BullStockIndia: SEBI Registration, Fee Cap Breach and Website Red Flags

BullStockIndia carries a real SEBI Research Analyst registration, and that part checks out fine.

What sits next to that registration on the firm’s own website is a different story: pricing that runs past SEBI’s fee cap, a refund clause that contradicts itself, and complaint numbers that don’t add up.

This review breaks down BullStockIndia’s registration, its three pricing tiers, and five specific concerns pulled straight from its own public pages.

Everything referenced below traces back to BullStockIndia’s own website, its investor charter, and its grievance redressal page, not to any outside allegation.

Is BullStockIndia SEBI Registered?

Yes. BullStockIndia holds registration number INH000014049 as a Research Analyst, granted on December 15, 2023, and valid through December 14, 2028.

The registration runs as a proprietorship under Ankit Rambabu Jaiswal, operating out of Bengaluru, Karnataka. A proprietorship registration means Ankit Rambabu Jaiswal personally holds every compliance obligation attached to INH000014049.

Every recommendation BullStockIndia sends out is his personal responsibility, since there is no separate research team standing between him and SEBI’s requirement that each call be backed by documented analysis.

How to Verify BullStockIndia’s Registration Yourself?

Go to SEBI’s intermediary search on sebi.gov.in and select Research Analyst as the category. Search for registration number INH000014049 or the name Ankit Rambabu Jaiswal.

The result should show the same registration date, validity period, and Bengaluru address referenced on BullStockIndia’s own disclosure page.

If any of these details don’t match what BullStockIndia shows you directly, treat that mismatch as a reason to pause before paying.

A genuine SEBI registration confirms the firm can legally sell research calls. It says nothing about how those calls perform or how the firm treats a paying subscriber.

What Does BullStockIndia Actually Sell?

BullStockIndia runs three tiers, Basic, Premium, and HNI, each priced separately across eight product lines.

Those product lines cover Index Futures, Index Options, Stock Futures, Stock Options, Stock Cash, MCX Bullions, MCX Base Metals, and MCX Energy.

A subscriber can buy any single product line inside any tier on a monthly or quarterly cycle, so the total number of individual paid plans on offer runs well past twenty.

Calls go out by SMS and instant messenger, covering intraday, positional, and buy today, sell tomorrow trades, rather than a structured research report with documented analysis and risk disclosures.

Knowing which tier and which product line you are actually signing up for matters, since the price difference between them is large.

Whether a short SMS tip on its own satisfies what SEBI’s Research Analyst Regulations expect from a formal recommendation is worth asking before you subscribe to any plan built purely on this delivery format.

A typical SEBI-compliant research report includes the analyst’s rationale, the data behind a call, the risk factors, and a target along with a stop-loss.

An SMS or instant message rarely carries all of that, which is part of why BullStockIndia’s delivery format is worth scrutinizing on its own.

Where BullStockIndia’s Pricing Crosses SEBI’s Fee Cap?

Every price on BullStockIndia’s site is listed as inclusive of GST.

Basic is the entry tier, Premium adds several higher-priced product lines on top of the same categories, and HNI repeats the same eight product lines at the steepest prices on the site.

A subscriber moving from Basic to HNI on the same product line, say Stock Futures, sees the monthly price jump from roughly Rs 16,520 to Rs 70,720, more than four times higher for the same category of call.

Basic tier monthly plans start at Rs 7,999 and run up to Rs 19,999. Premium tier monthly plans start at Rs 14,999 and reach Rs 30,999.

HNI tier monthly plans range from Rs 21,999 to Rs 70,720, and HNI quarterly plans span from Rs 49,999 to Rs 1,05,020.

SEBI caps what one Research Analyst can charge a single client family at Rs 1,51,000 a year, combined across every plan that family holds. That number is not a guideline. It is the legal ceiling, full stop.

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Also Read: Nivesh Research, the firm that also breaches SEBI’s fee cap.

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Why SEBI’s Fee Cap Exists?

