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.

UN-AUTHORISED SUB-BROKERS: DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY

S.No.

ENTITY

PERSONS

REGULATORY CHARGES

REGULATORY ACTION(S) / DATE OF ORDER

FURTHER DEVELOPMENTS

FORTUNE INVESTMENT

(Sub-Broker of K.M.JAIN STOCK BROKER PVT.LTD., Member : BSE)

DEALT WITH BROKERS OF OTHER EXCHANGES WITHOUT SEBI REGISTRATION AS SUB-BROKER

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 01-JUL-2003

07-JUL-2003

GAGAN SECURITIES PVT.LTD.

INDULGED IN PRICE MANIPULATION THROUGH STRUCTURED TRANSACTIONS IN SCRIPS OF KINETIC CAPITAL SERVICES LTD. AND SHUBH INTERNATIONAL LTD.

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 13-APR-2015 TO 12-APR-2018

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 13-APR-2015 TO 12-APR-2018

13-APR-2015

GOPI INVESTMENT

(Sub-Broker of ACME SHARE & STOCK PVT.LTD., Member : BSE)

DEALT WITH BROKERS OF OTHER EXCHANGES WITHOUT SEBI REGISTRATION AS SUB-BROKER

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 01-JUL-2003

07-JUL-2003

GS INVESTMENT

(Sub-Broker of NAVKAR SHARES & STOCK BROKERS PVT.LTD., Member : BSE)

DEALT WITH BROKERS OF OTHER EXCHANGES WITHOUT SEBI REGISTRATION AS SUB-BROKER

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 01-JUL-2003

07-JUL-2003

HEM ENTERPRISES

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HASMUKH SHAH

COMMITTED IRREGULARITIES IN PUBLIC ISSUE OF BHARTHARI FINANCIAL SERVICES LTD.

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 12-DEC-2002 TO 11-DEC-2007

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 12-DEC-2002 TO 11-DEC-2007

12-DEC-2002

JATIN J.SHAH,M/S

(Sub-Broker of KIRTIKUMAR FULCHAND VORA, Member : BSE)

JATIN J.SHAH

DEALT WITH BROKERS OF OTHER EXCHANGES WITHOUT SEBI REGISTRATION AS SUB-BROKER

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 01-JUL-2003

07-JUL-2003

KIRAN PARASRAMPURIA,M/S

(Sub-Broker of HEM SECURITIES LTD., Member : BSE)

KIRAN PARASRAMPURIA

DEALT WITH BROKERS OF OTHER EXCHANGES WITHOUT SEBI REGISTRATION AS SUB-BROKER

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 01-JUL-2003

07-JUL-2003

KUNAL ASSOCIATES

(Sub-Broker of ASHVIN M.SHAH, Member : NSE)

DEALT WITH BROKERS OF OTHER EXCHANGES WITHOUT SEBI REGISTRATION AS SUB-BROKER

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 01-JUL-2003

07-JUL-2003

KUSHMEGH INVESTMENT

(Sub-Broker of PAWAN KUMAR AGGARWAL, Member : DSE)

DEALT WITH BROKERS OF OTHER EXCHANGES WITHOUT SEBI REGISTRATION AS SUB-BROKER

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 01-JUL-2003

07-JUL-2003

LOKO SECURITIES PVT.LTD.

(Sub-Broker of KAUSHIK SHAH SHARES & SECURITIES LTD., Member : BSE)

DEALT WITH BROKERS OF OTHER EXCHANGES WITHOUT SEBI REGISTRATION AS SUB-BROKER

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 01-JUL-2003

07-JUL-2003

MATRIX WEB

HULLATI KRISHNA B.

KRISHNA HULLATI

KRISHNARAJ

DEALT WITH BROKERS OF OTHER EXCHANGES WITHOUT SEBI REGISTRATION AS SUB-BROKER

INDULGED IN ACTIVITY OF PORTFOLIO MANAGER WITHOUT SEBI REGISTRATION

COMMITTED IRREGULARITIES IN RESPECT OF CONTRACT NOTES

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 10-SEP-2004 TILL FURTHER ORDER

RESTRAINED FROM ACCEPTING LOANS/DEPOSITS FROM PUBLIC FOR SECURITIES MARKET FROM 10-SEP-2004 TILL FURTHER ORDER

10-SEP-2004

MCX BIZ SOLUTIONS

(PAN:BACPS3885C)

