Home»
Regulatory actions in Chronological Order

REGULATORY ACTIONS IN CHRONOLOGICAL ORDER

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.

ENTITY

S.
No.

DATE OF ORDER

ENTITY

PERSON

COMPETENT AUTHORITY

REGULATORY CHARGES

REGULATORY ACTION(S) / DATE OF ORDER

FURTHER DEVELOPMENTS

18-JUN-2026

ADVANTEDGE INVESTMENT ADVISORS LLP

(PAN:ABPFA1705N)

(Along with : ADVANTEDGE TECHNOLOGY FUND)

RIDHISH TALWAR

NITIN GARG

KUNAL KHATTAR

SEBI

ALLEGED FAILURE TO CONTRIBUTE TO SCHEME ON A PRO-RATA BASIS IN LINE WITH CONTRIBUTIONS MADE BY OTHER INVESTORS VIOLATING REGULATIONS 10(D), 20(1), 20(2) AND 20(5) READ WITH CLAUSES 2(A) AND 2(C) OF CODE OF CONDUCT OF SEBI (ALTERNATIVE INVESTMENT FUNDS) REGULATIONS, 2012 READ WITH CLAUSE 11.1.2. OF MASTER CIRCULAR FOR AIF

REACHED SETTLEMENT (SETTLEMENT CHARGES RS.12,75,000 ALONG WITH OTHER ENTITIES/PERSONS VIDE CONSENT ORDER)

18-JUN-2026

18-JUN-2026

ADVANTEDGE TECHNOLOGY FUND

(PAN:AAHTA3601J)

(Along with : ADVANTEDGE INVESTMENT ADVISORS LLP)

RIDHISH TALWAR

NITIN GARG

KUNAL KHATTAR

SEBI

REACHED SETTLEMENT (SETTLEMENT CHARGES RS.12,75,000 ALONG WITH OTHER ENTITIES/PERSONS VIDE CONSENT ORDER)

18-JUN-2026

18-JUN-2026

AVANCE TECHNOLOGIES LTD.

(CIN:L51900MH1985PLC035210
PAN:AAECA5763B)

SEBI

ALLEGED ENTER INTO OFF-MARKET TRANSACTIONS IN SHARES OF CRESSANDA SOLUTIONS LTD. WITHOUT ADHERING TO SPOT DELIVERY CONTRACT VIOLATING SECTION 2(I) OF SECURITIES CONTRACTS (REGULATION) ACT, 1956

REACHED SETTLEMENT (SETTLEMENT CHARGES RS.9,75,000 VIDE CONSENT ORDER)

18-JUN-2026

17-JUN-2026

ESG IMPACT FUND

SEBI

DID NOT FILE QUARTERLY ACTIVITY REPORTS (QARS) ON SEBI INTERMEDIARY PORTAL

CANCELLED REGISTRATION AS ALTERNATE INVESTMENT FUND

17-JUN-2026

17-JUN-2026

HDFC CAPITAL ADVISORS LTD.

(PAN:AADCH6113R)

(Along with : HDFC PROPERTY FUND)

SEBI

ALLEGED DELAY IN WINDING UP OF SCHEME AND DISTRIBUTION OF PROCEEDS TO INVESTORS VIOLATING REGULATION 24(2) OF SEBI (VENTURE CAPITAL FUNDS) REGULATIONS, 1996

REACHED SETTLEMENT (SETTLEMENT CHARGES RS.26,01,000 ALONG WITH OTHER ENTITIES/PERSONS VIDE CONSENT ORDER)

17-JUN-2026

17-JUN-2026

HDFC PROPERTY FUND

(PAN:AAATH4956Q)

(Along with : HDFC CAPITAL ADVISORS LTD.)

SEBI

ALLEGED DELAY IN WINDING UP OF SCHEME AND DISTRIBUTION OF PROCEEDS TO INVESTORS VIOLATING REGULATION 24(2) OF SEBI (VENTURE CAPITAL FUNDS) REGULATIONS, 1996

REACHED SETTLEMENT (SETTLEMENT CHARGES RS.26,01,000 ALONG WITH OTHER ENTITIES/PERSONS VIDE CONSENT ORDER)

17-JUN-2026

16-JUN-2026

ONEPAPER RESEARCH ANALYSTS PVT.LTD.

