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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.

MERCHANT BANKERS: NOT A FIT AND PROPER PERSON

S.No. ENTITY PERSONS REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1 
History of entity/person MERBANC FINANCIAL SERVICES LTD.  
  DID NOT VERIFY ACCEPTANCE OF LATE APPLICATIONS BY TAMILNADU MERCANTILE BANK, BVK IYENGAR ROAD BRANCH AND CANARA BANK, BHADRA BRANCH IN PUBLIC ISSUE OF RAJESH EXPORTS LTD.

MADE IRREGULAR ALLOTMENTS TO APPLICANTS WHOSE APPLICATIONS WERE RECEIVED LATE AFTER CLOSURE OF PUBLIC ISSUE OF RAJESH EXPORTS LTD.

DID NOT VERIFY REASONS FOR DIFFERENCE IN SUBSCRIPTION FIGURES IN PUBLIC ISSUES OF RAJESH EXPORTS LTD.  		DIRECTED LAPSES TO BE TAKEN ON RECORD FOR REVIEWING RENEWAL APPLICATION

21-JAN-2003
2 
History of entity/person SMIFS CAPITAL MARKETS LTD.  
History of entity/person UTSAV PAREKH
  		VIOLATION BY SMIFS SECURITIES LTD. OF SEBI(PROHIBITION OF FRAUDULENT & UNFAIR TRADE PRACTICES RELATING TO SECURITIES MARKET) REGULATIONS IN THE CASE OF DSQ SOFTWARE LTD.AND SOUTH EAST ASIA MARINE ENGINEERING & CONSTRUCTION LTD.

IRREGULARITIES BY SMIFS SECURITIES LTD. IN ISSUANCE OF CONTRACT NOTES, NON-SEGREGATION OF CLIENT/OWN FUNDS ETC.

IRREGULARITIES IN TAKEOVER DIRECTIVES/INSTRUCTIONS/GUIDELINES IN MATTER OF BSL LTD. LEADING TO A CONSOLIDATED PENALTY OF RS.3 CRORE ON SMIFS CAPITAL MARKET LTD. AND ITS ASSOCIATES

ADMINISTRATIVE WARNING TO SMIFS CAPITAL MARKET LTD. IN THE MATTER OF KHSL INDUSTRIES LTD.  		REJECTED APPLICATION FOR RENEWAL OF REGISTRATION AS MERCHANT BANKER

06-AUG-2004 		SAT: IMPUGNED ORDER SET ASIDE AND DIRECTED SEBI TO RECONSIDER MATTER IN LIGHT OF AFFIDAVIT FILED BY APPLICANT AND IN THE LIGHT OF NEW POLICY

REJECTED APPLICATION DATED 10/12/2008 FOR RENEWAL OF CERTIFICATE OF REGISTRATION AS A MERCHANT BANKER AND DIRECTED TO STOP CARRYING ON THE ACTIVITIES AS A MERCHANT BANKER WITH IMMEDIATE EFFECT

SAT: APPEAL DISMISSED AS WITHDRAWN
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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