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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

18-JUN-2026

KUNAL KHATTAR

ADVANTEDGE INVESTMENT ADVISORS LLP

ADVANTEDGE TECHNOLOGY FUND

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

NITIN GARG

ADVANTEDGE TECHNOLOGY FUND

ADVANTEDGE INVESTMENT ADVISORS LLP

SEBI

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

18-JUN-2026

18-JUN-2026

RIDHISH TALWAR

ADVANTEDGE TECHNOLOGY FUND

ADVANTEDGE INVESTMENT ADVISORS LLP

SEBI

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

18-JUN-2026

16-JUN-2026

JITENDRA SANGHAVI

UNISTONE CAPITAL PVT.LTD.

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.32,50,000 VIDE CONSENT ORDER)

16-JUN-2026

11-JUN-2026

PRERNA SHARMA

SEBI

DID NOT RENEW NISM CERTIFICATE

DID NOT SUBMIT PERIODIC REPORTS TO INVESTMENT ADVISER ADMINISTRATION AND SUPERVISORY BODY (IAASB)

CANCELLED REGISTRATION AS INVESTMENT ADVISOR

11-JUN-2026

05-JUN-2026

KAVITA DIDWANIA

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

04-JUN-2026

SASHA GULU MIRCHANDANI

KAE CAPITAL FUND II

KAE CAPITAL MANAGEMENT PVT.LTD.

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

03-JUN-2026

RAJESH JASVANTRAI MEHTA

RAJESH EXPORTS LTD.

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

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 03-JUN-2026 UNTIL FURTHER ORDERS

03-JUN-2026

29-MAY-2026

AKSHAY RAJENDRABHAI OSWAL

SEBI

INDULGED IN CREATION OF ARTIFICIAL MARKET AND/OR PRICE MANIPULATION IN SCRIP OF VEERKRUPA JEWELERS 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 29-MAY-2026 TO 28-MAY-2029

RESTRAINED FROM SELLING ASSETS, PROPERTIES AND HOLDING OF MUTUAL FUNDS/SHARES/SECURITIES HELD IN DEMAT AND PHYSICAL FORM FROM 29-MAY-2026 TO 28-MAY-2029

ALLOWED BANKS TO DEBIT FOR THE PURPOSE OF MAKING REFUNDS TO CLIENTS/INVESTORS/COMPLAINANTS

IMPOSED PENALTY RS.10,00,000

29-MAY-2026

29-MAY-2026

AMIT AGARWAL

SUZLON ENERGY LTD.

SEBI

IMPOSED PENALTY RS.30,00,000

29-MAY-2026

29-MAY-2026

BHAVYA DHIMAN

STOCKK SEVA MARKETING PVT.LTD.

SEBI

PUBLISHED MISLEADING INFORMATION IN RELATION TO SME IPO AND INDUCED INVESTORS TO SALE AND PURCHASE SECURITIES VIOLATING SECTIONS 12A(A) TO 12A(C) OF SEBI ACT, 1992 AND REGULATIONS 3(A) TO 3(D), 4(1), 4(2)(F), 4(2)(K) AND 4(2)(R) READ WITH 2(1)(C) OF SEBI (PFUTP) REGULATIONS, 2003 IN MATTER OF VEERKRUPA JEWELERS LTD.

INDULGED IN CREATION OF ARTIFICIAL MARKET AND/OR PRICE MANIPULATION IN SCRIP OF VEERKRUPA JEWELERS LTD.

DID NOT PERSONALLY APPEAR AND/OR PROVIDE NECESSARY INFORMATION / DOCUMENTS IN RESPONSE TO SUMMONS IN MATTER OF VEERKRUPA JEWELERS 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 29-MAY-2026 TO 28-MAY-2031

RESTRAINED FROM SELLING ASSETS, PROPERTIES AND HOLDING OF MUTUAL FUNDS/SHARES/SECURITIES HELD IN DEMAT AND PHYSICAL FORM FROM 29-MAY-2026 TO 28-MAY-2031

ALLOWED BANKS TO DEBIT FOR THE PURPOSE OF MAKING REFUNDS TO CLIENTS/INVESTORS/COMPLAINANTS

DIRECTED TO DISGORGE RS.2,09,88,900

DIRECTED TO REMIT DISGORGED AMOUNT TO INVESTOR PROTECTION & EDUCATION FUND (IPEF)

IMPOSED PENALTY RS.30,00,000

29-MAY-2026

29-MAY-2026

CHIRAG ARVIND SHAH

VEERKRUPA JEWELLERS LTD.

SEBI

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 29-MAY-2026 TO 28-MAY-2031

RESTRAINED FROM SELLING ASSETS, PROPERTIES AND HOLDING OF MUTUAL FUNDS/SHARES/SECURITIES HELD IN DEMAT AND PHYSICAL FORM FROM 29-MAY-2026 TO 28-MAY-2031

ALLOWED BANKS TO DEBIT FOR THE PURPOSE OF MAKING REFUNDS TO CLIENTS/INVESTORS/COMPLAINANTS

IMPOSED PENALTY RS.20,00,000

29-MAY-2026

29-MAY-2026

DHARMESH MALDEVBHAI GODHANIA

SEBI

INDULGED IN CREATION OF ARTIFICIAL MARKET AND/OR PRICE MANIPULATION IN SCRIP OF VEERKRUPA JEWELERS LTD.

