Neha (name changed) was approached in late 2024 by a SEBI-registered research analyst offering a premium package with an unusually attractive promise: a fixed three percent monthly return. The guarantee was printed clearly in the sales brochure handed to her during an in-person meeting. She paid ₹1,50,000 to join the highest tier. For Neha, the […]

Devendra (name changed) first came across the firm through a paid social media campaign claiming the service was fully SEBI-compliant. Its website and brochures prominently displayed a registration number, making the firm appear legitimate. Trusting those claims, Devendra paid fees in several instalments under different scheme names. By the end, he had paid ₹3,11,000. Then

Ritu (name changed) signed an annual agreement with a SEBI-registered investment adviser in mid 2024 for a fixed fee of ₹3,50,000, covering portfolio strategy calls and quarterly reviews for the full year. Five months into the contract, the adviser informed her that the fee was being revised upward due to what they called increased market

Farah (name changed) came to us after paying ₹1,58,000 for what she believed was automated algorithmic trading software. The pitch sounded convincing. During the sales demo, the firm ran two trades that appeared to be placed by the algo, both of which made profits. They also showed past performance figures to build confidence. Farah paid

Manoj (name changed) thought he had found a simple deal: free daily trading calls with no advisory fee. The only condition? He had to open his trading account through a specific referral link. He followed the instructions and started taking the calls. Over the next five months, the recommendations became increasingly frequent, with quick entries

Om Prakash (name changed) was contacted by a small advisory operation in early 2025 offering a starter package for a modest fee, positioned as a low-commitment way to try their trading calls. Over the following two months, he was moved through a series of small upgrades, each with its own package name like: Starter Plus

Kavita (name changed) came to us after a well-known SEBI-registered investment adviser failed to honour a promise it had put in writing. During the sales call, the adviser strongly emphasised flexibility. Kavita then signed an agreement that gave her a clear 90-day exit window with a 50% refund on unused fees. She paid ₹4,73,000 for

Rakesh (name changed) deposited ₹1,00,000 with his advisory firm in January 2026. Soon after, he received an invoice for ₹12,500, an amount that appeared proportionate to his investment. Then he increased his capital. The very next day, a new invoice landed: ₹62,500. That was five times the earlier fee, with no clear explanation except a

Deepak (name changed) signed up with a research analyst firm after attending a webinar in late 2024. During onboarding, he was given a UPI ID and bank account number for payment. Both, however, were held in an individual’s name, not the firm’s. Over the next four months, Deepak made three instalment payments totalling ₹3,00,000. Each

Sunita (name changed) had been working with an advisory firm for several months, following recommended positions and adjusting them based on regular calls from her assigned adviser. In the middle of a set of open positions, the calls stopped. Her adviser did not answer, the office number went unreachable, and no one from the firm

Suresh (name changed) was introduced to a SEBI-registered investment adviser through a family referral in early 2024. The adviser offered a discount if he paid for three years of service upfront. Suresh paid ₹4,22,000 in one transaction, expecting continuous support for the full three years. For the first four months, the relationship worked normally. SEBI

Anil (name changed) was approached by a SEBI-registered research analyst offering a premium annual package. The sales pitch focused heavily on personalised calls and daily targets rather than the fee amount itself. He paid ₹1,80,000 for the first year, then renewed twice at higher rates as the relationship continued. His combined payments across the period