SEBI introduced the Rs 1,51,000 annual fee cap to stop research analysts from stacking multiple paid plans on the same client until the total becomes unaffordable.

The cap applies per client family, not per plan, so a firm cannot get around it by simply splitting one client’s subscription across several smaller named plans.

BullStockIndia’s own pricing structure, with eight separate product lines sold individually across three tiers, is exactly the kind of structure this rule was written to limit

. Even the cheapest Basic monthly plan crosses the cap once renewed for a full year: Rs 7,999 a month works out to Rs 95,988 annually, and adding almost any second product line pushes the combined total past Rs 1,51,000 within a few months.

A Premium MCX Bullions subscriber paying Rs 30,999 a month reaches Rs 3,71,988 a year, which is Rs 2,20,988 above the legal cap. A Basic Stock Futures subscriber on the Rs 16,520 monthly plan reaches Rs 1,98,240 a year, still Rs 47,240 over the limit.

Twenty six of BullStockIndia’s Basic and Premium plans cross the cap once annualized, and nearly the entire HNI tier crosses it too.

Two HNI monthly plans, Stock Futures and Index Options at Rs 70,720 each, cost more than the entire annual cap in a single 30 day cycle.

None of these numbers are hidden. They sit on BullStockIndia’s own public pricing page, available to anyone who opens it before subscribing.

The gap between the advertised monthly price and the annual reality is where most subscribers lose track of what they are actually committing to.

Here is every Basic and Premium plan that crosses the ceiling once billed for a full year, taken straight from BullStockIndia’s own rate card.

Tier	Plan	Cycle	Price (GST Inc.)	Annual Cost	Over the Cap
Premium	MCX Bullions	Monthly	Rs 30,999	Rs 3,71,988	+ Rs 2,20,988
Premium	Stock Futures	Monthly	Rs 28,320	Rs 3,39,840	+ Rs 1,88,840
Premium	Index Options	Monthly	Rs 28,320	Rs 3,39,840	+ Rs 1,88,840
Premium	Stock Futures	Quarterly	Rs 82,600	Rs 3,30,400	+ Rs 1,79,400
Premium	Index Options	Quarterly	Rs 82,600	Rs 3,30,400	+ Rs 1,79,400
Premium	Stock Cash	Monthly	Rs 23,600	Rs 2,83,200	+ Rs 1,32,200
Premium	Stock Options	Monthly	Rs 23,600	Rs 2,83,200	+ Rs 1,32,200
Premium	Stock Cash	Quarterly	Rs 62,720	Rs 2,50,880	+ Rs 99,880
Premium	Stock Options	Quarterly	Rs 62,720	Rs 2,50,880	+ Rs 99,880
Basic	MCX Bullions	Monthly	Rs 19,999	Rs 2,39,988	+ Rs 88,988
Premium	MCX Basemetal	Monthly	Rs 19,999	Rs 2,39,988	+ Rs 88,988
Premium	MCX Energy	Monthly	Rs 19,999	Rs 2,39,988	+ Rs 88,988
Basic	MCX Bullions	Quarterly	Rs 54,999	Rs 2,19,996	+ Rs 68,996
Premium	MCX Bullions	Quarterly	Rs 54,999	Rs 2,19,996	+ Rs 68,996
Basic	Stock Futures	Monthly	Rs 16,520	Rs 1,98,240	+ Rs 47,240
Basic	Index Options	Monthly	Rs 16,520	Rs 1,98,240	+ Rs 47,240
Basic	Stock Futures	Quarterly	Rs 46,000	Rs 1,84,000	+ Rs 33,000
Basic	Index Options	Quarterly	Rs 46,000	Rs 1,84,000	+ Rs 33,000
Basic	MCX Basemetal	Monthly	Rs 14,999	Rs 1,79,988	+ Rs 28,988
Basic	MCX Energy	Monthly	Rs 14,999	Rs 1,79,988	+ Rs 28,988
Premium	Index Futures	Monthly	Rs 14,999	Rs 1,79,988	+ Rs 28,988
Basic	MCX Basemetal	Quarterly	Rs 39,999	Rs 1,59,996	+ Rs 8,996
Basic	MCX Energy	Quarterly	Rs 39,999	Rs 1,59,996	+ Rs 8,996
Premium	Index Futures	Quarterly	Rs 39,999	Rs 1,59,996	+ Rs 8,996
Premium	MCX Basemetal	Quarterly	Rs 44,999	Rs 1,79,996	+ Rs 28,996
Premium	MCX Energy	Quarterly	Rs 44,999	Rs 1,79,996	+ Rs 28,996

