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 : 03-JUL-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 SEBI (INVESTMENT ADVISORS) REGULATIONS, 2013

S.No.

ENTITY

PERSONS

REGULATORY CHARGES

REGULATORY ACTION(S) / DATE OF ORDER

FURTHER DEVELOPMENTS

AVID RESEARCH INVESTMENT ADVISER

(PAN:AZXPD5745P)

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

AMIT KUMAR DEWDA

PAN:AZXPD5745P

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

DID NOT REDRESS INVESTOR COMPLAINTS IN STIPULATED TIME

DID NOT FURNISH ACTION TAKEN REPORT IN CONNECTION WITH REDRESSAL OF INVESTOR�S GRIEVANCES

WARNED NOT TO PROVIDE INVESTMENT ADVISORY SERVICES UNLESS COMPLY WITH INVESTMENT ADVISORS REGULATIONS AND APPLICABLE SEBI CIRCULARS

30-AUG-2022

BANAYANTREE SERVICES LTD.

(PAN:AAGCB7486G)

DID NOT CONDUCT INTERNAL AUDIT

DID NOT MAINTAIN INFRASTRUCTURE AND QUALIFICATION/CERTIFICATION REQUIREMENTS

DID NOT SEGREGATE INVESTMENT ADVISORY ACTIVITIES/OPERATIONS FROM OTHER BUSINESS/ACTIVITIES

DID NOT UNDERTAKE RISK PROFILING OF CLIENTS

IMPOSED PENALTY RS.3,00,000

22-AUG-2022

BASANT MAHESHWARI WEALTH ADVISERS LLP

(PAN:AAPFB3856K)

CHARGED FEES AND CHARGES IN BOTH FIXED FEE AND ASSETS UNDER ADVICE (AUA) MODE FROM CLIENTS

UPLOADED VIDEOS ON YOUTUBE WITH EXAGGERATED CAPTIONS

PROVIDED INVESTMENT ADVICE UNDER PORTFOLIO MANAGERS SERVICES REGISTRATION BY SEEKING EXEMPTION PROVIDED IN REGULATION 4(G) OF THE SEBI (INVESTMENT ADVISORS) REGULATIONS, 2013

IMPOSED PENALTY RS.4,00,000

25-MAR-2025

SAT: SAT VIDE ITS ORDER DATED 07/05/2025 GRANTED RESPONDENT SIX WEEKS TO FILE REPLY AND REJOINDER, IF ANY, TO BE FILED WITHIN THREE WEEKS THEREAFTER. STAYED RECOVERY SUBJECT TO DEPOSIT OF 50% PENALTY AMOUNT WITHIN FOUR WEEKS FROM DATE OF THIS ORDER

BEST STOCK SOLUTIONS

(PAN:AAPPU2088M)

AMIT UPADHYAY

PAN:AAPPU2088M

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

IMPOSED PENALTY RS.12,00,000 ALONG WITH OTHER ENTITIES/PERSONS

03-MAY-2016

SAT: APPEAL DISMISSED. NO COSTS

BESTWAY SMART FINANCIAL PVT.LTD.

(PAN:AAKCB2828G)

DID NOT MAINTAIN AND PRESERVED CALL RECORDING OF CLIENTS ON-BOARDED DURING INSPECTION PERIOD

IMPOSED PENALTY RS.1,00,000

28-MAR-2025

BHAROSA TECHNOSERVE PVT.LTD.

(PAN:AAGCB2957E)

ANITA BHARGAVA

PAN:AHWPB0830E

SAHIL BHARGAVA

PAN:DCDPB3950A

SANJAY BHARGAVA

PAN:AHWPB0829R

ACCEPTED FEES FOR PROVIDING INVESTMENT ADVICE THROUGH PAYMENT GATEWAY MECHANISM

DID NOT INFORM SEBI ABOUT MATERIAL CHANGES IN SHAREHOLDING PATTERN

DID NOT PERFORM RISK PROFILING IN THE REQUISITE MANNER AND OUTSOURCING THE SAME

DID NOT PERFORM SUITABILITY ASSESSMENT AND OUTSOURCING THE SAME

DID NOT PROVIDE ADEQUATE DISCLOSURES RELATED TO MATERIAL FACTS INVOLVING KEY FEATURES OF THE PRODUCTS CLASS ADVISED PARTICULARLY AND PERFORMANCE TRACK RECORD ETC.

