Quick Summary
BlackAce Research is a Bengaluru-based, SEBI-registered Research Analyst firm run by Ankush Paul, offering six research plans across two subscription tiers, Ultra and Regular. It holds an active registration (INH000015251) and shows a clean official complaint record, five complaints in FY 2025-26 and twelve in FY 2024-25, all resolved. Public reviews tell a more mixed story, including specific, detailed accounts worth reading in full before you subscribe. This page covers the company profile and pricing, and links to the deeper detail on registration, reviews, and the complaint process.
A firm can hold a genuine SEBI registration and still leave you wondering who’s actually running it. BlackAce Research is exactly that case.
Ankush Paul runs the firm out of Bengaluru, and the registration behind the name checks out. What doesn’t automatically check out is everything built around it: the services, the pricing, the six plans sold under two tiers.
This page covers all of that, the company itself, plainly, before you decide anything.
BlackAce Research Company
BlackAce Research is a stock market research firm based in Bengaluru.
Ankush Paul runs it as proprietor, alongside co-founder Rahul Kumar, with a small core team handling operations, technology, and client servicing.
Its listed office sits at Alfa Center, Venugopal Swamy Layout, Ejipura Main Road, Koramangala, Bengaluru.
The firm operates as a Research Analyst under SEBI’s regulatory framework, meaning its permitted activity is limited to publishing research calls and levels to subscribers, nothing beyond that scope.
BlackAce Research Registration Details
Yes, BlackAce Research holds a valid SEBI Research Analyst registration, INH000015251.
Registration status only confirms who is legally allowed to offer research services, though.
It says nothing about whether that service is actually delivered the way SEBI’s conduct rules require.
For the full verification steps and what registration does and doesn’t guarantee, our page on is BlackAce Research SEBI registered covers that in complete detail.
Services Offered by BlackAce Research
Beyond registration and address, the actual thing you’d be paying for is the research itself.
BlackAce Research sells its research through two subscription tiers, Ultra and Regular, each covering a different mix of segments and call frequency.
That consists of:
- Theta F&O: Stock options research, 15 to 20 calls a month, under the Regular plan.
- Beta Index: Index options research, also under the Regular plan.
- Ultra Cash: Stock cash-segment research under the Ultra plan, 20 to 25 calls a month.
- Ultra F&O: Stock options research under the Ultra plan, at a higher call frequency.
- Ultra Index: Index F&O research bundled into the Ultra tier.
- Commodity Max: Commodity F&O research, rounding out the Ultra tier.
Each plan is pitched as a fixed subscription for research calls. That’s the model on paper.
What some reviewers describe once they actually subscribed is a different story, covered in full on our BlackAce Research reviews page.
BlackAce Research’s Official Complaint Numbers vs. Public Reviews
The rating looks strong at first glance: 4.6 stars, built on close to 300 Google reviews.
BlackAce Research’s own SEBI-mandated complaint board looks just as clean: five complaints in FY 2025-26, and twelve in FY 2024-25, every single one marked resolved, none pending beyond three months.
Read past the star rating, and a different set of reviews shows up.
A cluster of detailed one-star reviews describes a pattern that never appears in the official numbers, involving specific rupee figures, dated incidents, and a repeating theme of support going quiet right after a loss.
The gap between the clean official numbers and these accounts is worth sitting with before you subscribe.
Also Read: Streetgains, an unrelated firm we’ve investigated using the same approach.
Red Flags to Check Before You Pay BlackAce Research
Registration and pricing are one part of the picture.
What actually happens once you’re a paying subscriber is a separate question, and a handful of specific patterns are worth checking against your own experience before you commit further.
- Accuracy claim in a testimonial. One homepage testimonial cites a specific “77.45% accuracy” figure. SEBI’s Advertisement Code bars Research Analysts from advertising past performance or accuracy percentages this way.
- Requests for a cut of profits. Some reviewers describe the firm taking a share of trading profits. A Research Analyst can only charge a flat subscription fee, never a cut of profits.
- Contact outside the official channel. A reviewer describes being approached over WhatsApp, while BlackAce Research’s own site says to follow calls only through its official Telegram channel.
- Pressure to hold a specific trade size. More than one reviewer describes being pushed to hold a particular quantity, instead of deciding their own position size.
- Support going quiet after a loss. A recurring theme in reviews: responsive before a loss, unreachable right after.
None of this is proof on its own.
But if two or three of these match what you’re seeing, it’s worth pausing before you pay anything further.
Already dealing with an RA you think crosses a line?
Tell us what happened, and we’ll review your case to see if it’s worth filing a formal complaint.
How to Take Action Against BlackAce Research?
Not every loss is grounds for a complaint. Markets move on their own, and no advisor can guarantee a winning trade.
But SEBI’s rules for Research Analysts are clear on what a firm can and cannot do.
An RA cannot promise guaranteed returns. It cannot take a cut of your profits, and it cannot solicit you outside its declared channels.
If any of the patterns like profit-sharing, pressure to hold a specific position, or silence after a loss match what happened to you, that’s grounds for a complaint, not just a bad trading week.
Once you’ve decided to complain, the process runs through four stages.
Start with a written complaint to BlackAce Research. If that goes nowhere, escalate to file complaint in SCORES, SEBI’s official grievance platform.
If SCORES doesn’t resolve it either, the matter moves to SMART ODR login for conciliation, followed by arbitration in share market disputes if conciliation fails.
Each stage runs on its own timeline and needs its own paperwork.
The complete process, step by step, is laid out in full in our guide on how to complain against BlackAce Research.
Also Read: Wealth Consultant, covering a different Research Analyst’s registration and red flags.
Conclusion
BlackAce Research is a SEBI-registered Research Analyst offering six research plans across two subscription tiers. Its official complaint numbers look clean.
Its public reviews, and even parts of its own website, tell a more mixed story, an accuracy claim it shouldn’t be making, and recurring reviewer allegations of profit-sharing and silence after losses.
Registration confirms the firm can legally offer research.
It doesn’t confirm how that research actually gets delivered. If your experience raises any of the flags above, start documenting now, and register with us if you want the complaint process handled for you.
Report. Recover. Stay Fraud Free.
Ankush Paul is the proprietor, alongside co-founder Rahul Kumar. The firm's listed office is at Alfa Center, Venugopal Swamy Layout, Ejipura Main Road, Koramangala, Bengaluru. Yes, the firm lists two tiers, Regular and Ultra, on its own website, with separate pricing for each. No, as a Research Analyst, it's only permitted to publish research calls and levels. It cannot manage trades, hold client funds, or handle demat accounts directly.Frequently Asked Questions
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