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: VIOLATED SECURITIES CONTRACTS (REGULATION) ACT, 1956

S.No.

PERSON

ENTITY

REGULATORY CHARGES

REGULATORY ACTION(S) / DATE OF ORDER

FURTHER DEVELOPMENTS

BHARATKUMAR RAMANLAL PATEL

(PAN:APUPP6502R)

TRANSFERRED AND RECEIVED SHARES IN OFF-MARKET TRANSACTIONS WITHOUT ANY PAYMENT/RECEIPT OF CONSIDERATION SAME DAY OR NEXT DAY VIOLATING SECTION 2(I) READ WITH SECTIONS 13, 16 AND 18 OF SECURITIES CONTRACTS (REGULATION) ACT, 1956 IN MATTER OF L&T FINANCE HOLDINGS LTD.

IMPOSED PENALTY RS.25,000

17-FEB-2020

BHAVESH PRAKASH PABARI

(PAN:AKGPP8679N)

DID NOT PERSONALLY APPEAR AND/OR PROVIDE NECESSARY INFORMATION/DOCUMENTS IN RESPONSE TO SUMMONS IN MATTER OF INDO PACIFIC SOFTWARE & ENTERTAINMENT LTD.

ENTERED INTO OFF-MARKET TRANSACTIONS WHICH WERE NOT IN THE NATURE OF SPOT DELIVERY CONTRACTS VIOLATING SECTIONS 13 AND 18 READ WITH SECTION 2(I) OF SECURITIES CONTRACTS (REGULATION) ACT, 1956 IN SCRIP OF INDO PACIFIC SOFTWARE & ENTERTAINMENT LTD.

IMPOSED PENALTY RS.6,50,000

29-FEB-2012

SAT: APPEAL DISMISSED WITH NO ORDER AS TO COSTS

SEBI VIDE ITS NOTICE DATED 08/07/2014 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

BHAWANA TAYAL

DID NOT DISCLOSE ACTUAL SHAREHOLDING PATTERN TO STOCK EXCHANGES VIOLATING SECTION 21 OF SCRA, 1956

ACTED IN CONCERT WITH PROMOTERS OF JAY BHARAT TEXTILE & REAL ESTATE LTD.FOR THE PURPOSE OF ACQUISITION OF SHARES/VOTING RIGHTS INDIRECTLY FOR PROMOTERS FOR THE PURPOSE OF CONCEALMENT OF THEIR ACQUISITION OF SHARES VIOLATING REGULATIONS 7 AND 8 SEBI TAKEOVER CODE, 1997

DID NOT MAKE PUBLIC ANNOUNCEMENT AS REQUIRED UNDER REGULATIONS 10 AND 11 OF SEBI TAKEOVER CODE, 1997 IN MATTER OF JAY BHARAT TEXTILE & REAL ESTATE LTD.

INDULGED IN CREATION OF ARTIFICIAL MARKET AND PRICE MANIPULATION IN SCRIP OF JAY BHARAT TEXTILE & REAL ESTATE LTD.

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 12-MAR-2010 TILL FURTHER ORDERS

DIRECTED DEPOSITORIES NOT TO GIVE EFFECT TO ANY TRANSFER OF SHARES OF PROMOTERS/PERSONS ACTING IN CONCERT/DIRECTORS/CLIENTS IN DEFAULT FROM 12-MAR-2010 TILL FURTHER ORDERS

DIRECTED BSE AND NSE TO PERMIT MEMBERS TO SQUARE OFF THEIR EXISTING OPEN POSITIONS IF ANY, IN F&O SEGMENT AND ENSURE THAT NO FRESH POSITIONS ARE CREATED

DIRECTED REGISTRAR & TRANSFER AGENT NOT TO GIVE EFFECT TRANSFER OF SHARES FROM 12-MAR-2010 TILL FURTHER ORDERS

DIRECTED DEPOSITORIES TO KEEP A WATCH AND REPORT SUSPICIOUS ACTIVITIES TO SEBI

12-MAR-2010

BHUPENDRA T.JOSHI

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EXCELL MULTITECH LTD.

