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.

COMPANIES: CANCELLED REGISTRATION AS INVESTMENT ADVISOR

S.No.

ENTITY

PERSONS

REGULATORY CHARGES

REGULATORY ACTION(S) / DATE OF ORDER

FURTHER DEVELOPMENTS

CAPITAL TRUE FINANCIAL SERVICES

(PAN:AINPT0227B)

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NARENDRA SINGH TANWAR

PAN:AINPT0227B

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

OBTAINED REGISTRATION FROM SEBI BY PRODUCING FALSE AND FABRICATED DOCUMENTS TO PROVE HIS ELIGIBILITY TO WORK AS AN INVESTMENT ADVISOR

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 05-JUN-2020 TO 04-JUN-2022

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 05-JUN-2020 TO 04-JUN-2022

DIRECTED NOT TO DIVERT ANY FUNDS RAISED FROM PUBLIC AT LARGE KEPT IN BANK ACCOUNT AND/OR IN THE CUSTODY OF THE COMPANY FROM 05-JUN-2020 TO 04-JUN-2022

DIRECTED TO SUBMIT LIST OF CLIENTS AND FEE COLLECTED FROM THEM

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 05-JUN-2020 TO 04-JUN-2022

CEASED AND DESIST FROM ACTING AS AN INVESTMENT ADVISER

DIRECTED NOT TO USE TERM �INVESTMENT ADVISER� DIRECTLY OR INDIRECTLY IN ANY MANNER WHATSOEVER ON LETTER-HEAD, WEBSITE, SIGNAGE BOARD OR OTHERWISE

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 05-JUN-2020 TO 04-JUN-2022

DIRECTED TO FREEZE EXISTING HOLDING OF SECURITIES, INCLUDING UNITS OF MUTUAL FUNDS

06-NOV-2018

SEBI VIDE ITS ORDER DATED 05/06/2020 A) CANCELLED CERTIFICATE OF REGISTRATION AS INVESTMENT ADVISER AND CEASE AND DESIST FROM ACTING AS INVESTMENT ADVISER C) DIRECTED TO NOT TO USE THE TERM �INVESTMENT ADVISER� DIRECTLY OR INDIRECTLY IN ANY MANNER WHATSOEVER ON LETTER-HEAD, WEBSITE, SIGNAGE BOARD OR OTHERWISE D) DEBARRED FROM ACCESSING SECURITIES MARKET AND FURTHER PROHIBITED FROM BUYING, SELLING OR OTHERWISE DEALING IN SECURITIES, DIRECTLY OR INDIRECTLY, OR BEING ASSOCIATED WITH SECURITIES MARKET IN ANY MANNER, FOR TWO YEARS E) DURING PERIOD OF RESTRAINT FREEZED EXISTING HOLDING, INCLUDING MUTUAL FUNDS UNITS

CAPITALVIA GLOBAL RESEARCH LTD.

(PAN:AADCC5782H)

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 21-JUL-2026

21-JUL-2026

CAPVISION INVESTMENT ADVISOR

(PAN:AAJFC0782A)

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 27-MAR-2023

27-MAR-2023

CAPVISION INVESTMENT ADVISOR

(PAN:AAJFC0782A)

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 21-AUG-2026

21-AUG-2026

COFAGR INVESTMENT ADVISOR

(PAN:AKJPT1053B)

ASHISH SINGH

PAN:AKJPT1053B

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR

27-NOV-2025

CPI RESEARCH & SERVICES

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 14-AUG-2026

14-AUG-2026

CUMULUS CONSULTING SERVICES PVT.LTD.

(PAN:AAGCC4020R)

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 25-APR-2025

25-APR-2025

CYCLONE MONEY

(PAN:AJLPG5405H)

HIMESH GUPTA

PAN:AJLPG5405H

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR

07-AUG-2026

D.S.CAPITAL VENTURE PVT.LTD.

