Quick Summary
Appreciate Investment Advisory Private Limited is a Mumbai-based, non-individual SEBI Investment Adviser, registration INA000016719, serving HNIs, corporates, family offices and institutions. Its privacy policy says the company may act as a power of attorney holder and operate bank accounts, including managing remittances, where a client authorises it. No advisory fee is published, “Asset Management Solutions” with customised mandates are promoted, and five complaints in 2025-26 cannot be matched to any month. Corporate records show a third director the firm’s own pages never name, and a shared director across the adviser, an IFSC broking company and a platform company.
Appreciate Investment Advisory presents itself as a technology-first adviser for large clients.
Its privacy policy, though, describes powers that go well past advice: acting as your power of attorney and operating bank accounts.
Both are tied to client authorisation. Both still deserve a slow read before anyone signs.
Appreciate Investment Advisory Private Limited
The firm pitches to HNIs, corporates, family offices and financial institutions, and leans heavily on technology. Here is what it says it does.
Appreciate describes itself as a technology-first financial solutions provider focused on global markets, credit access and investment intelligence, founded in 2020.
Advice spans Indian and international markets: Indian equities, US equities, fixed income, ETFs, index strategies and alternatives.
It also offers cross-border diversification and tax-optimised strategies, including routes under the Liberalised Remittance Scheme.
Family office and asset management solutions cover multi-generational planning for families, corporates and institutions.
The platform uses AI-driven analytics for pattern recognition, risk assessment, portfolio monitoring, performance attribution, multi-market intelligence and currency management.
Subho Moulik is the Principal Officer and Shlok Srivastav is the Compliance Officer. The office is in Worli, Mumbai.
Appreciate Investment Advisory’s Twelve Services Listed
Twelve service lines appear on the site. They run from asset allocation to liquidity management, and one of them, covered later, raises a regulatory question.
- Personalized Portfolio Construction: AI-enhanced asset allocation tailored to risk profile and investment horizon.
- Cross-Border Diversification: exposure to US equities, Indian markets, and emerging opportunities.
- Tax-Optimized Strategies: strategies using frameworks such as LRS, focused on after-tax returns.
- Family Office Services: multi-generational wealth planning for families.
- Asset Management Solutions: customised investment mandates for corporates, family offices and institutions.
- Equity Market Strategies: large-cap, mid-cap and small-cap analysis across markets.
- Fixed Income Solutions: bond and debt market strategies.
- Alternative Investments: private equity, real estate and commodities through regulated structures.
- ETF & Index Strategies: broad-market exposure through ETFs and index products.
- Goal-Based Planning: plans aligned to specific objectives, including systematic investment plans.
- Risk-Managed Portfolios: dynamic asset allocation based on market conditions and risk tolerance.
- Liquidity Management: balancing growth objectives with liquidity needs.
Who Sits Behind Appreciate
The website names two officers. Corporate records show more.
Appreciate Investment Advisory Private Limited was incorporated on September 6, 2021, under CIN U74999MH2021PTC367090, and is registered with the Registrar of Companies, Mumbai.
MCA records list three directors: Prabhat Rastogi, Shlok Srivastav and Subho Moulik. The firm’s own pages name only the last two.
Subho Moulik is also a director of Appreciate Broking IFSC Private Limited and Appreciate Platform Private Limited.
The group’s main site describes the brand as a SEBI Registered Investment Advisor, Authorized Person, and IFSC registered Broker.
SEBI requires client-level segregation between advisory and distribution within an adviser’s group.
A client who takes advisory services can’t also take distribution services within that group.
Shared directors across advice and broking aren’t improper by themselves. They do make it fair to ask how segregation works in practice.
Appreciate Investment Advisory Registration Details
The registration is the one fixed point here, and it matches across sources.
Appreciate Investment Advisory holds SEBI Investment Adviser registration INA000016719, granted February 21, 2022, with perpetual validity. The firm’s website states that this is valid until SEBI cancels it.
The registered address is 0-14, Floor 2, Mahalakshmi Industrial Estate, Dainik Shivneri Marg, Worli, Mumbai, 400018. SEBI’s listing shows Shlok Srivastav as the contact person.
The adviser’s site name is appreciateadvisor. The consumer platform runs separately at the domain name: appreciatewealth, so check which entity you are actually dealing with.
Appreciate Investment Advisory Fees That Nobody Can See Before Calling
Advisory work is paid work, yet the site doesn’t say what it costs.
No advisory fee, and no product-wise pricing, appears anywhere on the website.
SEBI’s fee limits, ₹1.51 lakh per family per year in fixed-fee mode or 2.5% of assets under advice, apply to individual and HUF clients.
Appreciate’s stated clients are HNIs, corporates, family offices and institutions. Individual HNIs sit inside those caps, while corporates and institutions fall outside them.
A prospective client can’t tell which applies, or what they would pay, until after contact.
Also Read: Accelpru Investment Advisors calls itself fee-only without showing what clients actually pay.
Where Advice Ends and Portfolio Management Begins
One line in the service list deserves its own section: Asset Management Solutions.
The site offers “customized investment mandates” for corporates, family offices and institutions under that name. A mandate is portfolio-management language, and portfolio management needs a separate SEBI Portfolio Manager registration.
The website discloses no such registration and doesn’t say whether these mandates are advice only.
They may well be advice only. The point is that a client can’t tell from the page, and the answer decides which rules apply and which complaint route is open.
Our guide on complaint against portfolio managers explains that route.
