If you trade in the Indian stock market, chances are you have already seen Telegram channels claiming 95% accuracy, bank nifty jackpot calls, or recover your fees or losses in one trade.
And honestly, when you are struggling to make profits consistently, these things look tempting.
In Telegram groups, there are people posting regular profit screenshots, and they have thousands of Telegram followers. Also, the followers post that they made huge profits.
It starts feeling like maybe this person has figured out the market.
One such name that gained attention in trading communities is Arun N research analyst.
But here’s the important question:
Should you blindly trust any research analyst just because they are popular online?
That’s exactly what we’re going to discuss here.
Who Is Arun N Research Analyst?
Arun N is associated with the Harmonics Traders brand and is known in trading communities for harmonic trading concepts, options trading strategies, and technical analysis education.
If you have spent time in Telegram trading circles, you have probably seen this style of content before:
- Harmonic patterns.
- Intraday option setups.
- Market analysis.
- Accuracy-based trading discussions.
- Educational webinars.
Over time, Arun N built a strong online presence through Telegram groups, webinars, and trading-related educational platforms.
According to his public profile on Elearnmarkets, he presents himself as a trader and educator focused on harmonic and mathematical trading systems.
Now there’s nothing wrong with educating traders.
The real question is: How is the business being operated?
And more importantly, what kind of expectations are being created for retail investors?
That’s where things become important.
Is Arun N SEBI Registered?
Yes, Arun N has publicly been identified as a SEBI-registered Research Analyst. (SEBI Registration no. INH200007353)
Now, many people think: It must be safe to take services from all SEBI-registered analysts.
But that’s not how it works.
SEBI registration definitely adds legitimacy. It means the person operates within a regulated framework.
But does that automatically guarantee ethical practices? No.
Does it guarantee you will make profits? Absolutely not. These are against the SEBI guidelines for research analyst.
And this is where many beginner traders make dangerous mistakes.
The moment they see a SEBI registration number, profit screenshots, thousands of followers, and Telegram testimonials, they stop asking questions.
But smart investors do the opposite. They ask more questions.
Because even SEBI-registered analysts are expected to follow strict rules regarding:
- Investor communication.
- Risk disclosures.
- Marketing practices.
- Record maintenance.
- Compliance standards.
And if those rules are violated, SEBI can still take action. Which is exactly why this case became important.
Is Arun N Research Analyst Trustworthy?
Let’s understand how these trading ecosystems usually work.
First comes trust-building.
You need to join a free Telegram channel, and then you start seeing market analysis.
A few trades work well. People in the comments start praising the analyst. There are profit screenshots beginning to appear daily.
Slowly, curiosity turns into trust. Then comes the second stage.
- Premium memberships.
- Paid channels.
- Exclusive calls.
- High accuracy setups.
- Special trading communities.
Moreover, in the channel you can see regular profit screenshots.
And honestly, this is where many retail traders get emotionally attached.
Why? Because when someone posts profits daily, your brain starts thinking:
If others are making money, maybe I am missing out.
But investors should understand how emotional dependency slowly gets created in these ecosystems. And once dependency starts, logical thinking often stops.
SEBI Order Against Arun N Research Analyst
In 2024, SEBI initiated regulatory action against Arun N, after examining alleged compliance and conduct-related issues connected to the firm’s operations.
1. Background of the Case
The case against Arun N originated from a SEBI inspection and examination of activities conducted under his registration as a Research Analyst.
SEBI reviewed whether the analyst was complying with obligations prescribed under the SEBI (Research Analysts) Regulations, 2014.
During the examination, SEBI assessed client dealings, advertisements, investor communications, records, and overall regulatory compliance practices.
The proceedings eventually led to a Show Cause Notice issued by SEBI, after which the matter was examined by the Adjudicating Officer.
Arun N was given an opportunity to submit replies and participate in the adjudication process before the final order dated October 24, 2024, was passed
2. Violations Identified by SEBI
According to the adjudication order, SEBI identified multiple compliance-related issues connected to the functioning of the Research Analyst activity.
The order discussed concerns relating to misleading representations, improper conduct in investor dealings, and failures to comply with regulatory obligations expected from a SEBI-registered Research Analyst.
- Misleading phrases like Free Money For All.
- Claims of 75% accuracy creating unrealistic expectations.
