Quick Summary
Alpha Wealth Research holds SEBI Research Analyst registration INH000014650 under proprietor Syed Haris Ali, Indore. Nine complaints were received in FY 2025-26, all marked resolved with nothing pending at year end. The monthly data shows one complaint carried forward from December 2025 unresolved before closing in January 2026. Two Google reviewers describe 15 to 20 percent call accuracy, sustained capital losses, and unprofessional conduct by the firm. A formal arbitration case decided September 25 2025 confirmed four specific SEBI violations and ordered Rs. 65,788 refunded. The registration facts, four violations in full, and the four red flags from the firm’s own data are covered on the Alpha Wealth Research hub page on this site.
Nine formal complaints were filed against Alpha Wealth Research in FY 2025-26. All nine are marked as resolved.
But the monthly breakdown behind those nine tells a different story than the headline number suggests. And two named reviewers describe experiences that explain why investors went to the formal complaint mechanism in the first place.
This page covers the monthly complaint data in full detail, the two public user accounts, and what the combination of both tells you before you subscribe.
Alpha Wealth Research Complaints
SEBI requires every registered Research Analyst to publish complaint data monthly and update it by the 7th of the following month. The annual number tells you the total.
The monthly breakdown tells you how complaints were handled in real time.
Annual data:
| Financial Year | Received | Resolved | Pending |
|---|---|---|---|
| 2025-26 | 9 | 9 | 0 |
Monthly data (FY 2025-26):
| Month | Carried Forward | Received | Resolved | Pending |
|---|---|---|---|---|
| April 2025 | 0 | 0 | 0 | 0 |
| May 2025 | 0 | 0 | 0 | 0 |
| June 2025 | 0 | 0 | 0 | 0 |
| July 2025 | 0 | 0 | 0 | 0 |
| August 2025 | 0 | 1 | 1 | 0 |
| September 2025 | 0 | 0 | 0 | 0 |
| October 2025 | 0 | 1 | 0 | 0 |
| November 2025 | 0 | 0 | 0 | 0 |
| December 2025 | 1 | 0 | 0 | 1 |
| January 2026 | 1 | 0 | 1 | 0 |
| February 2026 | 0 | 0 | 0 | 0 |
| March 2026 | 0 | 0 | 0 | 0 |
| Grand Total | 1 | 2 | 1 | 1 |
Three things in this monthly data deserve attention.
The October 2025 complaint was not resolved in the same month.
It was received in October with zero resolution that month, carried forward to December 2025 as pending, and only resolved in January 2026. That investor waited three months from the date of filing to a formal resolution.
SEBI requires complaints to be resolved within 21 days of receipt.
A complaint received in October that remains pending through November and December before closing in January is a three-month timeline for what SEBI expects to be resolved in three weeks.
The total row shows a discrepancy. The total shows 2 received, but the annual table shows 9 received.
This suggests the monthly table is a partial view rather than the complete year’s data. The nine annual complaints likely accumulated across months not fully shown in this snapshot.
A clean year-end number of zero pending does not mean every investor who filed was satisfied with the outcome. It means every complaint received a formal response and closed within the filing period.
Those are different things.
Also Read: AAA Profit Analytics reviews, A closer look at investor experiences, complaints, and the facts behind the reviews.
Alpha Wealth Research Reviews India
These reviews are from named users on Google’s public review platform. We are reporting what they wrote. We have not independently verified the specific transactions described.
No SEBI order confirming these specific allegations exists beyond the formal arbitration case.
1. Alleged Absence of Market Knowledge and Subscription-Based Losses
Rushikesh Munde describes experiencing recommendation accuracy of only 15 to 20 percent across his subscription period.
According to him, most calls resulted in losses rather than gains, making the subscription actively damaging rather than beneficial.
He alleges the firm made false commitments about profit potential before he subscribed. The assurances given during the sales process did not match the actual call performance during the paid period.
SEBI Research Analyst Regulations specifically prohibit any statement implying assured returns or creating unrealistic expectations before a subscription.
The gap between what was represented and what was delivered is exactly the kind of concern the formal complaint mechanism exists to address.
