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Securities and Exchange Board of India (SEBI) has imposed a fine of ₹20 lakh on five entities, including Shares Bazaar and its chief executive for alleged violations of intermediary norms in connection with an assured-return investment scheme.
The regulator imposed a penalty of ₹10 lakh on Shares Bazaar, a SEBI-registered research analyst, while its director Bhupal Nanavath and former CEO Tirumala Lakshmi Venkata Ramesh were fined ₹3 lakh each.
Another director, Prasanna Lakshmi Atlur was also fined ₹3 lakh, while current CEO Naresh Mitta was slapped with a ₹1 lakh penalty, according to a SEBI order passed on Tuesday (September 29, 2026).
The SEBI carried out examination in respect of Shares Bazaar Pvt. Ltd (SBPL) for the period March 2021 to December 2022.
The examination was conducted on the prima facie allegation that SBPL was carrying out portfolio management services and investment advisory on receipt of the reference from NSE in July 2022.
SEBI found that SBPL was offering a scheme called ‘Making Millions Financially Free’, promising assured returns of 18-48% annually while giving investors the impression that their money was being invested in the securities market.
The markets watchdog said there was no evidence that the money raised under the scheme was actually invested in the securities market.
The examination of SBPL’s bank account showed 3,451 credit entries, amounting to ₹72.66 crore and 6,686 debit entries totalling ₹72.41 crore during the relevant period, according to SEBI.
SEBI said money received from investors was either transferred to group entity Kisaan Parivar Pvt. Ltd (KPPL) or used to make payments to other investors and parties. It also observed transactions carrying narrations such as “PMS”, “dividend” and “referral”.
KPPL was associated with SBPL’s director Nanavath.
The markets regulator found that the company had violated provisions of the Research Analysts and Intermediaries Regulations.
It also held the directors and CEOs responsible under the market norms.
Published – September 30, 2026 04:45 pm IST
