Have you ever joined a Telegram channel offering “sure-shot” Bank Nifty calls and questioned whether the operator legally provides stock market advice?
Cases like Siddhant Suresh Chandan make this question even more important. SEBI alleged that he offered paid trading tips and investor services without valid registration.
To many retail traders, the setup appeared convincing: profitable trade screenshots, paid memberships, and confident market calls shared daily on Telegram.
But behind the appearance of credibility, SEBI’s investigation revealed a very different picture.
In this blog, we break down who Siddhant Suresh Chandan is, what SEBI discovered during its investigation, the penalties imposed, and what affected investors should know moving forward.
Who Is Siddhant Suresh Chandan?
Siddhant Suresh Chandan is an individual who operated a paid investment advisory service primarily through a Telegram channel named ‘NO-Bank.Nifty.Options’.
Through this channel, he offered market-related tips and trading calls, mainly focused on Bank Nifty and options, to retail traders in exchange for fees.
The fees he reportedly charged ranged from ₹3,000 to ₹25,000, depending on the plan or service opted by the client.
He is not associated with any registered investment advisory firm or SEBI-registered entity.
He operated as an individual without the required regulatory approvals, targeting traders looking for daily trading tips and F&O recommendations.
SEBI received complaints from two investors alleging that he was providing paid advisory services illegally, which triggered an investigation that ultimately led to a formal order.
Is Siddhant Suresh Chandan SEBI Registered?
No. Siddhant Suresh Chandan is not a SEBI-registered Investment Adviser.
Under the SEBI (Investment Advisers) Regulations, 2013, any person who provides investment advice to clients for a fee, whether through Telegram, WhatsApp, YouTube, or any other medium, must obtain prior registration from SEBI as an Investment Adviser.
Operating without this registration is a direct violation of Section 12(1) of the SEBI Act.
Siddhant Suresh Chandan did not hold any such registration. He was not listed on SEBI’s official register of Investment Advisers at the time he was operating his Telegram channel.
You can always verify any adviser’s registration status directly at SEBI’s official website before paying any fees or following any trading recommendations.
This is an important check, one that many retail traders skip, often to their financial detriment.
Siddhant Suresh Chandan SEBI Order
Dr Anitha Anoop, Chief General Manager of SEBI, issued the adjudication order dated March 15, 2023 (Order No. QJA/AA/WRO/WRO/24640/2022-23).
The case originated from two investor complaints.
SEBI investigated the matter, examined his bank account records, analysed the Telegram channel activity, and reviewed his own submissions before arriving at its findings.
What follows is a section-by-section breakdown of each violation SEBI identified.
Violation 1: Providing Unregistered Investment Advisory Services via Telegram
SEBI identified a clear violation in this case. Siddhant Suresh Chandan provided investment advice for money without obtaining SEBI registration.
He operated the Telegram channel “NO – Bank.Nifty.Options” and shared paid trading recommendations with subscribers. He advised users when to buy, sell, and deal in securities and investment products.
This falls squarely within the definition of an “Investment Adviser” under the SEBI (Investment Advisers) Regulations, 2013.
SEBI’s order clearly states that he provided advice on investing, buying, selling, and dealing in securities and investment products. These activities require mandatory registration under the law.
Violation 2: Operating Client Demat Accounts Without Authorisation
Siddhant Suresh Chandan did more than just share trading tips. He also handled demat accounts for certain clients directly.
In submissions made before SEBI, he admitted that some clients voluntarily shared their login IDs and passwords with him to operate their demat accounts.
SEBI was not satisfied with this explanation. The regulator’s order directly called this out, noting that his own statements amounted to an admission that he managed client demat accounts while carrying out unregistered investment advisory services.
Violation 3: Charging Fees Without Regulatory Compliance
SEBI examined his bank account records and identified multiple credit entries linked to stock market and securities-related transactions.
These entries provided documentary evidence that he actively collected payments from clients for advisory-related services.
The collected fees reportedly ranged between ₹3,000 and ₹25,000. This pricing pattern suggested the existence of structured service packages or multiple subscription tiers.
The firm did not follow SEBI rules for fee collection, client onboarding, risk profiling, disclosures, or mandatory regulatory compliance requirements.
SEBI requires registered advisers to maintain client agreements, assess suitability, and follow a proper code of conduct. The firm ignored these safeguards.
Penalty Imposed by SEBI on Siddhant Suresh Chandan
After reviewing the evidence and submissions, SEBI issued its order on March 15, 2023.
