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 : 27-MAY-2026

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.

STOCK BROKERS: VIOLATED CODE OF CONDUCT

S.No.

ENTITY

PERSONS

REGULATORY CHARGES

REGULATORY ACTION(S) / DATE OF ORDER

FURTHER DEVELOPMENTS

741

TAUGA PVT.LTD.

(PAN:AADCO0353Q)

(Member : BSE)

ALLEGED INDULGENCE IN ILLEGAL ACTIVITIES BY PROVIDING UNREGULATED ONLINE TRADING PLATFORM FOR TRADING IN FOREX DERIVATIVES

ALLEGED FAILURE IN INFORMING EITHER SEBI OR BSE ABOUT SEARCHES CONDUCTED BY ENFORCEMENT DIRECTORATE AT SEVERAL OF ITS PREMISES

REACHED SETTLEMENT (CONSENT ORDER) (AGREED VOLUNTARILY NOT TO BUY/SELL/ DEAL IN SECURITIES/ SPECIFIED SCRIPS OR ACCESS SECURITIES MARKET DIRECTLY/INDIRECTLY IN PROPRIETARY ACCOUNT) FROM 18-JUL-2025 TO 17-JUL-2026

18-JUL-2025

742

TECHNO SHARES & STOCKS PVT.LTD.

(PAN:AAACT4464G)

(Member : BSE/NSE)

AIDED AND ABETTED CLIENTS IN CREATION OF ARTIFICIAL VOLUME THROUGH CROSS DEALS AND SYNCHRONIZED TRANSACTIONS IN SCRIP OF VALECHA ENGINEERING LTD.

DID NOT MAINTAIN INTEGRITY, PROMPTITUDE & FAIRNESS AND INDULGED IN MANIPULATIVE ACTIVITIES VIOLATING REGULATION 7 READ WITH CLAUSES A(1), A(3) AND A(4) OF CODE OF CONDUCT UNDER SCHEDULE II OF SEBI (STOCK BROKERS AND SUB BROKERS) REGULATIONS, 1992 IN MATTER OF VALECHA ENGINEERING LTD.

IMPOSED PENALTY RS.7,00,000

02-JAN-2015

743

THAR SHARE BROKERS PVT.LTD.

(PAN:AACCT0147Q)

(Member : NSE)

DID NOT FIX SYSTEM OF MAINTAINING ENTRY AND EXIT LOG FOR ITS EMPLOYEE IN OFFICE

ALLOWED MR.ASHISH SARDA TO PUNCH ORDERS USING LOGIN ID OF ANOTHER REGISTERED DEALER WHEN MR.ASHISH SARDA WAS NOT EVEN REGISTERED DEALER OF THE NOTICEE

MR.ASHISH SARDA PUNCHED ORDERS FOR ALL THREE BIG CLIENTS ON INSTRUCTIONS OF MR.AJAY GANGWAL BUT THE NOTICE HAS NOT BEEN ABLE TO PRODUCE ANY FORMAL APPOINTMENT LETTER IN HIS NAME

DID NOT HAVE ANY WRITTEN DOWN POLICY/CODE OF CONDUCT TO BE FOLLOWED BY DEALERS

ALLOWED DEALERS TO USE PHONES SINCE MR.AJAY GANGWAL USED TO GIVE ORDERS ON PHONES

IMPOSED PENALTY RS.25,00,000

28-NOV-2024

SAT: SAT VIDE ITS ORDER DATED 05/02/2025 ALLOWED RESPONDENT FOUR WEEKS TO FILE REPLY AND REJOINDER, IF ANY, TO BE FILED WITHIN TWO WEEKS THEREAFTER. INTERIM ORDER SUBJECT TO DEPOSIT OF RS.7.5 LAC WITHIN FOUR WEEKS FROM DATE OF THIS ORDER

SAT: SAT VIDE ITS ORDER DATED 08/05/2025 GRANTED APPELLANT TWO WEEKS TO FILE REJOINDER

744

TODI SECURITIES PVT.LTD.

