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: FAILED TO REDRESS INVESTOR/CREDITORS COMPLAINTS

S.No.

PERSON

ENTITY

REGULATORY CHARGES

REGULATORY ACTION(S) / DATE OF ORDER

FURTHER DEVELOPMENTS

ANKUR JAIN

(PAN:AGFPJ5226N)

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

WINWAY RESEARCH

PAN:AGFPJ5226N

DID NOT MAINTAIN CALL RECORDINGS OF CLIENTS

DID NOT REGISTER FOR SEBI COMPLAINTS REDRESSAL SYSTEM (SCORES)

IMPOSED PENALTY RS.7,00,000 ALONG WITH OTHER ENTITIES/PERSONS

14-NOV-2024

SEBI VIDE ITS NOTICE DATED 22/01/2025 DIRECTED TO PAY RS.7,22,000.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SAT: SAT VIDE ITS ORDER DATED 24/01/2025 GRANTED RESPONDENT FOUR WEEKS TO FILE REPLY AND REJOINDER TO BE FILED TWO WEEKS THEREAFTER. STAYED RECOVERY PROCEEDING SUBJECT TO DEPOSIT OF RS.2 LAC WITHIN TWO WEEKS FROM DATE OF THIS ORDER

ANUJ GARG

(PAN:AHEPG5644F)

CPR CAPITAL SERVICES LTD.

PAN:AAACC3235A

(Member : NSE/BSE/MSEI)

DID NOT CAPTURE INCOME DETAILS OF CLIENTS

DID NOT SETTLE RUNNING ACCOUNTS OF ACTIVE AND/OR INACTIVE CLIENTS

DID NOT MAINTAIN SEGREGATION BETWEEN OWN FUNDS AND CLIENTS FUNDS & SECURITIES

MISUSED CLIENTS' FUNDS AND/OR SECURITIES AND/OR ACCOUNTS

DID NOT FOLLOW NORMS FOR NOMENCLATURE OF ACCOUNTS

MISUSED PLEDGING OF CLIENT�S SECURITIES

DID NOT FURNISH REQUISITE INFORMATION TO SEBI

DID NOT ADHERE TO THE DIRECTIVES/INSTRUCTIONS/GUIDELINES ISSUED BY SEBI VIDE IT�S EARLIER ORDER

DID NOT REDRESS INVESTOR COMPLAINTS

DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES ON ANTI MONEY LAUNDERING STANDARDS

IMPOSED PENALTY RS.4,00,000

22-MAY-2023

SEBI VIDE ITS NOTICE DATED 14/09/2023 DIRECTED TO PAY RS.4,21,000.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SEBI VIDE ITS ORDER DATED 10/01/2025 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

ANUJ GARG

(PAN:AHEPG5644F)

CPR CAPITAL SERVICES LTD.

PAN:AAACC3235A

(Depository Participants : CDSL,Member : NSE/BSE/MSEI)

DID NOT REDRESS INVESTOR COMPLAINTS

DID NOT MAINTAIN SEGREGATION BETWEEN OWN FUNDS AND CLIENTS FUNDS & SECURITIES

MISUSED CLIENTS' FUNDS AND/OR SECURITIES AND/OR ACCOUNTS

DID NOT SETTLE CLIENT�S FUNDS AND/OR SECURITIES

TRANSFERRED CLIENTS SECURITIES TO ITS RELATED ENTITIES

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 25-SEP-2018 TO 24-SEP-2025

DIRECTED TO REFUND MONEY TO THE INVESTORS

DIRECTED TO CEASE & DESIST FROM UNDERTAKING ANY ACTIVITY IN SECURITIES MARKET, DIRECTLY OR INDIRECTLY, IN ANY MANNER WHATSOEVER FROM 25-SEP-2018 TO 24-SEP-2025

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 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 UTILIZE ASSETS OF THE ENTITIES ONLY FOR THE PURPOSE OF PAYMENT OF MONEY AND/OR DELIVERY OF SECURITIES, AS THE CASE MAY BE, TO CLIENTS/INVESTORS UNDER THE SUPERVISION OF CONCERNED STOCK EXCHANGE(S)

DIRECTED DEPOSITORIES TO ENSURE THAT NO DEBITS AND/OR CREDITS MADE IN DEMAT ACCOUNTS, HELD JOINTLY OR SEVERALLY, OF ENTITIES AND PERSONS

