SEBI finds Telegram channels provided unregistered investment advice

This order addresses SEBI's investigation into Telegram channels ('Intraday Jackpot' and 'Professional Day Trading Institute') for providing unregistered investment advisory and research analysis services. It examines whether the individuals involved violated regulations by collecting fees for trading advice without SEBI registration and by making misleading claims to investors.

Akshay Kumar, Mithun Sah, Arjun Sah, Ravindar Thakur, Rubi Kumari, Beauti Kumari

• SEBI found that the Telegram channels provided investment advisory and research analysis services without obtaining required SEBI registration.
• SEBI found that Noticees No. 1 to 5 collected fees for these unregistered services, and Noticee No. 6's PAN was used to create a Rigi account for fee collection.
• SEBI alleged violations of the SEBI Act, Investment Advisers Regulations, Research Analysts Regulations, and Prohibition of Fraudulent and Unfair Trade Practices Regulations.
• SEBI alleged that the Noticees made false claims of NISM certification and misleading assurances of profits to induce investors.
• SEBI directed that a show cause notice was issued to determine if directions for refund of monies and penalties should be imposed.
• Noticee No. 6 did not respond to the notice or appear for the hearing, while other Noticees provided replies and attended hearings.

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