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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 : 03-JUL-2025

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.

MERCHANT BANKERS: VIOLATED SEBI (PROHIBITION OF INSIDER TRADING) REGULATIONS, 2015

S.No. ENTITY PERSONS REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person ARYAMAN FINANCIAL SERVICES LTD.

(PAN:AABCA1376P)  
  DID NOT CONDUCT INDEPENDENT DUE DILIGENCE WITH RESPECT TO DISCLOSURES MADE IN LETTER OF OFFER REGARDING EDUCATIONAL QUALIFICATIONS OF ACQUIRERS

DID NOT UPDATE CODE OF CONDUCT ADOPTED UNDER SCHEDULE B AND SCHEDULE C OF SEBI (PIT) REGULATIONS, 2015   		IMPOSED PENALTY RS.2,00,000

31-MAY-2024 		 
2
History of entity/person EXPERT GLOBAL CONSULTANTS PVT.LTD.

(PAN:AABCF5715E)  
  DID NOT EXERCISE PROPER DUE DILIGENCE WHILE SUBMITTING CAPITAL BUILD-UP OF PROMOTER AND PROMOTER GROUP

MADE MISLEADING DISCLOSURES/STATEMENT ON WEBSITE

DID NOT DISPLAY INVESTOR CHARTER ON ITS WEBSITE

DID NOT HAVE VALID NCFM/NISM CERTIFICATE

DID NOT INTIMATE CHANGES IN DIRECTORS AND KEY MANAGERIAL PERSONNEL TO SEBI

DELAY IN FILING OF PERIODIC REPORTS TO SEBI

DID NOT ADOPT CODE OF CONDUCT, MAINTENANCE OF STRUCTURAL DIGITAL DATABASE (SDD) AND DESIGNATING ANY COMPLIANCE OFFICER TO MONITOR COMPLIANCES AS REQUIRED UNDER SEBI (PIT) REGULATIONS, 2015   		PROHIBITED FROM TAKING ANY NEW ASSIGNMENT I.E.NEW CLIENTS AS A MERCHANT BANKER FROM 25-APR-2025 TO 24-OCT-2025

25-APR-2025 		 
3
History of entity/person FINSHORE MANAGEMENT SERVICES LTD.

(PAN:AABCF8557F)  
  DID NOT ADHERE TO SEBI OBSERVATION LETTER DATED 11/01/2022 WITH RESPECT TO OPEN OFFER OF MEHAI TECHNOLOGY LTD. VIOLATING REGULATIONS 16(4) AND 27(5) OF SAST REGULATIONS, 2011

DID NOT ADHERE TO SEBI OBSERVATION LETTER DATED 11/01/2022 WITH RESPECT TO OPEN OFFER OF MEHAI TECHNOLOGY LTD. VIOLATING CLAUSES 6 AND 7 OF CODE OF CONDUCT UNDER SCHEDULE III READ WITH REGULATION 13 OF SEBI (MERCHANT BANKERS) REGULATIONS, 1992

DID NOT CLASSIFY TWO ENTITIES UNDER PROMOTER GROUP OF THE ISSUER, INDONG TEA CO.LTD. VIOLATING CLAUSES 4 AND 6 OF SCHEDULE III CODE OF CONDUCT READ WITH REGULATION 13 OF SEBI (MERCHANT BANKERS) REGULATIONS, 1992

DID NOT CLASSIFY TWO ENTITIES UNDER PROMOTER GROUP OF THE ISSUER, INDONG TEA CO.LTD. VIOLATING REGULATION 245(3) READ WITH SCHEDULE VI OF SEBI (ICDR) REGULATIONS, 2018

DID NOT UPLOAD INVESTOR CHARTER ON ITS WEBSITE

DID NOT CREATE AND UTILISE DEDICATED EMAIL ID FOR INVESTOR GRIEVANCES

USED PERSON-CENTRIC EMAIL IDS INSTEAD OF GENERAL EMAIL IDS FOR REGULATORY COMMUNICATIONS

DID NOT MAINTAIN LIST OF DESIGNATED PERSONS, STRUCTURED DIGITAL DATABASE AND DEFICIENCIES IN THE INTERNAL CONTROLS PUT IN PLACE BY MERCHANT BANKER VIOLATING REGULATIONS 3, 9, 9A AND SCHEDULE C OF SEBI (PIT) REGULATIONS, 2015

DID NOT MAKE DISCLOSURE OF INFORMATION IN REPLY TO PIQ WITH RESPECT TO ADMINISTRATIVE WARNINGS AND DEFICIENCY LETTERS PREVIOUSLY ISSUED BY SEBI   		IMPOSED PENALTY RS.5,00,000

30-MAY-2024 		 
4
History of entity/person SYSTEMATIX CORPORATE SERVICES LTD.

(PAN:AAGCS3420D)  
  DID NOT EXERCISE DUE CARE AND DILIGENCE IN MATTER OF IPO OF XYZ LTD. VIOLATING REGULATION 24(3) OF SEBI (ICDR) REGULATIONS, 2018

DID NOT EXERCISE DUE CARE AND DILIGENCE IN MATTER OF IPO OF XYZ LTD. VIOLATING REGULATION 13 READ WITH CLAUSE 4 OF SCHEDULE III OF SEBI (MERCHANT BANKERS) REGULATIONS, 1992

DELAY IN MAKING REQUISITE STATUS UPDATES IN SEBI INTERMEDIARY PORTAL VIOLATING REGULATION 9A(1)(F) OF SEBI (MERCHANT BANKERS) REGULATIONS, 1992 AND SEBI CIRCULAR DATED 02/05/2017

DID NOT MAINTAIN STRUCTURED DIGITAL DATABASE FOR MERCHANT BANKING RELATED ACTIVITIES DURING INVESTIGATION PERIOD VIOLATING REGULATION 3(5) OF SEBI (PIT) REGULATIONS, 2015   		IMPOSED PENALTY RS.7,00,000

28-JUN-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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