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 : 27-AUG-2026

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: VIOLATED SEBI (INVESTMENT ADVISORS) REGULATIONS, 2013

S.No.

PERSON

ENTITY

REGULATORY CHARGES

REGULATORY ACTION(S) / DATE OF ORDER

FURTHER DEVELOPMENTS

241

DIVYESH DIPAKKUMAR PATEL

(PAN:ARLPP0312L)

Click here to view complete history of this specific entity/person

SHUBH STOCKS CAPITAL

PAN:ARLPP0312L

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR

07-AUG-2026

242

DIYA THOMMY

NORTHWARD FINANCIAL PLANNERS

ALLEGED DELAY IN FILING OF APPLICATION FOR REGISTRATION AS INVESTMENT ADVISOR AND CONTINUED ACTIVITIES VIOLATING SECTION 12(1) OF SEBI ACT, 1992 READ WITH REGULATION 3(1) OF SEBI (INVESTMENT ADVISORS) REGULATIONS, 2013 IN MATTER OF NORTHWARD FINANCIAL PLANNERS

REACHED SETTLEMENT ( SETTLEMENT CHARGES RS.21,67,500 ALONG WITH OTHER ENTITIES/PERSONS VIDE CONSENT ORDER)

09-JUL-2020

243

DUIJI PATEL

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

SEBI VIDE ITS ORDER DATED 28/10/2021 REVOKED THE DIRECTIONS ISSUED VIDE ITS EX-PARTE AD INTERIM ORDER DATED 16/12/2020

244

DURGESH KUMAR

(PAN:JDFPK3804P)

MISREPRESENTED TO BE SEBI REGISTERED INVESTMENT ADVISER AND PROMISED GUARANTEED RETURNS

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

DIRECTED TO REFUND MONEY RECEIVED FROM CLIENTS/INVESTORS/COMPLAINANT AS FEES OR CONSIDERATION OR IN ANY OTHER FORM IN RESPECT OF UNREGISTERED INVESTMENT ADVISORY AND/OR RESEARCH ANALYSIS 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 FROM 29-DEC-2023 TO 28-DEC-2025

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

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 29-DEC-2023 TO 28-DEC-2025

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 29-DEC-2023 TO 28-DEC-2025

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 FROM 29-DEC-2023 TO 28-DEC-2025

IMPOSED PENALTY RS.6,00,000

29-DEC-2023

245

FARHAT PERWEEN

(PAN:CUTPP6462J)

KABIR FINANCIAL SERVICES PVT.LTD.

PAN:AAICK9402B

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 14-JUN-2023 UNTIL FURTHER ORDERS

CEASED & DESIST FROM UNDERTAKING ANY ACTIVITY IN SECURITIES MARKET INCLUDING ACTIVITY OF ACTING AND REPRESENTING THROUGH ANY MEDIA (PHYSICAL OR DIGITAL) AS AN INVESTMENT ADVISOR, DIRECTLY OR INDIRECTLY, IN ANY MANNER WHATSOEVER FROM 14-JUN-2023 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 14-JUN-2023 UNTIL FURTHER ORDERS

DIRECTED TO OPEN INTEREST BEARING ESCROW ACCOUNT WITH SCHEDULED COMMERCIAL BANK AND DEPOSIT IMPOUNDED AMOUNT WITHIN FIFTEEN DAYS FROM DATE OF ORDER AND AMOUNT NOT TO BE RELEASED WITHOUT PERMISSION FROM SEBI

DIRECTED NOT TO DIVERT ANY FUNDS RAISED FROM PUBLIC AT LARGE KEPT IN BANK ACCOUNT AND/OR IN THE CUSTODY OF THE COMPANY FROM 14-JUN-2023 UNTIL FURTHER ORDERS

DIRECTED NOT TO DISPOSE OF OR ALIENATE ANY ASSETS, MOVABLE OR IMMOVABLE, OR ANY INTEREST OR INVESTMENT OR CHARGE IN ANY OF SUCH ASSETS WITHOUT PRIOR PERMISSION OF SEBI

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 BANKS NOT TO ALLOW ANY DEBITS/WITHDRAWLS AND CREDITS FROM ACCOUNT WITHOUT PERMISSION OF SEBI FROM 14-JUN-2023 UNTIL FURTHER ORDERS

DIRECTED BANKS TO ENSURE COMPLIANCE OF THE DIRECTIONS ISSUED BY SEBI FROM 14-JUN-2023 UNTIL FURTHER ORDERS

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 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 14-JUN-2023 UNTIL FURTHER ORDERS

14-JUN-2023

SEBI VIDE ITS ORDER DATED 27/09/2024 CONFIRM ALL THE DIRECTIONS OF INTERIM ORDER DATED 14/06/2023, SUBJECT TO MODIFICATION IN TOTAL LIABILITY TO RS.7,98,58,355.08 FOR THE ALLEGED ILLEGAL GAINS

246

FATHIMA M.

