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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: DID NOT FULFIL NET WORTH CRITERIA

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

(PAN:BENPB0608D)  
Click here to view complete history of this specific entity/person INSANE TRADERS

PAN:BENPB0608D
  		DID NOT RENEW NISM X-A & NISM X-B CERTIFICATE

DID NOT MAINTAIN AND PROVIDE RECORD OF CLIENTS AND COPY OF AGREEMENT EXECUTED BETWEEN CLIENTS

DID NOT PROVIDE DETAILS OF KRA PROCESS AT THE TIME OF ON-SITE INSPECTION AND DID NOT FOLLOW KYC PROCESS WHILE ONBOARDING CLIENTS

DID NOT PROVIDE DOCUMENTED PROCESS FLOW TO IDENTIFY RISK PROFILE/ RISK SCORE OF CLIENTS TO DECIDE ON THEIR SUITABILITY FOR FINANCIAL PRODUCTS

DID NOT PROVIDE DOCUMENTED PROCESS FLOW AND DETAIL QUESTIONNAIRE FOR RISK PROFILING CLIENT

DID NOT MAKE DISCLOSURES ABOUT MATERIAL INFORMATION ABOUT ITSELF INCLUDING BUSINESS, DISCIPLINARY HISTORY, ANY ACTUAL OR POTENTIAL CONFLICT OF INTEREST, ETC.

DID NOT APPLY FOR REGISTRATION AS NON-INDIVIDUAL INVESTMENT ADVISOR

DID NOT ADHERE TO NET WORTH REQUIREMENT   		IMPOSED PENALTY RS.8,00,000 ALONG WITH OTHER ENTITIES/PERSONS

29-OCT-2024 		SEBI VIDE ITS NOTICE DATED 01/01/2025 DIRECTED TO PAY RS.8,33,000.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE

SAT: SAT VIDE ITS ORDER DATED 14/01/2025 GRANTED RESPONDENT FOUR WEEKS TO FILE REPLY AND APPELLANT TO FILE REJOINDER TWO WEEKS THEREAFTER. STAYED RECOVERY PROCEEDING SUBJECT TO DEPOSIT OF RS.3 LAC BY APPELLANT WITHIN TWO WEEKS FROM DATE OF THIS ORDER  
2
History of entity/person PIYUSH JAIN

(PAN:ATCPJ2297H)  
Click here to view complete history of this specific entity/person WEALTHMAX SOLUTION INVESTMENT ADVISER

PAN:ATCPJ2297H
  		DID NOT INFORM REGARDING CHANGE OF REGISTERED OFFICE

REPRESENTATIVES/EMPLOYEES DID NOT HAVE REQUISITE QUALIFICATION AND CERTIFICATION

DID NOT POSSESS NISM CERTIFICATE

DID NOT EXECUTE AGREEMENT WITH CLIENTS

DID NOT MAINTAIN BASIC DETAILS, RECORDS AND DISCREPANCIES I.E.COPY OF AGREEMENT, KYC DOCUMENTS, INVOICES, RISK PROFILING, EMAIL COMMUNICATION AND CALL RECORDING ETC.

DID NOT CO-OPERATE AND SUBMITTED INSUFFICIENT/INCOMPLETE RESPONSE TO POST INSPECTION QUESTIONNAIRE

DID NOT FURNISH NET WORTH CERTIFICATE TO INSPECTION TEAM   		IMPOSED PENALTY RS.7,00,000 ALONG WITH OTHER ENTITIES/PERSONS

13-MAR-2024 		SEBI VIDE ITS NOTICE DATED 06/05/2024 DIRECTED TO PAY RS.7,22,000.00 WITHIN FIFTEEN DAYS FROM RECEIPT OF THIS NOTICE  
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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