If you’ve come across Afaque Ali while exploring trading-related services or financial guidance, you’re likely trying to answer a simple question: Is this something I should trust with my money?
That’s a fair question, and one more investors are asking today before signing up for any advisory, signals group, or financial training service.
In this blog, we’ll walk through what the available public records show, including registration details, basic entity information, and commonly reported user experiences.
The goal is simple: to give you a clear, factual picture so you can decide your next step with confidence.
Who is Afaque Ali?
Insiderpedia is a stock market research and investment advisory platform founded and operated by Afaque Ali, a SEBI-registered Research Analyst.
- Name: Afaque Ali (Proprietor of Misal India)
- Registration Number: INH000015011
- Email: [email protected]
- Address: 7412, Pura Rani, Mubarakpur, Azamgarh, Mau, Uttar Pradesh – 276404
- Contact Person: Afaque Ali
- Correspondence Address: Same as above
- Registration Validity: February 14, 2024 – Perpetual
The platform is marketed under the motto “Invest Smarter, Succeed Faster” and is primarily aimed at individual retail investors, DIY (do-it-yourself) investors, High Net-Worth Individuals (HNIs), and corporate clients seeking actionable stock market insights.
Afaque Ali holds an MBA in Finance from Aligarh Muslim University and describes himself as having six years of personal involvement in the stock market since 2018, alongside four years of professional experience.
He states his approach is grounded in fundamental analysis and a business-first investment philosophy focused on long-term growth.
The SEBI registration is held not in the name of “Insiderpedia” but under the proprietorship of Misal India, with Afaque Ali listed as its proprietor.
All client-facing services are delivered through the Insiderpedia website and associated social media channels.
The Insiderpedia team, as listed on the about page, includes Operations Manager Md Abbas Raza and Digital Marketing Manager Imam Haider, alongside Afaque Ali as Research Analyst.
The platform’s technology and payment partners include PhonePe PG, Gridkey, and Cloudways.
The Insiderpedia website carries SEBI’s own standard disclaimers verbatim: “Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.”
The platform also links directly to the SEBI SCORES portal and Smart ODR, both of which are mandatory disclosure requirements for registered Research Analysts.
Afaque Ali Complaint Data
Insiderpedia publishes its complaint register publicly in compliance with SEBI’s transparency requirements for registered Research Analysts.
The data, sourced directly from the platform’s complaints page, shows the following picture across all recorded periods:
The complaint register, as published on the platform, shows zero complaints received across all periods, all channels, and all years on record.
This is a verifiable public disclosure and reflects positively on the platform’s formal complaint history. Readers are encouraged to check the live complaints page at insiderpedia.in/more/complaints/ for the most current data.
It is also worth noting that the absence of formal SEBI SCORES complaints does not mean all users have been uniformly satisfied; informal feedback, refund requests that were declined, or concerns raised privately may not appear in formal complaint registers.
Potential clients should independently seek recent user reviews from multiple sources before making a payment decision.
Afaque Ali Misal India Registration: What Investors Should Verify?
The legal entity under which SEBI registration is held is Misal India, a proprietorship firm with Afaque Ali as proprietor. All investor-facing activity, however, is conducted under the Insiderpedia brand at insiderpedia.in.
This is not a regulatory violation by itself. SEBI does not require a proprietorship to operate its own separate website, and the registration is valid.
However, it creates a practical gap for investors who may want to independently verify the legal entity behind the Insiderpedia platform, or who need to correspond with “Misal India” as opposed to the Insiderpedia brand.
What this means practically: if you’re paying for a subscription or advisory service, your payment is ultimately going to Misal India (the registered entity), but your interaction is with Insiderpedia (the brand).
If you ever need to escalate a complaint to SEBI, the entity name to use is Afaque Ali, Proprietor of Misal India, and the registration number is INH000015011.
These questions apply before engaging with Insiderpedia or any other advisory, research platform, or stock market education service.
Think of them as a standard due diligence routine.
- Know which legal entity you’re dealing with: The service brand is Insiderpedia; the registered legal entity is Misal India. The entity name you’ll need for any formal regulatory correspondence is Afaque Ali, Proprietor of Misal India. Note this down before you pay anything.
