Description

SEBI issues enforcement order against Akshay Kumar and five others for operating unregistered investment advisory and research analyst services via Telegram channels, collecting fees and making fraudulent profit claims.

Summary

SEBI has issued an enforcement order (Ref: QJA/MN/ERO/ERO-OTHER/32401/2026-27) against six individuals — Akshay Kumar, Mithun Sah, Arjun Sah, Ravindar Thakur, Rubi Kumari, and Beauti Kumari — for conducting unregistered investment advisory and research analyst activities through Telegram channels named “Intraday Jackpot” and “Professional Day Trading Institute”. The order is passed under Sections 11(1), 11(4), 11(4A), 11B(1), and 11B(2) of the SEBI Act, 1992.

Key Points

  • SEBI initiated the investigation based on a complaint that the complainant lost money paid to the “Intraday Jackpot” Telegram channel.
  • The channels provided buy/sell/hold trading calls and investment advice to paid subscribers without SEBI registration as investment advisors or research analysts.
  • Six noticees are named: Akshay Kumar (PAN: DMKPK4954G), Mithun Sah (FKPPS9704D), Arjun Sah (DHVPS8884R), Ravindar Thakur (BVUPT3306E), Rubi Kumari (JIXPK8709Q), and Beauti Kumari (JLKPK8078J).
  • Fees were collected by Noticees 1–5 for unregistered advisory services; Beauti Kumari’s PAN was used to create a Rigi account for fee collection.
  • Noticees falsely claimed NISM certification and made misleading assurances of substantial profits and impressive returns without any research backing.
  • A Show Cause Notice (SCN) was issued on November 24, 2025 with allegations and supporting documents.

Regulatory Changes

No new regulations introduced. This is an enforcement action applying existing regulations:

  • Section 12(1) of the SEBI Act, 1992
  • Regulations 2(1)(l), 2(1)(m), and 3(1) of the SEBI (Investment Advisers) Regulations, 2013
  • Regulations 2(1)(u), (wa), (zc), and 3(1) of the SEBI (Research Analysts) Regulations, 2014
  • Section 12A(c) of the SEBI Act read with Regulations 3(a),(d) and 4(2)(k),(o),(s) of the SEBI (PFUTP) Regulations, 2003

Compliance Requirements

  • Any entity providing investment advice or research analysis services to investors must obtain SEBI registration as an Investment Adviser (IA) or Research Analyst (RA) before commencing operations.
  • Claims of certifications (e.g., NISM) must be accurate and substantiated.
  • Profit guarantees or misleading return assurances to attract clients constitute violations of PFUTP Regulations.
  • Fee collection for unregistered advisory services is prohibited regardless of the platform used (including Telegram, Rigi, or similar).

Important Dates

  • November 24, 2025: Show Cause Notice (SCN) issued to all six noticees.
  • April 30, 2026: Order published/circulated via NSE.

Impact Assessment

This order reinforces SEBI’s ongoing crackdown on unregistered investment advisory services operating through social media and messaging platforms such as Telegram. Retail investors who subscribed to such channels and paid fees may seek recourse. The order signals heightened scrutiny of tip-sheet operators and social-media-based trading advice channels. Broader market impact is limited, but the action serves as a strong deterrent to unregistered operators and raises investor awareness about verifying SEBI registration before subscribing to advisory services.

Impact Justification

High importance as a SEBI enforcement order targeting fraudulent unregistered advisory services; medium impact as it affects specific bad actors and their clients rather than broad market participants.