KARVY STOCK BROKING LTD.

PAN:AABCK5190K

(Member : BSE/NSE/HSE)

SEER FINLEASE PVT.LTD.

TAURAS INFOSYS LTD.

ZENET SOFTWARE LTD.

PAN:AAACZ0978K

FILED APPLICATION FOR SUBSCRIPTION AND/OR ACQUISITION OF SHARES IN FICTITIOUS NAME

VIOLATED SECTION 12A OF SEBI ACT.,1992

VIOLATED SECTION 24 (1) OF SEBI ACT, 1992

VIOLATED SEBI (PFUTP) REGULATIONS, 1995

VIOLATED SECURITIES CONTRACTS (REGULATION) ACT, 1956

VIOLATED SEBI DEPOSITORIES ACT, 1996

PROSECUTION LAUNCHED

15-MAY-2006

BRIJ BHUSHAN

(PAN:AGTPB6963C)

EXECUTED OFF-MARKET TRANSACTION OF SHARES WITHOUT ANY PAYMENT/RECEIPT OF CONSIDERATION VIOLATING SECTIONS 13,16 AND 28 OF SCRA, 1956 AND SEBI NOTIFICATION DATED 03/10/2013 READ WITH SECTION 2(I) OF SCRA ACT, 1956 IN MATTER OF SRESTHA FINVEST LTD.

IMPOSED PENALTY RS.1,00,000

30-JAN-2023

SEBI VIDE ITS NOTICE DATED 12/07/2023 DIRECTED TO PAY RS.1,08,000.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SEBI VIDE ITS ORDER DATED 03/08/2023 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

CHANDRESH KANAIYALAL BIJAVA

(PAN:ALPPB2894R)

PANKAJ J.SHAH (HUF)

PAN:AAIHS5790M

PINTU KACHARAJI TELI (HUF)

PAN:AACHT3722L

TRIVEDI VIJAY MAHIPATRAM (HUF)

PAN:AACHT3689L

VANI DILIP SITARAM (HUF)

PAN:AAHHV0378P

VIJAY MANGALDAS SHAH (HUF)

PAN:AAGHV9796J

TRANSFERRED AND RECEIVED SHARES IN OFF-MARKET TRANSACTIONS WITHOUT ANY PAYMENT/RECEIPT OF CONSIDERATION SAME DAY OR NEXT DAY VIOLATING SECTION 2(I)(A) READ WITH SECTIONS 13, 16 AND 18 OF SECURITIES CONTRACTS (REGULATION) ACT, 1956 IN IPOS OF L&T FINANCE HOLDINGS LTD., TREE HOUSE EDUCATION LTD. AND FUTURE VENTURES INDIA LTD.

IMPOSED PENALTY RS.15,000

31-AUG-2020

SAT: SAT VIDE ITS ORDER DATED 19/07/2021 PARTLY ALLOWED THE APPEAL BY REDUCING PENALTY TO RS.15,000.00 FROM RS.25,000.00

SAT: SAT VIDE ITS ORDER DATED 05/10/2021 REJECTED MODIFICATION APPLICATION

CHENARAM C.RAR

(PAN:AHOPR6728H)

ENTERED INTO SPOT DELIVERY CONTRACTS WITHOUT PAYMENT/RECEIPT OF CONSIDERATION WITHIN STIPULATED TIME VIOLATING SECTION 2(I) OF SCRA, 1956 READ WITH SECTIONS 16 AND 18(1) IN MATTER OF MURLI INDUSTRIES LTD.

