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.

STOCK BROKERS: DEFAULTED/IRREGULARITIES IN PAY-IN OBLIGATIONS

S.No.

ENTITY

PERSONS

REGULATORY CHARGES

REGULATORY ACTION(S) / DATE OF ORDER

FURTHER DEVELOPMENTS

ASIAN SECURITIES & STOCKS LTD.

(Member : NSE)

ACTED IN CONCERT WITH OTHER BROKERS TO CORNER A VERY LARGE QUANTITY OF SHARES OF BPL, VIDEOCON AND STERLITE

INDULGED IN CREATION OF ARTIFICIAL MARKET AND PRICE MANIPULATION IN SCRIPS OF BPL LTD., VIDEOCON INTERNATIONAL LTD. AND STERLITE INDUSTRIES LTD.

DID NOT COLLECT MARGINS FROM CLIENTS

DEFAULTED IN PAY-IN OBLIGATIONS

DID NOT REPORT SPOT TRANSACTIONS TO THE EXCHANGE

SUSPENDED REGISTRATION AS STOCK BROKER FROM 17-AUG-1998 TO 16-FEB-2000

28-OCT-1999

BANSAL SHAREVEST SERVICES LTD.

(Member : NSE/UPSE)

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SONU AGARWAL

EXECUTED SINGLE TRADES AT EXCHANGE TO ASCERTAIN PRICES FOR EXECUTING BULK ORDERS ILLEGALLY OUTSIDE THE EXCHANGE MECHANISM

OFFERED ILLEGAL TRADING FACILITIES

ISSUED ADVERTISEMENTS RELATING TO BUSINESS IN VIOLATION OF CODE OF CONDUCT

ALLOWED TERMINALS TO UNREGISTERED SUB-BROKERS

INSTALLED UNAUTHORIZED TRADING TERMINALS IN EXCESS OF NSE ALLOTTED TERMINALS

DEALT WITH UN-REGISTERED SUB-BROKERS

ACTED AS SUB-BROKER WITHOUT SEBI REGISTRATION

DID NOT ISSUE CONTRACT NOTES

DID NOT MAINTAIN CLIENT REGISTRATION FORMS

NON-COOPERATION WITH SEBI IN INVESTIGATIONS

DID NOT COLLECT UPFRONT MARGINS

DEFAULTED IN DEPOSITING MARGIN AMOUNT WITH THE EXCHANGE

CANCELLED REGISTRATION AS STOCK BROKER FROM 23-JUL-2003 TO 22-JUL-2008

28-JUN-2006

SETTLEMENT ( SETTLEMENT CHARGES RS.50,00,000, LEGAL EXPENSES RS.2,50,000 VIDE CONSENT ORDER)

REACHED SETTLEMENT (CONSENT ORDER) (AGREED VOLUNTARILY TO BE SUSPENDE

SAT: APPLICANT AGREED TO PAY A SUM OF RS.50,00,000 TOWARDS SETTLEMENT CHARGES AND RS.2,50,000 TOWARDS LEGAL EXPENSES AS PER CONSENT ORDER DATED 09/06/2008 AND VOLUNTARILY UNDERTAKEN TO REMAIN SUSPENDED FOR A PERIOD OF 5 YEARS COMMENCING FROM 23/07/2003. ORDER DATED 28/06/2006 SET ASIDE

CHACKO J.KALLIVAYALIL,M/S

(Member : COCSE)

CHACKO J.KALLIVAYALIL

DEFAULTED IN PAY-IN OBLIGATIONS

GAVE EARLY PAY-OUT OF 100% AS AGAINST 75% TO COUNCIL MEMBERS

GAVE EARLY PAY-OUT TO COUNCIL MEMBERS WHERE THERE WERE DEFAULTS BY THEM

DID NOT MAKE PAYMENTS TO CLIENTS IN TIME

SUSPENDED REGISTRATION AS STOCK BROKER FROM 16-OCT-2002 TO 15-OCT-2003

03-OCT-2002

CHANDRAKANT GANDHI STOCK BROKERS PVT.LTD.