(PAN:AADCO2642Q)

SEBI

MISLED CLIENTS BY MAKING ASSURED PROFIT COMMITMENT

ENGAGED IN MIS-SELLING RESEARCH ADVISORY SERVICES

DID NOT EXERCISE DUE DILIGENCE IN PERFORMING DUTIES AND RESPONSIBILITIES

DID NOT HAVE CALL RECORDING/ORDER PLACEMENT MECHANISM AND/OR DID NOT MAINTAIN RECORDS AND/OR SUBMITTED FORGED AND FALSIFIED EVIDENCE

IMPOSED PENALTY RS.30,00,000

16-JUN-2026

16-JUN-2026

UNISTONE CAPITAL PVT.LTD.

(PAN:AACCU4924C)

JITENDRA SANGHAVI

SEBI

ALLEGED EXECUTING CONTRA TRADES WITHIN PERIOD OF SIX MONTHS VIOLATING PARA B(5) OF UNISTONE CODE OF CONDUCT AND PARA 8, SCHEDULE C READ WITH REGULATIONS 9(1) AND 9(2) OF SEBI (PIT) REGULATIONS, 2015 IN MATTER OF CUPID LTD.

ALLEGED ENTERED INTO BUY/ SELL TRADES DURING INVESTIGATION PERIOD WITHOUT OBTAINING PRE-CLEARANCE VIOLATING PARA B(1) OF UNISTONE CODE OF CONDUCT AND PARA 4, SCHEDULE C READ WITH REGULATIONS 9(1) AND 9(2) OF SEBI (PIT) REGULATIONS, 2015 IN MATTER OF CUPID LTD.

REACHED SETTLEMENT (SETTLEMENT CHARGES RS.34,84,000 VIDE CONSENT ORDER)

16-JUN-2026

15-JUN-2026

ANGEL ONE LTD.

(Old Name : ANGEL BROKING PVT.LTD.)

(PAN:AAACM6094R)

(Member : BSE/NSE)

SEBI

ALLEGED FAILURE TO IDENTIFY UNAUTHORIZED FUND COLLECTION ACTIVITIES AND OTHER REGULATORY VIOLATIONS COMMITTED BY AUTHORISED PERSON DURING INSPECTION

ALLEGED ARBITRARILY CLOSED INSPECTION OBSERVATIONS REGARDING FUND MOVEMENTS TO AUTHORISED PERSON WITHOUT CONDUCTING PROPER DUE DILIGENCE

ALLEGED FAILURE IN TAKING PROPER ACTION AGAINST AUTHORISED PERSON FOR DISPROPORTIONATE TRADING ACTIVITIES

ALLEGED FAILURE TO DETECT AND TAKE APPROPRIATE ACTION AGAINST UNAUTHORIZED SOCIAL MEDIA ACTIVITIES OF AUTHORISED PERSON INCLUDING PROMISING OF ASSURED RETURNS, UPMS AND USE OF STOCK BROKER'S BRAND NAME AND LOGO

ALLEGED FAILURE TO IDENTIFY TRADING ACTIVITIES OF AUTHORISED PERSON THROUGH OTHER STOCK BROKERS

ALLEGED FAILURE IN CONDUCTING INSPECTION OF AUTHORISED PERSON DESPITE DISPROPORTIONATE TRADING ACTIVITY BY AUTHORISED PERSON AND HUGE COLLECTIONS OF FUNDS IN AXIS BANK ACCOUNT

ALLEGED FAILURE IN TAKING APPROPRIATE ACTION REGARDING ORDER PLACEMENTS BY AUTHORISED PERSON AND MULTIPLE CLIENTS MAPPED THROUGH COMMON IP/MAC ADDRESSES

REACHED SETTLEMENT (SETTLEMENT CHARGES RS.4,28,01,600 VIDE CONSENT ORDER)