Appreciate Investment Advisory Complaint Data: Five Complaints With No Month Attached
The yearly table is tidy. The monthly disclosure behind it is where things go missing.
| Financial Year | Carried Forward | Received | Resolved | Pending |
|---|---|---|---|---|
| 2021–22 | 0 | 0 | 0 | 0 |
| 2022–23 | 0 | 0 | 0 | 0 |
| 2023–24 | 0 | 0 | 0 | 0 |
| 2024–25 | 0 | 0 | 0 | 0 |
| 2025–26 | 0 | 5 | 5 | 0 |
| Grand Total | 0 | 5 | 5 | 0 |
All five were resolved, and none are pending. The table reconciles, which deserves credit. Three things sit around it.
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Five Complaints After Four Years of Zero
Zero in every year from 2021-22 to 2024-25, then five in 2025-26. The jump is worth noting, particularly with no description of what the complaints concerned.
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The Five Can’t Be Placed in Time
2025-26 means April 2025 to March 2026. The site’s monthly tables show zero complaints for 2026 months, but those fall in the next financial year, so they don’t contradict the five.
The actual gap is that no monthly figure is shown for any month between April 2025 and March 2026. None of the five complaints can be dated.
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The Monthly Disclosure Is Out of Date
The latest monthly disclosure on the site is for May 2026, and the current period is well past that.
SEBI requires advisers to publish complaint data on their websites by the 7th of every month.
Also Read: StockDunia complaint data is also outdated, ending with a March 2025 disclosure.
What Does Appreciate’s Privacy Policy Actually Authorize?
A privacy policy normally covers data. This one also describes what the company may do on a client’s behalf, and four clauses matter.
For context, SEBI’s terms for advisers say an Investment Adviser may accept payment only towards its advisory fees, not funds or securities in its account on behalf of clients.
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“Facilitation of Investments” in the Definition of Services
The policy defines Services to include “facilitation of investments on Company’s Website” alongside advice.
That blurs whether the firm is advising, transacting, or both.
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Power of Attorney
The company may “act on your behalf as a power of attorney holder, where you authorize us to do so.”
The scope and limits of that authority aren’t explained.
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Operation of Bank Accounts
It may also “carry out operation of bank accounts (including but not limited to managing remittances)” linked to investments it supports, where authorised.
That goes beyond advice into handling financial arrangements.
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Offshore Storage and Third-Party Sharing
Data may be stored outside the company’s direct control and shared with affiliates, vendors and service providers, including payment processors, hosting providers and IT firms.
These clauses depend on authorisation, and nothing says a client must give it.
Ask in writing what authority, if any, would be requested, and which Appreciate entity would hold it.
Handed an adviser authority over your bank account or investments?
We read the agreement and policy you signed against SEBI’s terms for advisers and tell you where the gaps are. Register with us for a free consultation.
Does Appreciate’s Website Language Cross a Line?
The firm’s marketing leans on technology and scale. Four phrases ask readers to expect better outcomes without showing evidence.
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“Institutional-Grade”
The firm describes “institutional-grade investment counsel” and “institutional-grade approach & execution.”
The page offers nothing objective to test that against.
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AI-Driven Performance and Risk
“AI-driven portfolio optimization,” “predictive risk analytics,” and algorithms that find “market inefficiencies and opportunities” all suggest better outcomes.
No evidence or performance data supports them.
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“Optimal After-Tax Returns”
Tax-optimized strategies are pitched for “optimal after-tax returns.”
Real outcomes depend on each client’s tax position and on the markets.
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“Investment Returns Optimization Strategies”
A client-solutions heading that implies returns can be optimised. Returns are never assured.
Where to Take a Grievance Against Appreciate?
The fastest route starts inside the firm and moves outward only when that stalls.
Start with the compliance officer, Shlok Srivastav, or the principal officer, Subho Moulik.
Put the problem in writing, name the entity you contracted with, and keep every reply.
When that stalls, a SCORES SEBI complaint quoting INA000016719 puts it on SEBI’s record.
Because the group includes a broking entity, say in the complaint which entity gave the advice and which handled the transaction.
Unresolved money disputes can move to the SMART ODR portal for conciliation.
Keep every acknowledgement number. The conciliator will ask for them.
A binding decision sits with arbitration in share market, the final step.
The award is binding, so the paper trail built earlier carries real weight at this stage.
Our guide on SEBI complaint against investment advisor walks through each stage in more depth.
Conclusion
Appreciate’s registration is genuine, its officers are named, and every one of its five recent complaints was resolved.
The questions sit in the fine print. A privacy policy that mentions power of attorney and bank accounts. Fees that stay hidden until contact.
A mandate-style service with no stated registration. Five complaints that can’t be dated. And a third director the firm’s own pages leave out.
None of that proves wrongdoing. All of it is worth asking about before authorising anything.
Report. Recover. Stay Fraud Free.
Legal Disclaimer
This blog is based on Appreciate Investment Advisory Private Limited’s own published materials, independently checked SEBI records and public corporate filings. No SEBI order against the firm or its directors was identified in the sources reviewed as of the date of writing, and we make no claims about its conduct beyond what these sources confirm.
Frequently Asked Questions
No. The website lists no advisory fee and no product-wise pricing.
The policy says the company may act as power of attorney holder where you authorise it. Nothing requires you to. SEBI's terms say advisers accept only their advisory fees, so ask in writing what authority would be requested and by which entity.
MCA records list Prabhat Rastogi, Shlok Srivastav and Subho Moulik. Subho Moulik is also a director of Appreciate Broking IFSC Private Limited and Appreciate Platform Private Limited.
The annual table reports five in 2025-26, but the site shows no monthly figure for any month from April 2025 to March 2026, and its latest monthly disclosure is for May 2026.
No. The ₹1.51 lakh and 2.5% limits apply to individual and HUF clients. For corporates and institutions, fees are agreed between the parties.
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