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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 : 11-APR-2026

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.

COMPANIES: ALLOWED BANKS TO DEBIT FOR THE PURPOSE OF COMPLYING WITH THIS ORDER

S.No. ENTITY PERSONS REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person ASHISH KIRTI KOTHARI (HUF)

(PAN:AAKHA2028N)  
  INDULGED IN FRONT RUNNING THE TRADES OF BIG CLIENTS VIOLATING SECTIONS 12A(A) TO 12A(C) AND 12A(E) OF SEBI ACT, 1992 AND REGULATIONS 3(A) TO 3(D), 4(1) AND 4(2)(Q) READ WITH 2(1) (C) OF SEBI (PFUTP) REGULATIONS, 2003   DIRECTED TO IMPOUND UNLAWFUL GAIN RS.4,82,63,670 ALONG WITH OTHER ENTITIES/PERSONS

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 27-JAN-2025 UNTIL FURTHER ORDERS

DIRECTED TO CREDIT/DEPOSIT AMOUNT OF UNLAWFUL GAINS IN INTEREST BEARING ESCROW ACCOUNT WITH NATIONALIZED BANK WITHIN FIFTEEN DAYS FROM DATE OF ORDER AND THE AMOUNT KEPT THEREIN NOT TO BE RELEASED WITHOUT PERMISSION FROM SEBI

DIRECTED BANKS THAT NO DEBIT SHALL BE MADE WITHOUT PERMISSION OF SEBI EXCEPT FOR THE PURPOSE OF TRANSFER OF FUNDS TO ESCROW ACCOUNT

DIRECTED DEPOSITORIES THAT NO DEBIT TO BE MADE WITHOUT PERMISSION OF SEBI

DIRECTED BANKS AND/OR DEPOSITORIES AND/OR CUSTODIANS TO ENSURE STRICT ENFORCEMENT OF DIRECTIONS

ALLOWED BANKS TO DEBIT FOR THE PURPOSE OF COMPLYING WITH THIS ORDER

DIRECTED REGISTRAR AND TRANSFER AGENTS TO ENSURE THAT SECURITIES (INCLUDING MF UNITS) IN PHYSICAL FORM NOT TO TRANSFER /REDEEM WITHOUT CONFIRMATION OF CONCERNED STOCK EXCHANGES

DIRECTED NOT TO DISPOSE OF OR ALIENATE ANY OF THEIR ASSETS / PROPERTIES / SECURITIES, TILL SUCH TIME UNLAWFUL GAINS ARE CREDITED TO ESCROW ACCOUNT

DIRECTED TO PROVIDE FULL INVENTORY OF ASSETS, MOVABLE OR IMMOVABLE, OR ANY INTEREST OR INVESTMENT OR CHARGE IN ANY OF SUCH ASSETS, INCLUDING DETAILS OF ALL BANKS & DEMAT ACCOUNTS AND/OR MUTUAL FUNDS INVESTMENTS

DIRECTED TO CEASE & DESIST FROM DIRECTLY OR INDIRECTLY, ENGAGED IN FRAUDULENT, MANIPULATIVE OR UNFAIR TRADE PRACTICE INCLUDING FRONT RUNNING ACTIVITIES FROM 27-JAN-2025 UNTIL FURTHER ORDERS

27-JAN-2025 		 
2
History of entity/person AVADHUT SATHE TRADING ACADEMY PVT.LTD.

(PAN:AATCA1675K)  
Click here to view complete history of this specific entity/person AVADHUT DINKAR SATHE

PAN:BCSPS7915K
  		ACTED AS INVESTMENT ADVISER WITHOUT SEBI REGISTRATION

ACTED AS RESEARCH ANALYST WITHOUT SEBI REGISTRATION

PROMISED ASSURED/GUARANTEE RETURNS/PROFITS TO CLIENTS

DISSEMINATED MISLEADING INFORMATION AND ADVERTISEMENTS THROUGH SOCIAL MEDIA PLATFORMS   		CEASED AND DESIST FROM OFFERING UNREGISTERED INVESTMENT ADVISORY AND RESEARCH ANALYST SERVICES FROM ACTING AS OR HOLDING THEMSELVES OUT TO BE INVESTMENT ADVISOR/ RESEARCH ANALYST IN SECURITIES MARKET, DIRECTLY OR INDIRECTLY IN ANY MANNER WHATSOEVER FROM 04-DEC-2025 UNTIL FURTHER ORDERS

