What happens when a SEBI‑registered investment advisor from Indore suddenly stops answering calls, emails, and even regulator messages?
That is exactly the story of “Piyush Jain investment advisor.”
A name that once looked legitimate but now leaves many investors chasing lost money and unanswered questions.
From fixed‑profit promises of 3% per day to a firm called WealthMax Solutions that eventually ghosted its clients, the situation has triggered SEBI inspections, penalties, and finally a cancellation of registration.
If you are reading this, you might be wondering: Did I also trust someone who disappeared? Or is my money still safe with a registered advisor?
This blog will walk you through who Piyush Jain is, what SEBI found, why his license was cancelled, and how you can take action if you feel misled.
Let’s dig into the facts so you do not become another silent victim of a disappeared advisor.
Piyush Jain Investment Advisor Review
Piyush Jain is an investment advisor from Indore who operates as a sole proprietor in the investment advisory space.
His firm is called WealthMax Solution Investment Advisor, which was earlier registered with SEBI as an investment advisor under the registration number INA000010751, granted on 6 June 2018.
He is not active on any social media platform and only uses his official website to provide services.
Through that website, he offered investors:
- Portfolio guidance
- Stock recommendations
- Mutual fund recommendations
- Fee‑based advisory services that were expected to be supported by proper agreements and records
The claims made by Piyush Jain seemed legitimate only until he totally ghosted investors.
But what was the reason behind it? Why did Piyush Jain disappear for years, and why was his license eventually cancelled?
These questions naturally lead you to the next section, where SEBI’s actions and orders explain what happened behind the closed doors of WealthMax Solutions.
Why Did SEBI Take Action Against Piyush Jain Investment Advisor?
SEBI does not cancel registrations lightly. When regulators start inspecting an advisory firm, they are looking for basic investor protection rules that must be followed consistently.
In the case of Piyush Jain investment advisor, two major SEBI orders show how the situation escalated from penalties to a full cancellation.
Case 1: When SEBI Examined the Operations
The inspection was carried out to determine whether the advisory firm was meeting the basic standards designed to protect investors.
What SEBI uncovered raised concerns that several of those safeguards were either missing or not being followed consistently.
Among the deficiencies noted during the inspection were:
- Client agreements had not been properly executed in several instances
- Advisory fees were collected without adequate supporting documentation
- KYC information and risk assessment records were incomplete or missing for multiple clients
- Certain client records contained placeholder names instead of proper identification details
- Mandatory certifications had expired and were not renewed on time
- The firm had not obtained BASL membership as required under the regulations
Viewed in isolation, these issues might appear to be routine compliance failures. However, taken together, they indicated broader weaknesses in the firm’s regulatory and operational practices.
Based on these findings, SEBI held that the firm had violated multiple provisions of the Investment Advisers Regulations and, through its order dated 13 March 2024, imposed a monetary penalty of ₹7,00,000.
Case 2: When SEBI Eventually Cancelled the Registration
But the story did not end with the ₹7 lakh penalty.
After taking enforcement action, SEBI looked at a bigger question: was WealthMax Solutions still meeting the basic requirements needed to continue operating as a registered investment adviser?
What it found raised further concerns.
According to SEBI, several important compliance issues still remained unresolved:
- Renewal fees had not been paid
- The required NISM certification had not been renewed
- BASL membership was still not in place
The firm explained that its advisory business had already stopped and that it believed its registration had effectively lapsed.
But from SEBI’s perspective, that explanation did not remove the obligation to comply with regulatory requirements.
As a result, on 9 April 2026, SEBI cancelled WealthMax Solution’s Investment Adviser registration (INA000010751), formally bringing its registration to an end.
If you look at both SEBI orders together, a larger picture begins to emerge.
This was not simply a case of missing documents or delayed filings. The findings pointed to recurring compliance failures that continued even after regulatory action had already been taken.
And if you were one of the investors who trusted the firm, that raises an important question: if these issues existed for so long, how many clients were affected before regulators stepped in?
That is why these findings matter as they do not just explain what happened to the firm but also help you understand your position and decide what steps to take next.
How to File a Complaint Against Piyush Jain?
If you feel that Piyush Jain or WealthMax Solutions misled you, the first step is not to panic but to act systematically.
Losing money is painful, but taking clear action can help you protect your rights and possibly recover what is due.
Follow these simple steps to register your complaint properly.
Step 1: Collect Evidence
Gather all documents that show what happened, including:
- Fee payment proofs (bank statements, UPI screenshots, receipts)
- Agreements or chats with the advisor
- Emails, WhatsApp messages, or any written promises about returns
- Any statements showing expected profits or losses
Step 2: Draft a Proper Complaint
Write a clear complaint that includes:
- Your full name, address, and contact details
- Name of the firm (WealthMax Solution) and the advisor (Piyush Jain)
- A timeline of events (when you joined, when you paid, when communication stopped)
- What exactly was promised and what actually happened
- The amount you lost and how you lost it
Step 3: Email the Complaint to SEBI
After drafting a proper complaint, you can send a detailed email to SEBI with all attachments as proof.
Make sure to mention that the firm’s registration has been cancelled and that the advisor has disappeared.
Step 4: Follow Up Regularly
After sending your complaint, monitor your email for any acknowledgement or response from SEBI.
If you do not receive a reply within a reasonable period, send a follow-up email requesting an update on the status of your complaint.
Regular follow‑up shows that you are serious and helps keep your case active.
Need Help?
If Piyush Jain investment advisor has promised you guaranteed returns, skyrocketing profits, or if you feel something is not right, you are not alone.
Many investors have been left with broken promises and lost money after trusting his firm WealthMax Solutions.
All you need to do is register with us, and we will get back to you within the next 24 hours.
If you register your case with us, our expert team will reach out to you and help you in the process of recovery.
Conclusion
Do not let a disappeared advisor steal your peace along with your money.
The cancellation of Piyush Jain’s SEBI registration is a clear sign that the firm was not safe. If you were promised fixed returns or high profits, pause and ask whether those promises were real.
Your money is valuable, and it deserves protection from advisors who vanish without answers.
Take action today by collecting evidence, filing a complaint with SEBI, and following up regularly.
Do not wait for someone else to fix this, because delays only make recovery harder. You have the right to question, to complain, and to seek justice for what happened.
Frequently Asked Questions
1. Is Piyush Jain investment advisor still SEBI‑registered?
No, SEBI cancelled WealthMax Solution’s investment advisor registration (INA000010751) on 9 April 2026, so Piyush Jain is no longer a registered advisor.
2. What should I do if Piyush Jain promised me guaranteed returns and then disappeared?
Collect all evidence like payment proofs and chats, then file a complaint on SEBI’s SCORES portal and follow up regularly to seek recovery.
3. Why was Piyush Jain investment advisor’s SEBI registration cancelled?
SEBI cancelled it because the firm failed to meet basic requirements like client agreements, KYC, risk profiling, fee documentation, and mandatory certifications, and also stopped responding to investor complaints.
