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

121

NARASIMHA RAJU LAKKARAJU

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 14-AUG-2026

14-AUG-2026

122

NARAYANASWAMY RAMACHANDRAN

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 21-AUG-2026

21-AUG-2026

123

NARENDER KRISHNANI

(PAN:AVJPK8314M)

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 25-APR-2025

25-APR-2025

124

NARENDRA SINGH TANWAR

(PAN:AINPT0227B)

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CAPITAL TRUE FINANCIAL SERVICES

PAN:AINPT0227B

ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

OBTAINED REGISTRATION FROM SEBI BY PRODUCING FALSE AND FABRICATED DOCUMENTS TO PROVE HIS ELIGIBILITY TO WORK AS AN INVESTMENT ADVISOR

CEASED AND DESIST FROM ACTING AS AN INVESTMENT ADVISOR AND/OR ALTERNATIVE INVESTMENT FUND AND CEASE TO SOLICIT OR UNDERTAKE SUCH ACTIVITIES OR ANY OTHER UNREGISTERED ACTIVITIES IN SECURITIES MARKET, DIRECTLY OR INDIRECTLY, IN ANY MANNER WHATSOEVER FROM 05-JUN-2020 TO 04-JUN-2022

DIRECTED TO IMMEDIATELY WITHDRAW AND REMOVE ALL ADVERTISEMENTS, REPRESENTATIONS, LITERATURES, BROCHURES, MATERIALS, PUBLICATIONS, DOCUMENTS, WEBSITE, ETC. IN RELATION TO THOSE SCHEMES / ACTIVITIES (INVESTMENT ADVISER AND ALTERNATIVE INVESTMENT FUND, AND/OR RESEARCH ANALYST) OR ANY UNREGISTERED ACTIVITIES FROM 05-JUN-2020 TO 04-JUN-2022

DIRECTED NOT TO DIVERT ANY FUNDS RAISED FROM PUBLIC AT LARGE KEPT IN BANK ACCOUNT AND/OR IN THE CUSTODY OF THE COMPANY FROM 05-JUN-2020 TO 04-JUN-2022

DIRECTED TO SUBMIT LIST OF CLIENTS AND FEE COLLECTED FROM THEM

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 05-JUN-2020 TO 04-JUN-2022

CEASED AND DESIST FROM ACTING AS AN INVESTMENT ADVISER

DIRECTED NOT TO USE TERM �INVESTMENT ADVISER� DIRECTLY OR INDIRECTLY IN ANY MANNER WHATSOEVER ON LETTER-HEAD, WEBSITE, SIGNAGE BOARD OR OTHERWISE

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 05-JUN-2020 TO 04-JUN-2022

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

06-NOV-2018

SEBI VIDE ITS ORDER DATED 05/06/2020 A) CANCELLED CERTIFICATE OF REGISTRATION AS INVESTMENT ADVISER AND CEASE AND DESIST FROM ACTING AS INVESTMENT ADVISER C) DIRECTED TO NOT TO USE THE TERM �INVESTMENT ADVISER� DIRECTLY OR INDIRECTLY IN ANY MANNER WHATSOEVER ON LETTER-HEAD, WEBSITE, SIGNAGE BOARD OR OTHERWISE D) DEBARRED FROM ACCESSING SECURITIES MARKET AND FURTHER PROHIBITED FROM BUYING, SELLING OR OTHERWISE DEALING IN SECURITIES, DIRECTLY OR INDIRECTLY, OR BEING ASSOCIATED WITH SECURITIES MARKET IN ANY MANNER, FOR TWO YEARS E) DURING PERIOD OF RESTRAINT FREEZED EXISTING HOLDING, INCLUDING MUTUAL FUNDS UNITS

125

NEHA GUPTA

(PAN:BEHPG5479R)

TRADE INDIA RESEARCH

PAN:BEHPG5479R

CHARGED UNREASONABLE, ARBITRARILY AND INCONSISTENT FEE

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

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

PROVIDED INVESTMENT ADVICE WITHOUT CONSENT OF THE CLIENTS

DID NOT OBTAIN AND/OR MAINTAIN ANY DOCUMENTS FOR KNOW YOUR CLIENTS (KYC), RISK PROFILING, SUITABILITY, ACKNOWLEDGEMENT FROM CLIENTS, COMMUNICATION WITH CLIENTS/INVESTORS, CALL RECORDING OF CARRYING OUT RISK PROFILING AND RATIONALE FOR ADVISORY SERVICES ETC.

DID NOT INTIMATE SEBI ABOUT MATERIAL CHANGE IN INFORMATION

MANIPULATED AND FORCED CLIENT TO PAY MORE AND MORE FEES WITH THREAT OF FORFEITURE

PROVIDED EXECUTION SERVICES TO CLIENT

MOBILIZED MONEY FROM CLIENT IN DECEITFULLY AND CREATED FAKE PORTFOLIO

CONCEALED INFORMATION IN APPLICATION FORM FOR GRANT OF REGISTRATION CERTIFICATE

REPRESENTATIVES/EMPLOYEES DID NOT HAVE REQUISITE QUALIFICATION AND CERTIFICATION

DID NOT REDRESS INVESTOR COMPLAINTS

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 30-NOV-2023

30-NOV-2023

126

NIKHIL DAYANAND BALJEKAR

(PAN:ABYPB7880N)

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 21-JUL-2026

21-JUL-2026

127

NIKHIL KISHOR SAMANT

(PAN:ALAPS4592G)

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER

CANCELLED REGISTRATION AS INVESTMENT ADVISOR FROM 25-APR-2025

25-APR-2025

128

NILAMBU BARAN SYAM

DID NOT PAY RENEWAL FEES AS AN INVESTMENT ADVISER