“Sir, I invested ₹10 lakh with them. For the first few months, I got profits every 30 days. Contract notes, statements, even emails saying my NIFTY trades had done well.”
This was the first thing Mayank Kumar told SEBI. And he wasn’t alone.
Dozens of investors, mostly regular retail traders—some young, some retired, a few even managing their family’s savings—had put their trust (and crores) into a firm called Bliss Consultants.
It wasn’t just the name. It was the Polish. The pitch. The promise of having everything “done for you.”
Where it all started: an app, a promise, and a 30% commission
Bliss Consultants operated through a mobile app called DIFM—short for “Do It For Me.” Neat, isn’t it?
On paper, the idea sounded futuristic. You onboard via the app, sign an agreement, deposit your funds, and Bliss would trade NIFTY Options on your behalf.
You’d receive monthly performance reports, contract notes, and a cut of the profits. They even promised to share the losses—70% yours, 30% theirs.
Punit Kishnani, another investor, recalled:
“They said the trades were done through SEBI-registered brokers. I even checked the website—it had SEBI jargon, NSE logos, and a whole section about investor protection.”
Turns out, none of that was true.
The catch no one saw: Bliss wasn’t registered. At all.
Despite the polished website and professional tone, Bliss Consultants was not a SEBI-registered Portfolio Manager.
In fact, it wasn’t registered with SEBI in any capacity.
This means they had no legal authority to take money, manage portfolios, or promise profits. But they did all of that—and more.
They even entered into written agreements with clients. One clause in those agreements read:
“BLISS CONSULTANTS will manage the portfolio on a discretionary basis within the investment objective… and act in a fiduciary capacity.”
That’s not casual language. That’s regulatory territory. Only SEBI-registered Portfolio Managers are allowed to enter such contracts, and only if they meet strict criteria, like minimum ₹50 lakh per client, individual demat accounts, and transparent reporting.
Bliss? They had none of it.
Where did the money go?
According to SEBI’s investigation, Bliss handled nearly ₹1780 crore through just one bank account. Let that sink in.
Now here’s the twist: the account wasn’t even linked to any stockbroker. That’s a red flag so big, it might as well be a banner.
Instead, client money was pooled into Bliss’s current account. From there, it went to trading accounts operated by Ashesh Shailesh Mehta (the sole proprietor) and, interestingly, his wife Shivangi Mehta, listed as “Director of Operations.”
Between them, they traded thousands of crores in NIFTY options. Ashesh alone bought and sold over ₹2000 crore worth of securities during the investigation period.
But clients? Their names were nowhere in the trading records. All trades were done in Mehta’s personal name.
Yet clients still received digital contract notes, falsely attributing those trades to them.
“I had a contract note showing I made ₹98,000 in a day,” said Sneha Rajesh Pariani.
“Now I know that wasn’t even my trade.”
And then… it all stopped.
The payouts stopped around June 2023. Calls went unanswered. Emails bounced. And suddenly, the once-responsive Bliss Consultants vanished from the grid.
For most clients, the invested capital hadn’t been returned. Some had profits showing on paper, but no actual transfer to their accounts.
A few had partial withdrawals. But the bulk of the ₹1700+ crore? Still stuck.
That’s when SEBI stepped in.
What SEBI found—and why it matters
SEBI’s order didn’t mince words. It called out:
- Unregistered Portfolio Management Services – Violating Section 12(1) of the SEBI Act and Regulation 3 of the PMS Regulations.
- Fraudulent misrepresentation – Misleading claims on social media and their website. They said funds were protected by NSE’s Investor Protection Fund (IPF), which was completely false.
- Manipulative practices – Issuing fake contract notes and using bank transfers to mislead investors into thinking trades were happening in their name.
Even their argument didn’t hold.
Ashesh Mehta claimed that Bliss was just an “intermediary,” not a portfolio manager. He also said it was a partnership, and not a firm that needed SEBI registration.
SEBI responded clearly:
“Whether you call yourself a trader, an intermediary, or a moonlighter, if you’re taking money, promising returns, and managing someone’s portfolio, you’re a portfolio manager. And you need registration for that.”
They also addressed the defense that Bliss was a sole proprietorship and hence couldn’t legally register:
“That’s exactly the point—you can’t register. So you shouldn’t be offering PMS services.”
SEBI’s Final Word—and the Price of Breaking the Rules
After months of investigation, hearings, and multiple adjournments (some requested while the Mehtas were in judicial custody), SEBI finally delivered its order.
The verdict?
Guilty. On all counts.
Bliss Consultants had:
- Carried out unregistered portfolio management services, a direct violation of Section 12(1) of the SEBI Act and Regulation 3 of the PMS Regulations.
- Made misleading claims and issued fraudulent documents, violating PFUTP Regulations (Prohibition of Fraudulent and Unfair Trade Practices).
- Misused investor funds, falsely presenting them as protected under NSE’s Investor Protection Fund, which does not apply when trades are conducted through pooled accounts or in someone else’s name.
And then came the penalties.
SEBI imposed a total penalty of ₹16 Lakh on the two noticees:
- ₹10 Lakh on Ashesh Shailesh Mehta (Sole proprietor of Bliss Consultants)
- ₹16 lakh on Shivangi Ashesh Mehta, who was listed as Director of Operations
Both were also restrained from accessing the securities market until further notice. That’s SEBI-speak for: you’re out, and don’t come back anytime soon.
“We were just trying to help retail investors grow their money. The market turned against us,” Ashesh Mehta reportedly told SEBI during one of the hearings.
But SEBI didn’t buy it. Because this wasn’t just about bad trades or a few late payouts.
This was about systematically taking money, trading under false names, promising protection that didn’t exist, and masking it all under a digital, app-based front.
Impact on investors: Retail traders were the hardest hit
This wasn’t a scam targeting corporations. It hit individuals. Retirees. Freelancers. Small business owners. People who were convinced by phone calls, glowing LinkedIn posts, and a professional-looking app.
Some invested ₹10 lakh. Others put in ₹1 crore.
SEBI traced at least 15 key investors whose payouts stopped mid-cycle, even as profits were “shown” to them on paper.
In most cases, their full capital is still stuck.
Justice or Just Procedure? Why ₹16 Lakh Feels Like a Slap on the Wrist
Let’s pause for a moment and ask the one question that every victim of this scam is probably screaming in their head:
How does a ₹1700+ crore operation built on lies get away with just ₹16 lakh in fines?
We can argue technicalities. We can talk about SEBI’s legal limitations, formulas, or procedures. But let’s call it what it is, this doesn’t feel fair.
Why? Because the crime here wasn’t just about money.
- It was about trust being exploited.
- About fake claims of SEBI protections.
- About contracts designed to look compliant.
- About a couple using professional design, jargon, and apps to convince innocent investors they were legit.
It was manipulation wrapped in professionalism.
A scam disguised as a service.
And while SEBI’s rules allowed only a ₹16 lakh penalty, the moral cost of this scam is far, far greater. Some people invested their savings. Others their retirement funds.
What they lost isn’t just capital—it’s confidence in the system.
So yes, while the law may have been followed to the letter, justice hasn’t been served in spirit. Not yet.
Because when someone raises ₹1700 crore from the public based on fabricated roles, fake regulatory claims, and unregistered services, the penalty must hurt. It must send a message. Otherwise, it’s just a footnote.
And let’s be honest—we don’t need more footnotes.
We need examples.