2. False Commitments and Sustained Financial Losses
Jay’s review focuses on the quality of market understanding behind the recommendations.
He alleges the firm lacked practical knowledge of how markets work and that its recommendations caused losses rather than generating returns.
He specifically describes the management as overly focused on selling expensive plans rather than on research quality or client outcomes.
This is consistent with a pattern of upselling described in the formal arbitration case, where the investor was repeatedly pushed to pay more rather than having the research approach reviewed when losses mounted.
Alpha Wealth Research Reviews: The Common Pattern
Two independent reviewers, writing at different times, describe the same core dynamic.
Low call accuracy combined with conduct that prioritised fee collection over research quality.
The formal arbitration case confirmed that conduct of this nature, specifically the pressure to invest more after losses and the selective presentation of only profitable outcomes, crossed into specific SEBI regulatory violations.
The reviews put that finding in human context.
Also Read: Moneyplant Research reviews, capital falling from ₹50,000 to ₹9,000 in eight days.
What “Resolved” Actually Means for Alpha Wealth Research Complaints?
This distinction matters specifically for this cluster and for any investor considering whether to file formally.
Nine complaints resolved sounds like nine investors whose concerns were addressed.
In regulatory terms, resolved means the registered entity submitted a formal response within the prescribed timeline and the grievance file was closed.
It does not confirm the investor accepted that response as satisfactory. An investor who received a response of “your losses are market risk” would see their complaint marked resolved even if they remained entirely dissatisfied.
The two reviews above were posted by investors who presumably tried to raise their concerns with the firm before going public with a negative review.
Whether those internal concerns were ever formally documented as SEBI SCORES complaints is not known. Their reviews suggest the informal resolution process did not work for them.
If you experienced similar conduct and did not file formally, the three-year SEBI complaint window means you may still have grounds to file today.
Alpha Wealth Research: How to Escalate a Complaint?
Two reviewers already spoke up publicly. If your own experience matches what they described, there’s a real path beyond just leaving a review.
- Raise the issue directly with the firm first, in writing, with a clear resolution request.
- If unresolved, file a SEBI SCORES complaint under registration INH000014650.
- If that stalls, register through the SMART ODR portal for structured mediation.
- If mediation fails, share market arbitration delivers a final, binding decision.
If you want to know exactly what to write at each step, what evidence to attach, and how the whole process actually works, our complete guide on how to complaint against Alpha Wealth Research covers it in full.
Not sure whether your documentation is strong enough or whether your situation qualifies?
We will review your case, identify every applicable SEBI violation, and represent you through SEBI SCORES, SMART ODR, and arbitration.
Conclusion
Nine formal complaints resolved with nothing pending looks clean at the annual level. The monthly data shows one complaint that took three months to close when SEBI expects 21 days.
Two named reviewers describe 15 to 20 percent call accuracy and conduct focused on fee escalation rather than research quality. A formal arbitration case confirmed four SEBI violations and ordered Rs. 65,788 refunded.
The annual number is one data point. The monthly detail, the reviews, and the arbitration outcome together are the more complete picture.
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The monthly data shows one complaint received in October 2025 that carried forward as unresolved through November and December before closing in January 2026. That is a three-month resolution timeline on what SEBI requires to be resolved within 21 days. The two reviews cited are from named users on Google's public review platform, visible at the time of this review. We have not independently verified the specific transactions but the reviews are real publicly posted accounts. Verify current availability before publishing. Reviewer Rushikesh Munde reports recommendation accuracy of 15 to 20 percent across his subscription period, with most calls resulting in losses. This is a specific allegation from one reviewer and has not been independently verified. Resolved means the registered entity submitted a formal response and the grievance file was closed within the prescribed period. It does not confirm the investor was satisfied with the outcome. An investor who received a response attributing losses to market risk would see their complaint marked resolved even if they remained completely dissatisfied. SEBI complaints have a three-year limitation period from the date the issue occurred. If your experience happened within the last three years, you are within the window. Do not wait as WhatsApp messages and broker records are not preserved indefinitely.Frequently Asked Questions
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