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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: DIRECTED TO FILE A REPORT OF RESOLUTION OF COMPLAINTS

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

(PAN:AISPV5820B)  
Click here to view complete history of this specific entity/person INVESTMENT VISOR

PAN:AISPV5820B
  		DID NOT CO-OPERATE AND NOT SUBMITTED DOCUMENTS DURING INSPECTION

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

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

DID NOT POSSESS NISM CERTIFICATE

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

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

PUBLISHED FALSE CLAIMS ON WEBSITE AND PHONE CALLS

CHARGED GST AMOUNTS EVEN AFTER CANCELLATION OF GOODS AND SERVICES TAX NETWORK (GSTN)   		DIRECTED TO COMMUNICATE ORDER TO COMPLAINANTS WHOSE COMPLAINTS PENDING RESOLUTION

DIRECTED TO RESOLVE ALL PENDING COMPLAINTS

DIRECTED TO FILE A REPORT OF RESOLUTION OF COMPLAINTS

IMPOSED PENALTY RS.12,00,000 ALONG WITH OTHER ENTITIES/PERSONS

31-JUL-2023 		 
2
History of entity/person SANDEEP KUSHWAHA

(PAN:DPBPK9313F
DIN:08176753)  
Click here to view complete history of this specific entity/person BULL RESEARCH INVESTMENT ADVISORS PVT.LTD.

PAN:AAHCB1200H
  		PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

SOLD ADVISORY SERVICES/PACKAGES TO SAME CLIENTS ON MULTIPLE OCCASION AT DIFFERENT ARBITRARY PRICE FOR FUTURE/OVERLAPPING PERIOD WHILE EXISTING SUBSCRIPTION WAS ACTIVE

RECEIVED PAYMENT FROM FAMILY MEMBERS OF PRIMARY CLIENTS TO HIDE EXORBITANT FEES TAKEN FROM PRIMARY CLIENT

RECEIVED PAYMENT BEFORE DOING KNOW YOUR CLIENTS (KYC) AND RISK PROFILING OF CLIENTS

RAISED INVOICES IN THE NAME OF CLIENTS WHO DID NOT HAVE DEMAT/TRADING ACCOUNT

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

DID NOT POSSESS NISM CERTIFICATE

DID NOT ADHERE TO REQUIREMENT OF CAPITAL ADEQUACY

NOT A FIT & PROPER PERSON TO ACT AS AN INVESTMENT ADVISOR   		DIRECTED TO RESOLVE ALL PENDING COMPLAINTS

DIRECTED TO ISSUE PUBLIC NOTICE, IN ALL EDITIONS OF TWO NATIONAL DAILIES IN CONNECTION WITH THE REFUND OF MONEY

DIRECTED TO ACCEPT REFUND CLAIMS/REQUESTS FROM THE PUBLIC

DIRECTED TO MAKE REFUND THROUGH BANKING CHANNELS SUCH AS DEMAND DRAFT AND/OR PAY ORDER AND/OR ELECTRONIC MODE OF TRANSFER

DIRECTED TO FILE A REPORT OF RESOLUTION OF COMPLAINTS

DIRECTED TO SUBMIT COMPLETION REPORT OF REPAYMENT TO SEBI CERTIFIED BY INDEPENDENT CHARTERED ACCOUNTANT

DIRECTED NOT TO UNDERTAKE EITHER DIRECTLY OR INDIRECTLY INVESTMENT ADVISORY SERVICES AND/OR RESEARCH ANALYST ACTIVITY IN SECURITIES MARKET WITHOUT OBTAINING CERTIFICATE OF REGISTRATION FROM SEBI

WARNED/DIRECTED TO BE MORE CAREFUL WHILE DEALING WITH SECURITIES MARKET

15-SEP-2023 		SAT: SAT VIDE ITS ORDER DATED 09/07/2024 CONDONED THE DELAY IN FILING OF APPEAL. GRANTED RESPONDENT FOUR WEEKS TIME TO FILE REPLY AND REJOINDER MAY BE FILED WITHIN FOUR WEEKS THEREAFTER

SAT: SAT VIDE ITS ORDER DATED 17/09/2024 CONDONED THE DELAY IN FILING OF APPEAL AND ALLOWED FOUR WEEKS TO FILE REJOINDER  
3
History of entity/person VINIT SATPUTE

(DIN:07737200
PAN:EBMPS2703F)  
Click here to view complete history of this specific entity/person BULL RESEARCH INVESTMENT ADVISORS PVT.LTD.

PAN:AAHCB1200H
  		PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

SOLD ADVISORY SERVICES/PACKAGES TO SAME CLIENTS ON MULTIPLE OCCASION AT DIFFERENT ARBITRARY PRICE FOR FUTURE/OVERLAPPING PERIOD WHILE EXISTING SUBSCRIPTION WAS ACTIVE

RECEIVED PAYMENT FROM FAMILY MEMBERS OF PRIMARY CLIENTS TO HIDE EXORBITANT FEES TAKEN FROM PRIMARY CLIENT

RECEIVED PAYMENT BEFORE DOING KNOW YOUR CLIENTS (KYC) AND RISK PROFILING OF CLIENTS

RAISED INVOICES IN THE NAME OF CLIENTS WHO DID NOT HAVE DEMAT/TRADING ACCOUNT

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

DID NOT POSSESS NISM CERTIFICATE

DID NOT ADHERE TO REQUIREMENT OF CAPITAL ADEQUACY

NOT A FIT & PROPER PERSON TO ACT AS AN INVESTMENT ADVISOR   		DIRECTED TO RESOLVE ALL PENDING COMPLAINTS

DIRECTED TO ISSUE PUBLIC NOTICE, IN ALL EDITIONS OF TWO NATIONAL DAILIES IN CONNECTION WITH THE REFUND OF MONEY

DIRECTED TO ACCEPT REFUND CLAIMS/REQUESTS FROM THE PUBLIC

DIRECTED TO MAKE REFUND THROUGH BANKING CHANNELS SUCH AS DEMAND DRAFT AND/OR PAY ORDER AND/OR ELECTRONIC MODE OF TRANSFER

DIRECTED TO FILE A REPORT OF RESOLUTION OF COMPLAINTS

DIRECTED TO SUBMIT COMPLETION REPORT OF REPAYMENT TO SEBI CERTIFIED BY INDEPENDENT CHARTERED ACCOUNTANT

DIRECTED NOT TO UNDERTAKE EITHER DIRECTLY OR INDIRECTLY INVESTMENT ADVISORY SERVICES AND/OR RESEARCH ANALYST ACTIVITY IN SECURITIES MARKET WITHOUT OBTAINING CERTIFICATE OF REGISTRATION FROM SEBI

WARNED/DIRECTED TO BE MORE CAREFUL WHILE DEALING WITH SECURITIES MARKET

15-SEP-2023 		SAT: SAT VIDE ITS ORDER DATED 09/07/2024 CONDONED THE DELAY IN FILING OF APPEAL. GRANTED RESPONDENT FOUR WEEKS TIME TO FILE REPLY AND REJOINDER MAY BE FILED WITHIN FOUR WEEKS THEREAFTER

SAT: SAT VIDE ITS ORDER DATED 17/09/2024 CONDONED THE DELAY IN FILING OF APPEAL AND ALLOWED FOUR 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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