You trusted someone to help manage your money and guide your investments.
The promises sounded convincing, the recommendations seemed reliable, and you believed your hard-earned savings were in safe hands.
But now, you may be feeling confused, frustrated, or wondering whether something went wrong.
If Wealthmax Solution and adviser Piyush Jain were involved in your investments, you are probably looking for answers.
This blog explains what happened, what SEBI found, and what steps you can take if you believe you have suffered financial losses.
Most importantly, it helps you understand that your concerns matter.
Many investors stay silent because they think their complaint will not make a difference.
But, in reality, even a single complaint can contribute to a larger investigation and help protect other investors from facing the same situation.
Is Wealthmax Solution SEBI Registered?
Wealthmax Solution Investment Adviser was a SEBI-registered investment advisory firm operated by Piyush Jain from Madhya Pradesh.
The firm received registration as an Investment Adviser on June 6, 2018, under registration number INA000010751.
The firm offered fee-based investment advisory services to retail investors, including stock market recommendations, mutual fund guidance, portfolio-related advice, and other investment-related services.
As a SEBI-registered adviser, the firm was required to comply with various regulatory obligations, including maintaining proper records, entering into prescribed agreements with clients, conducting suitability assessments, and meeting certification and compliance requirements.
However, subsequent regulatory proceedings brought the firm’s compliance practices under examination.
During inspections and related enforcement actions, SEBI identified several instances where the regulator alleged that these requirements had not been adequately met.
The findings ultimately led to regulatory action and became a significant part of the firm’s history.
Understanding those findings is important for investors seeking to assess the firm’s conduct, the regulatory response, and the implications for affected clients.
In the sections below, we examine SEBI’s observations and the actions that followed.
SEBI Action Against Wealthmax Solution
SEBI’s concerns regarding Wealthmax Solution did not arise from a single complaint or isolated incident.
Instead, they emerged through regulatory inspections and subsequent enforcement proceedings that examined whether the firm was complying with the obligations expected of a registered investment adviser.
The regulatory record ultimately resulted in two important SEBI orders.
The first focused on inspection findings and compliance deficiencies identified during the firm’s operations.
The second examined whether the firm continued to satisfy the requirements necessary to remain registered as an investment adviser.
When both SEBI orders are read together, they do not just show regulatory action.
They show how the situation developed after SEBI examined how Wealthmax Solution was functioning as a registered investment adviser.
It is not a single issue but a pattern that unfolded in two stages.
Case 1: When SEBI Examined the Operations
The first order came after SEBI inspected Wealthmax Solution Investment Adviser for the period April 2020 to January 2023.
The inspection was meant to check whether basic investor protection rules were being followed.
What SEBI found suggested that several of those requirements were not consistently in place.
Some of the key issues recorded in the inspection included:
- Client agreements were not properly executed in several cases.
- Advisory fees were collected without complete supporting documents.
- KYC details and risk profiling were missing or incomplete for multiple clients.
- Some client records used placeholder names instead of proper identification.
- Mandatory certifications had expired and were not renewed.
- BASL membership was not obtained as required.
Individually, these may look like compliance lapses. But together, they pointed to deeper gaps in how the advisory business was being run.
SEBI concluded that multiple provisions of the Investment Advisers Regulations had been violated and imposed a penalty of ₹7,00,000 through its order dated March 13, 2024.
Case 2: When SEBI Eventually Cancelled the Registration
The matter did not end with the penalty.
SEBI later reviewed whether Wealthmax Solution continued to meet the basic requirements needed to remain a registered investment adviser.
At this stage, additional compliance gaps were noted:
- Renewal fees had not been paid.
- NISM certification had still not been renewed.
- BASL membership was still missing.
The explanation given was that the advisory business had already stopped and the registration was believed to have lapsed. However, SEBI did not treat this as sufficient compliance.
On April 9, 2026, SEBI cancelled Wealthmax Solution’s Investment Adviser registration (INA000010751), bringing its registration to an end.
When you read both SEBI orders together, one thing becomes clear: this was not just about paperwork or technical lapses. It was about how things actually worked behind the scenes.
For someone who trusted the firm, the concern is not just what went wrong, but how long it went unnoticed.
And that is exactly why these findings matter before you decide what your next step should be.
Can You Trust Wealthmax Solution?
If you are reading this after losing money or struggling to get answers from Wealthmax Solution, take a moment to think back about your experience.
You approached the firm because you wanted professional investment guidance.
You paid fees expecting transparent advice, proper documentation, and support when you needed it. Most importantly, you trusted the firm because it was registered and appeared legitimate.
