Quick Summary
Piyush Jain is an investment advisor based in Indore who operated as a sole proprietor under the firm name Wealthmax Solution Investment Adviser, registered with SEBI under number INA000010751 from June 2018 until its cancellation in April 2026. He offered advisory services through his official website, without an active social media presence. This blog covers his personal background, his registration history, and the exact steps to file a complaint if you feel misled.
Behind every registered advisory firm is a real, individually accountable person, and in the case of Wealthmax Solution, that person is Piyush Jain.
What happens when a SEBI-registered investment advisor from Indore stops responding to calls, emails, and eventually the regulator itself?
That’s the story that unfolded here, one that moved from routine compliance gaps to a formal SEBI cancellation.
This page focuses specifically on who Piyush Jain is on record, his background, his role in the firm, and what stopped when he did, separate from the detailed SEBI order history covered elsewhere.
Who Is Piyush Jain?
Piyush Jain operates as a sole proprietor in the investment advisory space, running his business under the firm name WealthMax Solution Investment Advisor, based in Indore, Madhya Pradesh.
He is not active on any social media platform, a detail worth noting, since it means his official website was the only public channel through which he offered services, with no Instagram, Telegram, or YouTube presence to independently cross-check his claims against.
Some public reporting on this case has also referenced marketing involving fixed daily profit claims; in one account, promises around 3% per day.
This specific figure comes from secondary reporting rather than the SEBI orders themselves, and is worth treating as an allegation requiring independent verification rather than a confirmed fact, though it aligns with the broader pattern SEBI’s own orders describe: an advisor who eventually stopped responding to clients entirely.
For the full list of services Wealthmax Solution offered, the fee structure tied to them, and the complete SEBI order history behind the cancellation, that ground is covered in detail on our Wealthmax Solution profile.
Is Piyush Jain Still SEBI Registered?
No. His firm, Wealthmax Solution Investment Adviser, held SEBI registration number INA000010751, granted on 6 June 2018. That registration was formally cancelled by SEBI on 9 April 2026.
Registration confirms regulatory oversight at the time it’s granted. It does not certify the ongoing quality of advice, the accuracy of recommendations, or the day-to-day conduct of the person holding it, which is exactly the gap this case illustrates.
The full regulatory record behind that cancellation spans four separate SEBI orders issued between February 2023 and April 2026, covering the specific violations found and the ₹7,00,000 penalty that preceded the final cancellation.
What’s worth understanding on this page specifically is what those findings mean for Piyush Jain personally.
As a sole proprietor, there’s no separate corporate entity shielding him from individual accountability the way a director structure might. Every compliance failure attributed to Wealthmax Solution traces directly back to him as an individual.
Also Read: 90-10 Financial Planners Pvt Ltd, the exact total across five full reporting years.
Why Did Piyush Jain Disappear From Client Communication?
According to SEBI’s own findings, Piyush Jain informed the regulator that his advisory business had effectively ceased operations since 2022, and that he earned no advisory income after that point.
He stated he believed his registration had already lapsed, reportedly based on an earlier communication about removal from SEBI’s list of registered advisers due to non-payment of fees.
SEBI did not accept this as a valid explanation.
An assumption that registration has lapsed doesn’t substitute for the formal cancellation process, and simply stopping business activity doesn’t close out an adviser’s ongoing regulatory obligations, obligations that remain in place until a registration is formally surrendered or cancelled through proper procedure.
For investors who had an active relationship with him before this point, that unexplained silence is exactly the pattern worth documenting if you’re planning to file a complaint.
Not sure whether your specific situation with Piyush Jain warrants a formal SEBI complaint, or how to frame it clearly?
We help you organize your evidence and draft a complaint that gets taken seriously.
How to File a Complaint Against Piyush Jain?
If you feel that Piyush Jain or Wealthmax Solution misled you, the right first step isn’t panic, it’s building a clear, organized record.
1. Collect Your Evidence
Gather every fee payment proof, whether bank statements, UPI screenshots, or receipts, along with any agreements or chats with the advisor, emails, WhatsApp messages, or written promises about returns, and any statements showing expected profits or losses.
2. Draft a Proper Complaint
Write a clear complaint that includes your full name, address, and contact details, the name of the firm (Wealthmax Solution) and the advisor (Piyush Jain), a timeline of events, when you joined, when you paid, when communication stopped, exactly what was promised versus what actually happened, and the amount you lost and how.
3. Send Your Complaint to SEBI
Since his registration is cancelled, send a detailed written complaint to SEBI with all attachments as proof, and make sure to explicitly mention that the firm’s registration has already been cancelled and that the advisor has stopped responding.
4. Follow Up Regularly
After sending your complaint, monitor for any acknowledgement or response. If you don’t hear back within a reasonable period, send a follow-up requesting a status update; regular follow-up signals that your case is active and worth prioritizing.
If you’re instead dealing with a currently active adviser, not Piyush Jain specifically, and something has gone wrong, a SEBI SCORES complaint is the correct first formal step.
If that doesn’t resolve things and your dispute involves a specific financial claim, escalate through the SMART ODR login for structured mediation.
Should mediation fail to resolve the matter, formal stock market arbitration provides a final, binding decision.
Conclusion
Piyush Jain built Wealthmax Solution into a formally SEBI-registered advisory practice in 2018, one that, for a period, appeared to operate within the regulatory framework it was built on.
Over the following years, that framework eroded, certifications lapsed, documentation went missing, and eventually, client communication itself stopped.
His case is a reminder that a registration number alone was never designed to be a permanent guarantee.
It confirms a starting point, not an ongoing promise, and the responsibility to keep verifying that promise sits with the investor, not just the advisor.
If you were affected by Piyush Jain’s advisory practice, you now know exactly what the regulatory record shows and what steps are actually available to you.
Report. Recover. Stay Fraud Free.
Frequently Asked Questions
No. SEBI cancelled his firm's Investment Adviser registration (INA000010751) on 9 April 2026, so he currently holds no active registration.
Collect all evidence, including payment proofs and chat records, then send a detailed written complaint directly to SEBI, since standard SCORES complaints assume an active registration, and follow up regularly.
His firm failed to meet basic ongoing requirements, unpaid renewal fees, expired certification, missing BASL membership, and unresolved investor grievances, and also stopped responding to investors and eventually the regulator.
There's no public record confirming this either way. If you're evaluating any advisory service, independently verifying the SEBI registration status directly, rather than relying on a name alone, remains the safest first step.
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