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-AUG-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: CANCELLED REGISTRATION AS INVESTMENT ADVISOR

S.No.

PERSON

ENTITY

REGULATORY CHARGES

REGULATORY ACTION(S) / DATE OF ORDER

FURTHER DEVELOPMENTS

101

KUSHAL KOTHARI

(PAN:ARFPK9145A)

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 25-APR-2025

25-APR-2025

102

LOKESH GUPTA

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WELL WORTH RESEARCH

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 21-AUG-2026

21-AUG-2026

103

LOKESH JAYANAND CHAUDHARI

(PAN:AOPPC9751F)

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR

27-NOV-2025

104

MADHAV AGARWAL

(PAN:AIOPA0258E)

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 25-APR-2025

25-APR-2025

105

MAHAVIR PRASAD MUNDRA

(PAN:AQYPM8250G)

ALLOWED UNREGISTERED PERSON TO ACT AS INVESTMENT ADVISOR

OBTAINED INVESTMENT ADVISOR REGISTRATION BY SUBMITTING FAKE EXPERIENCE CERTIFICATES

ENGAGED REPRESENTATIVES TO RENDERING INVESTMENT ADVICE WITHOUT ADEQUATE QUALIFICATIONS AND/OR REGISTRATION AND INFORMATION TO SEBI

DID NOT RENEW NISM REGISTRATION

MISREPRESENTED CLIENTS THAT PRODUCTS IN FUTURES AND OPTIONS SEGMENTS GAVE REGULAR INCOME

DID NOT OBTAIN ANY SUPPORTING DOCUMENTS/EVIDENCE FROM CLIENTS WHILE DOING RISK PROFILING OF CLIENTS

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

SOLD HIGH FEES PRODUCT WITHOUT CONSIDERING ANNUAL INCOME AND PROPOSED INVESTMENT VALUE

DID NOT HAVE ANY PRODUCTS/SERVICES DESIGNED BY ITS OWN

SOLD MULTIPLE PRODUCTS AND CHARGED UNREASONABLE FEES AND/OR SERVICE CHARGE

CHARGED ADVISORY FEES BEFORE EXPIRY OF TENURE OF EXISTING SERVICE/COLLETING MULTIPLE PAYMENTS IN SHORT PERIOD

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

DID NOT PROVIDE DOCUMENTS WITH REGARD TO DATE AND SUBJECT OF TRAINING, NUMBER OF PARTICIPANTS, MATERIALS DISTRIBUTED, ATTENDANCE SHEET OF EMPLOYEES ETC.

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 17-JUL-2023

17-JUL-2023

106

MANAV MUKESH CHOKSI

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 14-AUG-2026

14-AUG-2026

107

MANIKARAN SINGAL

(PAN:AZWPS7634P)

GOOD MONEYING FINANCIAL SOLUTIONS

PAN:AZWPS7634P

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 25-APR-2025

25-APR-2025

108

MANJEET SINGH VOHRA

(PAN:AADPV3861F)

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 25-JUL-2025

25-JUL-2025

109

MANOJ JEEVRAJ RATHORE

(PAN:ABWPR4756K)

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR

27-NOV-2025

110

MAYANK SINGH

(PAN:AXVPS8097B)

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 25-APR-2025

25-APR-2025

111

MAYUR JOSHI

(PAN:AEJPJ0812Q)

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR

07-AUG-2026

112

MITESH KAMDAR

(PAN:AADPK0912E)

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR

27-NOV-2025

113

MOHIT MANGHNANI

(PAN:CXGPM4395H)

WEALTHIT GLOBAL

PAN:CXGPM4395H

DID NOT RENEW NISM REGISTRATION

DID NOT HAVE QUALIFICATION TO CONTINUE TO ACT AS REGISTERED INVESTMENT ADVISER

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

SOLD MULTIPLE PRODUCTS AND CHARGED UNREASONABLE FEES AND/OR SERVICE CHARGE

DID NOT CO-OPERATE IN PROVIDING INFORMATION TO SEBI FOR THE PURPOSE OF EXAMINATION OF ITS AFFAIRS

DID NOT PROVIDE MATERIAL INFORMATION TO SEBI

DID NOT COMMUNICATE RISK PROFILE TO CLIENTS

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

DID NOT REDRESS INVESTOR COMPLAINTS

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 30-APR-2023

31-MAR-2023

SAT: SAT VIDE ITS ORDER DATED 25/07/2023 CONDONED THE DELAY IN FILING OF APPEAL. ALLOWED THE APPEAL AND SET ASIDE IMPUGNED ORDER 31/03/2023. MATTER REMITTED BACK TO SEBI TO PASS FRESH ORDER IN ACCORDANCE WITH LAW

114

MOIZ A.CHOOLAWALA

(PAN:AQAPM2596D)

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR

27-NOV-2025

115

MONA BAJAJ

(PAN:ADBPA0831B)

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 25-APR-2025

25-APR-2025

116

MUDASSIR HASAN

(PAN:AGDPH7770D)