CEASED TO SOLICIT OR UNDERTAKE INVESTMENT ADVISORY ACTIVITIES OR ANY OTHER ACTIVITY IN SECURITIES MARKET, DIRECTLY OR INDIRECTLY, IN ANY MANNER WHATSOEVER FROM 04-DEC-2025 UNTIL FURTHER ORDERS

DIRECTED TO PROVIDE FULL INVENTORY OF ASSETS, MOVABLE OR IMMOVABLE, OR ANY INTEREST OR INVESTMENT OR CHARGE IN ANY OF SUCH ASSETS, INCLUDING DETAILS OF ALL BANKS & DEMAT ACCOUNTS AND/OR MUTUAL FUNDS INVESTMENTS

DIRECTED NOT TO COLLECT ANY MONEY AND/OR FEE FROM THE INVESTORS FROM 04-DEC-2025 UNTIL FURTHER ORDERS

DIRECTED TO IMMEDIATELY WITHDRAW AND REMOVE ALL ADVERTISEMENTS, REPRESENTATIONS, LITERATURES, BROCHURES, MATERIALS, PUBLICATIONS, DOCUMENTS, WEBSITE, ETC. IN RELATION TO THOSE SCHEMES / ACTIVITIES (INVESTMENT ADVISER AND ALTERNATIVE INVESTMENT FUND, AND/OR RESEARCH ANALYST) OR ANY UNREGISTERED ACTIVITIES FROM 04-DEC-2025 UNTIL FURTHER ORDERS

DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 04-DEC-2025 UNTIL FURTHER ORDERS

DIRECTED TO DISGORGE RS.5,46,16,65,367 ALONG WITH OTHER ENTITIES/PERSONS

DIRECTED TO OPEN FIXED DEPOSIT ACCOUNTS EITHER IN ANY NOTICEE’S NAME OR JOINTLY/SEVERALLY WITH LIEN MARK IN FAVOUR OF SEBI AND MONIES KEPT THEREIN NOT TO BE RELEASED WITHOUT PERMISSION FROM SEBI

DIRECTED BANKS THAT NO DEBIT SHALL BE MADE WITHOUT PERMISSION OF SEBI

DIRECTED DEPOSITORIES THAT NO DEBIT TO BE MADE WITHOUT PERMISSION OF SEBI

DIRECTED BANKS AND/OR DEPOSITORIES AND/OR CUSTODIANS TO ENSURE STRICT ENFORCEMENT OF DIRECTIONS

ALLOWED BANKS TO DEBIT FOR THE PURPOSE OF COMPLYING WITH THIS ORDER

DIRECTED REGISTRAR AND TRANSFER AGENTS TO ENSURE THAT SECURITIES (INCLUDING MF UNITS) IN PHYSICAL FORM NOT TO TRANSFER /REDEEM WITHOUT CONFIRMATION OF CONCERNED STOCK EXCHANGES

DIRECTED NOT TO DISPOSE OF OR ALIENATE ANY OF THEIR ASSETS / PROPERTIES / SECURITIES, TILL SUCH TIME UNLAWFUL GAINS ARE CREDITED TO ESCROW ACCOUNT

04-DEC-2025 		SAT: SAT VIDE ITS ORDER DATED 19/12/2025 ALLOWED RESPONDENT SIX WEEKS TO FILE REPLY AND REJOINDER, IF ANY, TO BE FILED WITHIN THREE WEEKS THEREAFTER. DIRECTED BANKS THAT PENDING CONSIDERATION OF INTERIM PRAYER, PERMIT APPELLANTS TO WITHDRAW OF RS.2.25 CRORE FOR THIS MONTH EXPENDITURE

SAT: SAT VIDE ITS ORDER DATED 22/01/2026 PARTLY ALLOWED THE APPEAL BY MODIFYING DIRECTIONS IN PARA NO.83(IX) AND ORDER THAT DIRECTIONS STIPULATED IN PARA NO.(III), (VI) AND (VII) SHALL CEASE TO APPLY UPON APPELLANTS DEPOSITING RS.100 CRORE IN TERMS OF DIRECTION 83(V) B) APPELLANTS TO FILE AFFIDAVIT BEFORE WTM OF SEBI DISCLOSING FULL DETAILS OF THEIR ASSETS WITH VALUATION CERTIFICATE BY SEBI CERTIFIED VALUER AND TO UNDERTAKE NOT TO ALIENATE FIXED ASSETS WITHOUT LEAVE OF WTM C) APPELLANTS TO FILE REPLY WITHIN FOUR WEEKS FROM DATE OF THIS ORDER. NO COSTS

SAT: SAT VIDE ITS ORDER DATED 16/02/2026 DISMISSED THE APPEAL. NO COSTS  
3
History of entity/person ELITECON INTERNATIONAL LTD.

