SEBI finds Telegram channels offered unregistered investment advice

It examines whether the individuals involved violated regulations by offering trading advice and collecting fees without SEBI registration.

Who it concerns: Akshay Kumar, Mithun Sah, Arjun Sah, Ravindar Thakur, Rubi Kumari, Beauti Kumari

What SEBI found or ordered

• SEBI found that the Telegram channels provided investment advisory and research analysis services without SEBI registration.
• SEBI found that Noticees 1, 2, 3, 4, and 5 collected fees for these unregistered services.
• SEBI found that the PAN of Noticee 6 (Beauti Kumari) was used to create a Rigi account to collect fees.
• SEBI alleged violations of the SEBI (Investment Advisers) Regulations, 2013 and SEBI (Research Analysts) Regulations, 2014.
• SEBI alleged violations of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003 for making false claims of NISM certification and misleading profit assurances.
• SEBI directed that directions for refund of monies and penalties be considered under Sections 11(4), 11(4A), and 11B of the SEBI Act.

Also in the document

• The investigation was triggered by a complaint alleging financial losses from the 'Intraday Jackpot' channel.
• Noticee 6 (Beauti Kumari) did not respond to the Show Cause Notice or appear for the personal hearing despite service via newspaper publication.
• Noticees 1, 4, and 5 claimed they were merely facilitating fund transfers for others (specifically Mr. Shiv Balak Shrivastav) and were not involved in the creation or operation of the Telegram channels.
• The order notes that the period of examination predates certain amendments to the Research Analysts Regulations.