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.

PERSONS: DIRECTED NOT TO BUY, SELL OF DEAL DIRECTLY OR INDIRECTLY IN ANY INITIAL PUBLIC OFFERING

S.No.

PERSON

ENTITY

REGULATORY CHARGES

REGULATORY ACTION(S) / DATE OF ORDER

FURTHER DEVELOPMENTS

AJAY KUMAR GUPTA

FACILITATED IN MANIPULATING IPOS OF VARIOUS COMPANIES BY PROVIDING FUNDS TO PURCHASE SHARES MEANT FOR RETAIL APPLICANTS

PROHIBITED FROM OPERATING DP ACCOUNT WITH INDIABULLS SECURITIES LTD. EXCEPT FOR THE PURPOSE OF TRANSFER OF SECURITIES ON ACCOUNT OF SALE TRANSACTIONS

SEBI VIDE ITS ORDER DATED 18/08/2016 RECALLED THE RESTRAINT ORDER PASSED VIDE ITS AD-INTERIM EX-PARTE ORDER DATED 12/01/2006 AND CONFIRMEND VIDE ITS ORDER DATED 27/04/2016

ARJAV NARESHBHAI PANCHAL

(PAN:AGZPP2986M)

MADE APPLICATIONS IN FICTITIOUS NAMES/USED BENAMI APPLICATIONS FOR OBTAINING HIGHER ALLOTMENT IN IPOS OF VARIOUS COMPANIES

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 27-APR-2006 TILL FURTHER ORDERS

DIRECTED NOT TO BUY, SELL OF DEAL DIRECTLY OR INDIRECTLY IN ANY INITIAL PUBLIC OFFERING FROM 27-APR-2006 TILL FURTHER ORDERS

27-APR-2006

D TO DISGORGE RS.3,720

25-FEB-2011~

SEBI VIDE ITS ORDER DATED 25/02/2011 DIRECTED 1. NOT TO BUY, SELL OR DEAL IN SECURITIES MARKET IN ANY MANNER WHATSOEVER OR ACCESS SECURITIES MARKET,DIRECTLY OR INDIRECTLY FOR THREE MONTHS FROM DATE OF ORDER 2.TO DISGORGE RS.3,720 (UNLAWFUL GAIN OF RS.2,480 AND INTEREST RS.1,240 ) WITHIN 45 DAYS FROM DATE OF ORDER OTHERWISE PERIOD OF RESTRAINT WILL BE FURTHER PERIOD OF NINE YEARS (SUPERSEDED ALL DIRECTION ISSUED VIDE INTERIM ORDER DATED 27/04/2006)

SEBI VIDE ITS NOTICE DATED 17/10/2013 DIRECTED ALL THE BANKS IN INDIA AND/OR NSDL/CDSL TO 1. ATTACH ALL THE ACCOUNTS BY WHATEVER NAME CALLED INCLUDING LOCKERS 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

ASHOK K.BAGRECHA

(PAN:AARPB1329G)

FACILITATED IN MANIPULATING IPOS OF VARIOUS COMPANIES BY PROVIDING FUNDS TO PURCHASE SHARES MEANT FOR RETAIL APPLICANTS

ORDERED TO DISGORGE UNLAWFUL GAIN OF RS.2,24,280 AND INTEREST @10% P.A. FROM DATE OF LISTING OF JET AIRWAYS I.E. 14/03/2005 AND RESTRAINED FROM BUYING, SELLING OR DEALING IN SECURITIES MARKET IN ANY MANNER WHATSOVER OR ACCESSING SECURITIES MARKET EITHER DIRECTLY OR INDIRECTLY FOR A PERIOD OF TWO YEARS. IN CASE AFORESAID AMOUNT IS NOT DISGORGED WITHIN SPECIFIED TIME, SHALL BE PUNISHED FOR AN ADDITIONAL PERIOD OF TEN YEARS

PENALTY IMPOSED RS.1,00,000 VIDE ADJUDICATION OFFICER, ORDER DATED 31/12/2008

BAHUBALI SHANTILAL SHAH

(PAN:AINPS8897E)

FACILITATED IN MANIPULATING IPO OF INFRASTRUCTURE DEVELOPMENT FINANCE CO.LTD. BY PROVIDING FUNDS TO PURCHASE SHARES MEANT FOR RETAIL APPLICANTS AND LATER ON SELL THEM IN MARKET AT HIGHER PRICE FOR UNJUST ENRICHMENT

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 12-JAN-2006 TILL FURTHER ORDERS

DIRECTED NOT TO BUY, SELL OF DEAL DIRECTLY OR INDIRECTLY IN ANY INITIAL PUBLIC OFFERING FROM 12-JAN-2006 TILL FURTHER ORDERS

12-JAN-2006

SETTLEMENT ( SETTLEMENT CHARGES RS.17,60,066, DISGORGEMENT AMOUNT RS.25,14,380 VIDE CONSENT ORDER)

01-NOV-2012~

EX-PARTE AD-INTERIM ORDER DATED 12/01/2006 REVOKED AS APPLICANT DEPOSITED RS.17,60,066.00 TOWARDS SETTLEMENT CHARGES AND RS.25,14,380.00 TOWARDS DISGORGEMENT, AS PER TERMS SETTLED VIDE CONSENT ORDER DATED 01/11/2012

BAKUL DESAI

FACILITATED IN MANIPULATING IPOS OF VARIOUS COMPANIES BY PROVIDING FUNDS TO PURCHASE SHARES MEANT FOR RETAIL APPLICANTS

ORDER DATED 27/04/2006 DISPOSED OFF, AS APPLICANT AGREED TO PAY RS.77,460 AGAINST NOTIONAL UNDUE GAIN AND RS.12,540 AGAINST SETTLEMENT CHARGES JOINTLY WITH HEMLATA DESAI AND CHIRAG DESAI AS PER CONSENT ORDER DATED 12/08/2008

BALWINDERKAUR PURSWANI

FACILITATED IN MANIPULATING IPOS OF VARIOUS COMPANIES BY PROVIDING FUNDS TO PURCHASE SHARES MEANT FOR RETAIL APPLICANTS

AD INTERIM EX-PARTE ORDER DATED 27/04/2006 DISPOSED OFF, AS APPLICANT AGREED TO PAY RS.7,45,312 TOWARDS DISGORGEMENT AND RS.1,49,062 TOWARDS SETTLEMENT CHARGES, AS PER CONSENT ORDER DATED 15/09/2009

BANSILAL C.MEHTA

FACILITATED IN MANIPULATING IPOS OF VARIOUS COMPANIES BY PROVIDING FUNDS TO PURCHASE SHARES MEANT FOR RETAIL APPLICANTS

AD INTERIM EX-PARTE ORDER DATED 27/04/2006 DISPOSED OFF, AS APPLICANT AGREED TO PAY RS.22061 AGAINST DISGORGED AND RS.4500 AGAINST SETTLEMENT CHARGES, AS PER CONSENT ORDER DATED 20/10/2008

ADJUDICATION PROCEEDINGS INITIATED VIDE SHOW CAUSE NOTICE NO.A&E/BS/69507/2006 DATED 15/06/2006 DISPOSED OFF, AS APPLICANT ALREADY PAID RS.22,061.35 TOWARDS DISGORGEMENT (PAYABLE TO INVESTORS) AND RS.4,500.00 TOWARDS SETTLEMENT CHARGES, AS PER CONSENT ORDER DATED 20/10/2008

BHANUPRASAD DIPAKKUMAR TRIVEDI

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ZENET SOFTWARE LTD.

PAN:AAACZ0978K

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 12-JAN-2006 UNTIL FURTHER ORDERS

DIRECTED NOT TO BUY, SELL OF DEAL DIRECTLY OR INDIRECTLY IN ANY INITIAL PUBLIC OFFERING FROM 12-JAN-2006 UNTIL FURTHER ORDERS

12-JAN-2006

BHANUPRASAD DIPAKKUMAR TRIVEDI

ZENET SOFTWARE LTD.

PAN:AAACZ0978K

FACILITATED IN MANIPULATING IPOS OF VARIOUS COMPANIES BY PROVIDING FUNDS TO PURCHASE SHARES MEANT FOR RETAIL APPLICANTS

APPLICANT APPEALED AGAINST INTERIM ORDER DATED 27/04/2006 TO SAT. SAT DIRECTRED SEBI TO PASS A FINAL ORDER BEFORE 31/07/2009. NOW SEBI VIDE ORDER DATED 30/07/2009 RESTRAINED THE APPLICANT FROM BUYING, SELLING OR DEALING IN SECURITIES MARKET IN ANY MANNER WHATSOEVER OR ACCESSING SECURITIES MARKET, DIRECTLY OR INDIRECTLY, FOR A PERIOD OF ONE YEAR FROM DATE OF THIS ORDER I.E. 30/07/2009

SAT: APPEAL DISMISSED AS INFRUCTUOUS

BHARGAV RANCHHODLAL PANCHAL

(PAN:AADHP0704R)

FACILITATED IN MANIPULATING IPOS OF VARIOUS COMPANIES BY PROVIDING FUNDS TO PURCHASE SHARES MEANT FOR RETAIL APPLICANTS

CONFIRMED AD-INTERIM EX-PARTE ORDER DATED 27/04/2006 AND DIRECTED NOT TO BUY, SELL OR DEAL IN THE SECURITIES INCLUDING INITIAL PUBLIC OFFERING UNTIL FURTHER ORDERS

SEBI VIDE ITS ORDER DATED 25/02/2011 DIRECTED 1. NOT TO BUY, SELL OR DEAL IN SECURITIES MARKET IN ANY MANNER WHATSOEVER OR ACCESS SECURITIES MARKET,DIRECTLY OR INDIRECTLY FOR THREE MONTHS FROM DATE OF ORDER 2.TO DISGORGE RS.13,45,536 (UNLAWFUL GAIN OF RS.8,97,024 AND INTEREST RS.4,48,512) WITHIN 45 DAYS FROM DATE OF ORDER OTHERWISE PERIOD OF RESTRAINT WILL BE FURTHER PERIOD OF NINE YEARS (SUPERSEDED ALL DIRECTION ISSUED VIDE INTERIM ORDERS DATED 12/01/2006 AND 27/04/2006)

BHARGAV RANCHHODLAL PANCHAL

(PAN:AADHP0704R)

BIREN KANTILAL SHAH (AKA.SHAH BIREN KANTILAL)

(PAN:AVZPS0368P)

MADE APPLICATIONS IN FICTITIOUS NAMES/USED BENAMI APPLICATIONS FOR OBTAINING HIGHER ALLOTMENT IN IPO OF INFRASTRUCTURE DEVELOPMENT FINANCE CO.LTD.

DIRECTED TO 1.RESTRAINED FROM BUYING,SELLING OR DEALING IN SECURITIES MARKET IN ANY MANNER WHATSOEVER OR ACCESSING SECURITIES MARKET,DIRECTLY OR INDIRECTLY,FOR A PERIOD OF ONE YEAR FROM DATE OF THIS ORDER AND 2.DISGORGE UNLAWFUL GAIN OF RS.24,10,789 ALONGWITH INTEREST OF RS.6,50,913 WITHIN 45 DAYS FROM DATE OF THIS ORDER.IN CASE OF NON PAYMENT,HE SHALL BE RESTRAINED FROM BUYING,SELLING OR DEALING IN SECURITIES MARKET IN ANY MANNER WHATSOEVER OR ACCESSING SECURITIES MARKET,DIRECTLY OR INDIRECTLY,FOR A FURTHER PERIOD OF THREE YEARS FROM DATE OF THIS ORDER ALONGWITH FURTHER INTEREST TILL ACTUAL PAYMENT IS MADE

WHOLE TIME MEMBER SEBI VIDE ITS ORDER DATED 12/06/2015 DIRECTED SEBI TO RE-INVESTIGATE THE MATTER PERTAINING TO JAYESH P.KHANDWALA (HUF), PROPERITOR OF ZEALOUS TRADING CO., ITS ROLE IN THE INITIAL PUBLIC OFFERS OF IDFC LTD., SASKEN COMMUNICATION TECHNOLOGIES LTD. AND SUZLON ENERGY LTD., ITS ALLEGED DIRECT/INDIRECT TRANSACTIONS, BOTH FINANCIAL AND SECURITIES, WITH THE ENTITIES/ PERSONS (INCLUDING SUGANDH ESTATES AND INVESTMENTS PVT.LTD., MS.ROOPALBEN PANCHAL, MR.BIREN KANTILAL SHAH AND MR.BHANU PRASAD TRIVEDI) AND THE ILLEGAL GAINS MADE BY JAYESH P.KHANDWALA (HUF) IN THE SAID INITIAL PUBLIC OFFERS. ACCORDINGLY, SHOW CAUSE NOTICE DATED 08/04/2009, DISPOSED OFF

CHANDRAKANT AMRATLAL PAREKH

(PAN:AHXPP5708J)

MADE APPLICATIONS IN FICTITIOUS NAMES/USED BENAMI APPLICATIONS FOR OBTAINING HIGHER ALLOTMENT IN IPOS OF VARIOUS COMPANIES

DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL MARKET / INTERMEDIARIES FROM 27-APR-2006 TILL FURTHER ORDERS

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 27-APR-2006 TILL FURTHER ORDERS

DIRECTED NOT TO BUY, SELL OF DEAL DIRECTLY OR INDIRECTLY IN ANY INITIAL PUBLIC OFFERING FROM 27-APR-2006 TILL FURTHER ORDERS

27-APR-2006

D TO DISGORGE RS.30,85,262

10-MAY-2010~

SAT: APPEAL DISMISSED WITH NO ORDER AS TO COSTS

DIRECTED VIDE ORDER DATED 10/05/2010 A.NOT TO BUY,SELL OR DEAL IN SECURITIES MARKET IN ANY MANNER WHATSOEVER OR ACCESS SECURITIES MARKET,DIRECTLY OR INDIRECTLY FOR ONE YEAR B. TO DISGORGE UNLAWFUL GAINS OF RS.30,85,262 (UNLAWFUL GAINS OF RS.24,29,340 AND INTEREST OF RS.6,55,922) WITHIN 45 DAYS, AND C.IN CASE AFORESAID AMOUNT OF RS.30,85,262 NOT PAID WITHIN SPECIFIED TIME, SHALL BE RESTRAINED FROM BUYING,SELLING OR DEALING IN SECURITIES MARKET IN ANY MANNER WHATSOEVER OR ACCESSING SECURITIES MARKET,DIRECTLY OR INDIRECTLY FOR A FURTHER PERIOD OF SEVEN YEARS,WITHOUT PREJUDICE TO SEBI�S RIGHT TO ENFORCE DISGORGEMENT

CHIMANLAL GIRDHARLAL SHAH

FACILITATED IN MANIPULATING IPOS OF VARIOUS COMPANIES BY PROVIDING FUNDS TO PURCHASE SHARES MEANT FOR RETAIL APPLICANTS

AD INTERIM EX-PARTE ORDER DATED 27/04/2006 DISPOSED OFF, AS APPLICANT AGREED TO PAY RS.350000 AGAINST DISGORGED AND RS.50000 AGAINST SETTLEMENT CHARGES, AS PER CONSENT ORDER DATED 20/10/2008

CHIRAG DESAI

FACILITATED IN MANIPULATING IPOS OF VARIOUS COMPANIES BY PROVIDING FUNDS TO PURCHASE SHARES MEANT FOR RETAIL APPLICANTS

ORDER DATED 27/04/2006 DISPOSED OFF, AS APPLICANT AGREED TO PAY RS.77,460 AGAINST NOTIONAL UNDUE GAIN AND RS.12,540 AGAINST SETTLEMENT CHARGES JOINTLY WITH BAKUL DESAI AND HEMLATA DESAI AS PER CONSENT ORDER DATED 12/08/2008

CHIRAG JAYENDRAKUMAR SHAH

FACILITATED IN MANIPULATING IPOS OF VARIOUS COMPANIES BY PROVIDING FUNDS TO PURCHASE SHARES MEANT FOR RETAIL APPLICANTS

SEBI VIDE ITS ORDER DATED 18/08/2016 RECALLED THE RESTRAINT ORDER PASSED VIDE ITS AD-INTERIM EX-PARTE ORDER DATED 12/01/2006 AND CONFIRMEND VIDE ITS ORDER DATED 27/04/2016

D.B.MEHTA (AKA. DHARMESH BHUPENDRA M.)

MADE APPLICATIONS IN FICTITIOUS NAMES/USED BENAMI APPLICATIONS FOR OBTAINING HIGHER ALLOTMENT IN IPOS OF VARIOUS COMPANIES

CONFIRMED INTERIM ORDER DATED APR. 27,2006

AD-INTERIM EX-PARTE ORDER DATED 27/04/2006 DISPOSED OFF, AS APPLICANT AGREED TO PAY RS.33,72,056 TOWARDS SETTLEMENT CHARGES AND RS.84,30,140 TOWARDS DISGORGEMENT AMOUNT (PAYABLE TO INVESTORS), AS PER CONSENT ORDER DATED 01/02/2010

DEEPAK MADHUKANT PATEL

MADE APPLICATIONS IN FICTITIOUS NAMES/USED BENAMI APPLICATIONS FOR OBTAINING HIGHER ALLOTMENT IN IPOS OF VARIOUS COMPANIES

ORDER DATED 27/04/2006 DISPOSED OFF, AS APPLICANT AGREED TO PAY RS.3,50,000 AGAINST SETTLEMENT CHARGES AND RS.17,60,000 AGAINST AMOUNT DISGORGED AS PER CONSENT ORDER DATED 05/11/2008

DEEPAK N.DADIA

FACILITATED IN MANIPULATING IPOS OF VARIOUS COMPANIES BY PROVIDING FUNDS TO PURCHASE SHARES MEANT FOR RETAIL APPLICANTS

ORDER DATED 27/04/2006 DISPOSED OFF, AS APPLICANT AGREED TO PAY RS.250000 AGAINST NOTIONAL UNDUE GAIN AND RS.100000 AGAINST SETTLEMENT CHARGES, AS PER CONSENT ORDER DATED 05/06/2008

The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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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

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SOURCE OF INFORMATION : SECURITIES AND EXCHANGE BOARD OF INDIA WEBSITE � PRESS RELEASES/ CHAIRMAN�S AND MEMBER�S ORDERS / AO ORDERS/ SAT ORDERS/ NEWSPAPER ADSUPDATED TILL : 03-JUL-2025

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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