IMPOSED PENALTY RS.36,000

16-JAN-2019

SEBI VIDE ITS NOTICE DATED 17/01/2023 DIRECTED TO PAY RS.53,920.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SEBI VIDE ITS NOTICE DATED 13/02/2023 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

CHETAN DOGRA

(PAN:ABNPD1798C)

ENTERED INTO OFF-MARKET TRANSACTIONS WHICH WERE NOT IN THE NATURE OF SPOT DELIVERY CONTRACTS VIOLATING SECTION 13 READ WITH SECTION 2(I) OF SECURITIES CONTRACTS (REGULATION) ACT, 1956 IN SCRIP OF IFL PROMOTERS LTD.

IMPOSED PENALTY RS.17,00,000

25-JUN-2018

SEBI VIDE ITS NOTICE DATED 19/09/2019 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

SEBI VIDE ITS ORDER DATED 29/11/2023 A) PROHIBITED FROM DISPOSING, TRANSFERRING, ALIENATING OR CHARGING IN RESPECT OF ALL THE IMMOVABLE AND MOVABLE PROPERTIES LISTED IN THE ORDER B) PROHIBITED FROM TAKING ANY BENEFIT UNDER SUCH DISPOSAL, TRANSFER, ALIENATION OR CHARGE IN RESPECT OF THE PROPERTIES LISTED IN ORDER C) DIRECTED TO FURNISH COMPLETE DETAILS OF ALL MOVABLE AND IMMOVABLE PROPERTIES HELD BY DEFAULTERS AND CHARGES, IF ANY WITHIN ONE WEEK FROM DATE OF THIS ORDER D) COPIES OF THE ALL THE TITLE DEEDS, VALUATION REPORTS OF ALL THE PROPERTIES HELD BY DEFAULTER WITHIN TWO WEEKS FROM DATE OF THIS ORDER E) DIRECTED INSPECTORS GENERAL OF REGISTRATION OF MAHARASHTRA AND THE CONCERNED SUB-REGISTRARS OF THE RESPECTIVE AREAS WHERE THE PROPERTIES ARE LOCATEDF) NOT TO ACT UPON ANY DOCUMENTS PURPORTING TO BE DEALING WITH TRANSFER, MORTGAGE, CHARGE, LEASE OR CREATION OR ALTERATION OF ANY INTEREST IN ANY OF THE PROPERTIES OWNED / HELD BY THE DEFAULTERS, IF PRESENTED FOR REGISTRATION

CHETAN DOGRA

(PAN:ABNPD1798C)

INDULGED IN OFF MARKET TRANSACTIONS OF SHARES WITHOUT SALE CONSIDERATION VIOLATING SECTION 16 OF SCRA, 1956 READ WITH SEBI NOTIFICATION NO.G.S.R.219 (E) DATED 02/03/2000 AND SECTIONS 13 AND 18 OF SCRA READ WITH SECTIONS 2(I) OF SCRA ACT, 1956 IN MATTER OF VERTEX SPINNING LTD.

IMPOSED PENALTY RS.10,00,000

26-SEP-2018

SEBI VIDE ITS NOTICE DATED 09/08/2019 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

SEBI VIDE ITS ORDER DATED 28/04/2020 DIRECTED ALL THE BANKS TO REMIT RS.11,91,685.00 TO THE EXTENT LYING IN THE ACCOUNT OF MR.CHETAN DOGRA TO SEBI BY WAY OF EFT/NEFT/RTGS

CHETAN DOGRA

(PAN:ABNPD1798C)

INDULGED IN CREATION OF ARTIFICIAL MARKET AND PRICE MANIPULATION THROUGH SYNCHRONIZED, REVERSAL OF TRADE TRANSACTIONS AND SELF TRADES IN SCRIP OF URJA GLOBAL LTD.

DID NOT PROVIDE NECESSARY INFORMATION/DOCUMENTS IN RESPONSE TO SUMMONS IN MATTER OF URJA GLOBAL LTD.

EXECUTED OFF-MARKET TRANSFER OF SHARES WITHOUT RECEIPT OF CONSIDERATION VIOLATING SECTION 2(I) READ WITH SECTIONS 13, 16 AND 18 OF SECURITIES CONTRACTS (REGULATION) ACT, 1956 IN MATTER OF URJA GLOBAL LTD.

