Ayushi Chauksey’s reviews reveal a complex picture: a SEBI-registered adviser with professional branding, active social media, and structured subscription products who also received two separate SEBI enforcement orders.
This blog brings together everything an investor needs to evaluate her credibility.
Who Is Ayushi Chauksey?
Ayushi Chauksey runs a financial advisory firm out of Mumbai: Ayushi Chauksey Adviser Private Limited and goes by “ayushichky” across her social media channels.
She built her investor-facing brand across Telegram, Twitter, and YouTube, offering advisory packages like Quant Matrix and Wealth Matrix alongside Learning Matrix educational programs.
Before the company existed, she advised clients independently as a sole individual practitioner. Today, she also serves as COO at Investment Bulls, alongside running her own firm.
Is Ayushi Chauksey SEBI Registered?
Two registrations, one firm, and one older individual licence shaped the entire regulatory case.
Ayushi Chauksey Adviser, currently holds Investment Adviser registration INA000019707 and Research Analyst registration INH000021687, along with BSE enlistment number 2224.
However, neither of those is what SEBI acted against. The enforcement orders in this blog trace back to her earlier individual registration INA000008075, the licence she held before the company was formed.
Those proceedings and that registration are entirely separate from what she currently operates under.
Is Ayushi Chauksey Genuine?
Ayushi Chauksey reviews online paint a mixed picture. Understanding both sides clearly helps investors make an informed decision.
1. Verified SEBI Registration with Dual Licences
Ayushi Chauksey Adviser Private Limited holds both an Investment Adviser and a Research Analyst registration from SEBI, two separate licences that require independent qualification, compliance audits, and regulatory filings.
Holding both simultaneously indicates a degree of regulatory engagement that most advisory firms do not maintain.
The BSE enlistment under number 2224 adds another layer of regulatory oversight.
2. Structured Product Offering with Transparent Complaint Data
The firm publicly discloses its complaint data on its website as SEBI mandates.
The complaint data for October 2025 shows zero complaints received, zero pending, and zero unresolved from any source, including investors and SEBI SCORES.
While this reflects compliance for the latest reporting period, investors may still find a complete absence of complaints unusual for a widely marketed financial advisory platform with a past enforcement history.
3. Very Limited Public Reviews Available
Ayushi Chauksey reviews are strikingly scarce for a firm that has been publicly active since at least 2018.
The Google listing for her Kandivali West, Mumbai office shows only 2 reviews with a 2.5-star average rating, an unusually thin public record for an adviser with a structured product suite and social media presence.
Limited reviews make independent due diligence significantly harder for prospective investors.
4. Critical Public Sentiment on Social Media
On X (formerly Twitter), user Moha241 criticised the firm’s content as unhelpful for average investors and suggested it focused more on regulatory positioning than investor value.
Although this reflects a single user’s opinion, it highlights concerns around the practical usefulness of the firm’s public-facing content.
SEBI Action Against Ayushi Chauksey Investment Advisor
SEBI conducted a physical inspection of Ayushi Chauksey’s advisory operations covering April 1, 2018, to March 31, 2019, with the inspection taking place on September 18-20, 2019.
The findings resulted in two separate enforcement actions, a monetary penalty and a business restriction.
The Adjudication Order dated October 21, 2022, imposed a monetary penalty of ₹7,00,000 (Rupees Seven Lakhs) on Ayushi Chauksey for violations falling under seven distinct categories as prescribed under the Investment Adviser (IA) Regulations.
The penalty was levied following an adjudicatory proceeding in which the violations were examined and assessed by the designated authority in accordance with the applicable regulatory framework.
In the Final Order passed in September 2023, SEBI’s Whole Time Member directed that Ayushi Chauksey be restricted from onboarding new clients or accepting any new assignments for a period of one month.
This directive was issued in exercise of the powers conferred under Section 12(3) of the Securities and Exchange Board of India Act, reflecting SEBI’s authority to impose business restrictions on registered intermediaries found to be in contravention of regulatory norms.
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Violations by Ayushi Chauksey
SEBI established violations across seven distinct categories during the inspection period, each drawn directly from the published adjudication order dated October 21, 2022.
1. Lapsed NISM Certification, Continued Advising Anyway
Ayushi Chauksey’s NISM certifications expired in 2018, yet she continued offering investment advisory services for over three years without renewal.
However, IA Regulations require advisers to maintain valid certifications continuously, making this a prolonged compliance failure rather than a minor lapse.
2. Unreasonable and Excessive Fees
SEBI found that Ayushi Chauksey charged certain clients annualised fees reaching nearly 28–42% of invested capital, far above permitted limits.
Moreover, although she claimed refunds, SEBI could not verify them due to missing bank records and client confirmations.
3. Inadequate Risk Profiling, KYC, and Suitability Failures
Ayushi Chauksey used incomplete risk profiling forms, skipped financial verification, and failed to communicate risk assessments to clients.
