Quick Summary
Bullwave is the research platform of Amit Pastagia, SEBI Research Analyst registration INH000013253. The homepage carries the line “Clients Have Made Profits Above the Par,” which implies client returns without audited data. The complaint table for FY 2023-24 shows zero pending complaints while a separate note on the same page states one complaint remained pending. Two different registered addresses appear on the same disclaimer page. One policy document describes Amit Pastagia as a SEBI registered Merchant Banker rather than a Research Analyst. The internal trading and compliance policies reference board structures, clearing operations, and entity names that have no connection to an individual Research Analyst practice. Eight standard investor protection documents are absent from the website.
Bullwave is the research platform of Amit Pastagia, who holds SEBI Research Analyst registration INH000013253.
The registration is real.
But when you read past the homepage into the firm’s own disclaimer page, complaint table, and internal policies, a specific pattern appears.
Documents that describe a different kind of regulated firm. Disclosures that contradict each other.
A homepage claim that SEBI’s framework directly addresses.
Every concern in this review comes from Bullwave’s own published website and policy documents. We are describing what is visible in their own content.
Bullwave Registration and Who Runs the Firm?
Amit Pastagia holds SEBI Research Analyst registration INH000013253 operating under the Bullwave brand.
Verify the registration yourself before subscribing.
Go to sebi.gov.in, select Research Analyst as the intermediary category, and search INH000013253.
The result should confirm an active registration in the name of Amit Pastagia.
The registration is individual, meaning every compliance obligation, every recommendation, and every complaint accountability rests directly with Amit Pastagia as the registered person.
The Bullwave Homepage Profit Claim
Bull Wave’s homepage carries the line: “Clients Have Made Profits Above the Par.”
This is not a neutral description of services.
It implies a track record of client profits without any audited or verified data presented alongside it.
SEBI’s Investor Charter for Research Analysts requires registered entities to avoid statements that imply assured returns.
The same charter bars content that creates unrealistic expectations for a subscriber.
A claim that clients have made profits, with no qualification about risk, timeframes, or what percentage of clients saw that outcome, sits in exactly the territory SEBI’s framework addresses.
Also Read: Alphawealth Avenues, no Investor Charter, a document SEBI requires.
Bullwave’s Complaint Table That Contradicts Its Own Footnote
Bullwave publishes a complaint disclosure covering the two most recent financial years.
Here is what that table reports.
| Financial Year | Carried Forward | Received | Resolved | Pending at Year End |
| 2023-24 | 0 | 2 | 2 | 0 |
| 2024-25 | 0 | 0 | 0 | 0 |
| Grand Total | 0 | 2 | 2 | 0 |
The table shows zero pending complaints across both years and in the grand total.
A separate note on the same page states that one complaint remained pending at year end.
Both statements cannot be accurate at the same time.
The table shows zero pending. The note says one pending.
An investor reading only the note would believe a complaint is still open.
An investor reading only the table would believe every complaint closed cleanly.
SEBI requires complaint disclosures to stay accurate, consistent, and current.
An internal contradiction in the firm’s own disclosure raises a specific question about how carefully it is maintained.
Also Read: MBA Investmentwala, 12,000 followers, but no visible complaint history.
Two Registered Addresses on Bullwave’s Disclaimer Page
A SEBI registered Research Analyst should have one registered office address.
That address should appear consistently across every official document.
Bullwave’s disclaimer page lists 39, Ankur Society as one registered address and 140, La Victoria as a second registered address.
Both appear on the same page for the same individual Research Analyst.
A single registered entity with two conflicting addresses on one disclosure page gives no clear answer to the basic verification question.
Where does this business actually operate from?
Also Read: Alphawealth Avenues review and its two compliance gaps.
What Bullwave’s Eight Missing Documents Mean
A standard Research Analyst website carries a set of investor protection documents.
Their presence lets a prospective subscriber understand the service terms, risks, and redressal paths before paying.
These eight documents were not visible on Bullwave’s website at the time of this review.
- Terms and Conditions governing the subscriber relationship.
- Privacy Policy covering how client data is stored or shared.
- Internal compliance records for investor review.
- Published research reports backing up recommendations.
- Refund Policy explaining exit terms.
- Cyber Security Policy protecting client data and payment details.
- Pricing transparency showing exact subscription costs before signup.
- Risk Disclosure explaining that research recommendations carry market risk.