(PAN:GXSPM7441E)

OPTION RESEARCH CONSULTANCY

PAN:AAHFO6585D

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

DIRECTED TO REFUND MONEY RECEIVED FROM CLIENTS/INVESTORS/COMPLAINANT AS FEES OR CONSIDERATION OR IN ANY OTHER FORM IN RESPECT OF UNREGISTERED INVESTMENT ADVISORY AND/OR RESEARCH ANALYSIS 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 FROM 27-AUG-2024 TO 26-AUG-2026

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

DIRECTED TO DEPOSIT REMAINING BALANCE AMOUNT WITH SEBI TO BE KEPT IN ESCROW ACCOUNT

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 27-AUG-2024 TO 26-AUG-2026

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 27-AUG-2024 TO 26-AUG-2026

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 FROM 27-AUG-2024 TO 26-AUG-2026

IMPOSED PENALTY RS.6,00,000

27-AUG-2024

247

G.KADAR HUSSAIN

(PAN:AQLPK1093L)

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 21-JUL-2020 TO 20-JUL-2023

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 21-JUL-2020 TO 20-JUL-2023

CEASED AND DESIST FROM ACTING AS AN INVESTMENT ADVISOR AND/OR ALTERNATIVE INVESTMENT FUND AND CEASE TO SOLICIT OR UNDERTAKE SUCH ACTIVITIES OR ANY OTHER UNREGISTERED ACTIVITIES IN SECURITIES MARKET, DIRECTLY OR INDIRECTLY, IN ANY MANNER WHATSOEVER FROM 21-JUL-2020 TO 20-JUL-2023

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 21-JUL-2020 TO 20-JUL-2023

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 DISPOSE OF OR ALIENATE ANY ASSETS, MOVABLE OR IMMOVABLE, OR ANY INTEREST OR INVESTMENT OR CHARGE IN ANY OF SUCH ASSETS WITHOUT PRIOR PERMISSION OF SEBI

DIRECTED DEPOSITORIES TO ENSURE THAT NO DEBITS AND/OR CREDITS MADE IN DEMAT ACCOUNTS, HELD JOINTLY OR SEVERALLY, OF ENTITIES AND PERSONS

DIRECTED BANKS TO ENSURE THAT NO DEBITS ARE MADE IN BANK ACCOUNTS HELD JOINTLY OR SEVERALLY

DIRECTED REGISTRAR AND TRANSFER AGENTS TO ENSURE THAT NOT TRANSFERRED SECURITIES HELD JOINTLY OR SEVERALLY

DIRECTED TO REFUND MONEY TO THE INVESTORS

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 FROM 21-JUL-2020 TO 20-JUL-2023

RESTRAINED FROM ASSOCIATED WITH ANY OTHER LISTED COMPANY OR SEBI REGISTERED INTERMEDIARY IN ANY CAPACITY INCLUDING DIRECTOR OR KEY MANAGERIAL PERSON DIRECTLY OR INDIRECTLY FROM 21-JUL-2020 TO 20-JUL-2023

