Intraday Jackpot SEBI Order : ₹9.02 Cr Refund Directed

The whole thing started with one complaint.

One person who lost money filed with SEBI, and probably assumed nothing would come of it.

That complaint turned into an examination of a free Telegram channel called Intraday Jackpot. What SEBI found was a paid subscription operation that ran for over four years and pulled in more than nine crore rupees from ordinary traders.

SEBI’s order dated April 30, 2026, directs a refund of ₹9,02,37,699 to the people who paid. If you were one of them, here is what the order says and what you do next.

Intraday Jackpot SEBI Order: What Was Found

SEBI found the Intraday Jackpot channels were acting as investment advisers and research analysts. Without holding a registration for either.

Here is how it worked, in the order’s own account.

A free Telegram channel, created on September 19, 2019, advertised a set of paid channels. You paid through a link. You got added to the private group and received trading calls.

The paid groups were priced by tier:

Channel	Monthly	1 year	Lifetime
February Series	₹2,000	₹9,000	₹15,000
HNI Group	₹5,500	₹13,000	₹25,000
Positional Group	₹7,500	₹18,000	₹25,000
Professional Paid Group	₹2,500	₹9,000	₹15,000

SEBI noticed something about those tiers. They were built to target different people.

HNI Group aimed at high net worth individuals. Positional Group was pitched to working employees who could not watch screens all day. Professional Paid Group was sold as a “safe call” for people with low risk appetite.

The calls themselves were plain buy and sell instructions. The order reproduces one: “BANKNIFTY 41500 PE BUY ABOVE 40, SL 30, TG 50 70 100”.

That is a research analyst’s work. Doing it for money without registration is exactly what Section 12(1) of the SEBI Act prohibits.

Is Intraday Jackpot SEBI Registered or Not?

No. And this is the centre of the whole order.

SEBI checked its own intermediary database. Neither the trade name “Intraday Jackpot” nor any of the people running it held a certificate as an investment adviser or research analyst.

None of them even claimed to.

But the channel told subscribers something different. The now-defunct website intradayjackpot.net described its operator as an NISM Certified Analyst.

SEBI found no document anywhere supporting that certification. And none of the noticees argued they held it.

The website also carried these claims:

• Daily calls with 90-95% accuracy
• Stock accuracy of 95%
• 100% customer satisfaction
• “Assurance of making consistently huge profit”

The paid channel descriptions went further. Positional Group promised, “8 to 10 sure shot positional trades in a month with 100% to 200% returns.”

The Professional Day Trading Institute channel pushed hardest on people already down money:

“Still thinking of the fee? Still losing your hard-earned money and time in blind trades? A single trade is enough to recover your whole losses in a day.”

SEBI held that promising assured returns on securities is fraud under the PFUTP Regulations.

The order cites the Securities Appellate Tribunal in MSS Trading System Centre vs SEBI, where the tribunal held that assurance of profit is “totally fraudulent”.

The logic is simple. Investments carry market risk. Concealing that while selling calls is not aggressive marketing. It is a deception, and SEBI said so.

The registration question decides most cases like this. If you are checking any adviser before paying, our page on the unregistered advisory scam covers how SEBI treats these operations generally.

Intraday Jackpot Telegram Channel: Timeline

The SEBI order follows a clear timeline, from the beginning of the alleged unregistered activities to the final regulatory action. Here’s how the case unfolded over the years:

Date	Event
September 19, 2019	YouTube channel created. SEBI treats this as the beginning of the alleged unregistered investment advisory activity.
May 2020 – January 2022	₹38.59 lakh collected through the first SBI bank account.
January 10, 2022	First Rigi account began collecting payments, receiving ₹2.81 crore by March 2023.
August 2022 – February 2023	Second Rigi account collects another ₹1.96 crore.
January 16, 2023	Cosmofeed account created. It operates until March 2024, collecting ₹53.61 lakh.
Around this period	A subscriber incurs losses and files a complaint with SEBI, triggering the regulatory examination.
November 24, 2025	SEBI issues a show-cause notice to all six noticees.
January 30, 2026	Beauti Kumari cannot be traced. SEBI serves the notice through newspaper publication.
February & April 2026	Hearings take place. Akshay Kumar’s stand changes between his written reply and oral submissions.
April 30, 2026	SEBI passes its final order, directing refunds, imposing a two-year debarment, and levying penalties totaling ₹40 lakh.