The HNI tier runs even further past the ceiling, since every product line costs more per month or quarter than Basic or Premium.

Tier	Plan	Cycle	Price (GST Inc.)	Annual Cost	Over the Cap
HNI	Stock Futures	Quarterly	Rs 1,05,020	Rs 4,20,080	+ Rs 2,69,080
HNI	Index Options	Quarterly	Rs 1,05,020	Rs 4,20,080	+ Rs 2,69,080
HNI	Stock Futures	Monthly	Rs 70,720	Rs 8,48,640	+ Rs 6,97,640
HNI	Index Options	Monthly	Rs 70,720	Rs 8,48,640	+ Rs 6,97,640
HNI	Stock Cash	Quarterly	Rs 95,000	Rs 3,80,000	+ Rs 2,29,000
HNI	Stock Options	Quarterly	Rs 95,000	Rs 3,80,000	+ Rs 2,29,000
HNI	MCX Bullions	Quarterly	Rs 94,999	Rs 3,79,996	+ Rs 2,28,996
HNI	Stock Cash	Monthly	Rs 68,000	Rs 8,16,000	+ Rs 6,65,000
HNI	Stock Options	Monthly	Rs 68,000	Rs 8,16,000	+ Rs 6,65,000
HNI	Index Futures	Quarterly	Rs 64,999	Rs 2,59,996	+ Rs 1,08,996
HNI	MCX Bullions	Monthly	Rs 54,999	Rs 6,59,988	+ Rs 5,08,988
HNI	MCX Basemetal	Quarterly	Rs 52,999	Rs 2,11,996	+ Rs 60,996
HNI	MCX Energy	Quarterly	Rs 49,999	Rs 1,99,996	+ Rs 48,996
HNI	Index Futures	Monthly	Rs 29,999	Rs 3,59,988	+ Rs 2,08,988
HNI	MCX Energy	Monthly	Rs 29,999	Rs 3,59,988	+ Rs 2,08,988
HNI	MCX Basemetal	Monthly	Rs 21,999	Rs 2,63,988	+ Rs 1,12,988

If your combined fees to BullStockIndia in one year crossed Rs 1,51,000, you paid this firm more than SEBI permits it to collect from a single client family.

Red Flags Visible on BullStockIndia’s Own Website

These five points come directly from content BullStockIndia has published on its own site. Nothing here is pulled from a third-party complaint or a forum post.

Each one can be checked by opening the firm’s own pages before you decide to pay. Reading through all five before you pay, rather than after, is the point of laying them out here.

Red Flag 1: An Accuracy Claim SEBI Does Not Allow Without an Audit

BullStockIndia’s homepage states its calls changed client fortunes with above 98.20 percent accuracy.

SEBI’s advertising code bars a Research Analyst from publishing a fixed accuracy or performance number unless an independent, disclosed audit backs it.

No auditor is named anywhere near that number, and no audit report is linked.

Red Flag 2: Comparing High Risk Trading Calls to Bank Deposit Safety

The website tells visitors their money stays as safe with BullStockIndia as it would in a bank while it grows.

That claim sits beside services built on intraday and futures and options calls, both capable of wiping out capital in a single session.

Framing high-risk trading as bank deposit safe tells a new subscriber the downside is minimal, when the products sold do not behave that way at all.

