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.

PERSONS: INDULGED IN CANCELLATION OF GDRS FOR CONVERTING THEM INTO NORMAL SHARES TO SELL IN INDIAN MARKET

S.No.

PERSON

ENTITY

REGULATORY CHARGES

REGULATORY ACTION(S) / DATE OF ORDER

FURTHER DEVELOPMENTS

ARUN RAMSWAROOP PANCHARIYA

PAN ASIA ADVISORS LTD.

INDULGED IN CANCELLATION OF GDRS FOR CONVERTING THEM INTO NORMAL SHARES TO SELL IN INDIAN MARKET

BARRED FROM RENDERING SERVICES IN CONNECTION WITH INSTRUMENTS THAT ARE DEFINED AS SECURITIES (AS IN SECTION 2 (H) OF SCRA ACT, 1956) IN INDIAN MARKET OR IN ANY WAY DEALING WITH THEM

DIRECTED THAT NONE OF THE INTERMEDIARIES REGISTERED WITH SEBI SHALL DEAL WITH PAN ASIA ADVISORS LTD.AND MR.ARUN PANCHARIA IN ANY CAPACITY WITH REGARD TO OR IN CONNECTION WITH DEALING OF SECURITIES AS DEFINED IN INDIAN MARKET

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 20-JUN-2013 TO 20-OCT-2021

21-SEP-2011

DIRECTION ISSUED VIDE AD-INTERIM EX-PARTE ORDER DATED 21/09/2011 CONFIRMED

SAT: SAT VIDE ITS ORDER DATED 09/11/2011 DIRECTED SEBI TO AFFORD AN OPPORTUNITY OF HEARING WITHIN A WEEK THEREAFTER AND THEN PASS FINAL ORDER WITHIN TWO WEEKS

SAT: APPEAL DISPOSED OFF WITH A DIRECTION TO SEBI TO ISSUE A SUPPLEMENTARY / FRESH SHOW CAUSE NOTICE AND A FINAL ORDER BE PASSED WITHIN SIX MONTHS FROM THE DATE OF THIS ORDER

SEBI VIDE ITS ORDER DATED 20/06/2013 BARRED THE ENTITIES/PERSONS FROM RENDERING SERVICES IN CONNECTION WITH INSTRUMENTS THAT ARE DEFINED AS SECURITIES (AS IN SECTION 2(H) OF SCRA, 1956) AND PROHIBITED FROM ACCESSING CAPITAL MARKET DIRECTLY OR INDIRECTLY, FOR A PERIOD OF 10 YEARS FROM THE DATE OF THIS ORDER

SAT: APPEAL DISPOSED OFF AND APPELLANT GRANTED LIBERTY TO FILE A FRESH APPEAL TO CHALLENGE THE IMPUGNED ORDER DATED 20/06/2013

SAT: APPEAL DISMISSED WITH NO ORDER AS TO COSTS

SEBI VIDE ITS ORDER DATED 16/06/2016 DIRECTED A) LOCAL CUSTODIANS TO INFORM THE DEPOSITORIES REGARDING THE BENEFICIARY ACCOUNTS WHICH RECEIVE/RECEIVED UNDERLYING SHARES ON CONVERSION/CANCELLATION OF GDRS OF THE 59 GDR ISSUES OF 51 COMPANIES MENTIONED IN THE ORDER. ON RECEIPT OF INFORMATION FROM LOCAL CUSTODIANS, DEPOSITORIES DIRECTED TO FREEZE SUCH BENEFICIARY ACCOUNTS B) IN CASE UNDERLYING SHARES OF THE GDRS SOLD BY THE GLOBAL DEPOSITORY BANKS, SALE PROCEEDS SHALL BE KEPT IN AN INTEREST BEARING ESCROW ACCOUNT WITH INDIAN CUSTODIAN OF THE GDRS C) CUSTODIAN TO KEEP THE SALE PROCEEDS IN INTEREST BEARING ESCROW ACCOUNT

SAT: APPEAL DISMISSED. NO COSTS

SAT: SAT VIDE ITS ORDER DATED 15/02/2017 RESTRAINED THE COUNSEL FOR APPLICANTS FROM ARGUING FURTHER AND DISMISSED THE REVIEW APPLICATION WITH COSTS QUANTIFIED AT RS.10,000 TO BE PAID BY THE APPLICANTS TO SEBI WITHIN A PERIOD OF FOUR WEEKS FROM THE DATE OF THIS ORDER

ASHOK RAMSWAROOP BHANWARLAL PANCHARIYA

(PAN:AEVPP6124P)

INDULGED IN CANCELLATION OF GDRS FOR CONVERTING THEM INTO NORMAL SHARES TO SELL IN INDIAN MARKET

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 19-SEP-2014 TO 18-SEP-2019

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 19-SEP-2014 TO 18-SEP-2019

DIRECTED NOT TO DEAL IN SECURITIES OR INSTRUMENT WITH INDIAN SECURITIES AS UNDERLYING, IN ANY MANNER WHATSOEVER FROM 19-SEP-2014 TO 18-SEP-2019

19-SEP-2014

MADANLAL GIRDHARILAL BUGALIYA

(PAN:ALMPB5163A)

INDULGED IN CANCELLATION OF GDRS FOR CONVERTING THEM INTO NORMAL SHARES TO SELL IN INDIAN MARKET

SARFARAZ KHAN PATHAN

(PAN:ACRPP5552H)

SV ENTERPRISES

INDULGED IN CANCELLATION OF GDRS FOR CONVERTING THEM INTO NORMAL SHARES TO SELL IN INDIAN MARKET

DID NOT CO-OPERATE WITH SEBI IN INSPECTION

DIRECTED NOT TO DEAL IN SECURITIES OR INSTRUMENT WITH INDIAN SECURITIES AS UNDERLYING, IN ANY MANNER WHATSOEVER FROM 21-SEP-2011 TO 20-SEP-2016

DIRECTED NSDL AND CDSL TO FREEZE BENEFICIAL OWNER ACCOUNTS OF PERSONS/ENTITIES

DIRECTED BSE AND NSE TO PERMIT MEMBERS TO SQUARE OFF THEIR EXISTING OPEN POSITIONS IF ANY, IN F&O SEGMENT AND ENSURE THAT NO FRESH POSITIONS ARE CREATED

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 21-SEP-2011 TO 20-SEP-2016

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 21-SEP-2011 TO 20-SEP-2016

21-SEP-2011

SEBI VIDE ITS ORDER DATED 19/09/2014 PROHIBITED NOTICEES FROM ACCESSING THE CAPITAL MARKET DIRECTLY OR INDIRECTLY, AND DEALING IN SECURITIES OR INSTRUMENTS WITH INDIAN SECURITIES AS UNDERLYING, IN ANY MANNER WHATSOEVER, FOR A PERIOD OF FIVE YEARS

VINOD AMRUTLAAL NAAI

(PAN:AEUPN9210P)

INDULGED IN CANCELLATION OF GDRS FOR CONVERTING THEM INTO NORMAL SHARES TO SELL IN INDIAN MARKET

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

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

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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 ADSUPDATED TILL : 29-APR-2025

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DISCLAIMER BY NSE

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