The Securities and Exchange Board of India (SEBI) issued an enforcement order on Thursday against Mr Yash Garg, identified as the proprietor of Yash Trading Academy.
The order was issued under ED/CGM (Quasi-Judicial Authorities) authority. It follows a show cause notice listed on SEBI’s unserved summons page on Nov. 14, 2025, suggesting the notice was not successfully delivered through ordinary means.
The accessible materials do not spell out the full reasoning behind the order or any penalty details.
Prior SEBI action
Garg had previously been the subject of a separate SEBI adjudication. A December 2019 order concerned trading activities in the scrip of Pawansut Holdings Limited during the period June 2013 to September 2014.
In that earlier matter, SEBI alleged that Garg, described as a promoter group entity and a person acting in concert with Laxman Singh Satyapal, failed to make required shareholding disclosures under Regulation 29(2) read with Regulation 29(3) of the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011.
The available record does not confirm whether the 2026 enforcement order relates to the same conduct or to a different alleged violation.
Yash Trading Academy identifies itself as a SEBI-registered Research Analyst with registration number INH000008507, according to the firm’s disclosure page. The registration date listed is June 21, 2021.
As of early 2025, the disclosure page stated that no penalties or directions had been issued by SEBI against the research analyst relating to research analyst services. That statement appears to predate both the November 2025 notice and the March 2026 order.
The 2026 order follows a regulatory process that began with a show cause notice in 2025 and follows a previous adjudication in 2019.