- Understand the no-refund policy before payment: Insiderpedia’s policy explicitly states that there is no refund possible under any circumstances. This is a firm condition. If you are uncomfortable with this, clarify all service terms and expected outcomes in writing before subscribing.
- SEBI registration is not a performance guarantee: The disclaimer on the Insiderpedia website itself says it best: Registration granted by SEBI does not guarantee performance or returns.
- Ask for an auditable performance track record: Screenshots of profitable trades are not verifiable. Ask whether recommendations made through the platform are date-stamped, documented, and independently auditable.
SEBI Norms for Research Analysts (RA)
Before choosing any market advisory service, it’s important to be aware of the regulatory standards set by the Securities and Exchange Board of India (SEBI).
These rules clearly define the scope of activities a registered Research Analyst can undertake, along with practices that are strictly prohibited to safeguard investors.
| What SEBI Allows an RA to Do? | What SEBI Prohibits an RA from Doing? |
|---|---|
| Publish structured, research-based reports grounded in analysis | Promise guaranteed returns or fixed profits |
| Provide trading recommendations (buy/sell/hold views) | Claim “risk-free” investments or offer loss recovery services |
| Charge fees that are transparent and properly disclosed | Link fees to trading performance or profits earned |
| Share insights using technical and fundamental analysis | Use misleading, exaggerated, or aggressive marketing tactics |
This distinction helps investors identify compliant research analysts and avoid misleading advisory practices.
How to Lodge a Complaint Against a Research Analyst?
If you have a grievance with Insiderpedia or Misal India, you don’t have to figure it out alone.
Here is the exact process to follow:
- Collect Evidence: Maintain all relevant proof such as payment receipts, chat conversations, call records, and trade recommendations. Make sure everything is saved in chronological order, as a clear timeline helps in proving the sequence of events and strengthens your complaint.
- Contact the Analyst: Raise the issue directly with the official contact channels provided. Clearly explain the concern in writing so there is a documented record of your grievance before escalation.
- File a Complaint in SCORES: If unresolved, file a complaint on SEBI’s SCORES portal with full documentation. Ensure all supporting documents are uploaded properly so SEBI can review the case without delays or missing information.
- Lodge a Complaint in Smart ODR: If SCORES does not resolve the issue, escalate to SEBI’s Smart ODR portal for structured online dispute resolution. This mechanism allows you to seek conciliation or arbitration without requiring legal representation, making it accessible for individual investors.
- Approach the Exchange Ombudsman: If Smart ODR does not yield a satisfactory outcome, file a complaint with the Exchange Ombudsman appointed by NSE or BSE. Provide the complete complaint history, including SCORES and ODR references, so the Ombudsman can review the full sequence of escalation attempts.
- Initiate Stock Market Arbitration: If all prior steps remain unresolved, proceed with arbitration through the stock exchange mechanism as the final legal remedy. Submit all evidence, payment records, trade details, and prior complaint references so the arbitrator can evaluate the case and deliver a binding resolution.
Need Help?
If you have a grievance with Insiderpedia or Misal India, you don’t have to figure it out alone.
We offer end-to-end guidance through the investor complaint process, from reviewing your case to drafting your complaint and supporting you through submission and follow-up. No jargon. No intimidation.
Conclusion
Afaque Ali, operating as Proprietor of Misal India and publicly through the Insiderpedia brand, does hold a valid and perpetual SEBI Research Analyst registration.
The key practical gap that prospective investors should note is the complete absence of a standalone web presence for Misal India, the actual registered legal entity.
For investors who want to independently research the entity they are paying, this creates a search dead-end. All digital touchpoints lead to the Insiderpedia brand, not the registered entity.
This isn’t a regulatory concern, but it is a transparency consideration worth noting.
Knowing that the correct entity name for any regulatory correspondence is Afaque Ali, Proprietor of Misal India, and that the registration number is INH000015011, practically closes this gap.
Before you commit financially, take the time to verify details, ask clear questions, and ensure everything is documented.
A careful approach today can save you from unnecessary complications later, and that’s always a smart investment decision.