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-SEP-2018

SEBI VIDE ITS ORDER DATED 25/10/2019 CONFIRMED ITS DIRECTIONS ISSUED VIDE ITS INTERIM ORDER DATED 25/09/2018

SEBI VIDE ITS ORDER DATED 20/09/2023 DIRECTED TO A) RESTRAINED FROM ACCESSING SECURITIES MARKET AND FURTHER PROHIBITED FROM BUYING, SELLING OR OTHERWISE DEALING IN SECURITIES, EITHER DIRECTLY OR INDIRECTLY, OR BEING ASSOCIATED WITH THE SECURITIES MARKET IN ANY MANNER WHATSOEVER FOR SEVEN YEARS B) JOINTLY AND SEVERALLY, BE LIABLE TO REPAY/REFUND THE MONEY DUE TO INVESTORS/CLIENT�S UNDER THE SUPERVISION OF NSE AND BSE C) JOINTLY AND SEVERALLY, BE LIABLE TO RETURN THE SECURITIES DUE TO INVESTORS/CLIENTS OF CPR CAPITAL SERVICES LTD. OR THEIR MONETARY VALUE AS ON THE DATE ACTUAL PAYMENT OF MONEY IN LIEU OF SHARES UNDER SUPERVISION OF NSE AND BSE D) NOT TO DISPOSE OF OR ALIENATE ANY OF THEIR ASSETS, WHETHER MOVABLE OR IMMOVABLE (INCLUDING FUNDS IN THEIR BANK ACCOUNTS) OR CREATE ANY INTEREST OR CHARGE IN ANY SUCH ASSETS TILL SUCH TIME THE REFUNDS/REPAYMENTS AS DIRECTED ABOVE ARE COMPLETED E) BANK TO ENSURE THAT NO DEBITS ARE MADE IN THE BANK ACCOUNTS HELD BY NOTICEE EXCEPT FOR THE PURPOSE OF PAYMENT OF MONEY TO THE CLIENTS/INVESTORS UNDER THE WRITTEN CONFIRMATION OF NSE AND BSE, TILL SUCH TIME THE REFUNDS/REPAYMENTS AS DIRECTED ABOVE ARE COMPLETED F) NSE AND BSE DEFAULTERS COMMITTEE TO, AS EXPEDITIOUSLY AS POSSIBLE OPEN AND OPERATE DEDICATED DEMAT ACCOUNT WHERE ALL THE SECURITIES LYING IN DEMAT ACCOUNTS OF NOTICEES TO BE TRANSFERRED G) NSE AND BSE DEFAULTERS COMMITTEE TO OPEN AND OPERATE A DEDICATED INTEREST BEARING BANK ACCOUNT WITH NATIONALIZED BANK WHERE ALL THE FUNDS LYING IN VARIOUS BANK ACCOUNTS HELD IN THE NAME OF NOTICEES TO BE TRANSFERRED H) MODALITIES OF SELLING THE ASSETS, DEPOSITING THE PROCEEDS THEREOF IN THE ACCOUNT OPENED IN ACCORDANCE WITH DIRECTIONS CONTAINED IN SUB-PARAGRAPHS (H) AND (I) ABOVE AND DISBURSING AMOUNTS TO THE CLIENTS/INVESTORS AFTER VERIFYING THE CLAIMS, TO BE WORKED OUT BY NSE AND BSE I) NSE AND BSE TO DEAL WITH THE CLAIMS OF CLIENTS/INVESTORS IN ACCORDANCE WITH BYE-LAWS AND PROCEDURES AFTER ADJUSTING DISBURSEMENTS MADE THROUGH THE DEFAULTERS COMMITTEE MECHANISM J) NSE AND BSE TO PROCEED WITH RECOVERY OF FUNDS AND SECURITIES FROM ASSETS OF RESPECTIVE NOTICEES (INCLUDING THE FUNDS LYING IN THE ESCROW ACCOUNT OPENED AS DIRECTED AT SUB-PARAGRAPH (E) TO COVER ANY SHORTFALL IN FUNDS AND SECURITIES IN THE ESCROW ACCOUNTS(S) AND DEMAT ACCOUNT

ARAVINDBHAI V.SHAH

CHICAGO SOFTWARE INDUSTRIES LTD.

DID NOT REDRESS INVESTOR COMPLAINTS

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

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 08-DEC-2010 TILL ALL PENDING INVESTOR GRIEVANCES ARE RESOLVED

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 08-DEC-2010 TILL ALL PENDING INVESTOR GRIEVANCES ARE RESOLVED

08-DEC-2010

SEBI VIDE ITS ORDER DATED 21/02/2011, REVOKED DIRECTION ISSUED AGAINST MR.ARAVINDBHAI V.SHAH VIDE ORDER DATED 08/12/2010.

