Let’s talk about something important—not stock tips, not trading strategies, but something most retail traders often ignore until it’s too late: proper check on the people you trust with your money.
Recently, SEBI (Securities and Exchange Board of India) dropped a strong order against Priyanka Yadav, the proprietor of Trade Money Research.
On paper, she was a SEBI-registered Research Analyst. But in reality? The business was being run by her husband Sandeep Yadav, a man already debarred by SEBI.
You read that right. A debarred individual was running a SEBI-registered RA firm—just using his wife’s name as a front.
Let’s unpack the entire case and what it means for you as a retail trader.
The Investigation: SEBI Pays a Visit
SEBI conducted a joint onsite inspection with BSE at Priyanka Yadav’s offices in Nagpur and Indore in October 2024. What they found raised all kinds of red flags.
Turns out, the actual RA work, sending research reports, handling clients, and making decisions, was being done by Sandeep Yadav, who had already been debarred by SEBI in January 2023 for running unregistered investment advisory services under the name “Capital Vista.”
Even more alarming? Sandeep was ordered to refund ₹89.94 lakh to clients back then. That never happened.
Yet here he was again, back in business, just not under his name.
The Deception Game: What SEBI Found
Here’s a quick list of violations Trade Money Research was nailed for:
- Proxy Operation: Sandeep ran the show while Priyanka’s name was just on the paper.
- Concealment of Material Facts: They didn’t tell SEBI during registration that Sandeep was involved, or that he was banned.
- Client Misleading: No disclosure was made to clients that the actual operator of the service was banned from the market.
- Audit Gaps: They didn’t submit their annual compliance audit during SEBI’s inspection.
- Address Confusion: The business operated from Indore but was registered in Nagpur (although this point was later dropped by SEBI due to lack of hard evidence).
SEBI’s Verdict: 2-Year Ban + ₹10 Lakh Fine
SEBI came down hard and fair. Here’s what the final order includes:
Priyanka Yadav is now barred for 2 years from:
- Accessing the securities market
- Offering research analyst services
- Associating with any market-related activity
She must refund all clients for the unexpired portion of their subscription within 3 months, and she can’t charge any penalty or breakage fee.
A public notice must be issued in two national newspapers, and emails must be sent to all clients with refund details.
A ₹10 lakh fine was imposed under Section 15EB of SEBI Act for all the regulatory violations.
Why This Matters to Retail Traders
You might be thinking—“Okay, but how does this affect me?”
Well, here’s the reality:
Just because a firm is SEBI-registered doesn’t mean it’s operating clean.
This case is a textbook example of how someone banned by SEBI can sneak back into the system by hiding behind someone else’s name—in this case, his wife.
And here’s where it directly affects you:
- Your Capital Is at Risk — From Day One
You may follow their advice, thinking it’s SEBI-compliant, but it’s not.
That invalidates the trust, and more importantly, if you lose money, you have very limited recourse. Why? Because:
-The face of the firm (Priyanka Yadav) might say “I had no idea,” or disappear.
-The real operator (Sandeep Yadav) is not even allowed to be in the market. - You Might Be Dealing with a Ghost Firm
In many such cases, there’s no proper documentation, no contracts, no valid invoices. Even if you want to raise a complaint or take legal action, there’s no clear accountability. - You’re Being Sold False Confidence
SEBI registration gives a firm credibility—but if it’s misused, like here, that credibility becomes a trap.
You follow recommendations, buy/sell based on advice, and feel secure thinking it’s regulated. But behind the scenes, someone already proven to be fraudulent is pulling the strings. - Refunds May Never Happen
Sure, SEBI has ordered refunds here. But in most cases, victims don’t even know they have a right to demand refunds. And when they try, they’re either ignored, blocked, or harassed. In this case, SEBI stepped in and forced it. But for many others, no one comes to save them. - You Could Be Enabling a Scam
This may sound harsh, but it’s real:
By subscribing to such services without verifying their actual operators, you’re funding someone who has already scammed others.
That’s not just risky for you—it keeps the fraud cycle alive. - Regulatory Violations = Your Legal Risk
If you share their tips in WhatsApp groups or forums, you might unknowingly become part of the distribution chain of illegal investment advice.
Sounds extreme? It happens.
You might also find it difficult to justify your tax filings, audit trails, or capital gains if your broker or tax advisor asks where a trade idea came from—and you say “Some research firm I found on Instagram.”
What You Should Always Do?
- Verify SEBI Registration: Go to the SEBI website and check IA/RA list and cross-check the name and details.
- Google Their Past: Search for news, frauds, and SEBI orders against them or people linked to them.
- Ask Who’s Behind the Calls: If someone else talks to you on calls other than the one registered, question it.
- Check SCORES: Visit SCORES portal to see if there are complaints or file one if you’ve been misled.
Conclusion
This isn’t just about one person or firm—it’s a warning for all of us. The market already has enough risks. Don’t let the people managing your money be one of them.
If you’ve ever taken services from Trade Money Research or got calls from someone claiming to be from them, now is the time to act. You’re legally entitled to a refund for the remaining service period—no questions asked, no penalty.
And as for the rest of us—stay alert, stay informed, and always do your due diligence.
