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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.

SUB-BROKERS: IMPOSED PENALTY

S.No. ENTITY PERSONS REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
21
History of entity/person ASPI NOSHIR GANDHI,M/S

(Sub-Broker of ASE CAPITAL MARKETS LTD., Member : BSE)  
Click here to view complete history of this specific entity/person ASPI NOSHIR GANDHI
 
ACTED AS SUB-BROKER WITHOUT SEBI REGISTRATION

ISSUED ADVERTISEMENT IN AHMEDABAD PARSI YELLOW PAGES GIVING MISLEADING INFORMATION VIOLATING REGULATION 15(1)(D) AND 26(XX) OF SEBI (STOCK BROKERS AND SUB-BROKES) REGULATIONS, 1992  
IMPOSED PENALTY

29-MAR-2010
SAT: APPEAL FAILED AND DISMISSED WITH NO ORDER AS TO COSTS  
22
History of entity/person ATUL KANODIA & CO.

(Member : BSE,Sub-Broker of UPSE SECURITIES LTD., Member : BSE)  
  DEFAULTED IN MAINTENANCE OF BOOKS OF ACCOUNTS

COMMITTED IRREGULARITIES IN MAINTENANCE OF CONFIRMATION NOTES ISSUED TO CLIENTS

ALLEGED NON-COMPLIANCE OF REQUIREMENTS OF UNIQUE CLIENT CODE  
IMPOSED PENALTY RS.40,000

11-MAY-2005
SAT: IMPUGNED ORDER MODIFIED BY REDUCING PENALTY AMOUNT TO RS.10,000 FROMTO RS.40,000  
23
History of entity/person AVDHUT SECURITIES LTD.  
  FAILED TO DELIVER SHARES TO CLIENTS   IMPOSED PENALTY RS.35,000

29-NOV-2004
 
24
History of entity/person AVINASH TRIMBAKE,M/S

(Member : PSE,Sub-Broker of PSE SECURITIES LTD., Member : BSE/NSE)  
Click here to view complete history of this specific entity/person AVINASH TRIMBAKE
 
INDULGED IN OFF-THE-FLOOR TRANSACTIONS

IRREGULARITIES IN REGISTRATION OF CLIENTS

COMMITTED IRREGULARITIES IN MAINTENANCE OF CONFIRMATION NOTES ISSUED TO CLIENTS

DEALT IN CASH WITH CLIENTS  
IMPOSED PENALTY RS.40,000

30-AUG-2005
 
25
History of entity/person B.K.SHARES & STOCK BROKERS PVT.LTD.

(Sub-Broker of ASE CAPITAL MARKETS LTD., Member : BSE)  
Click here to view complete history of this specific entity/person KAMLESH B.SHAH
 
COMMITTED IRREGULARITIES/DEFAULTED IN ISSUANCE OF CONFIRMATION MEMOS

DID NOT MAINTAIN CLIENT AGREEMENTS

DID NOT MAINTAIN CLIENT REGISTRATION FORMS

DEFICIENCIES IN CLIENT DATABASE

DID NOT MAINTAIN SEGREGATION BETWEEN CLIENT FUNDS AND OWN FUNDS

DID NOT REPORT OFF-THE-FLOOR TRANSACTIONS TO THE EXCHANGE  
IMPOSED PENALTY RS.40,000

31-MAR-2006
 
26
History of entity/person BABU JOSEPH,M/S

(PAN:ABIPJ7184P)

(Sub-Broker of INDITRADE CAPITAL LTD., Member : NSE)  
Click here to view complete history of this specific entity/person BABU JOSEPH

PAN:ABIPJ7184P
 
TRADED ON BEHALF OF CLIENTS IN F&O SEGMENT WITHOUT APPROVAL OF AUTHORISED PERON VIOLATING CLAUSE D(C) (IV) OF CONSOLIDATED NSE CIRCULAR 001/2013 DATED 13/02/2013 IN MATTER OF INDITRADE CAPITAL LTD.