15-JUN-2026

08-JUN-2026

BRANDS & BEYOND INDIA FUND I

SEBI

DID NOT FILE QUARTERLY ACTIVITY REPORTS (QARS) ON SEBI INTERMEDIARY PORTAL

CANCELLED REGISTRATION AS ALTERNATE INVESTMENT FUND

08-JUN-2026

08-JUN-2026

LARES ALPHA SCHEME

SEBI

DID NOT FILE QUARTERLY ACTIVITY REPORTS (QARS) ON SEBI INTERMEDIARY PORTAL

CANCELLED REGISTRATION AS ALTERNATE INVESTMENT FUND

08-JUN-2026

05-JUN-2026

ELLENBARRIE TEA CO.LTD.

(PAN:AAACE5769M)

SEBI

INDULGED IN CREATION OF ARTIFICIAL VOLUME THROUGH REVERSAL OF TRADE TRANSACTIONS IN ILLIQUID STOCK OPTIONS AT BSE

IMPOSED PENALTY RS.5,00,000

05-JUN-2026

05-JUN-2026

KOTAK INDIA GROWTH FUND II

(PAN:AABTK3261A)

SEBI

ALLEGED DELAY IN COMPLETING WINDING UP PROCESS OF SCHEME AND DISTRIBUTION OF LIQUIDATION PROCEEDS TO INVESTORS/CONTRIBUTORS VIOLATING REGULATIONS 23(1)(A) READ WITH 23(3) AND 24(2) OF SEBI (VENTURE CAPITAL FUNDS) REGULATIONS, 1996

REACHED SETTLEMENT (SETTLEMENT CHARGES RS.10,87,500 VIDE CONSENT ORDER)

05-JUN-2026

04-JUN-2026

ARGENTUM DYNAMIC ALTERNATIVE INVESTMENT FUND

SEBI

DID NOT FILE QUARTERLY ACTIVITY REPORTS (QARS) ON SEBI INTERMEDIARY PORTAL

CANCELLED REGISTRATION AS ALTERNATE INVESTMENT FUND

04-JUN-2026

04-JUN-2026

INDIA AGRICULTURE TRUST

SEBI

DID NOT FILE QUARTERLY ACTIVITY REPORTS (QARS) ON SEBI INTERMEDIARY PORTAL

CANCELLED REGISTRATION AS ALTERNATE INVESTMENT FUND

04-JUN-2026

04-JUN-2026

KAE CAPITAL FUND II

(PAN:AACTK5644C)

(Along with : KAE CAPITAL MANAGEMENT PVT.LTD.)

SASHA GULU MIRCHANDANI

SEBI

ALLEGED FAILURE IN MAINTAINING MINIMUM CONTINUING INTEREST IN FUND VIOLATING REGULATIONS 10(D) READ WITH 20(1)AND CLAUSE 1(E) OF CODE OF CONDUCT AS MENTIONED IN FOURTH SCHEDULE OF SEBI (ALTERNATIVE INVESTMENT FUNDS) REGULATIONS, 2012

REACHED SETTLEMENT (SETTLEMENT CHARGES RS.12,75,000 ALONG WITH OTHER ENTITIES/PERSONS VIDE CONSENT ORDER)

04-JUN-2026

04-JUN-2026

KAE CAPITAL MANAGEMENT PVT.LTD.

(PAN:AAGCM3183K)

(Along with : KAE CAPITAL FUND II)

SASHA GULU MIRCHANDANI

SEBI

ALLEGED FAILURE TO ENSURE COMPLIANCE WITH MINIMUM CONTINUING INTEREST REQUIREMENT IN FUND VIOLATING REGULATIONS 20(1) READ WITH CLAUSES 2(A) AND 2(C) OF CODE OF CONDUCT IN FOURTH SCHEDULE OF SEBI (ALTERNATIVE INVESTMENT FUNDS) REGULATIONS, 2012

REACHED SETTLEMENT (SETTLEMENT CHARGES RS.12,75,000 ALONG WITH OTHER ENTITIES/PERSONS VIDE CONSENT ORDER)

04-JUN-2026

04-JUN-2026

UTILIS FUND

SEBI

DID NOT FILE QUARTERLY ACTIVITY REPORTS (QARS) ON SEBI INTERMEDIARY PORTAL

CANCELLED REGISTRATION AS ALTERNATE INVESTMENT FUND

04-JUN-2026

03-JUN-2026

RAJESH EXPORTS LTD.

