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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 : 29-APR-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.

COMPANIES: VIOLATED BYE-LAWS/REGULATIONS/RULES OF NSE CLEARING LTD.

S.No. ENTITY PERSONS REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1 
History of entity/person IL&FS SECURITIES SERVICES LTD.

(PAN:AABCI5580K)  
  INDULGED IN FACILITATION ON PART OF AFSPL INCLUDING FRAUDULENT TRANSFER OF MF UNITS VIOLATING REGULATIONS 3(A) AND 4(1) OF SEBI (PFUTP) REGULATIONS, 2003 IN MATTER OF ALLIED FINANCIAL SERVICES PVT.LTD.

PROVIDED ENHANCE INTRA-DAY LIMITS TO AFSPL WITHOUT SUFFICIENT COLLATERAL INFLOW

OPENED TRADING TERMINAL FOR ASFPL AND ALLOWED TO ROLL OVER OF POSITIONS

DID NOT MAINTAIN MINIMUM NETWORTH

RELEASED COLLATERAL TO AFSPL WITHOUT ANY CORRESPONDING REDUCTION IN EXPOSURE/MARGIN REQUIREMENTS VIOLATING CLAUSES A(2) AND A(5) OF CODE OF CONDUCT UNDER SCHEDULE II OF REGULATION 9(F) OF SEBI (STOCK BROKERS) REGULATIONS, 1992  		IMPOSED PENALTY RS.26,00,00,000

02-JUL-2021 		SAT: SAT VIDE ITS ORDER DATED 06/09/2021 ALLOWED RESPONDENT THREE WEEKS TIME TO FILE REPLY AND APPELLANT TO FILE REJOINDER THREE WEEKS THEREAFTER

SAT: SAT VIDE ITS ORDER DATED 18/11/2021 ALLOWED APPELLANT THREE WEEKS TO FILE REJOINDER

SAT: SAT VIDE ITS ORDER DATED 05/09/2022 DISMISSED THE APPEAL FOR WANT OF PROSECUTION

SAT: SAT VIDE ITS ORDER DATED 19/09/2022 DISMISSED THE APPEAL AND RESTORED TO ITS ORIGINAL NUMBER
2 
History of entity/person IL&FS SECURITIES SERVICES LTD.

(PAN:AABCI5580K)  
  INDULGED IN FACILITATION ON PART OF AFSPL INCLUDING FRAUDULENT TRANSFER OF MF UNITS VIOLATING REGULATIONS 3(A) AND 4(1) OF SEBI (PFUTP) REGULATIONS, 2003 IN MATTER OF ALLIED FINANCIAL SERVICES PVT.LTD.

PROVIDED ENHANCE INTRA-DAY LIMITS TO AFSPL WITHOUT SUFFICIENT COLLATERAL INFLOW

OPENED TRADING TERMINAL FOR ASFPL AND ALLOWED TO ROLL OVER OF POSITIONS

DID NOT MAINTAIN MINIMUM NETWORTH

RELEASED COLLATERAL TO AFSPL WITHOUT ANY CORRESPONDING REDUCTION IN EXPOSURE/MARGIN REQUIREMENTS VIOLATING CLAUSES A(2) AND A(5) OF CODE OF CONDUCT UNDER SCHEDULE II OF REGULATION 9(F) OF SEBI (STOCK BROKERS) REGULATIONS, 1992  		RESTRAINED FROM ACQUIRING ANY NEW CLIENTS

DIRECTED TO UNDERTAKE COMPREHENSIVE OVERHAUL OF ALL ITS PROCEDURES AND POLICIES, ESPECIALLY ITS RISK MANAGEMENT POLICY

DIRECTED TO IMPLEMENT NECESSARY CORRECTIVE MEASURES TO ENSURE THAT VIOLATIONS OBSERVED ARE NOT REPEATED

02-JUL-2021 		SAT: SAT VIDE ITS ORDER DATED 06/09/2021 ALLOWED RESPONDENT THREE WEEKS TIME TO FILE REPLY AND APPELLANT TO FILE REJOINDER THREE WEEKS THEREAFTER

SAT: SAT VIDE ITS ORDER DATED 18/11/2021 ALLOWED APPELLANT THREE WEEKS TO FILE REJOINDER

SAT: SAT VIDE ITS ORDER DATED 05/09/2022 DISMISSED THE APPEAL FOR WANT OF PROSECUTION

SAT: SAT VIDE ITS ORDER DATED 19/09/2022 DISMISSED THE APPEAL AND RESTORED TO ITS ORIGINAL NUMBER
3 
History of entity/person INSANE TRADERS

(PAN:BENPB0608D)  
History of entity/person KETAN BORA

(PAN:BENPB0608D)
  		DID NOT APPLY FOR REGISTRATION AS NON-INDIVIDUAL INVESTMENT ADVISOR

DID NOT MAINTAIN AND PROVIDE RECORD OF CLIENTS AND COPY OF AGREEMENT EXECUTED BETWEEN CLIENTS

DID NOT PROVIDE DETAILS OF KRA PROCESS AT THE TIME OF ON-SITE INSPECTION AND DID NOT FOLLOW KYC PROCESS WHILE ONBOARDING CLIENTS

DID NOT PROVIDE DOCUMENTED PROCESS FLOW TO IDENTIFY RISK PROFILE/ RISK SCORE OF CLIENTS TO DECIDE ON THEIR SUITABILITY FOR FINANCIAL PRODUCTS

DID NOT PROVIDE DOCUMENTED PROCESS FLOW AND DETAIL QUESTIONNAIRE FOR RISK PROFILING CLIENT

DID NOT MAKE DISCLOSURES ABOUT MATERIAL INFORMATION ABOUT ITSELF INCLUDING BUSINESS, DISCIPLINARY HISTORY, ANY ACTUAL OR POTENTIAL CONFLICT OF INTEREST, ETC.

DID NOT MAINTAIN MINIMUM NETWORTH

DID NOT RENEW NISM X-A & NISM X-B CERTIFICATE  		CANCELLED REGISTRATION AS INVESTMENT ADVISOR

28-JAN-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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