Quick Summary
Alpha Core Research is a sole proprietorship based in Bhopal, Madhya Pradesh, run by proprietor Alok Singh, holding SEBI Research Analyst registration INH000024301. The firm sells nine plans across Cash, Options, Futures, and MCX categories, split into Basic and Pro tiers. Four Pro-tier plans, Cash Pro, Option Pro, Future Pro, and MCX Pro, breach SEBI’s annual fee cap of Rs. 1,51,000 when paid monthly, quarterly, or half-yearly, with the gap running as high as 43 percent over the limit. Only the yearly billing option on these four plans stays compliant, priced at exactly Rs. 1,49,000. The firm’s grievance disclosure currently shows zero complaints, though this reflects its relatively new operating history rather than a long-term track record.
A friend tells you they’ve started making decent profits by following Alpha Core Research’s stock recommendations.
Curious, you search for the firm and find a website that looks convincing. The subscription plans seem affordable, and everything appears professional.
But before making the payment, one question matters more than anything else: is this a firm you can trust with your money?
Doing a quick background check before subscribing can help you avoid unnecessary risks. This review examines Alpha Core Research’s SEBI registration, pricing, complaint history, and other details to help you decide.
Alpha Core Research Review
Alpha Core Research is a relatively new market research firm based in Bhopal, Madhya Pradesh. It operates as a sole proprietorship under its proprietor, Alok Singh.
According to the firm’s publicly available information, it primarily provides research and analysis related to equity, derivatives, and commodity markets. As a sole proprietorship, the business is managed under the direction of its proprietor rather than as a large brokerage or multi-branch organisation.
The firm states that it offers research reports and market analysis based on technical and fundamental factors. It also states that it does not provide personalised financial planning, manage client portfolios, or execute trades in investors’ Demat or trading accounts.
Is Alpha Core Research SEBI Registered?
Alpha Core Research is registered with SEBI as a Research Analyst under the individual proprietor category, Registration Number INH000024301.
It’s easy to see a SEBI registration and think “this means everything will be fine.” But that’s not how it works.
A SEBI registration only means the firm is authorised to operate as a Research Analyst under the regulator’s framework. It does not mean the firm can never make mistakes, face complaints, or be found in violation of regulations in the future. Like any regulated entity, it is still expected to follow SEBI’s rules on an ongoing basis.
So don’t stop your research at the registration number. Look at how transparent the firm is about its fees, whether it clearly explains the risks involved, how it handles customer grievances, and whether its sales calls make unrealistic promises.
Also Read: Aakash Rathore, a real, individual licence, held personally, not by a company.
Alpha Core Research Plans and Subscription Fees
Alpha Core Research sells nine different plans across four asset categories, Cash, Options, Futures, and MCX, split into Basic and Pro tiers, plus a standalone research report you can subscribe to on its own.
Most of these plans are totally fine. But a few of them aren’t, once you actually run the numbers against SEBI’s fee cap.
SEBI limits what a registered research or advisory firm can charge one client, or family, to Rs. 1,51,000 a year, total, across everything you’re paying that firm, not per plan.
Here’s what happens when you multiply those listed prices out across a full year:
|
Plan |
Monthly (× 12) |
Quarterly (× 4) |
Half-Yearly (× 2) |
|---|---|---|---|
|
Cash Pro |
Rs. 1,78,800 |
Rs. 1,78,000 |
Rs. 1,76,000 |
|
Option Pro |
Rs. 2,16,000 |
Rs. 2,04,000 |
Rs. 1,90,000 |
|
Future Pro |
Rs. 2,16,000 |
Rs. 2,04,000 |
Rs. 1,90,000 |
|
MCX Pro |
Rs. 2,16,000 |
Rs. 2,04,000 |
Rs. 1,90,000 |
Every single one of those numbers is over the Rs. 1,51,000 limit. The only version of these four plans that actually stays under the cap is the yearly one, priced at Rs. 1,49,000.
Also Read: Brightways Financial Services, a registration real enough, and pricing that still breaks the rules.
Is Alpha Core Research Compliant With the SEBI Fee Cap?
Let’s be clear about what’s going on and what isn’t.
This isn’t a case of the whole pricing sheet being a problem. The Basic-tier plans and the standalone research report all check out fine no matter how you pay for them. The issue sits specifically with the four Pro plans.
If you pay for any of these monthly, quarterly, or half-yearly and just keep renewing through the year, you end up paying more than SEBI allows.
- Pay Cash Pro monthly for a year, and you’ve paid Rs. 1,78,800, about 18 percent over the cap.
- Pay Option Pro, Future Pro, or MCX Pro monthly for a year, and you’re at Rs. 2,16,000, roughly 43 percent over the limit, the biggest gap of anything examined here.
- Even the half-yearly option on these same four plans puts you Rs. 39,000 to Rs. 41,000 past the ceiling.
The only way to stay compliant on these plans is to pay yearly. And the fact that the yearly price lands at exactly Rs. 1,49,000 on all four doesn’t really look like a coincidence. It reads like that one price point was set with the limit in mind, while the shorter billing cycles for those same plans weren’t given the same treatment.
One more thing to watch for. Even if you stick to the compliant plans, you can still end up over the limit if you subscribe to more than one at a time, because SEBI’s cap counts everything you’re paying that firm added together, not plan by plan.
Before signing up for a second or third plan, total up what you’d be paying across all of them for the year, rather than checking each one on its own and assuming you’re fine.
Also Read: Global Vision Research Indore, a Money Club plan costing ₹15,00,000 a year.
Alpha Core Research Complaints
If you’re checking whether a research firm has a history of customer complaints, this is one section you shouldn’t skip.