SEBI’s own guidelines require risk disclosures to be presented clearly, not undercut by comparisons to guaranteed return products like fixed deposits.

Red Flag 3: An Installment Option Paired With a Blanket No Refund Clause

BullStockIndia lets subscribers pay in installments if they cannot afford a full plan upfront.

Right after that offer, its terms state that a dissatisfied client gets no refund of fees already paid, in any case whatsoever. SEBI’s framework gives investors the right to a pro rata refund for the unused part of a plan when they exit early.

A blanket no refund policy does not match that right, and it can leave a subscriber who stops paying installments with nothing to show for what they already paid.

If you are on an installment plan right now, check how many installments remain and whether stopping mid cycle forfeits money you have already paid.

Red Flag 4: A Complaint Table That Contradicts Itself

BullStockIndia’s disclosure page shows a monthly complaint table for October 2025 through April 2026. Every single month in that table shows zero complaints received, resolved, or pending.

The annual table on the same page, covering that same 2025-26 year, lists one complaint received and one resolved.

Both figures cannot be true together, since the monthly rows are supposed to be the detailed breakdown the annual total is built from.

A discrepancy like this matters because SEBI relies on self-reported complaint data to track how research analysts treat their clients.

Sr No	Month	Carried Forward	Received	Resolved	Pending
1	October 2025	0	0	0	0
2	November 2025	0	0	0	0
3	December 2025	0	0	0	0
4	January 2026	0	0	0	0
5	February 2026	0	0	0	0
6	March 2026	0	0	0	0
7	April 2026	0	0	0	0
	Grand Total	0	0	0	0

Sr No	Year	Carried Forward	Received	Resolved	Pending
1	2023-24	0	0	0	0
2	2024-25	0	0	0	0
3	2025-26	0	1	1	0
	Grand Total	1	1	1	0

Red Flag 5: A Privacy Policy That Moves Your Number Without Separate Consent

BullStockIndia’s privacy policy allows personal details, including your phone number, to move to third parties whenever the firm decides it has an interest in doing so.

It does not require separate consent for that specific transfer.

Entering your number for a callback or a trial can send it well beyond BullStockIndia itself.

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Also Read: Insight Research faced 22 SEBI complaints.

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What to Do if You Are Already Paying BullStockIndia?

Add up every plan you hold with BullStockIndia across all tiers and product lines.

If that combined total for the past twelve months crosses ₹1,51,000, you have grounds to raise a fee cap breach directly with SEBI.

Keep your payment receipts and any WhatsApp or SMS confirmations of what you were promised at signup.

These become your evidence if you later file a SCORES complaint or ask for a pro rata refund.

How to File a Complaint Against BullStockIndia?

Knowing you have grounds is one thing. Knowing exactly how to actually file is what gets you a real result.

Grounds for a complaint go beyond just the fee cap.

A refused refund under the no-refund clause, or paying without a clear written agreement covering scope and exit terms, both qualify too.

Here’s the exact process, step by step.

Step 1: Gather Your Evidence First

Payment receipts, any written agreement, WhatsApp or SMS recommendations, and your trading records showing what actually happened.

Step 2: Raise it with BullStockIndia Directly

Put your complaint in writing before escalating anywhere. State what you were promised, what you paid, and what went wrong.

Step 3: File on SEBI SCORES

Because BullStockIndia holds a SEBI RA registration, file directly under the Research Analyst intermediary category.

Enter registration number INH000014049 and name Ankit Rambabu Jaiswal as the registered proprietor in your complaint description.

You can file complaint in SCORES directly through SEBI’s own official portal, and the process itself is free.

Step 4: Escalate to SMART ODR 

If SCORES doesn’t resolve things within the regulatory timeline, register through the SMART ODR portal, carrying your existing SCORES complaint number forward for online conciliation.

Step 5: Move to Arbitration 

If SMART ODR’s conciliation doesn’t resolve the dispute, the matter proceeds to binding arbitration in share market through the relevant stock exchange.