(PAN:AABCT4191R)

(Member : USEIL)

INDULGED IN CREATION OF ARTIFICIAL MARKET AND PRICE MANIPULATION THROUGH SELF TRADES IN CURRENCY DERIVATIVES SEGMENT

DID NOT EXERCISE DUE SKILL, CARE & DILIGENCE AND INDULGED IN MANIPULATIVE ACTIVITIES VIOLATING REGULATION 7 READ WITH CLAUSES A(2) TO A(4) OF CODE OF CONDUCT UNDER SCHEDULE II OF SEBI (STOCK BROKERS) REGULATIONS, 1992

IMPOSED PENALTY RS.12,00,000

29-APR-2015

SAT: SAT VIDE ITS ORDER DATED 10/02/2017 QUASHED AND SET ASIDED IMPUGNED ORDER AND REMANDED TO SEBI TO PASS FRESH ORDER ON MERITS AND IN ACCORDANCE WITH LAW. NO COSTS

SEBI VIDE ITS ORDER DATED 28/05/2021 REDUCED PENALTY TO RS.10 LAC FROM RS.1 CRORE U/S 15HA AND RS.2 LAC FROM RS.10 LAC U/S 15HB OF SEBI ACT.

745

TOSS FINANCIAL SERVICES PVT.LTD.

(PAN:AAACT1625K)

(Member : NSE)

INDULGED IN CREATION OF ARTIFICIAL MARKET AND PRICE MANIPULATION IN SCRIP OF ALEMBIC LTD.

DID NOT EXERCISE DUE SKILL, CARE & DILIGENCE AND FINANCED ITS CLIENT VIOLATING REGULATION 7 READ WITH CLAUSES A(2) AND C(5) OF CODE OF CONDUCT UNDER SCHEDULE II OF SEBI (STOCK BROKERS AND SUB BROKERS) REGULATIONS, 1992 IN MATTER OF ALEMBIC LTD.

WARNED/DIRECTED TO BE MORE CAREFUL WHILE DEALING WITH SECURITIES MARKET

18-JUL-2011

746

TOWER RESEARCH CAPITAL MARKETS INDIA PVT.LTD.

(Member : NSE)

CONNECTED TO SECONDARY SERVER WITHOUT ANY SUFFICIENT REASON DURING INVESTIGATION PERIOD VIOLATING NSE CO-LOCATION DIRECTIVES/INSTRUCTIONS/GUIDELINES READ WITH POINT 2(A) OF CHAPTER V OF NSE BYE-LAWS READ WITH CLAUSE A(5) OF CODE OF CONDUCT UNDER SCHEDULE II READ WITH REGULATION 9(F) OF SEBI (STOCK BROKER) REGULATIONS, 1992 IN MATTER OF NSE CO-LOCATION FACILITY

DID NOT EXERCISE DUE SKILL, CARE AND DILIGENCE WHILE ACCESSING SECONDARY SERVER OF NSE COLOCATION IN LINE WITH INSTRUCTION OF NSE CO-LOCATION DIRECTIVES/INSTRUCTIONS/GUIDELINES VIOLATING CLAUSE A(2) OF CODE OF CONDUCT UNDER SCHEDULE II READ WITH REGULATION 9(F) OF SEBI (STOCK BROKER) REGULATIONS, 1992 IN MATTER OF NSE CO-LOCATION FACILITY

IMPOSED PENALTY RS.3,00,000

19-OCT-2022

SAT: SAT VIDE ITS ORDER DATED 20/02/2023 ALLOWED APPELLANT THREE WEEKS TO FILE REJOINDER

SAT: SAT VIDE ITS ORDER DATED 20/07/2023 CONDONED THE DELAY IN FILING OF APPEAL

SAT: SAT VIDE ITS ORDER DATED 06/11/2023 CONDONED THE DELAY IN FILING OF APPEAL AND REPLY IS TAKEN ON RECORD

SAT: SAT VIDE ITS ORDER DATED 15/12/2023 CONDONED THE DELAY IN FILING OF APPEAL. REPLY TAKEN ON RECORD

SAT: SAT VIDE ITS ORDER DATED 13/09/2024 DISMISSED THE APPEAL. NO COSTS

747

TRADEBULLS SECURITIES PVT.LTD.

