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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 : 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: UNAUTHORISED OPERATIONS ON EXCHANGE TERMINALS

S.No. ENTITY PERSONS REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
81
History of entity/person SUNFLOWER BROKING PVT.LTD.

(PAN:AAACN5165E)

(Member : BSE/NSE)  
  DID NOT ENSURE CONTROL OVER TERMINALS GRANTED TO AUTHORISED PERSONS

HAD COMMON DIRECTORS WITH AUTHORISED PERSONS

AUTHORISED PERSON HAD FINANCIAL ARRANGEMENT/FUND-BASED ACTIVITIES WITH OTHER ENTITIES

ALLOWED TERMINAL TO UNAUTHORISED USERS   		IMPOSED PENALTY RS.2,00,000

23-JUL-2025 		 
82
History of entity/person SUNIL KUMAR KAYAN & CO.

(PAN:AGDPK5151F)

(Member : CSE)  
Click here to view complete history of this specific entity/person SUNIL KUMAR KAYAN
  		UNAUTHORISED OPERATIONS ON NSE TERMINALS TAKEN FROM SANJAY BANSAL

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

INDULGED IN OFF-THE-FLOOR TRANSACTIONS

INDULGED IN TRADES OUTSIDE RECOGNIZED EXCHANGE IN F&O SEGMENT   		DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 20-AUG-2003 TILL PENDING ENQUIRY

20-AUG-2003 		REVOKED RESTRICTION IMPOSED ON BROKER FROM 12/07/2005  
83
History of entity/person SWASTIKA INVESTMART LTD.

(PAN:AABCS6585J)

(Member : NSE/BSE)  
  MISUSED CLIENTS' FUNDS AND/OR SECURITIES AND/OR ACCOUNTS

MISUSED PLEDGING OF CLIENT’S SECURITIES

DID NOT MAINTAIN SEGREGATION BETWEEN CLIENT FUNDS AND OWN FUNDS

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

DISCREPANCIES IN CLIENT REGISTRATION PROCESS (KYC, KRA AND CKYCR PROCESS)

SUBMITTED INCORRECT INCREASED NET-WORTH TO STOCK EXCHANGE

CREATED MULTIPLE TERMINAL IDS IN SINGLE USER   		IMPOSED PENALTY RS.10,00,000

31-MAR-2021 		 
84
History of entity/person SYKES & RAY EQUITIES (INDIA) LTD.

(PAN:AAECS5168A)

(Depository Participants : CDSL,Member : NSE/BSE)  
  MISUSED CLIENTS' FUNDS AND/OR SECURITIES AND/OR ACCOUNTS

TRANSFERRED SECURITIES BELONGING TO CLIENTS TO BROKERS OWN ACCOUNT

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

DID NOT UPLOAD CORRECT AND COMPLETE DETAILS OF CLIENTS TO UCC DATABASE

ALLOWED TERMINAL TO UNAUTHORISED USERS   		IMPOSED PENALTY RS.5,50,000

27-MAY-2022 		 
85
History of entity/person UPSE SECURITIES LTD.

(PAN:AAACU6058K)

(Member : BSE/NSE)  
  ALLOWED TERMINAL TO UNAUTHORISED USERS

FAILED TO COMPLY WITH THE UNIQUE CLIENT CODE AS PRESCRIBED BY SEBI   		IMPOSED PENALTY RS.2,00,000

31-MAY-2011 		SAT: APPEAL ALLOWED WITH NO ORDER AS TO COSTS  
86
History of entity/person VSE STOCK SERVICES LTD.

(PAN:AABCV4258K)

(Member : NSE/BSE)  
  DID NOT MAINTAIN CLIENT ORDER PLACEMENT EVIDENCE DURING INSPECTION PERIOD

DID NOT ACCEPT AS NO NAME/ SIGNATURE /STAMP OF INSPECTING OFFICIALS IN INSPECTION REPORTS OF 2019, 2022 AND 2023 AS AVAILABLE ON RECORD

DID NOT DISPLAY DO’S AND DON’TS AS PER PRESCRIBED FORMAT

DID NOT DISPLAY SEBI REGISTRATION CERTIFICATE & INFORMATION REGARDING GRIEVANCE REDRESSAL MECHANISM

ALLOWED TERMINAL TO UNAUTHORISED USERS   		IMPOSED PENALTY RS.2,00,000

30-SEP-2024 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.
 
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