Under SEBI’s rules, every registered Research Analyst must publish a monthly grievance report on its website. At the time of writing, Alpha Core Research’s grievance sheet shows no complaints.
|
Complaint Status |
Beginning of Month |
Received |
Resolved |
Pending |
|---|---|---|---|---|
|
Grievance Vol. |
0 |
0 |
0 |
0 |
A report full of zeros might look reassuring at first. But before treating it as proof that everything is perfect, it’s worth looking at the bigger picture.
Alpha Core Research is a relatively new firm. When a business has only recently started operating, it naturally has a smaller customer base, which often means fewer complaints as well. A clean grievance record is a positive sign, but it doesn’t tell the whole story.
Not every unhappy customer files an official complaint with SEBI or the stock exchanges. Some settle the issue directly with the firm, while others simply move on. That’s why complaint data should be viewed as just one part of your research, not the final verdict.
What Should You Keep in Mind Since the Firm Is Relatively New?
A newer research firm isn’t automatically a red flag. Every established firm was new at some point. The challenge is that with a newer company, there’s often less independent information available to help you judge its credibility.
1. Don’t Rely Only on Sales Calls or Social Media
If there aren’t many independent reviews available, it’s easy to get influenced by screenshots of profits or client testimonials. These are marketing materials and may not present the complete picture. Always verify important information through official sources.
2. Start With a Smaller Commitment
Avoid paying for a long-term or high-value plan right away. If the firm offers multiple subscription options, consider starting with a shorter-duration plan first to evaluate research quality and support before committing more money.
3. Check How Transparent the Firm Is
Can you easily find the SEBI registration details, compliance officer’s contact information, fee structure, refund policy, and mandatory disclosures? A firm should make this information easy to access, not something you have to ask for repeatedly.
4. Never Let Fear Make the Decision
Be cautious if you’re told a “limited-time offer” is about to expire, or that you need to pay immediately to access a special recommendation. Genuine research services don’t become more reliable because you’re pressured to subscribe quickly.
What Should You Verify Before Paying Alpha Core Research?
These checks take under fifteen minutes and tell you more than any sales call will.
- Confirm the exact registration number on SEBI’s own portal, not just what’s printed on the firm’s website or shown by a sales representative. Search INH000024301 directly under the Research Analyst category.
- Ask for the compliance officer’s direct contact details in writing. A firm that is easy to reach before you pay is generally easier to reach after something goes wrong.
- Calculate your total annual cost before choosing a billing cycle, especially for the four Pro-tier plans. If you’re subscribing monthly, quarterly, or half-yearly, confirm whether that specific cycle keeps you under Rs. 1,51,000 for the year.
- Request the refund policy in writing, including how partial-period cancellations are handled, before your first payment.
- Ask directly whether the firm offers a shorter trial period before committing to a Pro-tier plan, particularly given how close the compliant yearly price sits to the SEBI ceiling.
Already Subscribed to Alpha Core Research and Facing an Issue?
Did the service turn out different from what was promised, or did billing not match the plan you actually signed up for? Our team helps you organise your evidence, draft formal notices, and guide you through the SEBI and ODR filing process efficiently. Register with us for a free consultation.
What If Things Don’t Go as Planned With Alpha Core Research?
Even after doing your homework, things don’t always go as planned. You might receive a service that’s different from what was promised, run into a billing dispute, or simply stop getting responses after making a payment. If that happens, don’t panic.
Try Resolving It Directly First. Contact the firm’s compliance team, explain your concern clearly, attach any relevant documents, and keep a copy of all emails or messages. Many issues can be resolved without involving a regulator.
Take It to the Regulator. If you don’t receive a response or you’re unhappy with the resolution, raise your complaint on the SEBI SCORES complaint portal, the official grievance redressal platform for reporting concerns against registered intermediaries.
Explore Other Resolution Options. Some disputes, especially those related to subscription fees or service agreements, may be taken to the SMART ODR complaint portal for online mediation.
If the matter remains unresolved, the complete guide for filing a complaint against any SEBI-registered research analyst is on the complaint against SEBI registered research analyst page on this site.
Conclusion
Your capital is your responsibility. Before signing up for any premium subscription package with a new firm like Alpha Core Research, always put safety first.
Double-check their fee structures by calling their official compliance line, demand all risk disclosures in writing, and perform a quick verification of their SEBI registration status on the official regulatory portal to ensure you know exactly who you are dealing with.
If you have already encountered a communication block or unverified service claims with an independent advisor and need step-by-step guidance on how to secure your investor rights, reach out to us.
Report. Recover. Stay Fraud Free.
Frequently Asked Questions
You can verify their legal status by visiting the official SEBI website under the "Recognised Intermediaries" section. Search using their individual proprietor name, Alok Singh, or enter their active SEBI Research Analyst registration number, INH000024301.
No. Under SEBI's strict Code of Conduct, no registered research analyst can legally promise guaranteed returns, fixed intraday gains, or capital protection schemes. Stock market trading carries inherent market risks.
No. Alpha Core Research operates strictly as a research publisher. They are completely prohibited from taking your broker app passwords, executing trades on your behalf, or managing physical client funds.
Cash Pro, Option Pro, Future Pro, and MCX Pro all exceed the Rs. 1,51,000 annual cap when paid monthly, quarterly, or half-yearly. Only the yearly billing option on these four plans, priced at Rs. 1,49,000, stays within the compliant limit.
Only if your combined total across every plan stays under Rs. 1,51,000 for the year. SEBI's cap applies to everything you pay one firm added together, not to each plan individually, so total up all your subscriptions before renewing or adding a second plan.
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