Description

SEBI has debarred Mr. Yash Garg (Proprietor of Yash Trading Academy, PAN: ASCPG7653D) from accessing the securities market for two years for offering unregistered investment advisory and portfolio management services.

Summary

SEBI issued order no. QJA/MN/NRO/NRO-DIV-I/32304/2025-26 dated March 27, 2026, debarring Mr. Yash Garg (Proprietor of Yash Trading Academy, PAN: ASCPG7653D) from accessing the securities market, directly or indirectly, for a period of two years. The debarment arises from Mr. Garg operating Yash Trading Academy (YTA) as a fake SEBI-registered intermediary, offering investment advisory services and portfolio management services without registration, primarily through Telegram channels.

Key Points

  • Mr. Yash Garg (PAN: ASCPG7653D), Proprietor of Yash Trading Academy (YTA), is debarred from the securities market for two years from March 27, 2026, or until filing of a directed report, whichever is later.
  • SEBI received a complaint that Mr. Garg was running a fake SEBI-registered intermediary offering unregistered investment advisory calls and demat account handling services.
  • The Noticee operated multiple Telegram channels under the name ‘Yash Trading Academy’ / ‘YTA’ (www.yashtradingacademy.com), offering various service packages at different price points.
  • Bank account examination revealed credit entries relating to trading tips and profit sharing, confirming unregistered investment advisory and portfolio management activity.
  • Mr. Garg was not registered with SEBI as an Investment Advisor or Portfolio Manager.
  • NSE Circular Ref. No: 025/2026 | Download Ref No: NSE/INVG/73520.

Regulatory Changes

No new regulatory framework changes. This is an enforcement action under Sections 11(1), 11(4), 11(4A), 11B(1) and 11B(2) of the SEBI Act, 1992 read with Rule 5 of the SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995.

Compliance Requirements

  • NSE members must take note of the debarment order and ensure they do not facilitate any securities market access for Mr. Yash Garg or Yash Trading Academy.
  • If the Noticee holds any open positions in exchange-traded derivative contracts as on the date of the order, he is permitted to close out/square off such positions within 3 months from March 27, 2026, or at expiry of such contracts, whichever is earlier.
  • Members may refer to the consolidated list of debarred entities on the NSE website: https://www.nseindia.com/regulations/member-sebi-debarred-entities
  • Queries may be directed to dl-invsg-all@nse.co.in

Important Dates

  • March 27, 2026: Date of SEBI order; debarment comes into force with immediate effect.
  • Two years from March 27, 2026 (i.e., until March 27, 2028, or until filing of the directed report, whichever is later): Duration of debarment from securities market.
  • Within 3 months from March 27, 2026 (by June 27, 2026): Deadline for the Noticee to close out/square off any open derivative positions.

Impact Assessment

This is an enforcement action targeting an individual operating an unregistered investment advisory business via social media (Telegram). The direct market impact is limited as no listed stocks are involved. However, it is significant as a warning to market participants regarding unregistered advisory services and fake SEBI-registered intermediaries. NSE members must ensure compliance by blocking market access for the debarred entity. Investors who may have subscribed to YTA services should exercise caution and verify the registration status of any investment advisor via SEBI’s official registry.

Impact Justification

SEBI enforcement order with immediate effect debarring an individual for two years for operating unregistered investment advisory and portfolio management services; relevant to market participants to avoid dealings with debarred entity.