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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.

PERSON

S.
No.

DATE OF ORDER

PERSON

ENTITY

COMPETENT AUTHORITY

REGULATORY CHARGES

REGULATORY ACTION(S) / DATE OF ORDER

FURTHER DEVELOPMENTS

04-DEC-2025

AVADHUT DINKAR SATHE

AVADHUT SATHE TRADING ACADEMY PVT.LTD.

SEBI

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 AND RESEARCH ANALYST SERVICES FROM ACTING AS OR HOLDING THEMSELVES OUT TO BE INVESTMENT ADVISOR/ RESEARCH ANALYST IN SECURITIES MARKET, DIRECTLY OR INDIRECTLY IN ANY MANNER WHATSOEVER FROM 04-DEC-2025 UNTIL 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 04-DEC-2025 UNTIL FURTHER ORDERS

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 04-DEC-2025 UNTIL 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 04-DEC-2025 UNTIL FURTHER ORDERS

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 04-DEC-2025 UNTIL FURTHER ORDERS

DIRECTED TO DISGORGE RS.5,46,16,65,367 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

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

04-DEC-2025

04-DEC-2025

GOURI AVADHUT SATHE

AVADHUT SATHE TRADING ACADEMY PVT.LTD.

SEBI

28-NOV-2025

GAGAN CHOUDHARY

SATYAM SHIVAM SUNDARAM TRADING

SEBI

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

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

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

IMPOSED PENALTY RS.15,00,000 ALONG WITH OTHER ENTITIES/PERSONS

28-NOV-2025

28-NOV-2025

NIKITA SRIVASTAVA

DRONEACHARYA AERIAL INNOVATIONS LTD.

SEBI

ISSUED MISLEADING AND FALSE CORPORATE ANNOUNCEMENT TO INVESTORS VIOLATING REGULATIONS 4(1)(C) TO 4(1)(E), 4(1)(G) AND 4(1)(H)OF SEBI (LODR) REGULATIONS, 2015 READ WITH 30(1), 30(3), 30(4(, 30(7), 30(8) AND 30(10) OF SEBI (LODR) REGULATIONS, 2015 AND SCHEDULE III PART A PARA B (1), (2), (4) AND SCHEDULE III PART A PARA C OF SEBI (LODR) REGULATIONS, 2015 AND CIRCULAR NO.CIR/CFD/CMD/4/2015 DATED 09/09/2015

MIS-REPRESENTED FINANCIAL STATEMENTS VIOLATING REGULATIONS 4(1), 33(1)(A), 33(1)(C) AND 48 OF SEBI (LODR) REGULATIONS, 2015 IN MATTER OF DRONEACHARYA AERIAL INNOVATIONS LTD.

MADE INCORRECT DISCLOSURES OF DEVIATION IN IPO PROCEEDS VIOLATING REGULATION 32 OF SEBI (LODR) REGULATIONS, 2015 IN MATTER OF DRONEACHARYA AERIAL INNOVATIONS LTD.

DID NOT MAKE DISCLOSURE OF RELATED PARTY TRANSACTIONS VIOLATING REGULATIONS 4(1)(A) TO 4(1)(C), 4(1)(H), 4(1)(I), 4(2)(E)(I) AND 48 OF SEBI (LODR) REGULATIONS, 2015 IN MATTER OF DRONEACHARYA AERIAL INNOVATIONS LTD.

MIS-UTILISED OF IPO PROCEEDS AS PER THE OBJECTS STATED IN THE PROSPECTUS VIOLATING REGULATIONS 3(A) TO 3(D), 4(1), 4(2)(A) AND 4(2)(E) OF SEBI (PFUTP) REGULATIONS, 2003 IN MATTER OF DRONEACHARYA AERIAL INNOVATIONS LTD.

DID NOT MAKE DISCLOSURE OF QUOTATION OF SOFTWARE IN PROSPECTUS VIOLATING REGULATIONS 3(A) TO 3(D), 4(1), 4(2)(A) AND 4(2)(E) OF SEBI (PFUTP) REGULATIONS, 2003 IN MATTER OF DRONEACHARYA AERIAL INNOVATIONS LTD.

MIS-REPRESENTED FINANCIAL STATEMENTS VIOLATING REGULATIONS 3(B) TO 3(D), 4(1), 4(2)(F), 4(2)(K) AND 4(2)(R) OF SEBI (PFUTP) REGULATIONS, 2003 IN MATTER OF DRONEACHARYA AERIAL INNOVATIONS LTD.

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 28-NOV-2025 TO 27-NOV-2027

RESTRAINED FROM SELLING ASSETS, PROPERTIES AND HOLDING OF MUTUAL FUNDS/SHARES/SECURITIES HELD IN DEMAT AND PHYSICAL FORM FROM 28-NOV-2025 TO 27-NOV-2027

ALLOWED BANKS TO DEBIT FOR THE PURPOSE OF MAKING PAYMENT OF PENALTY

IMPOSED PENALTY RS.20,00,000

28-NOV-2025

28-NOV-2025

PRATEEK SRIVASTAVA

DRONEACHARYA AERIAL INNOVATIONS LTD.

SEBI

28-NOV-2025

SANDEEP GHATE

INSTAFIN FINANCIAL ADVISORS LLP

SEBI

AIDED AND ABETTED IN EXECUTION OF FRAUDULENT SCHEME VIOLATING SECTIONS 12A(A) TO 12A(C) OF SEBI ACT, 1992 AND REGULATIONS 3(A) TO 3(D), 4(1), 4(2)(K) AND 4(2)(R) READ WITH 2(1)(B) AND 2(1)(C) OF SEBI (PFUTP) REGULATIONS, 2003 IN MATTER OF DRONEACHARYA AERIAL INNOVATIONS LTD.

28-NOV-2025

SATYAM SUMAN CHOUDHARY

SEBI

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

28-NOV-2025

SHIW MOHAN JAISWAL

SEBI

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

IMPOSED PENALTY RS.5,00,000

28-NOV-2025

28-NOV-2025

SUMAN CHOUDHARY

SEBI

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

27-NOV-2025

AMIT ABHISHEK BANSAL

SEBI

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR

27-NOV-2025

27-NOV-2025

AMIT KUMAR MOHANTY

SEBI

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR

27-NOV-2025

27-NOV-2025

ANIKET RANJAN

SEBI

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR

27-NOV-2025

27-NOV-2025

ANIL BANG

SEBI

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR

27-NOV-2025

27-NOV-2025

ANITA DEVI CHOKHANI

SEBI

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

IMPOSED PENALTY RS.5,00,000

27-NOV-2025

27-NOV-2025

ARAVINDAN VENKATESAN

SEBI

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR

27-NOV-2025

27-NOV-2025

ARUN KHANDELWAL

RAPID RESEARCH TECHNOLOGIES

SEBI

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR

27-NOV-2025

27-NOV-2025

ASEEM CHUGH

SEBI

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR

27-NOV-2025

27-NOV-2025

ASHISH SINGH

COFAGR INVESTMENT ADVISOR

SEBI

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR

27-NOV-2025

27-NOV-2025

ATEET HEMANT WAGH

SEBI

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR

27-NOV-2025

27-NOV-2025

BHUPENDRA SINGH RAGHUWANSHI

RUDRA INVESTMENT

SEBI

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR

27-NOV-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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REGULATORY ACTIONS IN CHRONOLOGICAL ORDER

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