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.
M/s Satyam Shivam Sundaram Trading, Mr. Gagan Choudhary, Mr. Satyam Suman Choudhary, Mr. Suman Choudhary
- 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.
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Document details
| Official title | Order in the matter of M/s Satyam Shivam Sundaram Trading. |
| Source body | Securities & Exchange Board of India (SEBI) — enforcement orders |
| Reference number | — |
| Status | closed (order) |
| Year | 2025 |
| Closing date | — |
| Documents | 1 |