But somewhere along the way, things may have started to change. Ask yourself whether any of the following happened to you:
- You were charged fees or advised without being provided a client agreement.
- You received recommendations, but nobody completed your risk profiling or KYC process properly.
- You made payments but never received invoices, receipts, or written records.
- The firm’s contact details changed, and you were never informed.
- Your calls, messages, or emails went unanswered when you asked for records or explanations.
- You were later told that the business had closed or that nothing could be done because the registration had lapsed.
If even one of these situations sounds familiar, do not ignore it. Every complaint creates a record, and that record can help establish a larger pattern of conduct.
More importantly, it gives your experience a chance to be heard.
How Can You Raise A Complaint Against Wealthmax Solution?
If you ever end up in a situation similar to the complainant in this case, there is no need to act impulsively.
There are practical steps available, and following them in the right sequence can make a meaningful difference.
If the Firm Is SEBI Registered
- Keep All Key Records Safe: Start by collecting and organising every document related to the advisory relationship, including payment receipts, chat records, emails, call recordings, trade recommendations, and signed agreements, arranged in chronological order.
- Send a Formal Complaint to the Firm: Before approaching any regulator, raise the issue directly with the firm in writing. Give them a reasonable time to respond and keep copies of all communications, including messages that go unanswered.
- Submit a Complaint on SCORES: If the firm does not resolve the matter, escalate it through SEBI’s SCORES platform. Your complaint becomes an official regulatory record, and the firm is required to respond under SEBI oversight.
- Approach SMART ODR: If the outcome on SCORES is unsatisfactory, SMART ODR provides a structured online dispute resolution process through mediation, which is often quicker than traditional proceedings.
- Proceed to Stock Market Arbitration: If the earlier steps do not lead to a resolution, arbitration offers a final and binding decision through an independent authority that reviews both sides of the dispute.
If the Firm’s Licence Has Been Cancelled or It Was Never Registered
In cases like WealthMax, where SEBI cancelled the licence, the complaint process is different.
Here are the steps for reporting in such cases:
- Secure Your Evidence Immediately: Save all payment receipts, screenshots of calls or recommendations, subscription confirmations, and any communication with the platform. These documents will form the foundation of your complaint.
- Contact the Entity and Keep a Written Record: Raise your concern formally, preferably through email, so there is a clear written trail. Ask for what was promised and document every response, including situations where there is no reply.
- File a Complaint with SEBI: Submit a detailed written complaint to SEBI along with all supporting evidence so that an official regulatory record is created.
- Consult a Legal Expert: For substantial financial losses, consult a securities lawyer to understand your civil recovery options before delays make the case harder to pursue.
Need Help?
If you’ve lost money with Wealthmax Solution and they’re not responding anymore, don’t sit with it alone or panic.
Just take a proper step and get your case registered with us.
Once you share the details, the complaint will be drafted and handled in the right way, and you’ll be guided through what needs to be done next.
After you submit, our team will reach out within 24 hours.
Conclusion
Wealthmax Solution Investment Adviser was a SEBI-registered advisory firm operated by Piyush Jain that provided fee-based investment advisory services to retail investors.
However, subsequent SEBI inspections and enforcement proceedings identified multiple alleged compliance deficiencies, ultimately resulting in a monetary penalty and the cancellation of the firm’s Investment Adviser registration in 2026.
While regulatory action does not automatically determine the outcome of every investor’s individual experience, the findings highlight the importance of understanding how advisory services were delivered and whether regulatory requirements were being followed.
If you invested through Wealthmax Solution and have concerns about the advice you received, fees you paid, or records that were not provided, it may be worthwhile to review your documentation and assess your available options.
Acting promptly can help preserve evidence, strengthen any future complaint, and ensure that your concerns are properly documented and heard.
Frequently Asked Questions
1. Can I still raise a complaint against Wealthmax Solution if the firm has shut down?
Yes, you still can because even if the firm is closed. Since Wealthmax Solution’s license is cancelled, you must email your complaint directly to SEBI along with your transaction proofs so it can be reviewed as part of the regulatory record.
2. Why did SEBI cancel Wealthmax Solution’s licence?
SEBI cancelled it after finding repeated compliance failures like missing documentation, expired certifications, and unmet regulatory requirements that showed the firm was not operating as per rules.
3. What should I do if I stop getting responses from Wealthmax Solution?
Gather all your payment receipts and communication history, and immediately email them directly to SEBI to file your complaint for the regulatory record.
