Market regulator Securities and Exchange Board of India (SEBI) has ordered a refund of about ₹9.02 crore and imposed a two-year market ban on three individuals, Akshay Kumar, Mithun Sah and Arjun Sah, for running unregistered investment advisory and research analyst services through Telegram channels such as ‘Intraday Jackpot’ and ‘Professional Day Trading Institute’.
The regulator has also imposed a penalty of ₹10 lakh each on the three, along with a similar penalty on Beauti Kumari for her role in facilitating the operations.
SEBI’s investigation, triggered by an investor complaint, found that the so-called free Telegram channel was merely a funnel to push users into multiple paid groups offering stock tips and intraday trading calls, particularly in Bank Nifty and other securities. These services, the regulator noted, clearly fell within the ambit of investment advisory and research analysis, both of which require mandatory registration, something none of the operators had obtained.
The order highlights how the entities lured investors with aggressive and misleading claims, including ‘highly safe’ trades, assured daily profits of ₹5,000-₹10,000, and returns of up to 100%–200%. They also falsely projected themselves as certified professionals and selectively showcased profit screenshots to create an impression of consistent success. SEBI held that such representations had no credible basis and were designed to mislead unsuspecting investors.
A detailed trail of financial transactions revealed that subscription fees were routed through multiple bank accounts and digital platforms, including Rigi and Cosmofeed. The total collections from investors stood at around ₹9.02 crore, with Mr Kumar accounting for the bulk of the funds. Mithun Sah and Arjun Sah were also found to have received significant portions, while Beauti Kumari facilitated the operation by providing bank accounts and logistical support.
SEBI concluded that Mr Kumar was the key architect, controlling the Telegram channels, digital infrastructure and fund flows. The other noticees played active roles in enabling the illegal collection of fees. At the same time, the regulator dropped proceedings against certain individuals where no evidence of knowledge or involvement could be established.
Terming the activities as violations of norms governing investment advisers and research analysts, as well as fraudulent and unfair trade practices, SEBI has directed the three main operators to jointly and severally refund the entire amount collected from investors.
The noticees have been restrained from disposing of their assets, except for the purpose of making refunds, and are required to complete the process within the stipulated timeline and submit a compliance report certified by an independent chartered accountant.
The regulator has also barred the three individuals from accessing the securities market for two years, or until the completion of refunds, whichever is later, and directed them to close any open positions.
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