(PAN:AADCT2020P)

(Member : BSE/NSE)

DID NOT ADHERE TO VARIOUS SEBI CIRCULARS

DID NOT MAINTAIN INTEGRITY, PROMPTITUDE & FAIRNESS, DID NOT EXERCISE DUE SKILL, CARE & DILIGENCE AND DID NOT ADHERE TO STATUTORY REQUIREMENTS VIOLATING REGULATION 7 READ WITH CLAUSES A(1),A(2) AND A(5) OF CODE OF CONDUCT UNDER SCHEDULE II OF SEBI (STOCK BROKERS) REGULATIONS, 1992

IMPOSED PENALTY RS.10,00,000

23-SEP-2015

748

TRAMBAKLAL RATILAL PAREKH & SONS SECURITIES PVT.LTD.

(Member : BSE)

ALLEGED VIOLATION OF CODE OF CONDUCT FOR STOCK BROKERS

ALLEGED INDULGENCE IN CREATION OF ARTIFICIAL MARKET AND PRICE MANIPULATION IN SCRIP OF RECRON SYNTHETICS LTD.

REACHED SETTLEMENT ( SETTLEMENT CHARGES RS.5,00,000 VIDE CONSENT ORDER)

27-APR-2009

749

TRANSPARENT SHARES & SECURITIES PVT.LTD.

(Member : NSE/BSE)

APPLIED IN IPO OF EDSERV SOFTSYSTEMS LTD. ON BEHALF OF ITS CLIENTS

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(4) AND A(5) OF CODE OF CONDUCT FOR STOCK BROKERS UNDER SCHEDULE II OF SEBI (STOCK BROKERS AND SUB BROKERS) REGULATIONS, 1992 IN MATTER OF EDSERV SOFTSYSTEMS LTD.

PROHIBITED FROM TAKING ANY NEW ASSIGNMENT AS A STOCK BROKER FROM 04-APR-2013 TO 10-APR-2013

04-APR-2013

750

TRDEZ INVESTMENT PVT.LTD.

(PAN:AAJCT5451G)

(Member : BSE/NSE/MCX)

ENGAGED IN MONEY MOBILIZATION ACTIVITIES AND DID NOT TAKE ADEQUATE STEPS TO PREVENT MISUSE OF ITS NAME VIOLATING CLAUSES 1 TO 3 OF PART A OF SCHEDULE II READ WITH REGULATION 9(F) OF SEBI (STOCK BROKERS) REGULATIONS, 1992 AND REGULATION 5(E) READ WITH CLAUSES 1, 2(A), 2(B), 2(C) AND 3(A) OF SCHEDULE II OF SEBI (INTERMEDIARIES) REGULATIONS, 2008

IMPOSED PENALTY RS.1,00,00,000

09-APR-2026

751

TRIVENI MANAGEMENT CONSULTANCY SERVICES LTD.

(PAN:AABCT4249C)

(Member : NSE/BSE)

INDULGED IN CREATION OF ARTIFICIAL MARKET AND PRICE MANIPULATION THROUGH SYNCHRONIZED, STRUCTURED, CIRCULAR AND REVERSAL OF TRADE TRANSACTIONS IN SCRIP OF ASIAN STAR CO.LTD.

DID NOT MAINTAIN INTEGRITY, PROMPTITUDE & FAIRNESS, NOT EXERCISING DUE SKILL, CARE & DILIGENCE, INDULGED IN MANIPULATIVE ACTIVITIES AND NOT COMPLYING WITH STATUTORY REQUIREMENTS VIOLATING REGULATION 7 READ WITH CLAUSES A(1) TO A(5) OF CODE OF CONDUCT UNDER SCHEDULE II OF SEBI (STOCK BROKERS AND SUB BROKERS) REGULATIONS, 1992 IN MATTER OF ASIAN STAR CO.LTD.

