Have you ever received a call from someone claiming to be a SEBI-registered investment advisor, promising that they can help you earn guaranteed returns or even recover your past losses in the stock market?
If you have, you’re not alone. Thousands of retail traders across India get such calls every single day. And most of them, at some point, believe it.
The pitch always sounds convincing. The registration number is thrown in right at the start to build trust. The testimonials feel real. The “expert” on the other side of the phone sounds confident.
But here’s the thing: having a SEBI registration number doesn’t automatically make someone honest. And the story of Rajiv Kumar Singh, the proprietor of Elite Investment Advisory Services, is a perfect example of exactly that.
In this blog, we break down who Rajiv Kumar Singh is, what SEBI found during its inspection, each violation in detail, the penalties imposed, the final cancellation of his registration, and what you, as an investor, need to watch out for.
Rajiv Kumar Singh Details
Rajiv Kumar Singh is a sole proprietor who operates his investment advisory business under the name Elite Investment Advisory Services, based in Indore, Madhya Pradesh.
He held a SEBI registration as an individual Investment Advisor under registration number INA000003668.
On paper, this made him a legitimate, regulated intermediary who could provide financial advice to clients across India.
| Full Name | Rajiv Kumar Singh |
| Firm Name | Elite Investment Advisory Services |
| Type | Individual Investment Advisor (Sole Proprietor) |
| SEBI Registration No. | INA000003668 |
| Location | Indore, Madhya Pradesh |
| PAN | BZZPS6587H |
| Current Status | Registration Cancelled by SEBI |
If you search for INA000003668 on SEBI’s official intermediary database today, this registration is no longer active.
A cancelled registration means the person is no longer authorised to provide investment advisory services in India. Any advisory activity carried out after cancellation would be illegal.
The firm appeared professional on the surface: an SEBI registration number, an office in Indore, and a growing client base. But behind the scenes, things were very different.
When SEBI and the BSE Administration and Supervision Ltd (BASL) conducted a joint inspection in January 2024, what they found inside that Indore office was nothing short of shocking.
Rajiv Kumar Singh SEBI Order
It was supposed to be a routine inspection. SEBI and BASL officials walked into the offices of Elite Investment Advisory Services on 18th January 2024. What followed was far from routine.
The office had 50 to 60 tele-callers making calls, pitching investment advice to clients. Most of these employees had no qualifying certifications.
Many were paid in cash, specifically to avoid appearing on official payroll records.
And the moment the inspection team arrived, the staff started running. Not figuratively, literally.
Employees began leaving the premises. Computers were being shut down. Data was being deleted. The office boy was found trying to lock up the place.
Rajiv Kumar Singh himself was nowhere to be found. He showed up only hours later.
Caught on Video: SEBI captured staff fleeing the office. Later, Rajiv admitted he had personally instructed his employees to leave the premises and delete data to obstruct the inspection.
This wasn’t just a compliance lapse. This was deliberate obstruction of a regulatory investigation. And SEBI treated it exactly that way.
The inspection continued and revealed a long list of violations, each one more serious than the last. Let’s go through them one by one.
Key Violations
The investigation uncovered a pattern of non-compliance that directly violated SEBI regulations.
Here are the major violations identified against the advisor:
Violation 1: No Valid Certifications, Operating Without Qualifications
SEBI regulations require that every investment advisor and their team members who interact with clients must hold valid NISM certifications.
This ensures that the person giving financial advice is actually qualified to do so.
During the inspection, SEBI found that neither Rajiv Kumar Singh nor his employees possessed the required qualifications or valid NISM certifications.
Essentially, an entire office full of people was giving stock market advice, advice that could make or break someone’s savings, without the basic educational or professional qualification to do so.
This is not a minor paperwork issue. It is a fundamental breach. It means every piece of advice given to clients under this firm was being given by people who were, in regulatory terms, unqualified to give it.