SYED SADAQ

PAN:BACPS3885C

ACTED AS SUB-BROKER WITHOUT SEBI REGISTRATION

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 20-JUL-2017 TO 19-JUL-2027

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 20-JUL-2017 TO 19-JUL-2027

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 20-JUL-2017 TO 19-JUL-2027

RESTRAINED FROM MOBILIZING FUNDS FROM 20-JUL-2017 TO 19-JUL-2027

DIRECTED TO KEEP MONEY COLLECTED FROM INVESTORS IN ESCROW ACCOUNT OPENED WITH NATIONALISED BANK AND FILE A REPORT WITH SEBI WITHIN 7 DAYS FROM DATE OF ORDER

DIRECTED TO PROVIDE FULL INVENTORY OF ASSETS OWNED BY COMPANY

18-NOV-2013

SEBI VIDE ITS ORDER DATED 27/02/2015 CONFIRMED ITS DIRECTIONS ISSUED VIDE ITS AD INTERIM EX-PARTE ORDER DATED 18/11/2013

SEBI VIDE ITS ORDER DATED 20/07/2017 1) PROHIBITED FROM MOBILIZING OR POOLING ANY FRESH FUNDS FROM THEIR CLIENTS, OTHER GENERAL INVESTORS OR MEMBERS OF PUBLIC IN WHATEVER FORM 2) DIRECTED TO REFUND THE MONIES COLLECTED FROM INVESTORS IN VARIOUS SCHEMES ALONG WITH INCOME, PROFITS OR RETURNS PROMISED TO INVESTORS UNDER SUCH SCHEMES OR INTEREST AT RATE OF 10% PER ANNUM, WHICHEVER IS HIGHER, FROM DATE OF INVESTMENT TILL DATE OF REFUND, WITHIN A PERIOD OF THIRTY (30) DAYS FROM DATE OF THIS ORDER AND SUBMIT A REPAYMENT REPORT TO SEBI CERTIFIED BY TWO INDEPENDENT PEER REVIEWED CHARTERED ACCOUNTANTS WHO ARE IN THE PANEL OF ANY PUBLIC AUTHORITY OR PUBLIC INSTITUTION 3) DIRECTED TO PROVIDE FULL INVENTORY OF ASSETS & PROPERTIES AND DETAILS OF ALL BANK ACCOUNTS, DEMAT ACCOUNTS AND HOLDINGS OF SHARES/SECURITIES, IF HELD IN PHYSICAL FORM 4) NOT TO ACCESS SECURITIES MARKET DIRECTLY OR INDIRECTLY AND ARE FURTHER RESTRAINED AND PROHIBITED FROM BUYING, SELLING OR OTHERWISE DEALING IN SECURITIES MARKET, DIRECTLY OR INDIRECTLY FOR A PERIOD OF TEN YEARS FROM DATE OF THIS ORDER

MIRAL FINANCIAL CONSULTANCY

MINESH PATEL

ACTED IN CONCERT WITH ASSOCIATED ENTITIES/BROKERS TO CREATE ARTIFICIAL MARKET/PRICE RISE THROUGH CIRCULAR TRADING AND TO SELL THEIR HOLDINGS AT AN ARTIFICIALLY CREATED PRICE IN THE CASE OF MANNA GLASS TECH INDUSTRIES LTD.

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 23-OCT-2008 TO 22-OCT-2009

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 23-OCT-2008 TO 22-OCT-2009

23-OCT-2008

MITHANI INVESTMENTS

MILAN J.MITHANI

COMMITTED IRREGULARITIES IN PUBLIC ISSUE OF BHARTHARI FINANCIAL SERVICES LTD.

SAT: PART OF ORDER SET ASIDE

N.M.INVESTMENT

(Sub-Broker of BIPIN D SHAH, Member : BSE)

DEALT WITH BROKERS OF OTHER EXCHANGES WITHOUT SEBI REGISTRATION AS SUB-BROKER

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 01-JUL-2003

07-JUL-2003

NAGARJUNA SECURITIES LTD.

(Sub-Broker of P.SURYAKANT, Member : BSE)

DEALT WITH BROKERS OF OTHER EXCHANGES WITHOUT SEBI REGISTRATION AS SUB-BROKER

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 01-JUL-2003

07-JUL-2003

NIKHIL DALAL,M/S

(Sub-Broker of INDIAN COUNTER EQUITY DEALER, Member : OTC)