(CIN:U67120GJ1997PTC033351)

(Member : VSE)

C.I.GANDHI

DEFAULTED IN PAY-IN OBLIGATIONS

DELAYED PAYMENT OF MARGINS

DELAY IN PAY-IN AND PAYOUT SCHEDULE OF THE EXCHANGE

SUSPENDED REGISTRATION AS STOCK BROKER FROM 15-DEC-1997 TO 14-JAN-1998

04-DEC-1997

FIRST CUSTODIAN FUND (INDIA) LTD.,THE

(Member : NSE)

MANISH BANTHIA

SURENDRA KUMAR BANTHIA

SUSHIL MANTRI

ISSUED BOGUS CONTRACT NOTES

COMMITTED IRREGULARITIES IN RESPECT OF CONTRACT NOTES

DID NOT PAYMENTS TO CLEARING BANKS IN TIME

EXECUTED ONE-SIDED TRANSACTIONS

DID NOT DELIVER SECURITIES TO CLIENTS IN TIME

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 14-JUL-2003 TILL FURTHER ORDERS

14-JUL-2003

GLFL SECURITIES LTD.

(Member : NSE)

DEFAULTED IN PAY-IN OBLIGATIONS

DID NOT EXERCISE DUE CARE AND DILIGENCE

AIDED AND ABETTED KINGLET FINLEASE & SECURITIES LTD. AND RAJESH JHAVERI IN MARKET MANIPULATIONS IN SCRIP OF KAMAL OVERSEAS LTD.

DIRECTED VIOLATIONS TO BE TAKEN ON RECORD FOR REVIEWING REGISTRATION APPLICATION

16-SEP-2002

GNH GLOBAL SECURITIES LTD.

(Member : BSE)

SUSPENDED REGISTRATION AS STOCK BROKER FROM 15-JUN-1998 TO 14-JUN-2001

26-AUG-1999

HARVESTDEAL SECURITIES LTD.

(Member : BSE)

MANISH BANTHIA

RAJENDRA KUMAR BANTHIA

SAROJ BANTHIA

SHRIKANT G.MANTRI

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 14-JUL-2003 TILL FURTHER ORDERS

14-JUL-2003

LALKAR SECURITIES PVT.LTD.

(CIN:U65990MH1997PTC105421
PAN:AAACL1966B)

(Member : BSE)

SUSPENDED REGISTRATION AS STOCK BROKER FROM 15-JUN-1998 TO 14-DEC-1999

29-JUL-1999

LSE SECURITIES LTD.

(PAN:AAACL6361J)

(Member : NSE/BSE)

DIRECTOR OF STOCK BROKING FIRM ACTED AS SUB BROKER OF HIS OWN FIRM THROUGH HIS CORPORATE ENTITY

DEFAULTED IN MAINTENANCE OF BOOKS/DOCUMENTS

DEALT IN CASH WITH CLIENTS

ALLOWED TERMINALS TO UNREGISTERED SUB-BROKERS

DID NOT ACCEPT DEPOSIT FROM ITS SUB-BROKERS IN FORM AND MANNER AS STIPULATED BY SEBI

DID NOT MAKE CLOSE OUT FOR INTERNAL SHORTAGE BETWEEN ITS SUB-BROKERS AT SAME PERCENTAGE AS APPLICABLE FOR SHORTAGE AT BSE/NSE

DID NOT UPLOAD ITS ANNUAL ACCOUNTS ON ITS WEBSITE

IMPOSED PENALTY RS.1,00,000

29-JUL-2013

MAHICO PVT.LTD.

(Member : BSE)

SUSPENDED REGISTRATION AS STOCK BROKER FROM 01-DEC-1998 TO 31-DEC-1999

26-AUG-1999

MANI & CO.

(Sub-Broker of MSE FINANCIAL SERVICES LTD., Member : BSE,Member : MDSE)

DEALT WITH UN-REGISTERED SUB-BROKERS

DEALT WITH BROKERS OF OTHER EXCHANGES WITHOUT SEBI REGISTRATION AS SUB-BROKER

INDULGED IN OFF-THE-FLOOR TRANSACTIONS

DEFAULTED/IRREGULARITIES IN MAINTENANCE OF ORDER BOOK

DID NOT COLLECT MARGINS FROM CLIENTS

DID NOT DELIVER SECURITIES TO CLIENTS IN TIME

DEFAULTED IN PAY-IN OBLIGATIONS

DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES ISSUED BY SEBI

DID NOT EXERCISE DUE SKILL AND DILIGENCE

IMPOSED PENALTY RS.1,00,000

02-NOV-2004

SAT: IMPUGNED ORDER MODIFIED BY REDUCING PENALTY AMOUNT TO RS.25,000 FROM RS.1,00,000

MEFCOM SECURITIES LTD.