(PAN:AAACK8902C)  
Click here to view complete history of this specific entity/person GAURAV TYAGI

PAN:AGRPT6996P
Click here to view complete history of this specific entity/person PAWAN KUMAR RAY

PAN:AQFPR7415P
Click here to view complete history of this specific entity/person PRABHAKAR KUMAR

PAN:ARKPK4494M
Click here to view complete history of this specific entity/person SUJIT CHATURVEDI

PAN:AWJPC1342A
Click here to view complete history of this specific entity/person VIPIN SHARMA

PAN:AIGPS3140M
  		PLANTED FALSE AND MISLEADING NEWS/ INFORMATION TO INDUCE RETAIL INVESTORS TO PURCHASE SECURITIES VIOLATING SECTIONS 12(A) TO 12A(C) OF SEBI ACT, 1992 AND REGULATIONS 3(A) TO 3(D), 4(1), 4(2)(A), 4(2)(D), 4(2)(E) AND 4(2)(R) OF SEBI (PFUTP) REGULATIONS, 2003 IN MATTER OF ELITECON INTERNATIONAL LTD.

DID NOT MAKE DISCLOSURE OF MATERIAL INFORMATION TO STOCK EXCHANGES AND PUBLIC VIOLATING REGULATION 30 READ WITH CLAUSES 4(1)(C), 4(1)(D), 4(1)(E), 4(2)(B) AND 4(2)(E) OF SEBI (LODR) REGULATIONS, 2015 IN MATTER OF ELITECON INTERNATIONAL LTD.

DELAY IN MAKING DISCLOSURE OF MATERIAL INFORMATION TO STOCK EXCHANGES AND PUBLIC VIOLATING REGULATION 30 READ WITH CLAUSES 4(1)(C), 4(1)(D), 4(1)(E), 4(2)(B) AND 4(2)(E) OF SEBI (LODR) REGULATIONS, 2015 IN MATTER OF ELITECON INTERNATIONAL LTD.   		DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 30-MAR-2026 UNTIL FURTHER ORDERS

DIRECTED BANKS THAT NO DEBIT SHALL BE MADE WITHOUT PERMISSION OF SEBI

DIRECTED DEPOSITORIES THAT NO DEBIT TO BE MADE WITHOUT PERMISSION OF SEBI

DIRECTED BANKS AND/OR DEPOSITORIES AND/OR CUSTODIANS TO ENSURE STRICT ENFORCEMENT OF DIRECTIONS

ALLOWED BANKS TO DEBIT FOR THE PURPOSE OF COMPLYING WITH THIS ORDER

DIRECTED REGISTRAR AND TRANSFER AGENTS TO ENSURE THAT SECURITIES (INCLUDING MF UNITS) IN PHYSICAL FORM NOT TO TRANSFER /REDEEM WITHOUT CONFIRMATION OF CONCERNED STOCK EXCHANGES

DIRECTED NOT TO DISPOSE OF OR ALIENATE ANY OF THEIR ASSETS / PROPERTIES TILL SUCH TIME UNLAWFUL GAINS CREDITED TO FIXED DEPOSIT ACCOUNT EXCEPT WITH PRIOR PERMISSION OF SEBI

DIRECTED TO PROVIDE FULL INVENTORY OF ASSETS, MOVABLE OR IMMOVABLE, OR ANY INTEREST OR INVESTMENT OR CHARGE IN ANY OF SUCH ASSETS, INCLUDING DETAILS OF ALL BANKS & DEMAT ACCOUNTS AND/OR MUTUAL FUNDS INVESTMENTS

DIRECTED SEBI TO APPOINT FORENSIC AUDITOR TO EXAMINE BOOKS OF ACCOUNTS

DIRECTED TO EXTEND NECESSARY CO–OPERATION TO FORENSIC AUDITOR/AUDIT FIRM APPOINTED AND FURNISH ALL INFORMATION/DOCUMENTS SOUGHT

30-MAR-2026 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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