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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: VIOLATIONS SPECIFIED IN EARLIER SEBI/NSE ORDERS/CIRCULARS

S.No. ENTITY PERSONS REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
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 		 
2
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 		 
3
History of entity/person FIRST OVERSEAS CAPITAL LTD.

(PAN:AAACL4737A)  
  DID NOT SUBMIT HALF YEARLY REPORTS VIOLATING SEBI CIRCULAR CIR/MIRSD/6/2012 DATED 14/05/2012 AND SEBI CIRCULAR SEBI/HO/MIRSD/MIRSD1/CIR/P/2017/38 DATED 02/05/2017

DID NOT UNDERTAKE INDEPENDENT DUE DILIGENCE WITH REGARD TO VERIFICATION OF BACKGROUND OF DIRECTORS AND PROMOTERS AS TO WHETHER ANY OF THEM ARE WILLFUL DEFAULTERS, FUGITIVE ECONOMIC OFFENDERS OR DEBARRED BY SEBI AND VERIFICATION OF PHYSICAL EXISTENCE OF ISSUER COMPANY/ SITE FOR THREE COMPANIES, BASED ON DOCUMENTS AVAILABLE ON RECORD VIOLATING REGULATION 245(3) OF SEBI (ICDR) REGULATIONS, 2018

DID NOT UNDERTAKE INDEPENDENT DUE DILIGENCE WITH REGARD TO VERIFICATION OF BACKGROUND OF DIRECTORS AND PROMOTERS AS TO WHETHER ANY OF THEM ARE WILLFUL DEFAULTERS, FUGITIVE ECONOMIC OFFENDERS OR DEBARRED BY SEBI AND VERIFICATION OF PHYSICAL EXISTENCE OF ISSUER COMPANY/ SITE FOR THREE COMPANIES, BASED ON DOCUMENTS AVAILABLE ON RECORD VIOLATING CLAUSE 4 OF SCHEDULE III (CODE OF CONDUCT) READ WITH REGULATIONS 13 AND 14(1)(E) OF SEBI (MERCHANT BANKERS) REGULATIONS, 1992

PRESENTED WRONG INDIVIDUAL AS THE COMPLIANCE OFFICER DURING INSPECTION VIOLATING REGULATION 13 READ WITH CLAUSE 20 OF SCHEDULE III OF SEBI (MERCHANT BANKERS) REGULATIONS, 1992

MISREPRESENTED STATUS OF APPEAL NO.583/2020 BEFORE HON’BLE SAT AND OMITTED TO MENTION THE ADMINISTRATIVE WARNING ISSUED TO IN 2017 DURING INSPECTION VIOLATING REGULATION 13 READ WITH CLAUSES 20 AND 22 OF SCHEDULE III OF SEBI (MERCHANT BANKERS) REGULATIONS 1992

DID NOT DISCLOSE HANDLING OF OPEN OFFER OF ELITECON INTERNATIONAL LTD. IN FY 2021-22 DURING INSPECTION VIOLATING REGULATION 13 READ WITH CLAUSE 20 OF SCHEDULE III OF SEBI (MERCHANT BANKERS) REGULATIONS, 1992

DID NOT SUBMIT QUARTERLY REPORTS TO SEBI VIOLATING REGULATION 27 OF SEBI (MERCHANT BANKERS) REGULATIONS, 1992   		IMPOSED PENALTY RS.10,00,000

27-FEB-2025 		 
4
History of entity/person SARTHI CAPITAL ADVISORS PVT.LTD.

(PAN:AARCS6417P)  
  DID NOT MAKE DISCLOSURE OF DEVIATION IN UTILIZATION OF FUNDS BY VIVO COLLABORATION SOLUTIONS LTD.

DID NOT ADHERE TO VARIOUS SEBI CIRCULARS

REPRESENTATIVES/EMPLOYEES DID NOT HAVE REQUISITE QUALIFICATION AND CERTIFICATION   		IMPOSED PENALTY RS.15,00,000

22-MAR-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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