SEBI Imposes ₹40 Lakh Penalty On 4 For Unregistered Investment Advice Through Telegram Channels

The Securities and Exchange Board of India (SEBI) has imposed a total penalty of ₹40 lakh on four individuals for engaging in unregistered investment advisory activities through Telegram channels such as “Intraday Jackpot” and “Professional Day Trading Institute”.

SEBI's Quasi Judicial Authority N Murugan passed the order.

“The prescriptions the IA/RA Regulations are intended to safeguard the interest of investors and to curb the perpetration of unregistered entities entering the field of investment advisory/research analysis services and indulging in unscrupulous market practices.”

SEBI received a complaint alleging that money paid to a Telegram channel named “Intraday Jackpot” was lost. It then examined whether the activities carried out through the channel were in the nature of investment advisory or research analyst services.

The examination revealed that paid Telegram channels linked through the free Telegram channel “Intraday Jackpot”, including “Professional Day Trading Institute”, were providing trading advice and recommendations without SEBI registration, thereby amounting to unregistered investment advisory and research analyst services.

SEBI found that the noticees had collected fees from investors towards such unregistered services.

A show cause notice dated November 24, 2025 was issued alleging violations of the SEBI Act and Regulations, including false claims of NISM certification and assurances of high or guaranteed returns to induce investors.

In response, the noticees denied operating or managing the Telegram channels and claimed they had no role in providing investment advice. They contended that their bank accounts were used only for facilitating receipt and transfer of funds on behalf of third parties for nominal consideration.

On the nature of activities, SEBI observed that investment advice was disseminated through paid channels linked to a free channel.

“I find that paid Telegram channels linked through the free Telegram channel 'Intraday Jackpot' were providing advice on trading in the securities market, targeted at individuals, based on their different status.”

SEBI further noted that Cosmofeed links were used to collect subscription payments on the “Professional Day Trading Institute” channel, which was linked to the “Intraday Jackpot” channel through a common payment link and administrator.

On the issue of fraud, SEBI observed that the noticees disseminated false and misleading information, including claims of assured returns, high accuracy, and NISM certification, to influence investors.

“I note that such claims of guaranteed returns were made by the Telegram channel with a view to induce investors to avail the unregistered investment advisory / research analysis services.”

Observing that the noticees had collected approximately Rs.9.02 crore as fees, SEBI directed three of the noticees to refund the amount to investors. It also restrained them from accessing the securities market for a period of two years and imposed a total penalty of Rs.40 lakh on four individuals.