sebi:QJA/MN/NRO/NRO-DIV-III/32419/2026-27
Facts / Headnote
Order passed directing refund of amounts collected towards unregistered PMS activities, debarment from securities market for three months (or till compliance with refund directions, whichever is later), and deposit of remaining balance into SEBI escrow account
Parties
- Mr. Nishaan Singh, Proprietor of Sanbun Investments
Holding
The Noticee was found to have collected money towards unregistered Portfolio Management Services under the garb of providing educational courses, and was directed to refund the amounts so collected, debarred from accessing the securities market for three months or till compliance with refund directions, whichever is later.
Full text
Page 2 of 46 Order in the matter of Mr. Nishaan Singh, Proprietor of Sanbun Investments management service and thereafter to pass fresh order with regard to the refund and period of debarment’.
Page 3 of 46 Order in the matter of Mr. Nishaan Singh, Proprietor of Sanbun Investments Particulars Amount received in Sanbun A/c (in Rs.) Amount received in Nishaan A/c (in Rs.) Total Amount (In Rs.)
Page 4 of 46 Order in the matter of Mr. Nishaan Singh, Proprietor of Sanbun Investments 6. The Auditor submitted the Forensic Audit Report dated July 16, 2025 (hereinafter referred to as ‘FAR’), with SEBI. The FAR was also shared with the Noticee vide email dated July 29, 2025, with the direction to submit his reply on the same. The Noticee accordingly submitted the reply to the FAR on August 31, 2025. The findings of the FAR and the Reply of the Noticee on the FAR are summarized below:
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Source: SecMarx — sebi:QJA/MN/NRO/NRO-DIV-III/32419/2026-27. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.