IMPOSED PENALTY RS.50,00,000

09-FEB-2021

SEBI VIDE ITS NOTICE DATED 02/08/2022 DIRECTED TO PAY RS.59,51,000.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SEBI VIDE ITS NOTICE DATED 12/09/2022 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

CHETAN DOGRA

(PAN:ABNPD1798C)

IMPOSED PENALTY RS.10,00,000

30-MAY-2018

CHHAYA RAKESH SABLE

(PAN:BRBPS8409L)

PANKAJ J.SHAH (HUF)

PAN:AAIHS5790M

PINTU KACHARAJI TELI (HUF)

PAN:AACHT3722L

TRIVEDI VIJAY MAHIPATRAM (HUF)

PAN:AACHT3689L

VANI DILIP SITARAM (HUF)

PAN:AAHHV0378P

VIJAY MANGALDAS SHAH (HUF)

PAN:AAGHV9796J

IMPOSED PENALTY RS.15,000

31-AUG-2020

SAT: SAT VIDE ITS ORDER DATED 19/07/2021 PARTLY ALLOWED THE APPEAL BY REDUCING PENALTY TO RS.15,000.00 FROM RS.25,000.00

SAT: SAT VIDE ITS ORDER DATED 05/10/2021 REJECTED MODIFICATION APPLICATION

CHITRA RAMKRISHNA

(PAN:ABVPR7353M)

NATIONAL STOCK EXCHANGE OF INDIA LTD.,THE

PAN:AAACN1797L

SHARED INTERNAL CONFIDENTIAL INFORMATION OF NSE WITH UNKNOWN PERSON AND ALLOWED HER DECISIONS ON VARIOUS ASPECTS OF THE FUNCTIONING OF THE STOCK EXCHANGE TO BE INFLUENCED BY THAT PERSON VIOLATING CLAUSE V(D), (E) AND (F) OF CODE OF CONDUCT AS SPECIFIED UNDER PART A OF SCHEDULE II READ WITH REGULATION 26(1) OF SEBI (SECC) REGULATIONS, 2012

MADE INCORRECT AND MISLEADING STATEMENT BEFORE NSE THAT THE UNKNOWN PERSON WAS A �SIDDHA-PURUSHA� AND �PARAMHANSA, WHO DID NOT HAVE PHYSICAL PERSONA AND COULD MATERIALIZE AT WILL VIOLATING SECTION 6(4) OF SCRA, 1956

RESTRAINED FROM ASSOCIATING WITH ANY MARKET INFRASTRUCTURE INSTITUTION OR ANY INTERMEDIARY REGISTERED WITH SEBI

IMPOSED PENALTY RS.3,00,00,000

11-FEB-2022

SAT: SAT VIDE ITS ORDER DATED 11/04/2022 CONDONED THE DELAY OF 8 DAYS IN FILING OF APPEAL. DIRECTED RESPONDENT TO FILE REPLY WITHIN FOUR WEEKS FROM DATE OF THIS ORDER AND APPELLANT TO FILE REJOINDER ON OR BEFORE THE DATE FIXED. DIRECTED NSE TO DEPOSIT RS 4.73 TOWARDS LEAVE ENCASHMENT AND DEFERRED BONUS OF THE APPELLANT IN ESCROW ACCOUNT AND DIRECTED APPELLANT TO DEPOSIT RS.2 CRORE WITHIN SIX WEEKS FROM DATE OF THIS ORDER. IF AMOUNT DEPOSITED, BALANCE AMOUNT NOT TO BE RECOVERED DURING PENDENCY OF THE APPEAL

SEBI VIDE ITS NOTICE DATED 24/05/2022 DIRECTED TO PAY A RS.3,12,01,000.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

CHITRA RAMKRISHNA

(PAN:ABVPR7353M)