DID NOT OBTAIN REGISTRATION FROM KYC REGISTRATION AGENCY (KRA) AND CENTRAL KNOW YOUR CUSTOMER (CKYC)

DID NOT OBTAIN SCORES REGISTRATION AND DISPLAY INFORMATION IN RESPECT OF STATUS OF COMPLAINTS ON WEBSITE

DID NOT PROVIDE EXECUTION SERVICES THROUGH A SUBSIDIARY/SEPARATELY IDENTIFIABLE DEPARTMENT AND MAKING IT OBLIGATORY FOR ITS CLIENTS TO TAKE EXECUTION SERVICES

DID NOT DO KNOW YOUR CLIENTS (KYC) OF CLIENTS AND OUTSOURCING THIS CORE COMPLIANCE FUNCTION OF PERFORMING KNOW YOUR CLIENTS (KYC) TO MFU AND SMALLCASE

DID NOT ADOPT ANY PROCEDURES/WRITTEN PROCEDURES TO IMPLEMENT ANTI-MONEY LAUNDERING PROVISIONS AS ENVISAGED UNDER PMLA AND OUTSOURCED THE SAME

IMPOSED PENALTY RS.10,00,000

11-SEP-2024

SAT: SAT VIDE ITS ORDER DATED 23/10/2024 GRANTED RESPONDENT FOUR WEEKS TO FILE REPLY AND APPELLANT TO FILE REJOINDER TWO WEEKS THEREAFTER. STAYED FOR RECOVERY OF PENALTY AMOUNT SUBJECT TO DEPOSIT OF RS.5 LAC WITH SEBI WITHIN FOUR WEEKS FROM THE DATE OF THIS ORDER

BIG LIFE CAPITAL SOLUTIONS

(PAN:AKIPV4554A)

PRATEEK VYAS

PAN:AKIPV4554A

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

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

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 02-MAY-2023 TO 01-NOV-2023

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 02-MAY-2023 TO 01-NOV-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

02-MAY-2023

SEBI VIDE ITS ORDER DATED 10/07/2024 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

BIGPROFITBUZZ

(PAN:AIVPJ9021F)

JITENDER

PAN:AIVPJ9021F

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

SEBI VIDE ITS NOTICE DATED 10/06/2024 DIRECTED TO PAY RS.26,08,848.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SEBI VIDE ITS NOTICE DATED 25/09/2024 DIRECTED ALL THE BANKS AND MUTUAL FUNDS IN INDIA TO REMIT RS.26,08,848.00 TO THE EXTENT LYING IN THE ACCOUNT OF NOTICEE TO SEBI BY WAY OF EFT/NEFT/RTG

BILLIONAIRE SOLUTIONS

(PAN:BVPPJ3417H)

AKASH JAISWAL

PAN:BVPPJ3417H

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

SEBI VIDE ITS ORDER DATED 12/01/2022 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 IN CASH 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 FROM 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 TWO YEARS FROM DATE OF COMPLETION OF REFUNDS TO INVESTORS H) 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 ANY CAPACITY FOR ONE YEAR FROM 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 DISPOSE OFF OR ALIENATE ANY ASSETS, WHETHER MOVABLE OR IMMOVABLE, OR ANY INTEREST OR INVESTMENT OF CREATE ON ANY OF SUCH ASSETS HELD THEIR NAME, INCLUDING MONEY LYING IN BANK ACCOUNTS EXCEPT FOR PURPOSE OF REFUND

SEBI VIDE ITS NOTICE DATED 30/11/2023 DIRECTED TO PAY RS.44,89,040.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

BIS CAPITAL INVESTMENT ADVISOR

(PAN:BFLPP9443M)

HARIOM SHARAN PATEL

PAN:BFLPP9443M

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

CANCELLED REGISTRATION AS INVESTMENT ADVISOR

30-JUN-2023

BONAZ CAPITAL INVESTMENT ADVISER

(PAN:AHPPR9284D)

