD.

(PAN:AAACL4737A)

DID NOT MAINTAIN MINIMUM NETWORTH

ENGAGED IN BUSINESS OTHER THAN SECURITIES

UNDERTOOK UNDERWRITING OBLIGATIONS EXCEEDING TWENTY TIMES OF ITS NET WORTH

ACCEPTED PUBLIC DEPOSITS TO FULFIL UNDERWRITING OBLIGATIONS

DID NOT INTIMATE SEBI REGARDING ACQUISITION OF SECURITIES OF ISSUER COMPANIES MANAGED BY MERCHANT BANKER

DELAY IN FILING OF HALF YEARLY REPORTS

MADE INCOMPLETE DISCLOSURE OF TRACK RECORD OF PUBLIC ISSUES ON ITS WEBSITE

DID NOT UPDATE TRACK RECORD ON THE WEBSITE AND IN TURN FALSELY SUBMITTED TO SEBI ABOUT SUBMISSION OF THE SAME

PROVIDED MISLEADING INFORMATION TO STOCK EXCHANGES

KEY MANAGEMENT PERSONNEL DID NOT OBTAIN SERIES III-A AND NISM IX CERTIFICATIONS

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 23-OCT-2025 TO 22-OCT-2027

DEBARRED FROM TAKING ANY NEW MANDATE IN RELATION TO BUSINESS OF ISSUE MANAGEMENT EITHER BY MAKING ARRANGEMENTS REGARDING SELLING, BUYING OR SUBSCRIBING TO SECURITIES OR ACTING AS MANAGER, CONSULTANT, ADVISER OR RENDERING CORPORATE ADVISORY SERVICE IN RELATION TO SUCH ISSUE MANAGEMENT FROM 23-OCT-2025 TO 22-OCT-2027

IMPOSED PENALTY RS.20,00,000

23-OCT-2025

GLOBAL PORTFOLIO SERVICES PVT.LTD.

DID NOT FURNISH REQUISITE INFORMATION TO SEBI IN TIME

CANCELLED REGISTRATION AS MERCHANT BANKER FROM 21-NOV-1997

28-NOV-1997

GUJARAT CAPITAL VENTURES LTD.

DID NOT SUBMIT EMPLOYEE DATABASE

CANCELLED REGISTRATION AS MERCHANT BANKER FROM 02-SEP-1998

02-SEP-1998

KHANDWALA SECURITIES LTD.

(PAN:AAACK2214P)

DID NOT PROVIDE NECESSARY INFORMATION/DOCUMENTS IN RESPONSE TO SUMMONS VIOLATING REGULATION 28(V) OF SEBI (MERCHANT BANKERS) REGULATIONS, 1992 IN MATTER OF PUBLIC ISSUE OF SAKUMA EXPORTS LTD.

IMPOSED PENALTY RS.2,00,000

09-AUG-2010

MUDRA ISPAT LTD.

DID NOT FURNISH REQUISITE INFORMATION TO SEBI IN TIME

CANCELLED REGISTRATION AS MERCHANT BANKER FROM 09-MAR-1998

24-MAR-1998

NATH CAPITAL & FINANCIAL SERVICES LTD.

DID NOT SUBMIT EMPLOYEE DATABASE

CANCELLED REGISTRATION AS MERCHANT BANKER FROM 04-AUG-1998

10-AUG-1998

ORIENT FINCORP LTD.

DID NOT FURNISH REQUISITE INFORMATION TO SEBI IN TIME

CANCELLED REGISTRATION AS MERCHANT BANKER FROM 21-NOV-1997

28-NOV-1997

PAMWI FINANCE LTD.

DID NOT FURNISH REQUISITE INFORMATION TO SEBI IN TIME