Additionally, she advised high-risk stock futures to moderate risk clients and conducted manual KYC without KRA registration during most of the inspection period.
4. Undisclosed Branch Offices and Record Maintenance Failures
Ayushi Chauksey operated multiple offices without informing SEBI and failed to maintain complete records for 283 clients.
Further, SEBI noted missing compliance audits, incomplete suitability records, unsupported server crash claims, and non digitally signed documents.
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Penalty and Final Order
The October 2022 Adjudication Order imposed a total penalty of ₹7,00,000 under Sections 15HA, 15HB, and 15EB of the SEBI Act, 1992.
Despite receiving three hearing opportunities in May, June, and July 2023, Ayushi Chauksey failed to appear on any occasion.
The Final Order (September 2023) then confirmed all violations and restricted her from onboarding new clients or accepting new assignments for one month, stopping short of cancelling the registration outright.
What Investors Must Keep in Mind?
Ayushi Chauksey reviews, and the SEBI orders together highlight a critical point: a SEBI registration confirms an adviser exists within the regulatory framework, not that they operate correctly within it.
Every investor engaging any SEBI-registered IA must verify specific things independently, regardless of how professional the branding looks.
A registered IA must hold a valid NISM certification at all times; an adviser without a current, unexpired certificate is not legally authorised to provide investment advice, even if their registration number is active.
- Fee cap is mandatory. SEBI limits IA fees to ₹1.25 lakh per annum per family or 2.5% of AUA; document every payment before subscribing
- Your risk profile must carry your signature. Unsigned questionnaires or profiles not communicated to you in writing are non-compliant
- Demand a suitability assessment in writing. Before any recommendation, the adviser must show how the product matches your risk level and financial profile
- Check NISM certification validity independently. Go to the NISM website and verify the adviser’s certification number and expiry date before engaging
If any of these are missing or unclear, raise a formal complaint before investing further because the violations SEBI found here were present throughout an entire inspection year, affecting dozens of clients simultaneously.
How To File a Complaint Against Ayushi Chauksey?
If you engaged Ayushi Chauksey’s advisory services during or after the inspection period or with any comparable registered adviser and experienced fee irregularities, unsuitable recommendations, or inadequate documentation, these steps apply.
Step 1: Document Every Payment and Subscription
Save every receipt, bank transfer record, invoice, and subscription confirmation.
Note dates, amounts, and subscription periods, especially if fees exceeded ₹1.25 lakh per year or you paid for overlapping subscriptions.
Step 2: Send a Formal Written Complaint to the Adviser
Write a structured complaint to the adviser’s grievance officer by registered post.
State-specific issues: excessive fees, unsuitable advice, missing documentation, and give the firm 21 days to respond before escalating.
Step 3: File a Complaint in SCORES
Both Ayushi Chauksey’s individual and corporate entities hold SEBI registrations, giving SEBI direct regulatory jurisdiction.
File a detailed complaint on SEBI SCORES, citing specific violations and attaching all supporting documentation.
Step 4: Report in SMART ODR
If SEBI SCORES does not resolve the matter, escalate to SEBI’s SMART ODR platform.
Register your case, upload evidence, and request a conciliation session for a regulator-supervised resolution.
Step 5: Arbitration in the Share Market
If unsuitable recommendations caused measurable losses, pursue arbitration through BSE where the firm holds enlistment number 2224.
Arbitration produces a binding decision and covers compensation for losses caused by advice that violated SEBI’s suitability requirements.
Need Help?
If you subscribed to advisory services, paid fees above the SEBI cap, or received unsuitable recommendations from any registered investment adviser, you may have strong grounds for a formal complaint, and we can help you build and file it.
- Case Assessment: We review your payment records, subscription history, and communications to identify the exact violations applicable to your situation.
- Complaint Drafting: We prepare a precise, regulation-cited complaint for SEBI SCORES in language that regulators act on.
- SMART ODR Guidance: We walk you through every step of the ODR filing process and ensure the right evidence reaches the right authority in the right format.
- Arbitration Support: We build your case for financial loss recovery through BSE arbitration, covering documentation, submissions, and hearing preparation.
Register with us. Every case we handle stays completely confidential and focuses on one outcome: your assistance.
Conclusion
Ayushi Chauksey reviews lead to SEBI’s own published record, two enforcement orders, a ₹7 lakh penalty, seven documented violation categories, and a one-month restriction on new client onboarding.
She currently holds active SEBI registrations, and her complaint data shows zero pending grievances for October 2025.
However, the inspection-period violations, spanning certification, fees, risk profiling, KYC, suitability, disclosure, and record maintenance, covered nearly every foundational requirement of the IA Regulations.
For every investor, the takeaway is the same: verify certification status, demand your risk profile in writing, and confirm fees stay within SEBI’s limits before you pay anything.