Over four years of collection. One complaint to start it. Roughly six years from channel creation to order.

The scale is not unusual. What is unusual is a complaint that goes the distance.

Our breakdown of how telegram scams work sets out the pattern these channels follow. The same structure appears here almost point for point.

Akshay Kumar SEBI Order: Who SEBI Held Responsible

The order names six people. It does not treat them the same.

If you are a subscriber trying to figure out exactly who is legally ordered to refund your money and who is entirely in the clear, you need to know who falls into which category.

That distinction matters, so read this part carefully.

How Akshay Kumar was held liable

Akshay Kumar was found to be the administrator of the Intraday Jackpot channel.

His mobile number ran the Telegram admin account. His PAN and email created the Rigi and Cosmofeed payment accounts. SEBI held him the beneficiary of ₹6,30,30,199.

His defence was that his phone was misused and his OTPs compromised. He said he only ran a cyber café.

Then during the hearings, the story changed. He admitted he had let one Shiv Balak Shrivastav use his family’s bank accounts, took the deposits, handed over equivalent cash, and kept a commission.

SEBI recorded that these two versions contradicted each other on the source of funds, the nature of the activity, and his own involvement. Both were rejected as an afterthought.

He produced no FIR. No police complaint. No evidence at all of the identity misuse he alleged.

Mithun Sah received ₹1,91,71,500 into his IndusInd account. The bank statement carried credits tagged “Rigi”.

He offered the same explanation about cash logistics for Shiv Balak Shrivastav. He produced nothing to support it.

Arjun Sah received ₹80,36,000 into the IndusInd account linked to a Rigi account.

Beauti Kumari gave her PAN to create a Rigi account used to collect fees. She never replied to the notice and never appeared.

SEBI eventually published her hearing notice in Times of India Patna and Hindustan Muzaffarpur. She still did not show.

Cleared by SEBI

Ravindar Thakur and Rubi Kumari are Akshay Kumar’s father and wife.

Money did land in their accounts. But SEBI found no material showing either of them knew about or took part in the activity.

Akshay Kumar admitted he operated their accounts himself. The order expressly holds that neither is liable.

Their names appear here only because the order names them. And only as cleared.

SEBI Order Against Intraday Jackpot: The Penalty

The order carries three separate consequences.

Refund. ₹9,02,37,699 to be returned within three months.

Debarment. Akshay Kumar, Mithun Sah and Arjun Sah are barred from the securities market for two years from April 30, 2026, or until they complete the refund, whichever is later.

Read that again. The refund is not optional. Delay extends the ban.

Penalties. Four people, ₹10 lakh each:

Person	Section 15EB	Section 15HA	Total
Akshay Kumar	₹5,00,000	₹5,00,000	₹10,00,000
Mithun Sah	₹5,00,000	₹5,00,000	₹10,00,000
Arjun Sah	₹5,00,000	₹5,00,000	₹10,00,000
Beauti Kumari	₹5,00,000	₹5,00,000	₹10,00,000

Section 15EB covers operating as an unregistered adviser or research analyst.

Section 15HA covers fraudulent and unfair trade practices.

That second one is the serious finding. SEBI did not only say they lacked a licence. It said they committed fraud, and it explained why: promising guaranteed returns while knowingly concealing market risk, to induce people to pay.

The order also explains why a fine alone was not enough:

“Such conduct cannot be addressed by a monetary penalty alone, as it strikes at the root of investor protection and undermines the integrity of the securities market.”

That reasoning is why the debarment and the refund sit alongside the fine.

Intraday Jackpot Complaints: How to Get Your Money Back?