RAJESH SINGH RATHORE

PAN:AHPPR9284D

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

INDULGED IN INVESTMENT ADVISORY SERVICES WITHOUT POSSESSING REQUISITE QUALIFICATIONS

CARRIED OUT IMPROPER RISK PROFILING OF CLIENTS

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

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

DID NOT MAKE DISCLOSURE TO CLIENTS ABOUT DETAILS OF INVESTMENT ADVISORY SERVICES/PRODUCTS

DID NOT PROVIDE RECORD OF INVESTMENT ADVICE TO CLIENTS AND SIGNED RATIONALE FOR ARRIVING INVESTMENT ADVICE

DID NOT REDRESS INVESTOR COMPLAINTS

DID NOT ADHERE TO VARIOUS SEBI CIRCULARS

SUSPENDED REGISTRATION AS INVESTMENT ADVISER FROM 30-NOV-2022 TO 28-FEB-2023

30-NOV-2022

BONAZ CAPITAL INVESTMENT ADVISER

(PAN:AHPPR9284D)

RAJESH SINGH RATHORE

PAN:AHPPR9284D

CARRIED OUT IMPROPER RISK PROFILING OF CLIENTS

SOLD MULTIPLE PRODUCTS AND CHARGED UNREASONABLE FEES AND/OR SERVICE CHARGE

DID NOT MAKE DISCLOSURE OF MARKET RISK ASSOCIATED WITH INVESTMENT IN SECURITIES MARKET TO ITS CLIENTS

DID NOT MAINTAIN RECORDS OF COMMUNICATION WITH CLIENTS DURING RISK PROFILING AND SUITABILITY ASSESSMENT OF ADVICE/SELECTION OF ADVISORY PRODUCT/SERVICES

IMPOSED PENALTY RS.6,00,000 ALONG WITH OTHER ENTITIES/PERSONS

20-DEC-2022

BOURSE INDIA INVESTMENT ADVISOR

(PAN:AANFB7695P)

AAKASH JOSHI

PAN:AINPJ4355Q

GAURAV KUMAR

PAN:CSTPK6551R

HARIOM SHARAN PATEL

PAN:BFLPP9443M

SHENKEY CHAURASIA

PAN:ATJPC5720H

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.

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 ACCEPT REFUND CLAIMS/REQUESTS FROM THE PUBLIC

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

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

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 25-AUG-2023 TO 24-AUG-2025

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 25-AUG-2023 TO 24-AUG-2025

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 25-AUG-2023 TO 24-AUG-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

IMPOSED PENALTY RS.6,00,000 ALONG WITH OTHER ENTITIES/PERSONS

25-AUG-2023

SEBI VIDE ITS NOTICE DATED 17/10/2024 DIRECTED TO PAY RS.6,91,000.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SEBI VIDE ITS NOTICE DATED 17/10/2024 DIRECTED TO PAY RS.1,22,82,409.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

BRIGHT MONEY SOLUTIONS

(PAN:AUMPN9148A)

ASHWIN DORIYA

PAN:GMMPD6808M

NARESH NIMAWAT

PAN:AUMPN9148A

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

SEBI VIDE ITS ORDER DATED 28/10/2022 DIRECTED TO A) JOINTLY AND SEVERALLY REFUND THE MONEY (RS.95.30 LAC) RECEIVED FROM THE CLIENTS/INVESTORS/COMPLAINANTS, AS FEES/COMPENSATION 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 INTO FORCE OF THIS ORDER C) REPAYMENTS TO CLIENTS/INVESTORS/COMPLAINANTS,, SHALL BE EFFECTED ONLY THROUGH BANK DEMAND DRAFT OR PAY ORDER OR ELECTRONICS FUND TRANSFER D) FILE REPORT OF SUCH COMPLETION WITH SEBI DULY CERTIFIED FROM INDEPENDENT CHARTERED ACCOUNTANT E) RESTRAINED 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 F) DEBARRED FROM ACCESSING THE SECURITIES MARKET AND FURTHER PROHIBITED FROM BUYING, SELLING OR OTHERWISE DEALING IN THE SECURITIES MARKET, DIRECTLY OR INDIRECTLY IN ANY MANNER WHATSOEVER FOR A PERIOD OF TWO YEARS FROM DATE OF COMPLETION OF REFUNDS TO CLIENTS/INVESTORS/COMPLAINANTS G) NOT TO UNDERTAKE, EITHER DIRECTLY OR INDIRECTLY, INVESTMENT ADVISORY SERVICES OR ANY ACTIVITY IN THE SECURITIES MARKET WITHOUT OBTAINING CERTIFICATE OF REGISTRATION FROM SEBI H) ) 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 I) DURING THE PERIOD OF RESTRAINT, FREEZED EXISTING HOLDING, INCLUDING UNITS OF MUTUAL FUNDS

BULL RESEARCH INVESTMENT ADVISORS PVT.LTD.