NATIONAL STOCK EXCHANGE OF INDIA LTD.,THE

PAN:AAACN1797L

MISUSED CONFIDENTIAL DATA VIOLATING CODE OF CONDUCT FOR OFFICE BEARERS OF THE STOCK EXCHANGE AND PROVISIONS RELATED TO FAIRNESS & TRANSPARENCY, DUE DILIGENCE AND CONFLICT OF INTEREST AS SPECIFIED IN MASTER CIRCULAR NO.CIR/MRD/DSA/SE/43/2010 OF 31/12/ 2010 READ WITH SECTION 3(2)(B) OF SCRA, 1956 IN MATTER OF NSE CO-LOCATION AND CORPORATE GOVERNANCE

IMPOSED PENALTY RS.1,00,00,000

30-JUN-2022

SAT: SAT VIDE ITS ORDER DATED 11/08/2022 RESPONDENT FILE REPLIES IN ALL APPEALS AND REJOINDER FILE WITHIN THREE WEEKS FROM DATE OF THIS ORDER. DIRECTED AO PURSUANT TO THE IMPUGNED ORDER SHALL REMAIN STAYED DURING THE PENDENCY OF THE APPEAL.

SAT: SAT VIDE ITS ORDER DATED 15/09/2022 DIRECTED RESPONDENT TO FILE REPLY ON OR BEFORE NEXT DATE AND DIRECTED THAT EFFECT AND OPERATION OF THE IMPUGNED ORDER TO REMAIN STAYED DURING PENDENCY OF THE APPEAL

DAKSHABEN BANAVARILAL SHARMA

(PAN:BPPPS5841L)

PANKAJ J.SHAH (HUF)

PAN:AAIHS5790M

PINTU KACHARAJI TELI (HUF)

PAN:AACHT3722L

TRIVEDI VIJAY MAHIPATRAM (HUF)

PAN:AACHT3689L

VANI DILIP SITARAM (HUF)

PAN:AAHHV0378P

VIJAY MANGALDAS SHAH (HUF)

PAN:AAGHV9796J

IMPOSED PENALTY RS.15,000

31-AUG-2020

SAT: SAT VIDE ITS ORDER DATED 19/07/2021 PARTLY ALLOWED THE APPEAL BY REDUCING PENALTY TO RS.15,000.00 FROM RS.25,000.00

SAT: SAT VIDE ITS ORDER DATED 05/10/2021 REJECTED MODIFICATION APPLICATION

DAMAYANTHI PRAVIN KUMAR

(PAN:AANPD0005D)

EXECUTED OFF-MARKET TRANSACTION OF SHARES WITHOUT ANY PAYMENT/RECEIPT OF CONSIDERATION VIOLATING SECTION 2(I) READ WITH SECTIONS 13, 16 AND 18 OF SECURITIES CONTRACTS (REGULATION) ACT, 1956 IN MATTER OF KAILASH AUTO FINANCE LTD.

IMPOSED PENALTY RS.1,00,000

27-NOV-2020

DEEPAK SHAH

(PAN:BAKPS6432D)

ENTERED INTO SPOT DELIVERY CONTRACTS WITHOUT ANY PAYMENT/RECEIPT OF CONSIDERATION WITHIN THE TIME FRAME AS PER SECTION 2(I) OF SCRA, 1956 READ WITH SECTIONS 13, 16 AND 18 IN MATTER OF GFL FINANCIALS LTD.

IMPOSED PENALTY RS.50,000

31-JAN-2018

DEVANGI DIPAKBHAI PANCHAL

PROSECUTION LAUNCHED

15-MAY-2006

DEVYANIBEN PATEL

CONSIDERABLE DELAY IN MAKING PAYMENT OF SHARES OF ALPHA HI-TECH FUEL LTD. PURCHASED IN OFF-MARKET DEALS VIOLATING SECTION 2(I) (A) READ WITH SECTION 13 OF SECURITIES CONTRACTS (REGULATION) ACT, 1956

IMPOSED PENALTY RS.5,00,000

31-AUG-2010

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

DHANANJAY KANDHARE