Violation 2: Crossed 150 Clients But Never Upgraded Registration
SEBI’s rules are clear: once an individual investment advisor exceeds 150 clients, they must convert their registration to a non-individual (corporate) structure.
This requirement exists because managing a large number of clients demands stronger governance, greater transparency, and institutional accountability.
Rajiv Kumar Singh had over 1,400 clients at the time of inspection. Nearly ten times the threshold. And he had never made any effort to upgrade his registration.
By continuing to operate as an individual IA with such a large client base, he deprived those clients of the regulatory protections that come with a properly structured advisory entity and quietly evaded the additional scrutiny that would have come with a non-individual registration.
Violation 3: No Risk Profiling, No Suitability Assessment
Before an investment advisor gives any advice, they are required to assess the client’s risk appetite, financial goals, and suitability.
This process, called risk profiling, ensures that recommendations actually match what a client can afford to lose.
SEBI found that Elite Investment Advisory Services had no documented risk profiling process whatsoever.
Every client, regardless of their financial background, income, or comfort with risk, was being advised to trade in F&O (Futures & Options) intraday, one of the riskiest forms of trading in the market.
No agreements were signed in many cases, either. The entire client onboarding process was a formality that simply didn’t exist.
Violation 4: Charging Fees Beyond the Permitted Cap
Under SEBI regulations, an investment advisor operating on a fixed-fee model cannot charge more than ₹1.25 lakh per client per year.
This cap protects clients from being overcharged for advice.
Rajiv Kumar Singh charged several clients fees exceeding this cap in FY 2022–23. In some cases, the excess was not small.
Clients were paying amounts beyond what the law allowed, and most of them probably had no idea this was happening because no proper agreements had been shared with them.
Violation 5: Promising Assured Returns and Loss Recovery
This is perhaps the most serious and most common violation in the advisory world. Promising assured returns or guaranteed recovery of losses is explicitly prohibited under SEBI regulations and PFUTP norms.
SEBI reviewed call recordings from Elite Investment Advisory Services and found clear evidence that employees regularly made such promises to clients.
Phrases like “we guarantee you will recover your losses” and “assured returns on our plan” were actively used to sell advisory subscriptions.
These promises are not just illegal; they are psychologically manipulative. They target people who have already lost money in the market and are desperate for a way back. SEBI viewed this as a fraudulent and unfair trade practice under the PFUTP Regulations.
Violation 6: ₹2.37 Crore in Unexplained Credits
One of the most alarming findings in the SEBI order was the discovery of ₹2.37 crore in unexplained credit entries in Rajiv Kumar Singh’s HDFC Bank account.
SEBI could not match these credits with any disclosed advisory fee income. This raised serious questions: was he collecting money from clients who were not on his official records?
Was he managing client funds like a Portfolio Management Service (PMS), which requires a separate and much more stringent SEBI registration? Was he charging undisclosed fees over and above the official invoices?
Rajiv did not explain. No bank statements of family members were submitted either, despite SEBI requesting them. The unexplained funds remain a significant red flag in the order.
Violation 7: Conflict of Interest, Employees Trading in Advised Stocks
SEBI also found that employees of Elite Investment Advisory Services were themselves trading in the same securities they were recommending to clients.
This is a direct conflict of interest and is specifically prohibited under investment advisory regulations.
When an advisor or their team personally trades in stocks they are simultaneously recommending to clients, the risk of front-running, manipulation, and self-serving advice becomes very real.
Violation 8: 174 Complaints, Zero Documented Resolutions
SEBI pulled data from its SCORES portal, the official complaint resolution platform for investors. and found 174 complaints filed by 42 different clients against Elite Investment Advisory Services.
Common themes across these complaints included promises of assured returns, failure to deliver on those promises, excessive fees, and demands for client login credentials.
When SEBI asked for documentation showing how these complaints had been addressed, the firm had nothing. Not a single piece of evidence shows a structured grievance redressal process, 174 complaints, and not one has been formally resolved.
