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SOURCE OF INFORMATION

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.

PERSONS: CANCELLED REGISTRATION AS INVESTMENT ADVISOR

S.No. PERSON ENTITY REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
21
History of entity/person CHANDRASHEKHAR K.PANDULKAR

(PAN:AMJPP6827B)  
  DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR

25-APR-2025 		 
22
History of entity/person DEEPAK MISHRA

(PAN:BLVPM9284R)  
Click here to view complete history of this specific entity/person MONEY CLASSIC

PAN:BLVPM9284R
  		DID NOT ADHERE TO THE DIRECTIVES/INSTRUCTIONS/GUIDELINES ISSUED BY SEBI VIDE IT’S EARLIER ORDER

DID NOT REDRESS INVESTOR COMPLAINTS

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

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS   		CANCELLED REGISTRATION AS INVESTMENT ADVISOR

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 29-DEC-2023 TO 28-DEC-2024

DIRECTED TO RESOLVE ALL PENDING COMPLAINTS

DIRECTED TO FURNISH REPORT TO SEBI DULY CERTIFIED BY CHARTERED ACCOUNTANT RESOLVED ALL COMPLAINTS

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

DIRECTED NOT TO DIVERT ANY FUNDS RAISED FROM PUBLIC AT LARGE KEPT IN BANK ACCOUNT AND/OR IN THE CUSTODY OF THE COMPANY FROM 29-DEC-2023 TO 28-DEC-2024

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

29-DEC-2023 		 
23
History of entity/person DHARMENDRA KUMAR LODHI

(PAN:AJZPL7369K)  
Click here to view complete history of this specific entity/person STAR INDIA MARKET RESEARCH

PAN:AJZPL7369K
  		PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

DID NOT CARRY OUT RISK PROFILING OF CLIENTS

DID NOT ENSURE SUITABILITY ADVICE PROVIDE TO CLIENTS

CARRIED OUT IMPROPER RISK PROFILING OF CLIENTS

LEADING QUESTIONS IN QUESTIONNAIRE FOR RISK PROFILING

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

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

SOLD HNI SERVICES TO NON-HNI CLIENTS

CHARGED UNREASONABLE, ARBITRARILY AND INCONSISTENT FEE

CHARGED SERVICE FEES DISPROPORTIONATE TO ANNUAL INCOME/PROPOSED INVESTMENT

CHARGED EXTRA MONEY FROM CLIENTS/INVESTORS

DID NOT RENDER SERVICE EVEN AFTER RECEIPT OF FEES

OBTAINED REGISTRATION FROM SEBI AS AN INVESTMENT ADVISER BY SUBMITTING INCORRECT INFORMATION

DID NOT REDRESS INVESTOR COMPLAINTS

DID NOT FURNISH REQUISITE INFORMATION TO SEBI

DID NOT ADHERE TO THE DIRECTIVES/INSTRUCTIONS/GUIDELINES ISSUED BY SEBI VIDE IT’S EARLIER ORDER   		CANCELLED REGISTRATION AS INVESTMENT ADVISOR

29-DEC-2023 		 
24
History of entity/person DWARKA PRASAD GUPTA

(PAN:AKDPG6338G)  
Click here to view complete history of this specific entity/person HNI RESEARCH

PAN:AKDPG6338G
  		DID NOT REDRESS INVESTOR COMPLAINTS IN STIPULATED TIME

DID NOT FURNISH REQUISITE INFORMATION TO SEBI

DID NOT INFORM SEBI PRIOR TO CHANGING ITS REGISTERED OFFICE ADDRESS   		CANCELLED REGISTRATION AS INVESTMENT ADVISOR

27-APR-2023 		 
25
History of entity/person GAGAN HORA  
  NOT A FIT & PROPER PERSON TO ACT AS AN INVESTMENT ADVISOR   CANCELLED REGISTRATION AS INVESTMENT ADVISOR

11-JAN-2023 		 
26
History of entity/person GAURAV JAIN

(PAN:AEQPJ0093L)  
  DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR

25-APR-2025 		 
27
History of entity/person GOVIND SATYANARAYAN UPADHYAY

(PAN:AAPPU2874B)  
  DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR

25-APR-2025 		 
28
History of entity/person GURMEHER SINGH ALLAGH

(PAN:BKBPA1921J)  
  DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR

25-APR-2025 		 
29
History of entity/person HARI PRASAD SOMA

(PAN:ATFPS6200A)  
  DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR

25-APR-2025 		 
30
History of entity/person HARIOM SHARAN PATEL

(PAN:BFLPP9443M)  
Click here to view complete history of this specific entity/person BIS CAPITAL INVESTMENT ADVISOR

PAN:BFLPP9443M
  		ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION   CANCELLED REGISTRATION AS INVESTMENT ADVISOR

30-JUN-2023 		 
31
History of entity/person HARSH KUMAR DALMIA

(PAN:ABQPD8832L)  
  DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR

25-APR-2025 		 
32
History of entity/person HIMANSHU JAIN

(PAN:AGDPJ1068J)  
  DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR

25-APR-2025 		 
33
History of entity/person JIGAR TEJPAL SHAH

(PAN:ADFPS7277M)  
  DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR

25-APR-2025 		 
34
History of entity/person KABIR RAJ KAPOOR

(PAN:BUPPK1138M)  
  DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR

25-APR-2025 		 
35
History of entity/person KAMAL WADHWANI

(PAN:ABBPW7701L)  
  DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR

25-APR-2025 		 
36
History of entity/person KAPIL JAIN

(PAN:AHJPJ8021E)  
  DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR

25-APR-2025 		 
37
History of entity/person KAUSHAL MEHTA

(PAN:AMAPM0348R)  
  DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR

25-APR-2025 		 
38
History of entity/person KETAN BORA

(PAN:BENPB0608D)  
Click here to view complete history of this specific entity/person INSANE TRADERS

PAN:BENPB0608D
  		DID NOT APPLY FOR REGISTRATION AS NON-INDIVIDUAL INVESTMENT ADVISOR

DID NOT MAINTAIN AND PROVIDE RECORD OF CLIENTS AND COPY OF AGREEMENT EXECUTED BETWEEN CLIENTS

DID NOT PROVIDE DETAILS OF KRA PROCESS AT THE TIME OF ON-SITE INSPECTION AND DID NOT FOLLOW KYC PROCESS WHILE ONBOARDING CLIENTS

DID NOT PROVIDE DOCUMENTED PROCESS FLOW TO IDENTIFY RISK PROFILE/ RISK SCORE OF CLIENTS TO DECIDE ON THEIR SUITABILITY FOR FINANCIAL PRODUCTS

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

DID NOT MAKE DISCLOSURES ABOUT MATERIAL INFORMATION ABOUT ITSELF INCLUDING BUSINESS, DISCIPLINARY HISTORY, ANY ACTUAL OR POTENTIAL CONFLICT OF INTEREST, ETC.

DID NOT MAINTAIN MINIMUM NETWORTH

DID NOT RENEW NISM X-A & NISM X-B CERTIFICATE   		CANCELLED REGISTRATION AS INVESTMENT ADVISOR

28-JAN-2025 		 
39
History of entity/person KUSHAL KOTHARI

(PAN:ARFPK9145A)  
  DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR

25-APR-2025 		 
40
History of entity/person MADHAV AGARWAL

(PAN:AIOPA0258E)  
  DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER   CANCELLED REGISTRATION AS INVESTMENT ADVISOR

25-APR-2025 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.
 
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