29-MAY-2026

DIPAK MATHURBHAI SALVI

SEBI

INDULGED IN CREATION OF ARTIFICIAL MARKET AND/OR PRICE MANIPULATION IN SCRIP OF VEERKRUPA JEWELERS LTD.

29-MAY-2026

GIRISH R.TANTI

SUZLON ENERGY LTD.

SEBI

INDULGED IN MISSTATEMENT/MISREPRESENTATION OF FINANCIAL STATEMENTS IN RESPECT OF OMS TRANSACTION AND SUBSEQUENT RELATED TRANSACTIONS VIOLATING SECTIONS 12A(A) TO 12A(C) OF SEBI ACT, 1992 AND REGULATIONS 4(2)(F) AND 4(2)(R) READ WITH 2(1)(B) AND 2(1)(C)(1) OF SEBI (PFUTP) REGULATIONS, 2003 IN MATTER OF SUZLON ENERGY LTD.

INDULGED IN MISSTATEMENT/MISREPRESENTATION OF FINANCIAL STATEMENTS IN RESPECT OF OMS TRANSACTION AND SUBSEQUENT RELATED TRANSACTIONS VIOLATING REGULATIONS 4(1)(A), 4(1)(B) AND 4(1)(E) AND 48 OF SEBI (LODR) REGULATIONS, 2015 READ WITH SECTION 27(2) OF SEBI ACT, 1992 IN MATTER OF SUZLON ENERGY LTD.

MISREPRESENTED BOOKS OF ACCOUNTS AND/OR FINANCIAL STATEMENTS VIOLATING CLAUSE 41(I)(A) OF ERSTWHILE LISTING AGREEMENT READ WITH SECTION 21 OF SCRA, 1956 IN MATTER OF SUZLON ENERGY LTD.

IMPOSED PENALTY RS.5,45,00,000

29-MAY-2026

29-MAY-2026

KIRTI J.VAGADIA

SUZLON ENERGY LTD.

SEBI

INDULGED IN MISSTATEMENT/MISREPRESENTATION OF FINANCIAL STATEMENTS IN RESPECT OF OMS TRANSACTION AND SUBSEQUENT RELATED TRANSACTIONS VIOLATING SECTIONS 12A(A) TO 12A(C) OF SEBI ACT, 1992 AND REGULATIONS 3(B) TO 3(D), 4(2)(F) AND 4(2)(R) READ WITH 2(1)(B) AND 2(1)(C)(1) OF SEBI (PFUTP) REGULATIONS, 2003 IN MATTER OF SUZLON ENERGY LTD.

FURNISHED FALSE CERTIFICATE WITH RESPECT TO FINANCIAL STATEMENTS VIOLATING REGULATION 17(8) READ WITH PART B OF SCHEDULE II OF SEBI (LODR) REGULATIONS, 2015 IN MATTER OF SUZLON ENERGY LTD.

INDULGED IN MISSTATEMENT/MISREPRESENTATION OF FINANCIAL STATEMENTS IN RESPECT OF OMS TRANSACTION AND SUBSEQUENT RELATED TRANSACTIONS VIOLATING REGULATIONS 4(1)(A), 4(1)(B) AND 4(1)(E) AND 48 OF SEBI (LODR) REGULATIONS, 2015 READ WITH SECTION 27(2) OF SEBI ACT, 1992 IN MATTER OF SUZLON ENERGY LTD.

MISREPRESENTED BOOKS OF ACCOUNTS AND/OR FINANCIAL STATEMENTS VIOLATING CLAUSE PARA V OF CLAUSE 49 OF ERSTWHILE LISTING AGREEMENT READ WITH SECTION 21 OF SCRA, 1956 IN MATTER OF SUZLON ENERGY LTD.

IMPOSED PENALTY RS.1,50,00,000

29-MAY-2026

29-MAY-2026

MEGHKUMAR MAHENDRAKUMAR SHAH

STOCKK SEVA MARKETING PVT.LTD.

SEBI

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 29-MAY-2026 TO 28-MAY-2031

RESTRAINED FROM SELLING ASSETS, PROPERTIES AND HOLDING OF MUTUAL FUNDS/SHARES/SECURITIES HELD IN DEMAT AND PHYSICAL FORM FROM 29-MAY-2026 TO 28-MAY-2031

ALLOWED BANKS TO DEBIT FOR THE PURPOSE OF MAKING REFUNDS TO CLIENTS/INVESTORS/COMPLAINANTS

DIRECTED TO DISGORGE RS.2,92,96,300

DIRECTED TO REMIT DISGORGED AMOUNT TO INVESTOR PROTECTION & EDUCATION FUND (IPEF)

IMPOSED PENALTY RS.1,00,00,000

29-MAY-2026

29-MAY-2026

RAKSHIT MAHENDRA SHAH

SEBI

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 29-MAY-2026 TO 28-MAY-2031

RESTRAINED FROM SELLING ASSETS, PROPERTIES AND HOLDING OF MUTUAL FUNDS/SHARES/SECURITIES HELD IN DEMAT AND PHYSICAL FORM FROM 29-MAY-2026 TO 28-MAY-2031

ALLOWED BANKS TO DEBIT FOR THE PURPOSE OF MAKING REFUNDS TO CLIENTS/INVESTORS/COMPLAINANTS

IMPOSED PENALTY RS.10,00,000

29-MAY-2026

29-MAY-2026

RUSHABH SHROFF