Violation 9: Demanding Client Login Credentials
Multiple complaints indicated that Rajiv Kumar Singh’s team demanded login credentials for client’s trading accounts.
This is a blatant violation of investment advisory norms. A legitimate advisor gives advice; they do not operate your account.
By accessing client accounts directly, the advisor can execute trades without the client’s real-time knowledge or consent. This opens the door for unauthorised trading, overcharging on brokerage, and self-serving transactions, all at the client’s expense.
Violation 10: Deliberate Obstruction of SEBI Inspection
As described earlier, when SEBI arrived for the inspection, Rajiv Kumar Singh instructed his staff to flee, directed employees to delete data from servers, and failed to appear at the office for hours.
He later admitted to these actions.
SEBI categorised this as deliberate obstruction of a regulatory inspection, one of the most serious offences an intermediary can commit.
It reflects not just non-compliance, but an active attempt to hide wrongdoing from the regulator.
Penalty Imposed by SEBI on Rajiv Kumar Singh
Based on the gravity and volume of violations established during inspection and adjudication proceedings, SEBI imposed a total monetary penalty of ₹35 lakh on Rajiv Kumar Singh under three separate regulatory sections.
Beyond the financial penalty, SEBI’s ultimate action was the cancellation of the SEBI registration of Elite Investment Advisory Services, effective immediately from the date of the Final Order in March 2026.
How to File a Complaint Against an Investment Advisor?
If you have been a client of Elite Investment Advisory Services or any other advisory firm that you believe has misled you, here is exactly what you should do.
1. Stop Further Payments and Cut Access
Pause all additional payments immediately. Avoid sharing any sensitive information such as OTPs, UPI PINs, remote-access permissions, or screen-sharing access during trading sessions.
If someone else is controlling your account, regain access without delay.
The longer this continues, the more difficult it becomes to prove responsibility later.
2. Collect and Organise Your Evidence
Secure all relevant proof, including:
- Chats from WhatsApp or Telegram.
- Call recordings (if available).
- Payment receipts and invoices.
- Bank statements.
- UPI transaction screenshots.
- Any promised returns or projections
Additionally, create a simple timeline outlining key events, dates, commitments made, payments completed, and actual outcomes.
3. Submit a Complaint in SCORES
File your complaint through SEBI’s SCORES platform.
Include all supporting documents along with your timeline, and clearly describe the issue, whether it involves unregistered advisory services, misleading claims, profit-sharing arrangements, refusal to refund, or harassment.
4. Register a Complaint with Smart ODR
If your complaint remains unresolved, take it further through SEBI’s Smart ODR system.
This platform offers a structured online dispute resolution mechanism, especially useful when initial complaints do not lead to action.
5. Stock Market Arbitration
As a final step, escalate the matter to arbitration through stock exchanges like NSE or BSE.
An independent arbitrator will evaluate the evidence and arguments before issuing a binding decision. This step becomes particularly important when the financial loss is significant.
Filing a complaint against a fraudulent investment advisor requires the right evidence, the right platform, and the right framing; a single mistake can delay or derail your case.
Register with us and our team will assess your situation, prepare your complaint, and guide you through every step until your grievance is resolved.
Conclusion
Rajiv Kumar Singh’s case is not just a regulatory story; it’s a wake-up call for every retail investor in India.
A SEBI registration number on a website or a confident voice on a phone call does not guarantee honesty or competence.
Behind the professional front of Elite Investment Advisory Services were unqualified tele-callers, broken promises, and 174 unresolved complaints from real people who trusted the wrong person with their hard-earned money.
If this case teaches us anything, it’s that you must verify, question, and never hand over your trading credentials to anyone.
Always check an advisor’s registration status on SEBI’s official portal before paying a single rupee, because in the stock market, trust without verification is a risk you simply cannot afford.