DID NOT MAINTAIN INTEGRITY, PROMPTITUDE & FAIRNESS AND INDULGED IN MANIPULATIVE ACTIVITIES VIOLATING REGULATION 15 READ WITH CLAUSES A(1) AND D(1) OF CODE OF CONDUCT UNDER SCHEDULE II OF SEBI (STOCK BROKERS AND SUB-BROKER) REGULATIONS, 1992 IN MATTER OF INDITRADE CAPITAL LTD.  
IMPOSED PENALTY RS.50,000

18-JAN-2019
 
27
History of entity/person BHAGWATI PRASAD LOHIYA,M/S

(Sub-Broker of SMC GLOBAL SECURITIES LTD., Member : BSE)  
Click here to view complete history of this specific entity/person BHAGWATI PRASAD LOHIYA

PAN:ABBPL2356E
 
DID NOT EXERCISE DUE SKILL, CARE & DILIGENCE IN CONDUCT OF BUSINESS VIOLATING REGULATION 7 READ WITH CLAUSE A(2) OF CODE OF CONDUCT UNDER SCHEDULE II OF SEBI (STOCK BROKERS AND SUB BROKERS) REGULATIONS, 1992   IMPOSED PENALTY RS.50,000

29-JUL-2011
 
28
History of entity/person BRIJWASI SECURITIES PVT.LTD.

(Sub-Broker of A.K.EQUITIES PVT.LTD., Member : BSE, V.J.FINSECURITIES PVT.LTD., Member : BSE, ORACLE SECURITIES PVT.LTD., Member : BSE, ORACLE STOCKS & SHARES LTD., Member : NSE)  
  DID NOT EXERCISE DUE SKILL CARE & DILIGENCE AS PER CLAUSE A (2) OF CODE OF CONDUCT AS SPECIFIED IN SCHEDULE II UNDER REGULATION 15 OF SEBI (STOCK BROKERS AND SUB BROKERS) REGULATIONS, 1992 IN MATTER OF AUROBINDO PHARMA LTD.   IMPOSED PENALTY RS.50,000

27-AUG-2009
 
29
History of entity/person C&S SECURITIES PVT.LTD.

(Sub-Broker of MSE FINANCIAL SERVICES LTD., Member : BSE)  
Click here to view complete history of this specific entity/person A.CHANDRASHEKHAR
 
DEFAULTED IN MAINTENANCE OF MARGIN DEPOSIT BOOK

DID NOT MAINTAIN SEGREGATION BETWEEN CLIENT FUNDS AND OWN FUNDS

DEALT WITH UN-REGISTERED SUB-BROKERS

INDULGED IN OFF-THE-FLOOR TRANSACTIONS  
IMPOSED PENALTY RS.20,000

31-DEC-2004
 
30
History of entity/person CHEHAR SECURITIES PVT.LTD.

(Sub-Broker of PRABHUDAS LILLADHER PVT.LTD., Member : BSE)  
  INDULGED IN IRREGULAR TRANSACTIONS IN SCRIPS OF VIP INDUSTRIES LTD.,ARCHIES LTD.,BGFL, AMARA RAJA BATTERIES LTD. AND DABUR INDIA LTD.   IMPOSED PENALTY RS.75,000

24-AUG-2009
 
31
History of entity/person CHOTHANI GROWTH & INVESTMENTS PVT.LTD.

(Sub-Broker of ISE SECURITIES & SERVICES LTD., Member : NSE)  
  DID NOT ENTER INTO AGREEMENT WITH CLIENTS

DID NOT ADHERE TO "KNOW YOUR CLIENT" DIRECTIVES/INSTRUCTIONS/GUIDELINES

DID NOT MAINTAIN CLIENT REGISTRATION FORMS

DEFICIENCIES IN MEMBER-CLIENT AGREEMENTS

PERMITTED CLIENTS TO TRADE BEFORE THE AGREEMENT DATE

PERMITTED CLIENTS TO EXECUTE TRADE BEFORE OBTAINING CLIENT REGISTRATION FORM

COMMITTED IRREGULARITIES/DEFAULTED IN ISSUANCE OF CONFIRMATION MEMOS

DID NOT COLLECT MARGINS FROM CLIENTS

INDULGED IN INDIRECT FUNDING TO CLIENTS

FAILED TO DELIVER SHARES TO CLIENTS

DID NOT MAKE PAYMENT TO CLIENTS

ALLEGED NON-COMPLIANCE OF REQUIREMENTS OF UNIQUE CLIENT CODE

ALLOTTED MULTIPLE CLIENT CODES TO ONE CLIENT  
IMPOSED PENALTY RS.1,50,000

31-JAN-2006
 
32
History of entity/person CRYSTAL FINSTOCK PVT.LTD.

(PAN:AABCC2486L)

(Sub-Broker of MEHTA EQUITIES LTD., Member : BSE)  
  INDULGED IN CREATION OF ARTIFICIAL MARKET AND PRICE MANIPULATION THROUGH SYNCHRONIZED TRANSACTIONS AND CROSS TRADES IN SCRIP OF POPULAR ESTATE MANAGEMENT LTD.

