SEBI Cancels Wealthmax Solutions' IA Registration Following Non-Compliance with Renewal Mandates

SEBI Cancels Wealthmax Solutions' IA Registration Following Non-Compliance with Renewal Mandates​

The Securities and Exchange Board of India (SEBI) has issued an order cancelling the Investment Adviser (IA) registration of Wealthmax Solutions Investment Advisor (Proprietor: Piyush Jain). The action stems from multiple documented failures to adhere to mandatory regulatory compliances.

The order, dated April 09, 2026, cites non-payment of renewal fees, lapsed NISM certifications, and failure to secure mandatory body memberships. This decisive action underscores SEBI's strict oversight of the financial advisory sector.

Key Non-Compliances Cited by SEBI​

The regulatory action was predicated on several lapses by the Noticee. Firstly, the IA failed to pay the required renewal fee for its registration number INA000010751.

SEBI noted that while the certificate was granted on June 06, 2018, the requisite renewal fee became due on June 05, 2023. The failure to remit payment by this deadline was a primary factor in the proceedings.

Furthermore, the proprietor’s NISM certification lapsed, with SEBI observing that the certificate expired on April 01, 2022. The Noticee subsequently failed to renew this critical qualification.

Failure to Maintain Statutory Memberships and Fees​

The compliance requirements detailed by SEBI are comprehensive. Beyond fees, the regulations mandate continuous updating of professional credentials.

A significant lapse identified was the failure to obtain mandatory membership from BSE Administration & Supervision Limited (BASL). This membership is crucial for keeping the IA registration active, as stipulated by SEBI guidelines.

The regulations require every registered IA to pay a renewal fee every five years from the date of grant. Moreover, maintaining relevant NISM certifications before their expiry is a continuous obligation for all IAs.

Noticee's Submission and SEBI's Assessment​

The Noticee responded via email on February 16, 2026. In its submission, the company stated it was under the impression its registration had already ceased or expired.

The proprietor also indicated that no advisory services had been rendered, nor any income earned, since 2022. They submitted that they had closed all activities as an Investment Adviser years ago.

SEBI addressed these claims by noting that the Noticee had not challenged the requirement to adhere to the statutory provisions. The submission indicated a belief that the registration status was automatically revoked, a belief SEBI found insufficient in mitigating the compliance breach.

SEBI Directs Cancellation of IA License​

After reviewing the submissions and the established violations, the Designated Authority determined the course of action. SEBI concluded that the Noticee showed no current intention to conduct IA business.

In exercising powers under Section 12(3) read with Section 19 of the SEBI Act, 1992, and Regulation 30A of the Intermediaries Regulations, 2008, SEBI formally cancelled the IA registration.

The cancellation of the certificate bearing Registration No. INA000010751 is effective immediately, as per the order dated April 09, 2026. This directive requires the Noticee to ensure necessary compliance notices are served, including informing BSE Limited in its capacity as the Supervisory Body.

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