Markets Securities & Exchange Board
SEBI finds ₹3.17 crore collected for unregistered investment advisory services
This order addresses SEBI's investigation into M/s Satyam Shivam Sundaram Trading and associated individuals for providing unregistered investment advisory services and collecting fees without SEBI registration.
Who it concerns: M/s Satyam Shivam Sundaram Trading, Mr. Gagan Choudhary, Mr. Satyam Suman Choudhary, Mr. Suman Choudhary
What SEBI found or ordered
- SEBI found that the Noticees provided investment advisory services without obtaining a certificate of registration from SEBI.
- SEBI observed that the Noticees collected a total of Rs. 3,17,83,495/- as unregistered advisory fees between April 2022 and March 2023.
- Funds were collected via HDFC Bank account (Rs. 1,08,66,705/-) and Rigi Pay platform (Rs. 2,09,16,790/-).
- The Noticees operated Telegram channels offering subscription plans for stock options advice.
- SEBI alleged violations of Section 12(1) of the SEBI Act and Regulation 3(1) of the IA Regulations, 2013.
Also in the document
- The total amount collected for unregistered services was approximately Rs. 3.17 Crores.
- The investigation involved cross-referencing data from HDFC Bank, Rigi Pay, Telegram, and Google to link the individuals to the financial transactions.
- The Noticees were found to be unregistered in the SEBI database for investment advisors or intermediaries.
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The original document
Securities & Exchange Board of India (SEBI) — enforcement orders
Regulatory order · 28 Nov 2025
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