DID NOT MAINTAIN INTEGRITY, PROMPTITUDE & FAIRNESS AND NOT EXERCISING DUE SKILL, CARE & DILIGENCE VIOLATING REGULATION 15 READ WITH CLAUSE A(1) AND A(2) OF CODE OF CONDUCT UNDER SCHEDULE II OF SEBI (SUB BROKERS) REGULATIONS, 1992 IN MATTER OF POPULAR ESTATE MANAGEMENT LTD.  
IMPOSED PENALTY RS.2,00,000

25-OCT-2012
SAT: SAT VIDE ITS ORDER DATED 26/06/2013 MODIFIED SEBI'S ORDER DATED 25/10/2012 BY REDUCING THE PENALTY AMOUNT TO RS.1 LAC FROM RS.2 LAC AND DIRECTED TO DEPOSIT THE PENALTY WITHIN A PERIOD OF TWO MONTHS FROM THE RECEIPT OF THIS ORDER  
33
History of entity/person DARLA N DARLA,M/S

(PAN:ABTPD0528L)

(Sub-Broker of MSE FINANCIAL SERVICES LTD., Member : BSE)  
  DID NOT ADHERE TO SEBI CIRCULAR NO. CIR/DNPD/01/2011 DATED 03/01/2011 READ WITH CIR/DNPD/6/2011 DATED 05/07/2011

DID NOT MAINTAIN INTEGRITY, PROMPTITUDE & FAIRNESS AND DID NOT EXERCISE DUE SKILL, CARE & DILIGENCE VIOLATING REGULATION 15(1)(B) READ WITH REGULATION 26(XX) OF SEBI SUB BROKER REGULATIONS AND CLAUSES A(1) AND A(2) OF CODE OF CONDUCT UNDER SCHEDULE II OF SEBI (SUB BROKERS) REGULATIONS, 1992  
IMPOSED PENALTY RS.16,00,000

23-AUG-2017
INCLUDED IN SEBI LIST DATED 31/12/2017, AS DEFAULTER IN PAYMENT OF PENALTY IMPOSED BY SEBI

SEBI VIDE ITS NOTICE DATED 07/08/2019 DIRECTED ALL THE BANKS AND MUTUAL FUNDS IN INDIA AND/OR NSDL/CDSL TO 1. ATTACH ALL THE ACCOUNTS 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  
34
History of entity/person DESAI INVESTMENT

(Sub-Broker of J.G.SHAH FINANCIAL CONSULTANTS PVT.LTD., Member : BSE/NSE)  
Click here to view complete history of this specific entity/person ASHWIN DESAI
 
INDULGED IN CREATION OF ARTIFICIAL MARKET AND PRICE MANIPULATION THROUGH SELF TRADE (FICTITIOUS TRADES) IN SCRIP OF SHALIMAR PRODUCTION LTD.   IMPOSED PENALTY RS.2,00,000

30-MAR-2010
SAT: ORDER MODIFIED BY REDUCING PENALTY AMOUNT TO RS.50,000 FROM RS.2,00,000  
35
History of entity/person DOSHI STOCK BROKING PVT.LTD.

(Sub-Broker of PARKLIGHT INVESTMENT PVT.LTD., Member : BSE)  
Click here to view complete history of this specific entity/person BHUPENDRA AMRUTLAL SHAH
Click here to view complete history of this specific entity/person SEVANTILAL H.SHAH
 
DID NOT ADHERE TO SUMMONS ISSUED FOR FURNISHING OF INFORMATION

DID NOT ADHERE TO SUMMONS ISSUED BY SEBI  
IMPOSED PENALTY RS.10,000

31-AUG-2005
 
36
History of entity/person DOVE SECURITIES PVT.LTD.

(PAN:AAACD2345N)

(Sub-Broker of ISE SECURITIES & SERVICES LTD., Member : NSE)  
  INDULGED IN CREATION OF ARTIFICIAL MARKET AND PRICE MANIPULATION THROUGH SYNCHRONIZED, CIRCULAR AND REVERSAL OF TRADE TRANSACTIONS IN SCRIP OF COROMANDAL FERTILIZERS LTD.