(PAN:AAACM1079Q)

(Member : NSE/BSE)

SUSPENDED REGISTRATION AS STOCK BROKER FROM 10-JUN-1998 TO 09-DEC-1999

29-JUL-1999

MPSE SECURITIES LTD.

(Member : BSE)

ACCEPTED SHARES INSTEAD OF CASH TOWARDS MARGIN DEPOSIT/BMC/ADDITIONAL CAPITAL

DID NOT MAINTAIN BMC IN PRESCRIBED FORM

PERMITTED TRADING TO SUB-BROKERS WITHOUT COLLECTING BMC

PERMITTED HIGHER EXPOSURE LIMITS TO SUB-BROKERS ACROSS ROLLING SETTLEMENTS

DEFICIENCIES IN SYSTEMS DESIGNED TO PREVENT BREACH OF EXPOSURE LIMITS ALLOWED TO SUB-BROKERS

DID NOT PROVIDE SYSTEM LOG FOR TRADING AND EXPOSURE LIMITS ALLOWED TO SUB BROKERS

DID NOT HAVE ANY SYSTEM-GENERATED ALERTS FOR SUB-BROKERS TRADING LEVELS BEFORE DEACTIVATION OF TERMINALS

DID NOT ALLOW EXEMPTION IN VALUE AT RISK MARGINS DUE TO EARLY PAY-IN OF SECURITIES

DID NOT HAVE ANY SYSTEM OF RECORDING ADVANCE DELIVERIES INCLUDING VERIFICATION OF AUTHORIZED PERSONNEL FOR ENHANCING EXPOSURE LIMITS

CENSURED/WARNED & DIRECTED TO BE DILIGENT IN COMPLYING WITH SEBI REGULATIONS

02-FEB-2006

P.R.SHAH SHARE & STOCK BROKERS PVT.LTD.

(Member : BSE)

SUSPENDED REGISTRATION AS STOCK BROKER FROM 15-JUN-1998 TO 14-JUN-2000

29-JUL-1999

RAJRATAN R.MOHTA,M/S

(Member : BSE)

RAJRATAN R.MOHTA

INDULGED IN CREATION OF ARTIFICIAL MARKET AND PRICE MANIPULATION IN SCRIPS OF BPL LTD., VIDEOCON INTERNATIONAL LTD. AND STERLITE INDUSTRIES LTD.

ACTED IN CONCERT WITH OTHER BROKERS TO CORNER A VERY LARGE QUANTITY OF SHARES OF BPL, VIDEOCON AND STERLITE

DID NOT COLLECT MARGINS FROM CLIENTS

DEFAULTED IN PAY-IN OBLIGATIONS

PROVIDED WRONG/INCOMPLETE INFORMATION TO EXCHANGES

DID NOT REPORT SPOT TRANSACTIONS TO THE EXCHANGE

SUSPENDED REGISTRATION AS STOCK BROKER FROM 12-JUN-1998 TO 11-JUN-2001

17-NOV-1999

RAMRAKH R.BOHRA,M/S

(Member : BSE)

RAMRAKH R.BOHRA

SUSPENDED REGISTRATION AS STOCK BROKER FROM 04-JAN-1999 TO 03-JUL-2000

17-NOV-1999

SATYANARAYAN NANGALIA,M/S

(Member : BSE)

SATYANARAYAN NANGALIA

SUSPENDED REGISTRATION AS STOCK BROKER FROM 15-JUN-1998 TO 14-JUN-2001

28-OCT-1999

SHAHRUKH N.TARA,M/S

(Member : BSE)

SHAHRUKH N.TARA

CANCELLED REGISTRATION AS STOCK BROKER FROM 17-NOV-1999

17-NOV-1999

SHRIKANT G.MANTRI,M/S

(Member : BSE)

SHRIKANT G.MANTRI