20-MAR-2019

SEBI VIDE ITS ORDER DATED 21/07/2020 DIRECTED TO A) JOINTLY AND SEVERALLY REFUND THE MONEY RECEIVED FROM CLIENTS/INVESTORS AS FEES/PROFIT SHARING/COMPENSATION B) ISSUE PUBLIC NOTICE, IN ALL EDITIONS OF TWO NATIONAL DAILIES (ONE ENGLISH AND ONE HINDI) AND IN ONE LOCAL DAILY WITH WIDE CIRCULATION, DETAILING MODALITIES FOR REFUND C) REPAYMENTS TO THE CLIENTS/INVESTORS SHALL BE EFFECTED ONLY THROUGH BANK DEMAND DRAFT OR PAY ORDER D) PREVENTED FROM SELLING ASSETS, PROPERTIES AND HOLDING OF MUTUAL FUNDS/SHARES/SECURITIES IN DEMAT AND PHYSICAL FORM EXCEPT FOR SOLE PURPOSE OF MAKING THE REFUNDS AS DIRECTED FURTHER BANKS ARE ALLOWED DEBIT ONLY FOR PURPOSE OF MAKING REFUNDS TO CLIENTS/INVESTORS E) FILE REPORT OF SUCH COMPLETION OF WITH SEBI DULY CERTIFIED FROM INDEPENDENT CHARTERED ACCOUNTANTS LICENSED BY INSTITUTE OF CHARTERED ACCOUNTS OF INDIA F) DEBARRED FROM ACCESSING SECURITIES MARKET DIRECTLY OR INDIRECTLY IN ANY MANNER WHATSOEVER FOR 3 (THREE) YEARS FROM DATE OF COMPLETION OF REFUNDS TO INVESTORS G) RESTRAINED FROM ASSOCIATING WITH ANY LISTED COMPANY AND ANY PUBLIC COMPANY WHICH INTENDS TO RAISE MONEY FROM PUBLIC, OR ANY INTERMEDIARY REGISTERED WITH SEBI IN THE CAPACITY OF DIRECTOR/PROMOTER/SENIOR MANAGEMENT FOR 3 (THREE) YEARS FROM THE DATE OF COMPLETION OF REFUNDS TO INVESTORS H) NOT TO UNDERTAKE, EITHER DIRECTLY OR INDIRECTLY, INVESTMENT ADVISORY SERVICES OR ANY ACTIVITY IN THE SECURITIES MARKET WITHOUT OBTAINING CERTIFICATE OF REGISTRATION FROM SEBI

SEBI VIDE ITS NOTICE DATED 22/07/2021 DIRECTED ALL THE BANKS IN INDIA AND/OR NSDL/CDSL AND/OR MUTUAL FUNDS TO 1.ATTACH ALL THE ACCOUNTS (INCLUDING MUTUAL FUNDS) BY WHATEVER NAME CALLED INCLUDING LOCKERS EITHER SINGLY OR JOINTLY WITH ANY PERSON/S AND ALL OTHER AMOUNT/PROCEEDS DUE OR MAY BECOME DUE OR ANY MONEY HELD OR MAY SUBSEQUENTLY HOLD FOR ON ACCOUNT OF THE DEFAULTERS AND 2. NOT TO DEBIT ANY AMOUNT IN THE SAID ACCOUNT/S.HOWEVER CREDITS, IF ANY, INTO THE ACCOUNT MAY BE ALLOWED

SAT: SAT VIDE ITS ORDER DATED 17/01/2022 CONDONED THE DELAY IN FILING OF APPEAL. IN THE MEANWHILE, RESPONDENT TO FILE A REPLY WITHIN TWO WEEKS AND REJOINDER ON OR BEFORE NEXT DATE

SAT: SAT VIDE ITS ORDER DATED 18/02/2022 ALLOWED APPELLANT THREE WEEKS TO FILE REJOINDER

SAT: SAT VIDE ITS ORDER DATED 27/04/2022 ALLOWED RESPONDENT NO.2 TO FILE REPLY WITHIN TWO WEEKS AND REJOINDER TO BE FILED TWO WEEKS THEREAFTER

SAT: SAT VIDE ITS ORDER DATED 10/10/2022 ALLOWED THE MISC.APPLICATIONS AND CONDONED THE DELAY IN FILING OF REJOINDER

SAT: SAT VIDE ITS ORDER DATED 01/11/2022 DIRECTED THAT AMENDMENT OR AMENDED MEMO OF APPEAL TO BE FILED WITHIN 10 DAYS FROM DATE OF THIS ORDER

SEBI VIDE ITS NOTICE DATED 15/03/2024 DIRECTED ALL THE BANKS AND MUTUAL FUNDS IN INDIA TO REMIT RS.14,50,76,072.00 TO THE EXTENT LYING IN THE ACCOUNT OF NOTICEE TO SEBI BY WAY OF EFT/NEFT/RTG

248

G.MANOHARI

(PAN:CYHPM2991K)

