SEBI issued order no. QJA/MN/ERO/ERO-OTHER/32401/2026-27 dated April 30, 2026, debarring Akshay Kumar and two other noticees (Noticees 1, 2, and 3) from the securities markets for a period of two years. The action stems from their operation of unregistered investment advisor and research analyst services through Telegram channels named ‘Intraday Jackpot’ and ‘Professional Day Trading Institute’.

Key Points

• Noticees 1, 2, and 3 are debarred from accessing, buying, selling, or otherwise dealing in the securities market — directly or indirectly — for 2 years from April 30, 2026, or until compliance with the order’s sub-para (e) directions, whichever is later
• The debarment covers all direct and indirect market participation in any manner whatsoever
• Noticees holding open positions in exchange-traded derivative contracts as of the order date are permitted to close/square off such positions within 3 months from the order date, or at contract expiry, whichever is earlier
• Settlement of pay-in and pay-out obligations for transactions executed before market close on April 30, 2026 is permitted
• The order is effective immediately from April 30, 2026
• BSE Notice No. 20260430-31 issued by the Department of Surveillance (DOSS)

Regulatory Changes

No new regulatory framework changes. This is an enforcement action under existing SEBI regulations governing registered investment advisors and research analysts. Operating unregistered advisory services — including through social media platforms such as Telegram — constitutes a violation of SEBI regulations.

Compliance Requirements

• Trading Members: Must take note of the debarment order and ensure that the named noticees (Akshay Kumar and two others) are not permitted to trade or access the securities market through their platforms
• Noticees: Must immediately cease all direct and indirect market access; may only close open derivative positions within the prescribed 3-month window
• Trading members are advised to ensure full compliance with the debarment directions

Important Dates

• Order Date: April 30, 2026
• Effective Date: April 30, 2026 (immediate)
• Debarment Duration: 2 years from April 30, 2026 (until April 30, 2028, or until compliance with sub-para (e), whichever is later)
• Derivative Position Close-out Deadline: Within 3 months from April 30, 2026 (by July 30, 2026), or at contract expiry, whichever is earlier

Impact Assessment

This enforcement action has limited direct market impact as it targets specific individuals rather than listed companies or systemic market infrastructure. However, it carries significant regulatory signaling value — SEBI is actively pursuing unregistered advisory operations conducted via social media platforms like Telegram. Trading members must update their compliance systems to block access for the named noticees. Retail investors who may have followed these Telegram channels for investment tips are indirectly affected, as the advisory services will cease. The action reinforces SEBI’s ongoing crackdown on unregistered investment advisors exploiting digital platforms to solicit clients.

SEBI issued an enforcement order (Case No. 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 operating unregistered investment advisory and research analyst services through Telegram channels named “Intraday Jackpot” and “Professional Day Trading Institute”. The action was triggered by a public complaint and subsequent SEBI examination.

Key Points

• Six noticees operated paid Telegram channels providing buy/sell/hold trading calls without SEBI registration as Investment Advisors or Research Analysts
• Free channel “Intraday Jackpot” acted as a gateway funnelling users into paid subscription channels
• Fees were collected through Rigi accounts linked to noticees’ PANs, including one (Beauti Kumari) whose PAN was used to create a Rigi account for collections
• Noticees made false claims of NISM certification and gave misleading assurances of substantial profits and impressive returns
• Trading advice was differentiated based on subscriber status/tier
• Show Cause Notice was issued on November 24, 2025

Regulatory Changes

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

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

Compliance Requirements

• Any entity providing investment advice or trading recommendations must obtain SEBI registration as an Investment Advisor (IA) or Research Analyst (RA) before commencing such activities
• Fees for advisory/research services may only be collected by duly registered entities
• Claims of certifications (e.g., NISM) must be accurate and verifiable
• Profit guarantees or misleading performance assurances are prohibited under PFUTP Regulations
• Use of third-party PANs or accounts to collect fees for advisory services is not permissible

Important Dates

• November 24, 2025: Show Cause Notice issued to all six noticees
• April 2026: Enforcement order passed under Sections 11(1), 11(4), 11(4A), 11B(1), and 11B(2) of the SEBI Act read with Rule 5 of the SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995

Impact Assessment

This order reinforces SEBI’s ongoing crackdown on unregistered finfluencers and Telegram-based advisory operations targeting retail investors. Retail investors who subscribed to these channels and paid fees may have been exposed to unsubstantiated trading advice and fraudulent profit claims. The case highlights systemic risks from social media and messaging-platform-based unregistered advisory services. Broader market impact is limited, but the enforcement signals continued regulatory scrutiny of digital advisory channels.