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.

PERSONS: FAILED TO REDRESS INVESTOR/CREDITORS COMPLAINTS

S.No.

PERSON

ENTITY

REGULATORY CHARGES

REGULATORY ACTION(S) / DATE OF ORDER

FURTHER DEVELOPMENTS

101

DEEPAK MISHRA

(PAN:BLVPM9284R)

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

MONEY CLASSIC

PAN:BLVPM9284R

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

DID NOT REDRESS INVESTOR COMPLAINTS

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

NOT A FIT & PROPER PERSON TO ACT AS AN INVESTMENT ADVISOR

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

INDULGED IN EXECUTION OF UNAUTHORISED TRANSACTIONS

IMPOSED PENALTY RS.1,00,00,000 ALONG WITH OTHER ENTITIES/PERSONS

16-SEP-2023

SEBI VIDE ITS NOTICE DATED 15/12/2023 DIRECTED TO PAY RS.1,04,01,000.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

102

DEEPAK OSTWAL

(PAN:AAPPO6194C)

CAPITAL WAYS INVESTMENT ADVISER

PAN:AAPPO6194C

REPRESENTATIVES/EMPLOYEES DID NOT HAVE REQUISITE QUALIFICATION AND CERTIFICATION

DETAILS OF THE INVOICES DID NOT MATCH WITH AGREEMENTS

INVOICES GENERATED PRIOR TO ENTERING INTO AGREEMENT WITH THE CLIENTS

DID NOT DO PROPER SUITABILITY ASSESSMENT AND SOLD PRODUCTS BEARING HIGHER RISK THAN RISK CATEGORIES DEFINED BY RISK PROFILE OF CLIENTS

DID NOT MAINTAIN RECORDS OF COMMUNICATION WITH CLIENTS DURING RISK PROFILING AND SUITABILITY ASSESSMENT OF ADVICE/SELECTION OF ADVISORY PRODUCT/SERVICES

DID NOT CO-OPERATE WITH SEBI IN INSPECTION

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

DID NOT MAINTAIN CALL RECORDINGS OF CLIENTS

FORCED CLIENT TO TAKE ADDITIONAL ADVISORY SERVICES AND MAKE ADDITIONAL PAYMENT

HANDLED CLIENTS DEMAT ACCOUNT

DID NOT REDRESS INVESTOR COMPLAINTS

DID NOT PROVIDE TRAINING RELATED TO PREVENTION OF MONEY LAUNDERING ACT, 2002 (PMLA) TO ITS EMPLOYEES

SUSPENDED REGISTRATION AS INVESTMENT ADVISER FROM 23-MAY-2025 TO 22-NOV-2025

23-MAY-2025

103

DEEPAK OSTWAL

(PAN:AAPPO6194C)

CAPITAL WAYS INVESTMENT ADVISER

PAN:AAPPO6194C

REPRESENTATIVES/EMPLOYEES DID NOT HAVE REQUISITE QUALIFICATION AND CERTIFICATION

DETAILS OF THE INVOICES DID NOT MATCH WITH AGREEMENTS

INVOICES GENERATED PRIOR TO ENTERING INTO AGREEMENT WITH THE CLIENTS

DID NOT DO PROPER SUITABILITY ASSESSMENT AND SOLD PRODUCTS BEARING HIGHER RISK THAN RISK CATEGORIES DEFINED BY RISK PROFILE OF CLIENTS

DID NOT MAINTAIN RECORDS OF COMMUNICATION WITH CLIENTS DURING RISK PROFILING AND SUITABILITY ASSESSMENT OF ADVICE/SELECTION OF ADVISORY PRODUCT/SERVICES

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

DID NOT MAINTAIN CALL RECORDINGS OF CLIENTS

DID NOT PROVIDE TRAINING RELATED TO PREVENTION OF MONEY LAUNDERING ACT, 2002 (PMLA) TO ITS EMPLOYEES

SOLD HIGH-RISK PRODUCT/SERVICE TO CLIENT WITH MODERATE/LOW RISK APPETITE

DID NOT REDRESS INVESTOR COMPLAINTS

IMPOSED PENALTY RS.10,00,000 ALONG WITH OTHER ENTITIES/PERSONS

26-DEC-2024

SEBI VIDE ITS NOTICE DATED 27/03/2025 DIRECTED TO PAY RS.10,41,000.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

104

DEEPALI SHARMA

(PAN:CTGPS9075L)

D.S.CAPITAL VENTURE PVT.LTD.