- Showing only profitable trades and high returns.
- Hiding losing trades from public communication.
- Aggressive profit-based marketing to attract traders.
- Failure to properly complete KYC for clients.
- Reliance on the third-party onboarding platform Gap-up.
- Poor compliance and investor protection practices.
SEBI also evaluated documentary evidence and the responses submitted during the proceedings before arriving at its findings.
3. Penalty Imposed
According to the SEBI Adjudication Order dated October 24, 2024, against Arun N, the Adjudicating Officer imposed a total monetary penalty of ₹7,00,000 after examining violations under the Research Analyst Regulations and PFUTP provisions.
SEBI imposed a larger penalty for violations relating to:
- Regulation 4(1) of the PFUTP Regulations, 2003
- read with Sections 12A(a), (b), and (c) of the SEBI Act, 1992
along with violations of:
-
- SEBI circular dated April 5, 2023
- Clauses 1, 2, 7, and 8 of the Research Analyst Code of Conduct
What Can Be Understood from the Order?
One major takeaway from this order is that SEBI closely examines how Research Analysts market their services to retail investors.
Even if a person or entity is SEBI registered, promotional communication and investor interaction must still remain compliant with regulatory standards.
The order also reflects SEBI’s concern regarding:
- exaggerated return-related messaging.
- misleading promotional conduct.
- and practices that may influence investors using unrealistic profit expectations.
Another important point is that SEBI registration should not be treated as a guarantee of service quality or investment success.
Registration only confirms that the entity is authorised under the regulatory framework.
Investors should still independently evaluate risks, promises, communication practices, and overall transparency before subscribing to any advisory or research service.
How To File A Complaint Against Research Analyst?
If you believe you were misled by trading calls, profit claims, or Telegram recommendations, don’t ignore it.
Many retail traders stay silent after losing money because they feel embarrassed or think nobody will listen to them.
But situations like these are more common than people realise.
The first thing you should do is stay calm and avoid making emotional decisions.
1. Keep All Evidence Safe
Before taking any action, save every important detail related to the service.
This includes Telegram chats, trade call screenshots, payment receipts, subscription invoices, emails, and promotional advertisements.
Even messages that may look unimportant right now can become useful later while explaining your case or filing a complaint.
One mistake many people make is deleting chats immediately after losses. Avoid doing that.
2. Contact the Analyst
Try reaching out to the analyst or company through their official support system or email.
Explain your issue clearly and professionally. Mention what service you paid for, what advice was given, and why you believe the communication or promises were misleading.
Avoid emotional or abusive language while writing complaints. A clear and factual explanation always works better.
If the analyst is SEBI-registered, they are expected to address investor grievances properly.
3. File a Complaint on SEBI SCORES
If you do not receive a satisfactory response, you can raise a complaint on SEBI’s SCORES portal.
While filing the complaint, explain the issue in simple words and attach all supporting documents properly. Mention dates, payments, screenshots, and communication details clearly.
This creates an official regulatory record of your issue.
4. Lodge a Complaint in SMART ODR
If the issue involves financial losses and still remains unresolved, you may consider legal dispute-resolution options such as SMART ODR or arbitration.
These systems allow an independent authority to review the matter and help resolve disputes between investors and financial entities.
This step becomes important when the losses are significant or when there is no proper response from the other side.
5. Stock Market Arbitration
If conciliation through SMART ODR does not resolve your dispute, escalate to formal arbitration within the same framework.
Arbitration produces a legally binding award.
Approach this step with every document organised, including payments, communications, loss calculations, and a written account of how each specific claim or recommendation contributed to your financial harm.
Need Help?
Many traders simply do not know what to do after facing losses from trading advisory services or Telegram trading groups.
People often feel confused about how to file complaints, what evidence is required, or whether their issue is even strong enough to report.
That’s where proper guidance can help. Register with us for expert guidance.
Conclusion
The Arun N case highlights a larger problem in today’s trading industry – the growing influence of Telegram trading ecosystems and aggressive profit-based marketing.
Many retail traders get emotionally influenced by profit screenshots, accuracy claims, and social media hype without fully understanding the risks involved.
Before trusting any trading educator or research analyst, always verify claims independently, understand the risks properly, and never depend completely on someone else’s trading calls.
Because in the stock market, protecting your capital matters far more than chasing sure-shot profits.