(PAN:AAACR8642N)

RAJESH JASVANTRAI MEHTA

SEBI

DISSEMINATED FINANCIAL STATEMENTS AND ANNUAL REPORTS TO STOCK EXCHANGES AND INVESTORS VIOLATING SECTIONS 12A(A) TO 12A(C) OF SEBI ACT, 1992 READ WITH 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 RAJESH EXPORTS LTD.

PUBLISHED MISREPRESENTED FINANCIAL RESULTS AND ANNUAL FINANCIAL STATEMENTS TO STOCK EXCHANGES AND INVESTORS VIOLATING REGULATIONS 4(1)(C), 4(1)(E), 4(1)(G), 4(1)(H), 4(1)(J) AND 4(2)(E)(I) OF SEBI (LODR) REGULATIONS, 2015 IN MATTER OF RAJESH EXPORTS LTD.

DID NOT MAKE DISCLOSURE OF RELATED PARTY TRANSACTIONS VIOLATING REGULATION 34(3) READ WITH CLAUSE 1 OF PARA A OF SCHEDULE V OF SEBI (LODR) REGULATIONS, 2015 IN MATTER OF RAJESH EXPORTS LTD.

DID NOT PLACE RELATED PARTY TRANSACTIONS BEFORE AUDIT COMMITTEE AND DID NOT OBTAIN PRIOR APPROVAL FOR SUCH TRANSACTIONS VIOLATING REGULATION 23(2) OF SEBI (LODR) REGULATIONS, 2015 IN MATTER OF RAJESH EXPORTS LTD.

DID NOT ADHERE TO ACCOUNTING STANDARDS INCLUDING IND AS 1, IND AS 21, IND AS 24, IND AS 32, IND AS 107, IND AS 110 AND IND AS 115 VIOLATING REGULATIONS 4(1)(A), 4(1)(B), 4(2)(E)(I), 33(1)(A), 33(1)(C) AND 48 OF SEBI (LODR) REGULATIONS, 2015 IN MATTER OF RAJESH EXPORTS LTD.

DID NOT UPLOAD AUDITED FINANCIAL STATEMENTS OF ITS SUBSIDIARIES/STEP-DOWN SUBSIDIARIES ON WEBSITE VIOLATING REGULATION 46(2)(S) OF SEBI (LODR) REGULATIONS, 2015 AND SECTION 136(1) OF THE COMPANIES ACT, 2013 IN MATTER OF RAJESH EXPORTS LTD.

DID NOT PROVIDE INFORMATION TO SEBI

PROVIDED INCOMPLETE AND INACCURATE INFORMATION / DOCUMENTS

DID NOT CO-OPERATE WITH SEBI IN INSPECTION

DIRECTED TO CO-OPERATE WITH SEBI IN INVESTIGATION BY FURNISHING ALL RELEVANT INFORMATION

DIRECTED SEBI TO APPOINT FORENSIC AUDITOR TO EXAMINE BOOKS OF ACCOUNTS

DIRECTED TO EXTEND NECESSARY CO�OPERATION TO FORENSIC AUDITOR/AUDIT FIRM APPOINTED AND FURNISH ALL INFORMATION/DOCUMENTS SOUGHT

DIRECTED TO MAKE TRUE AND FAIR DISCLOSURES OF THEIR FINANCIAL STATEMENTS, RELATED PARTY TRANSACTIONS AND OTHER DISCLOSURES IN TERMS OF LODR REGULATIONS, 2015

03-JUN-2026

03-JUN-2026

RANIKA INVESTMENTS PVT.LTD.

(PAN:AAACR5548K)

SEBI

INDULGED IN CREATION OF ARTIFICIAL VOLUME THROUGH REVERSAL OF TRADE TRANSACTIONS IN ILLIQUID STOCK OPTIONS AT BSE

IMPOSED PENALTY RS.5,00,000

03-JUN-2026

The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.