DID NOT MAINTAIN INTEGRITY, PROMPTITUDE & FAIRNESS AND NOT EXERCISING DUE SKILL, CARE & DILIGENCE VIOLATING REGULATION 15 READ WITH CLAUSE A(1) AND A(2) OF CODE OF CONDUCT UNDER SCHEDULE II OF SEBI (SUB BROKERS) REGULATIONS, 1992 IN MATTER OF COROMANDAL FERTILIZERS LTD.  
IMPOSED PENALTY RS.3,00,000

29-FEB-2012
 
37
History of entity/person DREAMS CAPITAL PVT.LTD.

(Sub-Broker of PSE SECURITIES LTD., Member : NSE)  
Click here to view complete history of this specific entity/person N.PRAKASH KUMAR
 
DID NOT MAINTAIN CLIENT AGREEMENTS

DID NOT MAINTAIN CLIENT REGISTRATION FORMS

DEFICIENCIES IN CLIENT DATABASE

DID NOT DELIVER SECURITIES TO CLIENTS IN TIME

DID NOT MAKE PAYMENTS TO CLIENTS IN TIME  
IMPOSED PENALTY RS.30,000

29-NOV-2004
 
38
History of entity/person E.STOCKS INC.

(PAN:AAAFE9913C)

(Sub-Broker of MANGAL KESHAV SECURITIES LTD., Member : BSE/NSE)  
  INDULGED IN CREATION OF ARTIFICIAL MARKET AND PRICE MANIPULATION THROUGH SYNCHRONIZED AND REVERSAL OF TRADE TRANSACTIONS IN SCRIP OF ADANI EXPORTS LTD.

DID NOT EXERCISE DUE SKILL, CARE AND DILIGENCE WHILE DEALING IN SCRIP OF ADANI EXPORTS LTD.  
IMPOSED PENALTY RS.50,000

01-JUN-2009
 
39
History of entity/person ESS ESS INTERMEDIARIES PVT.LTD.

(PAN:AAACE7722Q)

(Member : ASE,Sub-Broker of ASE CAPITAL MARKETS LTD., Member : BSE)  
  DID NOT MAINTAIN INTEGRITY, PROMPTITUDE & FAIRNESS, INDULGED IN MANIPULATIVE ACTIVITIES AND DID NOT ADHERE TO STATUTORY REQUIREMENTS VIOLATING REGULATION 7 READ WITH CLAUSES A(1), A(3) TO A(5) OF CODE OF CONDUCT FOR SUB-BROKERS UNDER SCHEDULE II OF SEBI (STOCK BROKERS AND SUB BROKERS) REGULATIONS, 1992 IN MATTER OF ADANI EXPORTS LTD. (NOW KNOWN AS ADANI ENTERPRISES LTD.)

INDULGED IN CREATION OF ARTIFICIAL MARKET AND PRICE MANIPULATION THROUGH SYNCHRONIZED, CIRCULAR AND REVERSAL OF TRADE TRANSACTIONS IN SCRIP OF ADANI EXPORTS LTD.  
IMPOSED PENALTY RS.3,00,000

30-DEC-2010
 
40
History of entity/person FALGUN FINVEST

(Sub-Broker of VENTURA SECURITIES LTD., Member : BSE)  
Click here to view complete history of this specific entity/person CHARU NIRAJ SANGHVI
 
ISSUED FICTITIOUS CONTRACT NOTES

DID NOT MAINTAIN INTEGRITY, PROMPTITUDE & FAIRNESS AND DID NOT EXERCISE DUE SKILL, CARE & DILIGENCE VIOLATING REGULATION 15 READ WITH CLAUSES A(1&2) AND D(1,4&5) OF CODE OF CONDUCT UNDER SCHEDULE II OF SEBI (STOCK BROKERS AND SUB BROKERS) REGULATIONS, 1992 IN MATTER OF FAST TRACK ENTERTAINMENT LTD.  
IMPOSED PENALTY RS.2,00,000 ALONG WITH OTHER ENTITIES/PERSONS

23-NOV-2010
SEBI VIDE ITS NOTICE DATED 16/07/2014 DIRECTED ALL THE BANKS IN INDIA AND/OR NSDL/CDSL TO 1. ATTACH ALL THE ACCOUNTS 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  
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.
 
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