- SEBI imposed a monetary penalty of ₹2 lakh under Section 15EB of the SEBI Act. The regulator found that unregistered investment advisory services were being provided.
- It also ordered Siddhant Suresh Chandan to refund all fees collected from clients. The order required him to complete these refunds within 45 days.
- Additionally, SEBI directed him to stop offering investment advisory services without registration. The regulator backed the refund direction through its formal recovery mechanism.
The order required payment of the penalty within the same 45-day period.
Recovery Proceedings Against Siddhant Suresh Chandan
The story did not end with the 2023 order. SEBI subsequently initiated recovery proceedings against Siddhant Suresh Chandan under its statutory recovery powers.
Recovery Certificate No. 7807 of 2024 and Recovery Certificate No. 7808 of 2024 for unregistered investment advisory activities were issued by SEBI.
Such recovery certificates are issued when individuals fail to comply with monetary directions issued by the regulator.
Later, on April 10, 2026, SEBI issued a Release Order for Recovery Certificate No. 7808 of 2024. This development indicated compliance with the directions linked to that particular recovery certificate.
SEBI later issued a Compliance Completion Order for Recovery Certificate No. 7807 of 2024 in May 2026. The order confirmed compliance with the remaining directions.
These recovery proceedings show that SEBI actively enforced its earlier order for a certain period. This reflects the seriousness of the case and the regulator’s approach toward enforcement.
SAT records also show that Siddhant Suresh Chandan filed an appeal before the Securities Appellate Tribunal. He filed Case No. SEBI/0150/2025 on February 26, 2025. The matter remained pending as per the latest available update.
How To File A Complaint Against Unregistered Advisers?
If you have used services offered by Siddhant Suresh Chandan or any other unregistered stock market advisory platform and are now facing problems, it is important to handle the situation carefully and keep proper records from the beginning.
Taking the right steps early can improve the chances of your complaint being taken seriously.
Here’s what you should do:
Step 1: Gather All Supporting Evidence
Start by collecting every document or record connected to the service.
This may include:
- Payment receipts
- WhatsApp chats or Telegram messages
- Trade recommendations
- Emails and call recordings
- Screenshots of profit claims or advertisements
Having proper evidence makes your complaint much stronger.
Step 2: Raise the Issue Directly With the Platform
Before escalating the matter, send a clear written complaint to the company or individual involved.
Mention what was promised, what actually happened, and the losses or issues you faced. Save copies of every email, message, or response, even if they ignore you completely.
Step 3: Report a Complaint in SEBI
If the advisory service is operating without SEBI registration, you may still report the matter directly to SEBI along with all your supporting documents and evidence.
Providing complete details helps regulators understand the seriousness of the issue.
Step 4: File a Cyber Crime Complaint
If the case involves fake profit promises, financial fraud, or suspicious money-related activity, you should also report it through the National Cyber Crime Portal.
This can help initiate further investigation into the matter.
Step 5: Seek Legal Advice if Needed
If the financial loss is significant, speaking with a lawyer who handles financial or securities-related disputes may help you understand what legal remedies are available.
Need Help?
Many investors are unsure where to report the issue or how to prepare their complaint properly. Small mistakes, missing documents, or incomplete explanations can delay the process.
We help investors by:
- Reviewing the case and identifying possible violations.
- Assisting with complaint drafting and documentation.
- Organising chats, payment proofs, and screenshots properly.
- Guiding users through cyber crime complaint filing.
- Explaining possible escalation and legal options.
If you feel something was not right about the service you received, do not ignore it. Taking timely action with proper guidance can make a big difference. Register with us today and take the first step toward resolving your situation with the right support behind you.
Conclusion
Siddhant Suresh Chandan’s case is a textbook example of what unregistered investment advisory looks like in the digital age: a Telegram channel, paid subscribers, trading tips, and client demat accounts operated without a shred of regulatory approval.
SEBI identified the violations, passed a formal order, imposed a penalty, directed refunds, and followed it up with recovery proceedings spanning 2024 and 2026. The system worked, but only after investors had already suffered.
The lesson here is simple: any person charging you money for trading tips, managing your demat account, or running a paid advisory channel must have a valid SEBI registration. There are no exceptions.
Before you pay ₹3,000 or ₹25,000 to any Telegram channel or online adviser, take two minutes to verify their registration on the SEBI website.
That one step could protect your hard-earned money from operators who have no business handling it.