Here is where the order stops being interesting and starts being useful.

Most SEBI orders against unregistered advisers end in a penalty paid to the government. The investor gets nothing.

This one is different. SEBI directed a refund. The money is meant to come back to the people who paid it.

That is rare. And it means the next few weeks matter.

The Refund Mechanism

Akshay Kumar, Mithun Sah and Arjun Sah must refund all money collected within three months from April 30, 2026.

They were required to publish a public notice within 15 days. Two national dailies, one English and one Hindi, plus one vernacular paper. With contact details and the claim process.

Refunds must go through electronic transfer, so there is an audit trail. They cannot sell assets, shares or mutual funds except to fund these refunds.

After refunding, they file a report certified by an independent Chartered Accountant with SEBI’s Regional Director in Kolkata.

Anything unclaimed goes into escrow for one year. For exactly this purpose: claimants who come forward late.

After that year, it moves to SEBI’s Investor Protection and Education Fund. And then it is gone.

What to Gather Now

• Payment proof: UPI reference, bank statement line, screenshot of the Rigi or Cosmofeed payment page
• Screenshots of the channel, the calls you received, the subscription pitch
• Any WhatsApp or Telegram chat with the operators
• The exact amount and date

The payment routes named in the order were Rigi links (rpy.club), Cosmofeed links, and UPI IDs including jackpotindex@oksbi, indexjackpot@sbi and intradayjackpot9@okicici.

If your bank statement shows a payment to any of these, or a credit tagged “Rigi”, “intr” or “jack”, that is your evidence.

An Honest View of the Odds

The order directs a refund. It does not guarantee you receive one.

Three individuals now owe over nine crore rupees between them. Their own defence was that they were small operators keeping a commission while the money went elsewhere.

If they do not pay, SEBI can move to recovery under Section 28A, which allows attachment and sale of property. That process is slow.

Your position is better than most defrauded investors, because a public order names the amount and creates a claim window. But the money is not sitting in a bank waiting for you.

Filing early, with clean documentation, before the escrow year runs out, is what decides whether you are in the queue at all.

Have you paid Intraday Jackpot and watched the group go quiet?

Our team reads your payment trail against SEBI’s order, builds your claim with the documents the refund process actually accepts, and files it before the escrow window closes. Register with us to get our support.

Conclusion

SEBI’s April 30, 2026 order establishes two things about Intraday Jackpot.

The channels sold trading calls without registration. And the promises used to sell them- 95% accuracy, sure-shot trades, 100% to 200% returns- were fraud under the PFUTP Regulations.

For anyone who paid, the order does something most enforcement actions do not. It creates a route to your money.

A refund is directed. A public notice was required. Unclaimed funds sit in escrow for one year before disappearing into SEBI’s investor fund.

That one-year clock started on April 30, 2026. The people who file with proper documentation are the people who get paid.

Frequently Asked Questions

1. How do I know if I paid Intraday Jackpot?

Check your bank or UPI statement for payments to Rigi links, Cosmofeed, or UPI IDs jackpotindex@oksbi, indexjackpot@sbi, intradayjackpot9@okicici. Credits or debits tagged "Rigi", "intr" or "jack" also appear in SEBI's evidence. Match the amount against the subscription tiers in the order.

2. Will I definitely get my money back from the Intraday Jackpot refund?

The order directs a refund but cannot guarantee payment. If the three do not comply, SEBI may start recovery under Section 28A, which allows attachment and sale of their property. Filing early with complete payment proof puts you in the best position within the escrow window.

3. Is Akshay Kumar banned from the stock market?

Yes. He is debarred from accessing the securities market for two years from April 30, 2026, or until he completes the directed refund, whichever is later. The same applies to Mithun Sah and Arjun Sah.

4. What is the difference between Section 15EB and Section 15HA in this order?

Section 15EB penalises acting as an unregistered investment adviser or research analyst. Section 15HA penalises fraudulent and unfair trade practices. SEBI applied both, meaning it found not just a missing licence but active fraud through assured return promises.