(PAN:AAHCB1200H)

ASHIF SHAIKH

DIN:07733482
PAN:BGDPS3081F

SANDEEP KUSHWAHA

PAN:DPBPK9313F
DIN:08176753

VINIT SATPUTE

DIN:07737200
PAN:EBMPS2703F

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

DID NOT ACT WITH DUE SKILL, CARE, DILIGENCE, HONESTY AND IN THE BEST INTEREST OF ITS CLIENT WHILE SELLING INVESTMENT ADVICE APPROPRIATE TO THE CLIENTS� RISK PROFILE AND ALSO FAILED TO SEEK INFORMATION ABOUT THEIR FINANCIAL SITUATION, INVESTMENT EXPERIENCE AND INVESTMENT OBJECTIVES BEFORE SELLING CERTAIN INVESTMENT ADVICES/SERVICES

OFFERED PRODUCTS/SERVICES WITHOUT ASSESSING APPROPRIATE RISK BEARING CAPACITY OF THE CLIENTS

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 25-JAN-2021 UNTIL FURTHER ORDERS

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 25-JAN-2021 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 25-JAN-2021 UNTIL FURTHER ORDERS

DIRECTED TO CEASE & DESIST FROM ACTING AS AN INVESTMENT ADVISOR AND/OR RESEARCH ANALYST AND CEASE TO SOLICIT OR UNDERTAKE SUCH ACTIVITIES OR ANY OTHER UNREGISTERED ACTIVITY IN SECURITIES MARKET, DIRECTLY OR INDIRECTLY, IN ANY MANNER WHATSOEVER FROM 25-JAN-2021 UNTIL FURTHER ORDERS

DIRECTED NOT TO DIVERT ANY FUNDS RAISED FROM PUBLIC AT LARGE KEPT IN BANK ACCOUNT AND/OR IN THE CUSTODY OF THE COMPANY FROM 25-JAN-2021 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 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 25-JAN-2021 UNTIL FURTHER ORDERS

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 TO IMMEDIATELY REMOVE ALL CONTENTS FROM ITS WEBSITE AND DISPLAY ONLY CONTENT IN ITS WEBSITE THAT SEBI HAS PASSED VIDE ITS ORDER

DIRECTED DEPOSITORIES TO ENSURE THAT NO DEBITS AND CREDITS MADE IN DEMAT ACCOUNTS

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

25-JAN-2021

SEBI VIDE ITS ORDER DATED 30/04/2021 CONFIRMED THE DIRECTIONS ISSUED VIDE ITS EX-PARTE AD INTERIM ORDER DATED 25/01/2021

SAT: SAT VIDE ITS ORDER DATED 10/02/2022 CONDONED THE DELAY OF 192 DAYS IN FILING OF APPEAL. DIRECTED RESPONDENT TO FILE REPLY WITHIN THREE WEEKS FROM DATE OF THIS ORDER AND APPELLANT TO FILE REJOINDER THREE WEEKS THEREAFTER

BULL RESEARCH INVESTMENT ADVISORS PVT.LTD.

(PAN:AAHCB1200H)

SANDEEP KUSHWAHA

PAN:DPBPK9313F
DIN:08176753

VINIT SATPUTE

DIN:07737200
PAN:EBMPS2703F

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

SOLD ADVISORY SERVICES/PACKAGES TO SAME CLIENTS ON MULTIPLE OCCASION AT DIFFERENT ARBITRARY PRICE FOR FUTURE/OVERLAPPING PERIOD WHILE EXISTING SUBSCRIPTION WAS ACTIVE