ALWAYS GAIN ADVISORY SERVICE

PAN:ABAFA7501M

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

SEBI VIDE ITS ORDER DATED 28/03/2022 DIRECTED TO A) REFUND THE MONEY RECEIVED FROM CLIENTS/INVESTORS/COMPLAINTS, AS FEES OR CONSIDERATION OR IN ANY OTHER FORM, IN RESPECT OF UNREGISTERED INVESTMENT ADVISORY ACTIVITIES WITHIN THREE MONTHS FROM DATE OF THIS ORDER B) ISSUE PUBLIC NOTICE, IN ALL EDITIONS OF TWO NATIONAL DAILIES (ONE ENGLISH AND ONE HINDI) AND IN ONE LOCAL DAILY WITH WIDE CIRCULATION, DETAILING MODALITIES FOR REFUND INCLUDING DETAILS OF CONTACT PERSON NAMES, ADDRESSES AND CONTACT DETAILS WITHIN 15 DAYS OF COMING FORCE OF THIS ORDER C) REPAYMENTS TO CLIENTS/INVESTORS TO BE EFFECTED ONLY THROUGH BANK DEMAND DRAFT OR PAY ORDER OR ELECTRONICS FUND TRANSFER D) PREVENTED FROM SELLING ASSETS, PROPERTIES AND HOLDING OF MUTUAL FUNDS/SHARES/SECURITIES HELD IN DEMAT AND PHYSICAL FORM EXCEPT FOR THE SOLE PURPOSE OF MAKING THE REFUNDS AS DIRECTED. FURTHER, DIRECTED BANK TO ALLOW DEBIT ONLY FOR THE PURPOSE OF MAKING REFUNDS TO THE CLIENTS/INVESTORS WHO WERE AVAILING THE INVESTMENT ADVISORY SERVICES E) RESOLVE ALL THE COMPLAINTS PENDING AGAINST THEM AND FILE REPORT OF SUCH RESOLUTION WITH SEBI WITHIN A PERIOD OF 30 DAYS FROM THE DATE OF THIS ORDER F) FILE REPORT OF SUCH COMPLETION WITH SEBI DULY CERTIFIED BY INDEPENDENT CHARTERED ACCOUNTANTS G) DEBARRED FROM ACCESSING SECURITIES MARKET DIRECTLY OR INDIRECTLY AND ARE PROHIBITED FROM BUYING, SELLING OR OTHERWISE DEALING IN THE SECURITIES MARKET, DIRECTLY OR INDIRECTLY IN ANY MANNER WHATSOEVER FOR SIX MONTH FROM DATE OF COMPLETION OF REFUNDS TO INVESTORS H) RESTRAINED FROM ASSOCIATING WITH ANY COMPANY WHOSE SECURITIES ARE LISTED ON RECOGNIZED STOCK EXCHANGE AND ANY COMPANY WHICH INTENDS TO RAISE MONEY FROM THE PUBLIC, OR ANY INTERMEDIARY REGISTERED WITH SEBI IN ANY CAPACITY FOR A PERIOD OF SIX MONTHS FROM THE DATE OF THIS ORDER OR TILL THE EXPIRY OF SIX MONTHS FROM THE DATE OF COMPLETION OF REFUNDS TO INVESTORS I) NOT TO UNDERTAKE, EITHER DIRECTLY OR INDIRECTLY, INVESTMENT ADVISORY SERVICES OR ANY OTHER ACTIVITY IN THE SECURITIES MARKET WITHOUT OBTAINING CERTIFICATE OF REGISTRATION FROM SEBI J) NOT TO DIVERT ANY FUNDS COLLECTED FROM INVESTORS, KEPT IN BANK ACCOUNT(S) AND/OR IN THEIR CUSTODY EXCEPT FOR THE PURPOSE OF REFUND K) NOT TO DISPOSED OFF OR ALIENATE ANY ASSETS, WHETHER MOVABLE OR IMMOVABLE, OR ANY INTEREST OR INVESTMENT OR CHARGE ON ANY OF SUCH ASSETS HELD IN THEIR NAME, INCLUDING MONEY LYING IN BANK ACCOUNTS EXCEPT FOR THE PURPOSE OF REFUND

249

GAGAN CHOUDHARY

(PAN:AIVPC7790E)

(Along with : SATYAM SUMAN CHOUDHARY,

SUMAN CHOUDHARY)

SATYAM SHIVAM SUNDARAM TRADING

PAN:AIVPC7790E

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

SAT: SAT VIDE ITS ORDER DATED 24/04/2026 GRANTED RESPONDENT FOUR WEEKS TO FILE REPLY AND REJOINDER, IF ANY, BE FILED WITHIN TWO WEEKS THEREAFTER AND STAYED RECOVERY SUBJECT TO DEPOSIT 50% PENALTY AMOUNT WITHIN TWO WEEKS FROM DATE OF THIS ORDER

250

GAGAN HORA

(PAN:AALPH5961N)

