Wealthmax Solution Investment Adviser’s Registration Cancelled by SEBI

Moneylife Digital Team 10 April 2026

Investor Interest

Market regulator Securities and Exchange Board of India (SEBI) has cancelled the registration of Wealthmax Solution Investment Adviser owned by Piyush Jain, for failing to meet essential regulatory requirements. These lapses include non-payment of renewal fees, failure to renew mandatory certification, and failure to obtain membership of the designated supervisory body.

Wealthmax Solution Investment Adviser, registered with SEBI as an investment adviser (IA) since June 2018, was required to adhere to the provisions of the SEBI Investment Advisers Regulations, 2013. However, the regulator found that the entity failed to pay its renewal fees, which became due on 5 June 2023, a mandatory requirement to keep its registration valid.

SEBI also observed that the proprietor’s National Institute of Securities Markets (NISM) certification had expired on 1 April 2022 and was not renewed thereafter. Maintaining a valid certification is compulsory for an IA to continue providing advisory services in the securities market.

Further, the entity did not obtain membership of BSE Administration & Supervision Ltd (BASL), which acts as the supervisory body for investment advisers. Such membership is mandatory under SEBI rules to ensure proper oversight and compliance.

Based on these violations, SEBI issued multiple show-cause notices (SCNs) to the noticee in December 2025 and January 2026. While initial communications were returned as undelivered, subsequent notices were successfully served at alternate addresses and via email.

In response, Wealthmax Solution Investment Adviser stated that it had ceased operations as an IA since 2022 and had not earned any income from advisory activities thereafter. It also claimed to be under the impression that its registration had already lapsed or been cancelled, especially after receiving communication regarding removal from the list of registered advisers due to non-payment of renewal fees.

SEBI noted that Wealthmax Solution Investment Adviser neither demonstrated compliance with the regulatory requirements nor showed any intention to continue as a registered investment adviser. Instead, its submissions indicated that it had effectively discontinued its advisory business.

After considering the facts, SEBI concluded that the violations stood established. The regulator held that this was a fit case for cancellation of registration under Section 12(3) of the SEBI Act, 1992, of the SEBI Intermediaries Regulations, 2008.

Accordingly, SEBI, through an order dated 9 April 2026, cancelled the certificate of registration of Wealthmax Solution Investment Adviser with immediate effect.

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