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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: MISUSED/DEFAULTED IN MAINTAINING CLIENT ACCOUNTS

S.No. ENTITY PERSONS REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
41
History of entity/person SS ASSOCIATES

(Sub-Broker of INDIA INFOLINE LTD., Member : BSE)  
  DID NOT SUBMIT INFORMATION DURING INSPECTION AND POST-INSPECTION

TRANSFERRED FUNDS TO NON-CLIENTS

DEPOSITED CASH IN BANK ACCOUNTS

TRANSFERRED FUNDS TO CLIENTS

DID NOT SUBMIT NISM CERTIFICATE OF DEALER

ACCEPTED FUNDS FROM CLIENTS AS LOAN   		IMPOSED PENALTY RS.4,00,000

29-MAR-2022 		SEBI VIDE ITS NOTICE DATED 20/01/2023 DIRECTED TO PAY RS.4,45,000.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE  
42
History of entity/person SUBHASH GANGWAL,M/S

(Sub-Broker of JSEL SECURITIES LTD., Member : BSE)  
Click here to view complete history of this specific entity/person SUBHASH GANGWAL
  		COMMITTED IRREGULARITIES/DEFAULTED IN ISSUANCE OF CONFIRMATION MEMOS

DID NOT DELIVER SECURITIES TO CLIENTS IN TIME

DID NOT MAKE PAYMENTS TO CLIENTS IN TIME

DEFICIENCIES IN CLIENT DATABASE

DID NOT EXERCISE DUE SKILL AND DILIGENCE

DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES ISSUED BY SEBI

DID NOT MAINTAIN SEGREGATION BETWEEN CLIENT FUNDS AND OWN FUNDS   		IMPOSED PENALTY RS.40,000

03-NOV-2004 		 
43
History of entity/person SUPER FINVEST SERVICES PVT.LTD.

(Sub-Broker of LSE SECURITIES LTD., Member : NSE)  
  DID NOT MAINTAIN SEGREGATION BETWEEN CLIENT FUNDS AND OWN FUNDS

DID NOT MAINTAIN CLIENT DATABASE

DEFAULTED IN MAINTENANCE OF BOOKS OF ACCOUNTS

DEFAULTED IN MAINTENANCE OF GENERAL LEDGER

DID NOT MAINTAIN DTR REGISTER TO KEEP DETAILS OF DAILY MATCHED TRANSACTIONS OF A MEMBER ENTERED WITH OTHER MEMBERS ON FLOOR OF EXCHANGE

DEALT WITH UN-REGISTERED SUB-BROKERS

DID NOT MAINTAIN DUPLICATE COPIES OF CONFIRMATION MEMOS   		SUSPENDED REGISTRATION AS SUB-BROKER FROM 17-JAN-2007 TO 31-JAN-2007

27-DEC-2006 		 
44
History of entity/person U.S.BENGALI,M/S

(Sub-Broker of VSE SECURITIES LTD.,STOCK BROKERS~VADODARA, Member : NSE)  
Click here to view complete history of this specific entity/person U.S.BENGALI
  		ALLOWED TERMINALS TO UNREGISTERED SUB-BROKERS

DID NOT MAINTAIN SEGREGATION BETWEEN CLIENT FUNDS AND OWN FUNDS

VIOLATED REGULATION 26 OF SEBI (STOCK BROKERS AND SUB-BROKERS) REGULATIONS 1992   		IMPOSED PENALTY RS.1,50,000

07-JUL-2005 		SAT: IMPUGNED ORDER MODIFIED BY REDUCING PENALTY AMOUNT TO RS.30,000 FROM RS.1,50,000  
45
History of entity/person VISALAM SHARES PVT.LTD.

(Sub-Broker of MSE FINANCIAL SERVICES LTD., Member : BSE)  
Click here to view complete history of this specific entity/person M.MEYAPPAN
  		DEALT WITH BROKERS OF OTHER EXCHANGES WITHOUT SEBI REGISTRATION AS SUB-BROKER

DID NOT MAINTAIN SEGREGATION BETWEEN CLIENT FUNDS AND OWN FUNDS   		IMPOSED PENALTY RS.15,000

31-DEC-2004 		 
46
History of entity/person VRS SECURITIES LTD.  
  DID NOT MAINTAIN SEGREGATION BETWEEN CLIENT FUNDS AND OWN FUNDS

DEALT IN CASH WITH CLIENTS

DEFAULTED IN PAY-IN OBLIGATIONS

DEFAULTED IN MAINTENANCE OF CLIENT LEDGER

DID NOT EXERCISE DUE CARE AND DILIGENCE

DEALT WITH UN-REGISTERED SUB-BROKERS

DISCREPANCIES IN CLIENT CODES

ALLOTTED MULTIPLE CLIENT CODES TO ONE CLIENT

DID NOT ENTER INTO TRIPARTITE AGREEMENT WITH CLIENTS   		IMPOSED PENALTY RS.1,50,000

28-NOV-2008 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.
 
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