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

DIRECTED TO RESOLVE ALL PENDING COMPLAINTS

RESTRAINED FROM SELLING ASSETS, PROPERTIES AND HOLDING OF MUTUAL FUNDS/SHARES/SECURITIES HELD IN DEMAT AND PHYSICAL FORM FROM 29-MAR-2023 TO 28-SEP-2023

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

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 29-MAR-2023 TO 28-SEP-2023

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 29-MAR-2023 TO 28-SEP-2023

IMPOSED PENALTY RS.3,00,000

29-MAR-2023

SEBI VIDE ITS ORDER DATED 31/03/2023 DISPOSED OF THE REPRESENTATION DATED 31/03/2023 BY ALLOWING TO LIQUIDATE ALL OPEN POSITIONS IN DERIVATIVES WITHIN TWO DAYS FROM THE DATE OF THIS ORDER

251

GAGAN HORA

NOT A FIT & PROPER PERSON TO ACT AS AN INVESTMENT ADVISOR

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 11-JAN-2023

11-JAN-2023

252

GARIMA VERMA

(PAN:AEDPV8992D)

SHIELD RESEARCH ADVISORY SERVICES

PAN:AEDPV8992D

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR

07-AUG-2026

253

GARVIT JAIN

(PAN:ARDPJ0056B)

MONEY RISE RESEARCH

PAN:ARPPT7709K

MRISE INFO

PAN:BNGPB1731B

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

DIRECTED TO REFUND MONEY TO THE INVESTORS

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

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

RESTRAINED FROM SELLING ASSETS, PROPERTIES AND HOLDING OF MUTUAL FUNDS/SHARES/SECURITIES HELD IN DEMAT AND PHYSICAL FORM FROM 10-MAR-2023 TO 09-SEP-2023

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

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 10-MAR-2023 TO 09-SEP-2023

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 10-MAR-2023 TO 09-SEP-2023

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 FROM 10-MAR-2023 TO 09-SEP-2023

10-MAR-2023

SEBI VIDE ITS NOTICE DATED 21/10/2024 DIRECTED TO PAY RS.3,40,72,348.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SEBI VIDE ITS ORDER DATED 11/11/2024 DIRECTED ALL THE BANKS IN INDIA AND/OR NSDL/CDSL TO 1. ATTACH ALL THE ACCOUNTS BY WHATEVER NAME CALLED INCLUDING LOCKERS, DEMAT ACCOUNTS AND MUTUAL FUNDS FOLIOS EITHER SINGLY OR JOINTLY WITH ANY PERSON/S AND ALL OTHER AMOUNT/PROCEEDS DUE OR MAY BECOME DUE OR ANY MONEY HELD OR MAY SUBSEQUENTLY HOLD FOR ON ACCOUNT OF THE DEFAULTERS AND 2. NOT TO DEBIT ANY AMOUNT IN THE SAID ACCOUNT/S.HOWEVER CREDITS, IF ANY, INTO THE ACCOUNT MAY BE ALLOWED

SEBI VIDE ITS NOTICE DATED 23/12/2024 DIRECTED ALL THE BANKS AND MUTUAL FUNDS IN INDIA TO REMIT RS.34,640,204.00 TO THE EXTENT LYING IN THE ACCOUNT OF NOTICEE TO SEBI BY WAY OF EFT/NEFT/RTG

254

GAURAV AGRAWAL

PROFIT VISTA FINANCIAL RESEARCH

DID NOT POSSESS NISM CERTIFICATE

DID NOT PROVIDE INFORMATION/ REQUISITE DOCUMENTS AND NECESSARY ASSISTANCE AND CO-OPERATION TO THE BOARD

SUSPENDED REGISTRATION AS INVESTMENT ADVISER FROM 07-MAR-2025 TO 06-SEP-2025

07-MAR-2025

255

GAURAV BALDEV

(PAN:APBPB6204K)

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 21-JUL-2026

21-JUL-2026

256

GAURAV JAIN

(PAN:AEQPJ0093L)

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 25-APR-2025

25-APR-2025

257

GAURAV KEDIA

(PAN:BHDPK3562Q)

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 25-JUL-2025

25-JUL-2025

258

GAURAV KUMAR

(PAN:CSTPK6551R)

BOURSE INDIA INVESTMENT ADVISOR

PAN:AANFB7695P

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

DISSEMINATED FALSE AND MISLEADING INFORMATION ON WEBSITE SHOWING FIRM AS AN INVESTMENT ADVISOR WITH LONG EXPERIENCE AND CLAIMED HIGH RETURNS AND MAXIMUM BENEFITS ETC.