ARPAN SARKAR

(PAN:BLMPS9641B)

(Along with : VISHNU PRAKASH RATHORE,
JAYKISHAN KIKANI)

ESSEL FINANCE ADVISORS & MANAGERS LLP

PAN:AABTI0088B

DID NOT WIND UP THE SCHEME EVEN AFTER COMPLETION OF EXTENDED TENURE AND CONTINUING THE SCHEME BEYOND PERMISSIBLE EXTENSIONS OF TWO YEARS

DID NOT MAKE DISCLOSURE OF PENDING MATTER WITH INCOME TAX DEPARTMENT

DID NOT MAKE DISCLOSURE OF DISCIPLINARY ACTION HISTORY AGAINST TRUSTEE OF THE FUND

PROVIDED VALUATION OF ASSETS INSTEAD OF SECURITIES HELD BY FUND

DID NOT OBTAIN REGISTRATION FROM FIU-IND

DID NOT COMMUNICATE DETAILS OF PRINCIPAL OFFICER AND DESIGNATED DIRECTOR

DID NOT MAKE DISCLOSURE OF INVESTOR CHARTER TO INVESTORS

DELAY IN FILING PRIVATE PLACEMENT MEMORANDUM (PPM) AUDIT REPORT

DID NOT ENSURE THAT PRIVATE PLACEMENT MEMORANDUM WAS IN SPECIFIED FORMAT

DID NOT MAKE DISCLOSURE OF DISTRIBUTION WATERFALL

DELAY IN APPOINTMENT OF BENCHMARKING AGENCY

DID NOT PROVIDE NECESSARY INFORMATION TO BENCHMARKING

DID NOT REDRESS INVESTOR COMPLAINTS IN STIPULATED TIME

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

20-JUN-2025

ARUN KUMAR CHAUDHARY

ZED INVESTMENTS LTD.

DID NOT REDRESS INVESTOR COMPLAINTS

DECLARED AS A VANISHING COMPANY

PROSPECTUS OF ZED INVESTMENTS LTD. CONTAINED GLARING MIS-STATEMENTS AND OMITTED MATERIAL RELEVANT FACTS

RESPONSIBLE FOR MISDEEDS AS DIRECTOR & SIGNATORY TO THE PROSPECTUS OF ZED INVESTMENTS LTD.

COMMITTED IRREGULARITIES IN PUBLIC ISSUE OF ZED INVESTMENTS LTD.

PROVIDED MIS-STATEMENTS AND ALLOTTED PROMOTER QUOTA SHARES TO GENERAL INVESTORS APART FROM OFFERING BUYBACK SCHEME BY ISSUE OF AN ADVERTISEMENT IN VIOLATION OF SEBI (DIP) DIRECTIVES/INSTRUCTIONS/GUIDELINES

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 09-OCT-2003 TO 08-OCT-2008

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 09-OCT-2003 TO 08-OCT-2008

09-OCT-2003

ARVIND J.SHAH

DHANENDRA OVERSAS LTD.

CIN:L17110GJ1985PLC007948
PAN:AAACD4127G

DHARNENDRA INDUSTRIES LTD.

CIN:L15200GJ1986PLC009146
PAN:AAACD4124F

DID NOT REDRESS INVESTOR COMPLAINTS

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 10-OCT-2003 TO 09-OCT-2008

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 10-OCT-2003 TO 09-OCT-2008

10-OCT-2003

ARVIND KUMAR RAI

ARYAN FINEFAB LTD.

DID NOT REDRESS INVESTOR COMPLAINTS

ARVIND MATHUR

VATSA CORP.LTD.

DID NOT REDRESS INVESTOR COMPLAINTS REGARDING DELAY IN TRANSFER OF SHARES

FAILED TO PAY DIVIDENDS TO SHAREHOLDERS

LAUNCHED CRIMINAL PROSECUTION

19-JUN-1998

ASHIF SHAIKH

(DIN:07733482
PAN:BGDPS3081F)

BULL RESEARCH INVESTMENT ADVISORS PVT.LTD.

PAN:AAHCB1200H

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

ASHOK C.SHAH

LESHA STEELS LTD.

DID NOT REDRESS INVESTOR COMPLAINTS

SAT: IMPUGNED ORDER SET ASIDE WITH LIBERTY TO SEBI TO TAKE FRESH ACTION IN ACCORDANCE WITH LAW

ASHOK KISHANDAS RAJANI

INDO BIOTECH FOODS LTD.

DID NOT REDRESS INVESTOR COMPLAINTS

DIRECTED TO RESOLVE THE GRIEVANCES AND SUBMIT STATUS REPORT TO SEBI

20-JUL-2011

SHOW CAUSE NOTICE DATED 22/02/2012 ISSUED

ASHOK KUMAR BALKRISHAN UPADHAYA