(PAN:AADCH8426M)

DID NOT REDRESS INVESTOR COMPLAINTS

DID NOT PROVIDE NECESSARY INFORMATION/DOCUMENTS TO INVESTIGATING AUTHORITY OF SEBI

DID NOT INFORM SEBI ABOUT CHANGE OF ADDRESS

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 30-JAN-2023

30-JAN-2023

DEZIRE RESEARCH

(PAN:AGXPC3196L)

NISHANT CHOPRA

PAN:AGXPC3196L

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR

07-AUG-2026

DOLLAR ADVISORY & FINANCIAL SERVICES

(PAN:AKBPM7004R)

RAVI PRAKASH MOHTA

PAN:AKBPM7004R

DID NOT SUBMIT INFORMATION SOUGHT BY SEBI

DID NOT MAKE DISCLOSURE OF CHANGE OF REGISTERED OFFICE ADDRESS TO SEBI

DID NOT MAINTAIN RECORDS PERTAINING TO RISK PROFILING AND RISK ASSESSMENT OF CLIENTS

OFFERED MULTIPLE PACKAGES TO EARN HUGE AMOUNT OF SERVICE FEES FROM CLIENTS

SOLD ADVISORY SERVICES PRIOR TO COMMUNICATION OF RISK PROFILE

SOLD ADVISORY SERVICES/PRODUCTS TO CLIENTS WITHOUT ENSURING SUITABILITY OF ADVICE ACCORDING TO THEIR RISK PROFILE

SOLD PRODUCTS TO CLIENTS WHICH WERE NOT SUITABLE TO RISK PROFILE OF THE CLIENTS

CHARGED ADVISORY FEES BEFORE EXPIRY OF TENURE OF EXISTING SERVICE/COLLETING MULTIPLE PAYMENTS IN SHORT PERIOD

DID NOT ADHERE TO SEBI CIRCULARS IN RELATION TO COMPLIANCE WITH PROVISIONS OF PREVENTION OF MONEY LAUNDERING ACT AND ANTI MONEY LAUNDERING GUIDELINES

TRADED ON BEHALF OF CLIENTS

DID NOT REDRESS INVESTOR COMPLAINTS

DID NOT ADHERE TO VARIOUS SEBI CIRCULARS

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 24-NOV-2022

DIRECTED TO REFUND MONEY TO THE INVESTORS

DIRECTED TO REDRESS INVESTOR GRIEVANCES

24-NOV-2022

SAT: SAT VIDE ITS ORDER DATED 03/05/2023 ALLOWED APPELLANT THREE WEEKS TO FILE REJOINDER

SAT: SAT VIDE ITS ORDER DATED 30/06/2023 CONDONED THE DELAY IN FILING OF APPEAL AND ALLOWED APPELLANT FURTHER THREE WEEKS TO FILE REJOINDER

SAT: SAT VIDE ITS ORDER DATED 09/08/2023 ALLOWED APPELLANTS THREE WEEKS TO FILE REJOINDER

SAT: SAT VIDE ITS ORDER DATED 22/04/2026 CONDONED THE DELAY IN FILING OF APPEAL AND STAYED RECOVERY PROCEEDING SUBJECT TO DEPOSIT 50% PENALTY AMOUNT WITHIN FOUR WEEKS FROM DATE OF THIS ORDER

ELITE INVESTMENT ADVISORY SERVICES

(PAN:BZZPS6587H)

RAJIV KUMAR SINGH

PAN:BZZPS6587H

DID NOT HAVE REQUISITE NISM CERTIFICATES AT ALL TIMES TO PROVIDE INVESTMENT ADVICE

DID NOT INTIMATE SEBI ABOUT MATERIAL CHANGE IN INFORMATION

DID NOT FULFIL GENERAL RESPONSIBILITIES OF INVESTMENT ADVISER AND DID NOT MAINTAIN CLIENT LEVEL SEGREGATION OF ADVISORY AND DISTRIBUTION SERVICES

DID NOT UNDERTAKE RISK PROFILING OF CLIENTS

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

CHARGED EXTRA MONEY FROM CLIENTS/INVESTORS

DID NOT MAKE DISCLOSURE OF MATERIAL INFORMATION TO CLIENTS

DID NOT MAINTAIN RECORDS AS PER KNOW YOUR CLIENTS (KYC) PROCEDURES

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

DID NOT CO-OPERATE WITH SEBI IN INSPECTION

ATTEMPTED DELIBERATELY TO PREVENT AND HINDER THE INSPECTION

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 25-MAR-2026

25-MAR-2026

ELITIO TECHNOLOGIES PVT.LTD.

(PAN:AAECE0986C)

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 25-APR-2025

25-APR-2025

EQUICOM FINANCIAL RESEARCH PVT.LTD.,THE

(PAN:AAECT4400E)

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR

07-AUG-2026

EQUITY MANTRA

(PAN:AAFFE8491A)

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR

27-NOV-2025

EQUITY RESEARCH LAB

(PAN:AIRPJ7778H)

TUHINANSHU JAIN

PAN:AIRPJ7778H