The arbitrator reviews the documented evidence from both sides and issues a final, binding decision, including a possible refund.

What Happens After You File a SCORES Complaint?

SEBI forwards your complaint to BullStockIndia and sets a fixed window for a written response.

If the response doesn’t resolve things, or BullStockIndia doesn’t respond at all, the complaint escalates to SMART ODR for conciliation.

A neutral conciliator or arbitrator reviews evidence from both sides and works toward a resolution, including a possible refund.

Keep every document organized before you file, not after a dispute drags on.

This alone makes each stage move faster.

Lost money to BullStockIndia and not sure where to start?

We file SEBI SCORES complaints, build the evidence file, and pursue SMART ODR and arbitration for investors.

Register with us for a free consultation

Conclusion

BullStockIndia’s SEBI registration under INH000014049 is genuine, run by Ankit Rambabu Jaiswal from Bengaluru.

That registration does not cover what sits beside it: pricing that crosses the fee cap on 26 Basic and Premium plans plus nearly the entire HNI tier, a refund clause that ignores SEBI’s pro rata rule, a complaint table that contradicts its own annual figure, and a privacy policy that shares your number without separate consent.

None of this is speculation. It comes from what BullStockIndia has chosen to publish about itself. Weigh it before you pay, and if you already have, weigh it before you assume nothing can be done.

A registration check takes two minutes on SEBI’s portal. Reading the fine print on pricing and refunds takes a little longer, and this review exists so you don’t have to do it from scratch.

Bookmark BullStockIndia’s own disclosure page and check it again before renewing any plan, since pricing and policies on these pages can change without notice.

Disclaimer: No SEBI enforcement order or arbitration ruling against BullStockIndia or Ankit Rambabu Jaiswal is on record as of this writing. Every point above is drawn from the firm’s own published website content and public SEBI fee cap rules, not from any adjudicated finding.

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Report. Recover. Stay Fraud Free.

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Frequently Asked Questions

1. What is BullStockIndia?

BullStockIndia is a SEBI registered Research Analyst firm based in Bengaluru, run by Ankit Rambabu Jaiswal under registration INH000014049. It sells trading recommendations across Basic, Premium, and HNI tiers covering equities, options, futures, and MCX commodities, delivered by SMS and instant messenger.

2. Is BullStockIndia a legitimate company?

BullStockIndia holds a valid SEBI Research Analyst registration, verifiable on SEBI's intermediary portal. That said, its own website carries an unaudited accuracy claim, a refund policy that conflicts with SEBI's pro rata rule, and pricing that can cross the annual fee cap before you sign up for every tier.

3. Where is BullStockIndia located?

BullStockIndia operates from Sy.No.45/2, 3rd Floor, Ramamurthynagar Main Road, Muninanjappa Layout, B. Channasandra, Bengaluru, Karnataka 560016. This is the registered address tied to SEBI registration number INH000014049. Physical complaints can also be sent to this address.

4. Can BullStockIndia's pricing exceed the SEBI fee cap?

Yes. SEBI caps total charges from one Research Analyst to a single client family at Rs 1,51,000 a year. Twenty six of BullStockIndia's Basic and Premium plans cross that number once annualized, and nearly the entire HNI tier crosses it too.

5. What are the main concerns about BullStockIndia's website?

Five issues appear on the firm's own site: an unaudited accuracy claim above 98 percent, language comparing high risk trading to bank deposit safety, an installment option paired with a no refund policy, a complaint table that contradicts its annual total, and a privacy policy allowing number transfers without consent.

6. How do I file a complaint against BullStockIndia?

File on SEBI SCORES, select Research Analyst as the intermediary type, and enter INH000014049 as the registration number. Name Ankit Rambabu Jaiswal as the registered proprietor in your complaint description. Before filing, gather payment receipts, any written agreement, the SMS or messenger recommendations received, and your trading records.