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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 RESEARCH ANALYSTS

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

(PAN:BLPPS3144G)  
  DID NOT MAKE PUBLISH INVESTOR CHARTER ON THEIR WEBSITE

DID NOT OBTAIN NISM CERTIFICATION AS RESEARCH ANALYST

DID NOT MENTION FULL REGISTERED ADDRESS OF BUSINESS PLACE ON WEBSITE

DID NOT ESTABLISH INTERNAL POLICY AND CONTROL PROCEDURE TO ADDRESS POTENTIAL CONFLICTS OF INTEREST ARISING FROM TRADING ACTIVITIES AND RESEARCH ANALYST ACTIVITIES

DID NOT MAKE DISCLOSURE OF MATERIAL DISCLOSURES INCLUDING SEBI REGISTRATION NUMBER, DETAILS ABOUT BUSINESS ACTIVITIES IN RESEARCH REPORTS, FINANCIAL INTEREST/BENEFICIAL OWNERSHIP OF IT AND ITS ASSOCIATES IN SECURITIES

MADE UNREALISTIC AND MISLEADING DISCLOSURES WITH RESPECT TO PROFIT AND LOSS MADE FROM TRADING/OPTIONS STRATEGIES OFFERED

DID NOT MAINTAIN RECORDS IN RESPECT OF RECOMMENDATIONS/CALLS MADE THROUGH WHATSAPP/E-MAIL/TERMINAL   		SUSPENDED REGISTRATION AS RESEARCH ANALYSTS

21-MAR-2024 		SAT: SAT VIDE ITS ORDER DATED 03/04/2024 ALLOWED RESPONDENT THREE WEEKS TO FILE REPLY AND REJOINDER TO BE FILED THREE WEEKS THEREAFTER

SAT: SAT VIDE ITS ORDER DATED 21/06/2024 GRANTED APPELLANT FOUR WEEKS TO FILE REJOINDER  
2
History of entity/person MANISH GOEL (AKA.MANISH KUMAR GOYAL)

(PAN:AHWPG4252B)  
Click here to view complete history of this specific entity/person MULTIBAGGER SECURITIES RESEARCH & ADVISORY PVT.LTD.

PAN:AAKCM8779K
  		DID NOT HAVE ANY INTERNAL POLICY NOR FOLLOWING ANY INTERNAL POLICY AND CONTROL PROCEDURE DEALING AND TRADING IN SECURITIES

DID NOT ENSURE INDEPENDENCE OF RESEARCH ACTIVITIES FROM OTHER BUSINESS ACTIVITIES AND DID NOT MAINTAIN ARMS-LENGTH RELATIONSHIP BETWEEN RESEARCH ACTIVITIES AND OTHER ACTIVITIES

TRADED IN RESTRICTED PERIOD ON MULTIPLE INSTANCES AND TRADED IN A MANNER CONTRARY TO HIS RECOMMENDATIONS

DID NOT MAINTAIN RECORDS OF RECOMMENDATIONS IN MULTIPLE INSTANCES AND HAD GIVEN RETURN ASSURED RECOMMENDATION

GAVE RECOMMENDATIONS WITHOUT ANY ADEQUATE DOCUMENTARY BASIS AND FAILED TO COMPLY WITH IN RESPECT OF CONTENTS OF RESEARCH REPORT

DID NOT PROVIDE NECESSARY DISCLOSURE IN RESEARCH REPORTS AND RECOMMENDATIONS MADE IN GENERAL OR THROUGH PUBLIC APPEARANCES

DID NOT FOLLOW AND REFUSED TO FOLLOW ‘KNOW YOUR CLIENT’ (KYC) PROCEDURES SPECIFIED I SEBI CIRCULARS AND GUIDELINES ISSUED IN RESPECT OF KNOW YOUR CLIENT (KYC), CLIENT DUE DILIGENCE (CDD), ANTI-MONEY LAUNDERING (AML) AND PREVENTION OF MONEY LAUNDERING ACT, 2002 (PMLA)

DID NOT FOLLOW AND REFUSED TO PROVIDE RELEVANT RECORDS AND ALL SUCH ASSISTANCE AND CO-OPERATION AS REQUIRED IN CONNECTION WITH INSPECTION

ENGAGED IN OTHER BUSINESS ACTIVITIES LIKE TAX CONSULTANCY AND SEBI REGISTERED INVESTMENT ADVISOR BUSINESS ETC.   		SUSPENDED REGISTRATION AS RESEARCH ANALYSTS

30-OCT-2023 		SAT: SAT VIDE ITS ORDER DATED 14/02/2025 DISMISSED THE APPEAL. NO COSTS  
3
History of entity/person MANISH KUMARR GOYAL (AKA.MANISH GOEL)

(PAN:AHWPG4252B)  
Click here to view complete history of this specific entity/person MULTIBAGGER SECURITIES RESEARCH & ADVISORY PVT.LTD.

PAN:AAKCM8779K
  		DID NOT HAVE ANY INTERNAL POLICY NOR FOLLOWING ANY INTERNAL POLICY AND CONTROL PROCEDURE DEALING AND TRADING IN SECURITIES

DID NOT ENSURE INDEPENDENCE OF RESEARCH ACTIVITIES FROM OTHER BUSINESS ACTIVITIES AND DID NOT MAINTAIN ARMS-LENGTH RELATIONSHIP BETWEEN RESEARCH ACTIVITIES AND OTHER ACTIVITIES

TRADED IN RESTRICTED PERIOD ON MULTIPLE INSTANCES AND TRADED IN A MANNER CONTRARY TO HIS RECOMMENDATIONS

DID NOT MAINTAIN RECORDS OF RECOMMENDATIONS IN MULTIPLE INSTANCES AND HAD GIVEN RETURN ASSURED RECOMMENDATION

GAVE RECOMMENDATIONS WITHOUT ANY ADEQUATE DOCUMENTARY BASIS AND FAILED TO COMPLY WITH IN RESPECT OF CONTENTS OF RESEARCH REPORT

DID NOT PROVIDE NECESSARY DISCLOSURE IN RESEARCH REPORTS AND RECOMMENDATIONS MADE IN GENERAL OR THROUGH PUBLIC APPEARANCES

DID NOT FOLLOW AND REFUSED TO FOLLOW ‘KNOW YOUR CLIENT’ (KYC) PROCEDURES SPECIFIED I SEBI CIRCULARS AND GUIDELINES ISSUED IN RESPECT OF KNOW YOUR CLIENT (KYC), CLIENT DUE DILIGENCE (CDD), ANTI-MONEY LAUNDERING (AML) AND PREVENTION OF MONEY LAUNDERING ACT, 2002 (PMLA)

DID NOT FOLLOW AND REFUSED TO PROVIDE RELEVANT RECORDS AND ALL SUCH ASSISTANCE AND CO-OPERATION AS REQUIRED IN CONNECTION WITH INSPECTION

ENGAGED IN OTHER BUSINESS ACTIVITIES LIKE TAX CONSULTANCY AND SEBI REGISTERED INVESTMENT ADVISOR BUSINESS ETC.   		SUSPENDED REGISTRATION AS RESEARCH ANALYSTS

30-OCT-2023 		SAT: SAT VIDE ITS ORDER DATED 14/02/2025 DISMISSED THE APPEAL. NO COSTS  
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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