PAN:AADCH8426M

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

DID NOT PROVIDE MATERIAL INFORMATION TO SEBI

SOLD ADVISORY SERVICES/PRODUCTS TO CLIENTS WITHOUT ENSURING SUITABILITY OF ADVICE ACCORDING TO THEIR RISK PROFILE

DID NOT REDRESS INVESTOR COMPLAINTS

IMPOSED PENALTY RS.15,00,000

10-JAN-2023

SEBI VIDE ITS NOTICE DATED 19/04/2023 DIRECTED TO PAY RS.15,61,000.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SEBI VIDE ITS ORDER DATED 12/09/2023 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

SEBI VIDE ITS NOTICE DATED 16/01/2024 DIRECTED ALL THE BANKS AND MUTUAL FUNDS IN INDIA TO REMIT RS.16,96,000.00 TO THE EXTENT LYING IN THE ACCOUNT OF NOTICEE TO SEBI BY WAY OF EFT/NEFT/RTG

105

DEEPALI SHARMA

(PAN:CTGPS9075L)

D.S.CAPITAL VENTURE PVT.LTD.

PAN:AADCH8426M

DID NOT REDRESS INVESTOR COMPLAINTS

DID NOT PROVIDE NECESSARY INFORMATION/DOCUMENTS TO INVESTIGATING AUTHORITY OF SEBI

DID NOT INFORM SEBI ABOUT CHANGE OF ADDRESS

DID NOT OBTAIN APPROVAL FROM SEBI FOR UPDATION/CHANGE OF DIRECTORS

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

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 29-DEC-2022 TO 28-DEC-2027

DIRECTED TO FREEZE EXISTING HOLDING OF SECURITIES, INCLUDING UNITS OF MUTUAL FUNDS

RESTRAINED AND FURTHER PROHIBITED FROM HOLDING AND OCCUPYING ANY MANAGERIAL POST OR BEING ASSOCIATED DIRECTLY OR INDIRECTLY WITH ANY LISTED PUBLIC COMPANY AND/OR ANY PUBLIC COMPANY WHICH INTENDS TO RAISE MONEY FROM PUBLIC OR ANY INTERMEDIARY REGISTERED WITH SEBI FROM 29-DEC-2022 TO 28-DEC-2027

29-DEC-2022

106

DEVDATTBHAI SHAH JAYANTILAL

KUSHAL DIAMONDS LTD.

DID NOT REDRESS INVESTOR COMPLAINTS

DID NOT REGISTER FOR SEBI COMPLAINTS REDRESSAL SYSTEM (SCORES)

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 18-MAR-2016 TILL OBTAINS SCORES AUTHENTICATION

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 18-MAR-2016 TILL OBTAINS SCORES AUTHENTICATION

18-MAR-2016

107

DHARMENDRA BABULAL GANDHI

DHARNENDRA INDUSTRIES LTD.

CIN:L15200GJ1986PLC009146
PAN:AAACD4124F

DID NOT REDRESS INVESTOR COMPLAINTS

DID NOT PERSONALLY APPEAR AND/OR PROVIDE NECESSARY INFORMATION/DOCUMENTS IN RESPONSE TO SUMMONS/NOTICES/LETTERS

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 07-APR-2011 TILL ALL PENDING INVESTOR GRIEVANCES ARE RESOLVED

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 07-APR-2011 TILL ALL PENDING INVESTOR GRIEVANCES ARE RESOLVED

07-APR-2011

108

DHARMENDRA BABULAL GANDHI

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

109

DHARMENDRA KUMAR LODHI

(PAN:AJZPL7369K)

STAR INDIA MARKET RESEARCH

PAN:AJZPL7369K

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

DID NOT CARRY OUT RISK PROFILING OF CLIENTS

DID NOT ENSURE SUITABILITY ADVICE PROVIDE TO CLIENTS

CARRIED OUT IMPROPER RISK PROFILING OF CLIENTS

LEADING QUESTIONS IN QUESTIONNAIRE FOR RISK PROFILING

SOLD PRODUCTS TO CLIENTS WHICH WERE NOT SUITABLE TO RISK PROFILE OF THE CLIENTS

OFFERED PRODUCTS/SERVICES WITHOUT ASSESSING APPROPRIATE RISK BEARING CAPACITY OF THE CLIENTS

SOLD HNI SERVICES TO NON-HNI CLIENTS

CHARGED UNREASONABLE, ARBITRARILY AND INCONSISTENT FEE

CHARGED SERVICE FEES DISPROPORTIONATE TO ANNUAL INCOME/PROPOSED INVESTMENT

CHARGED EXTRA MONEY FROM CLIENTS/INVESTORS

DID NOT RENDER SERVICE EVEN AFTER RECEIPT OF FEES

OBTAINED REGISTRATION FROM SEBI AS AN INVESTMENT ADVISER BY SUBMITTING INCORRECT INFORMATION

DID NOT REDRESS INVESTOR COMPLAINTS

DID NOT FURNISH REQUISITE INFORMATION TO SEBI

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

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 29-DEC-2023

29-DEC-2023

110

DHARMENDRA KUMAR LODHI

(PAN:AJZPL7369K)

STAR INDIA MARKET RESEARCH

PAN:AJZPL7369K