RECEIVED PAYMENT FROM FAMILY MEMBERS OF PRIMARY CLIENTS TO HIDE EXORBITANT FEES TAKEN FROM PRIMARY CLIENT

RECEIVED PAYMENT BEFORE DOING KNOW YOUR CLIENTS (KYC) AND RISK PROFILING OF CLIENTS

RAISED INVOICES IN THE NAME OF CLIENTS WHO DID NOT HAVE DEMAT/TRADING ACCOUNT

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

DID NOT POSSESS NISM CERTIFICATE

DID NOT ADHERE TO REQUIREMENT OF CAPITAL ADEQUACY

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

CANCELLED REGISTRATION AS INVESTMENT ADVISOR

DIRECTED TO RESOLVE ALL PENDING COMPLAINTS

DIRECTED TO ISSUE PUBLIC NOTICE, IN ALL EDITIONS OF TWO NATIONAL DAILIES IN CONNECTION WITH THE REFUND OF MONEY

DIRECTED TO ACCEPT REFUND CLAIMS/REQUESTS FROM THE PUBLIC

DIRECTED TO MAKE REFUND THROUGH BANKING CHANNELS SUCH AS DEMAND DRAFT AND/OR PAY ORDER AND/OR ELECTRONIC MODE OF TRANSFER

DIRECTED TO FILE A REPORT OF RESOLUTION OF COMPLAINTS

DIRECTED TO SUBMIT COMPLETION REPORT OF REPAYMENT TO SEBI CERTIFIED BY INDEPENDENT CHARTERED ACCOUNTANT

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

15-SEP-2023

SAT: SAT VIDE ITS ORDER DATED 09/07/2024 CONDONED THE DELAY IN FILING OF APPEAL. GRANTED RESPONDENT FOUR WEEKS TIME TO FILE REPLY AND REJOINDER MAY BE FILED WITHIN FOUR WEEKS THEREAFTER

SAT: SAT VIDE ITS ORDER DATED 17/09/2024 CONDONED THE DELAY IN FILING OF APPEAL AND ALLOWED FOUR WEEKS TO FILE REJOINDER

BULL RESEARCH INVESTMENT ADVISORS PVT.LTD.

(PAN:AAHCB1200H)

ASHIF SHAIKH

DIN:07733482
PAN:BGDPS3081F

SANDEEP KUSHWAHA

PAN:DPBPK9313F
DIN:08176753

VINIT SATPUTE

DIN:07737200
PAN:EBMPS2703F

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

RECEIVED PAYMENT FROM FAMILY MEMBERS OF PRIMARY CLIENTS TO HIDE EXORBITANT FEES TAKEN FROM PRIMARY CLIENT

RAISED INVOICES IN THE NAME OF CLIENTS WHO DID NOT HAVE DEMAT/TRADING ACCOUNT

SOLD MULTIPLE PACKAGES TO CLIENTS WITH THREAT OF FORFEITURE AND CHARGED UNREASONABLE AND UNDISCLOSED FEE

RECEIVED PAYMENT BEFORE DOING KNOW YOUR CLIENTS (KYC) AND RISK PROFILING OF CLIENTS

CARRIED OUT IMPROPER RISK PROFILING OF CLIENTS

DID NOT MEET CAPITAL ADEQUACY NORMS AND TOOK REGISTRATION BY SUBMITTING FORGED CA CERTIFICATE TO SEBI

DID NOT FURNISH INFORMATION, RETURN ETC. TO SEBI

DID NOT HAVE VALID NCFM/NISM CERTIFICATE

DID NOT REDRESS INVESTOR COMPLAINTS

IMPOSED PENALTY RS.10,00,000 ALONG WITH OTHER ENTITIES/PERSONS

29-MAY-2023

SEBI VIDE ITS NOTICE DATED 07/08/2023 DIRECTED TO PAY RS.10,41,000.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

BULLMATICS ADVISORY PVT.LTD.

(PAN:AAGCB7496J)

AJITESH KUMAR

PAN:DGVPK5909N

TRILOKI NATH VERMA

PAN:AQRPV9857H

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

RESTRAINED FROM SELLING ASSETS, PROPERTIES AND HOLDING OF MUTUAL FUNDS/SHARES/SECURITIES HELD IN DEMAT AND PHYSICAL FORM

DIRECTED TO SUBMIT COMPLETION REPORT OF REPAYMENT TO SEBI CERTIFIED BY INDEPENDENT CHARTERED ACCOUNTANT

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 28-JAN-2022 TO 27-JUL-2022

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 28-JAN-2022 TO 27-JUL-2022

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

28-JAN-2022

BUSINESS MART WORLD

(PAN:BRHPK7160G)

SARVESH KUMAR

PAN:BRHPK7160G

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION