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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.

PERSONS: SUSPENDED REGISTRATION AS INVESTMENT ADVISER

S.No. PERSON ENTITY REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person ALKA SHRIVASTAVA

(PAN:CBPPS2075D)  
Click here to view complete history of this specific entity/person MONEY SECURE INVESTOR

PAN:CBPPS2075D
  		DID NOT PROVIDE MATERIAL INFORMATION TO SEBI

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

TRADED ON BEHALF OF CLIENTS

PROVIDED ADVICE WITHOUT PROPER RATIONALE TO RISK PROFILE OF CLIENTS

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

DISPLAYED INCORRECT NUMBER OF PENDING COMPLAINTS ON WEBSITE

DID NOT REDRESS INVESTOR COMPLAINTS IN STIPULATED TIME

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

DEALT IN CASH WITH CLIENTS   		SUSPENDED REGISTRATION AS INVESTMENT ADVISER FROM 28-MAR-2023 TO 27-MAR-2024

28-MAR-2023 		 
2
History of entity/person DEEPAK OSTWAL

(PAN:AAPPO6194C)  
Click here to view complete history of this specific entity/person CAPITAL WAYS INVESTMENT ADVISER

PAN:AAPPO6194C
  		REPRESENTATIVES/EMPLOYEES DID NOT HAVE REQUISITE QUALIFICATION AND CERTIFICATION

DETAILS OF THE INVOICES DID NOT MATCH WITH AGREEMENTS

INVOICES GENERATED PRIOR TO ENTERING INTO AGREEMENT WITH THE CLIENTS

DID NOT DO PROPER SUITABILITY ASSESSMENT AND SOLD PRODUCTS BEARING HIGHER RISK THAN RISK CATEGORIES DEFINED BY RISK PROFILE OF CLIENTS

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

DID NOT CO-OPERATE WITH SEBI IN INSPECTION

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

DID NOT MAINTAIN CALL RECORDINGS OF CLIENTS

FORCED CLIENT TO TAKE ADDITIONAL ADVISORY SERVICES AND MAKE ADDITIONAL PAYMENT

HANDLED CLIENTS DEMAT ACCOUNT

DID NOT REDRESS INVESTOR COMPLAINTS

DID NOT PROVIDE TRAINING RELATED TO PREVENTION OF MONEY LAUNDERING ACT, 2002 (PMLA) TO ITS EMPLOYEES   		SUSPENDED REGISTRATION AS INVESTMENT ADVISER FROM 23-MAY-2025 TO 22-NOV-2025

23-MAY-2025 		 
3
History of entity/person GAURAV AGRAWAL  
Click here to view complete history of this specific entity/person PROFIT VISTA FINANCIAL RESEARCH
  		DID NOT POSSESS NISM CERTIFICATE

DID NOT PROVIDE INFORMATION/ REQUISITE DOCUMENTS AND NECESSARY ASSISTANCE AND CO-OPERATION TO THE BOARD   		SUSPENDED REGISTRATION AS INVESTMENT ADVISER FROM 07-MAR-2025 TO 06-SEP-2025

07-MAR-2025 		 
4
History of entity/person MUKESH VISHVAKARMA

(PAN:AJSPV4217F)  
Click here to view complete history of this specific entity/person STRIKER STOCK RESEARCH

PAN:AJSPV4217F
  		SOLD HIGH-RISK PRODUCT/SERVICE TO CLIENT WITH MODERATE/LOW RISK APPETITE

CHARGED UNREASONABLE, ARBITRARILY AND INCONSISTENT FEE

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

PROVIDED WRONG INFORMATION AND/OR MISREPRESENTED TO CLIENTS

THREATENED COMPLAINANTS TO WITHDRAW THE COMPLAINT ON SCORES FALLING WHICH SERVICES WILL NOT BE PROVIDED   		SUSPENDED REGISTRATION AS INVESTMENT ADVISER FROM 23-FEB-2023 TO 22-FEB-2025

23-FEB-2023 		SAT: SAT VIDE ITS ORDER DATED 01/08/2023 ALLOWED APPELLANT THREE WEEKS TO FILE REJOINDER

SAT: SAT VIDE ITS ORDER DATED 08/12/2023 CONDONED THE DELAY IN FILING OF APPEAL  
5
History of entity/person RAJESH SINGH RATHORE

(PAN:AHPPR9284D)  
Click here to view complete history of this specific entity/person BONAZ CAPITAL INVESTMENT ADVISER

PAN:AHPPR9284D
  		PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

INDULGED IN INVESTMENT ADVISORY SERVICES WITHOUT POSSESSING REQUISITE QUALIFICATIONS

CARRIED OUT IMPROPER RISK PROFILING OF CLIENTS

SOLD PRODUCTS TO CLIENTS WHICH WERE NOT SUITABLE TO RISK PROFILE OF THE CLIENTS

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

DID NOT MAKE DISCLOSURE TO CLIENTS ABOUT DETAILS OF INVESTMENT ADVISORY SERVICES/PRODUCTS

DID NOT PROVIDE RECORD OF INVESTMENT ADVICE TO CLIENTS AND SIGNED RATIONALE FOR ARRIVING INVESTMENT ADVICE

DID NOT REDRESS INVESTOR COMPLAINTS

DID NOT ADHERE TO VARIOUS SEBI CIRCULARS   		SUSPENDED REGISTRATION AS INVESTMENT ADVISER FROM 30-NOV-2022 TO 28-FEB-2023

30-NOV-2022 		 
6
History of entity/person SATISH SHUKLA

(PAN:BLWPS1911G)  
Click here to view complete history of this specific entity/person PROFIT GURU

PAN:BLWPS1911G
  		DID NOT CO-OPERATE WITH SEBI IN INSPECTION

DID NOT ADHERE TO THE DIRECTIVES/INSTRUCTIONS/GUIDELINES ISSUED BY SEBI VIDE IT’S EARLIER ORDER

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

SOLD MULTIPLE ADVISORY SERVICES TO CLIENTS BY FREQUENTLY UPDATING/CHANGING RISK PROFILE

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

SOLD MULTIPLE PRODUCTS AND CHARGED UNREASONABLE FEES AND/OR SERVICE CHARGE   		SUSPENDED REGISTRATION AS INVESTMENT ADVISER FROM 12-OCT-2023 TO 11-OCT-2025

12-OCT-2023 		 
7
History of entity/person SUMAN KUMAR

(PAN:AMCPK0541Q)  
Click here to view complete history of this specific entity/person PODIUM MARKET RESEARCH

PAN:AMCPK0541Q
  		DID NOT RENEW NISM REGISTRATION

DID NOT MAINTAIN COPIES OF CLIENT AGREEMENTS

COLLECTED FEES IN EXCESS FEES OF THE PERMISSIBLE LIMIT   		SUSPENDED REGISTRATION AS INVESTMENT ADVISER FROM 14-DEC-2023 TO 13-MAR-2024 OR UNTIL THE TIME NOTICEE RENEWS THE REQUISITE NISM CERTIFICATION

14-DEC-2023 		 
8
History of entity/person SUMIT KUMAR WAGHMARE

(PAN:ABRPW8653R)  
Click here to view complete history of this specific entity/person F3 FINANCIALS
Click here to view complete history of this specific entity/person GARUDA FINANCE
  		ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION   SUSPENDED REGISTRATION AS INVESTMENT ADVISER FROM 26-MAR-2025 TO 25-SEP-2025

26-MAR-2025 		 
9
History of entity/person TABREZ KHAN

(PAN:BBQPK0436A)  
Click here to view complete history of this specific entity/person ZOID RESEARCH

PAN:BBQPK0436A
  		PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

EXTRACTED MONEY FROM CLIENTS AND/OR INVESTORS

DID NOT POSSESS NISM CERTIFICATE

USED FAKE NAMES/IDENTITY TO SOLICIT PAYMENTS FROM CLIENTS AND/OR INVESTORS   		SUSPENDED REGISTRATION AS INVESTMENT ADVISER FROM 11-MAY-2022 TO 10-MAY-2025

11-MAY-2022 		 
10
History of entity/person VEERENDRA KUMAR GUPTA

(PAN:BEDPG9199C)  
Click here to view complete history of this specific entity/person NIVESHICON INVESTMENT ADVISORY

PAN:BEDPG9199C
  		DID NOT REDRESS INVESTOR COMPLAINTS IN STIPULATED TIME

DID NOT FURNISH ACTION TAKEN REPORT IN CONNECTION WITH REDRESSAL OF INVESTOR’S GRIEVANCES IN STIPULATED TIME   		SUSPENDED REGISTRATION AS INVESTMENT ADVISER FROM 28-FEB-2023

28-FEB-2023 		SAT: SAT VIDE ITS ORDER DATED 16/06/2023 ALLOWED APPELLANT THREE WEEKS TO FILE REJOINDER  
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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