IMPOSED PENALTY RS.25,00,000

13-DEC-2012

SAT: APPEAL DISMISSED. NO COSTS

SEBI VIDE ITS NOTICE DATED 14/11/2014 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

SEBI VIDE ITS ORDER DATED 18/11/2014 DIRECTED ALL THE BANKS IN INDIA/NSDL/CDSL TO RELEASE ALL THE BANK ACCOUNTS/LOCKERS AND DEMAT ACCOUNTS OF THE DEFAULTERS WHICH WERE ATTACHED PURSUANT TO THE NOTICE OF ATTACHMENT DATED 14/11/2014

752

TRIVENI MANAGEMENT CONSULTANCY SERVICES LTD.

(PAN:AABCT4249C)

(Member : BSE/NSE)

DID NOT EXERCISE DUE SKILL, CARE & DILIGENCE AND NOT COMPLIED WITH STATUTORY REQUIREMENTS VIOLATING REGULATION 7 READ WITH CLAUSES A(2) AND A(5) OF CODE OF CONDUCT UNDER SCHEDULE II OF SEBI (STOCK BROKERS AND SUB BROKERS) REGULATIONS, 1992

IMPOSED PENALTY RS.1,50,000

06-JUN-2013

SAT: SAT VIDE ITS ORDER DATED 10/10/2013 MODIFIED SEBI'S ORDER DATED 06/06/2013 BY REDUCING PENALTY AMOUNT TO RS.50,000.00 FROM RS.1,50,000.00. NO ORDER AS TO COSTS

SAT: APPEAL DISMISSED WITH NO ORDER AS TO COSTS

753

TRIVENI MANAGEMENT CONSULTANCY SERVICES LTD.

(PAN:AABCT4249C)

(Member : BSE)

AIDED AND ABETTED ITS CLIENTS IN CREATION OF ARTIFICIAL MARKET AND PRICE MANIPULATION THROUGH SYNCHRONIZED, STRUCTURED AND CIRCULAR TRANSACTIONS IN SCRIPS OF ALLCARGO GLOBAL LOGISTICS LTD., ASIAN STAR CO.LTD., KSL & INDUSTRIES LTD., MAVENS BIOTECH LTD., PANORAMIC UNIVERSAL LTD., RASI ELECTRODES LTD., SAT INDUSTRIES LTD., USHDEV INTERNATIONAL LTD., KBS CAPITAL MANAGEMENT LTD., LOTUS EYE CARE HOSPITALS LTD., MVL LTD. AND ANIL PRODUCTS LTD.

DID NOT MAINTAIN INTEGRITY, PROMPTITUDE & FAIRNESS, DID NOT EXERCISE DUE SKILL, CARE & DILIGENCE, INDULGED IN MANIPULATIVE ACTIVITIES AND DID NOT ADHERE TO STATUTORY REQUIREMENTS VIOLATING REGULATION 7 READ WITH CLAUSES A(1) TO A(5) OF CODE OF CONDUCT UNDER SCHEDULE II OF SEBI (STOCK BROKERS AND SUB BROKERS) REGULATIONS, 1992 IN MATTER OF ALLCARGO GLOBAL LOGISTICS LTD., ASIAN STAR CO.LTD., KSL & INDUSTRIES LTD., MAVENS BIOTECH LTD., PANORAMIC UNIVERSAL LTD., RASI ELECTRODES LTD., SAT INDUSTRIES LTD., USHDEV INTERNATIONAL LTD., KBS CAPITAL MANAGEMENT LTD., LOTUS EYE CARE HOSPITALS LTD., MVL LTD. AND ANIL PRODUCTS LTD.

IMPOSED PENALTY RS.1,50,000

09-JAN-2013

SAT: SAT VIDE ITS ORDER DATED 31/10/2013 REDUCED THE PENALTY AMOUNT TO RS.50,000.00 FROM RS.1,50,000.00. NO COSTS

754