The SEBI annual fee cap of Rs. 1,51,000 per client family per year applies to Bullwave’s subscription plans.
Without visible pricing, you cannot verify your total annual commitment against this ceiling before paying.
Does Moneyplant Research Publish Response Timelines?
A transparent Research Analyst website tells you how long each stage of the relationship takes.
Bullwave’s website publishes no such timelines at all.
Bull Wave’s Policies: Written for a Different Business
These three internal policies are published on Bullwave’s own website.
The specific language in each one raises a question about whether the documents were written for this practice or copied from another firm’s compliance framework.
Policy 1: Wrong Registration Category Named in Writing
Bullwave’s Policy on Circulation of Unauthenticated News describes Amit Pastagia as a “SEBI registered Merchant Banker.”
The registration number displayed on the same website belongs to a Research Analyst category, not a Merchant Banker.
These are completely different SEBI registration categories.
They carry different permitted activities, different compliance requirements, and different investor rights frameworks.
If the registration is genuinely for a Research Analyst, the policy document naming a different category is factually inaccurate.
If it is for a Merchant Banker, the rest of the website describing research analyst services would be inaccurate instead.
The contradiction requires direct resolution before a subscriber can be certain which regulatory framework actually governs the service.
Policy 2: Employees’ Trading Policy Describes a Broking Firm’s Infrastructure
Bullwave’s Employees’ Trading Policy describes a Chinese Wall structure across dealing, RMS, clearing, settlement, and DP operations.
An individual Research Analyst has none of these functions.
There is no dealing desk. No clearing function. No depository participant operations.
These are the infrastructure elements of a broking firm, not a standalone Research Analyst practice.
The same policy references employee trading through “JK or any other Broker” without defining who or what JK is anywhere in the document.
Undefined references in compliance policies create ambiguity for both clients and auditors.
Policy 3: Research Analyst Policy References a Corporate Entity Structure That Does Not Match an Individual RA
Bullwave’s Research Analyst Policy repeatedly refers to “the Company,” a Board of Directors, and a Compliance Committee.
Amit Pastagia operates as an individual Research Analyst, not a corporate entity with a board.
One section defines a Third Party Research Report and describes reports produced by an entity identified only as “PSL.”
That name has no connection to Bullwave or Amit Pastagia anywhere else on the website.
An individual Research Analyst has no board to convene and no compensation committee to establish.
Language of this kind points to a template that was never adapted to match how the practice actually operates.
Also Read: Abhinav Siddharth Pravi Wealth and three pre-registration concerns.
Before You Subscribe to Bullwave: 4 Questions to Ask
None of the points above tells you what to do next.
These four questions do. Send them in writing and keep every response.
- Which SEBI registration category actually applies to this practice? The website shows a Research Analyst registration number. One policy calls Amit Pastagia a Merchant Banker. Ask the firm directly which category applies and request the exact registration certificate showing the category.
- Which of the two registered addresses on the disclaimer page is the current and correct one? One registered address should appear consistently across every document. Ask for written confirmation of the correct address and the reason for the discrepancy.
- What is the refund policy on early exit? SEBI’s December 2024 amendment requires registered Research Analysts to provide pro rata refunds on early subscription exit. The site does not appear to have a published Refund Policy. Ask for the written policy before paying.
- What is the exact subscription price? SEBI’s annual fee cap of Rs. 1,51,000 per client family applies. Without visible pricing, you cannot verify compliance before paying. Ask for the complete pricing schedule in writing.
How to File a Complaint Against Bull Wave?
Maybe you already subscribed and the outcome did not match what was described to you.
Maybe a refund was refused for unused subscription time.
Or the communication created expectations SEBI does not permit a Research Analyst to guarantee.
The formal complaint path stays open in every one of those situations.
File a SEBI SCORES complaint under Research Analyst registration INH000013253.
State the specific concern. Attach payment records and communication history.
The complete guide is on our complaint against SEBI registered research analyst page.
For escalation after SCORES, the full conciliation guide is on our SMART ODR complaint portal page.
If neither resolves things, share market arbitration is the final, binding stage.
Did Bull Wave’s documents or disclosures not match what you were told before subscribing?
We will review your case, identify every applicable SEBI violation, draft the SCORES complaint, and represent you through SMART ODR and arbitration.
Disclaimer: There is no SEBI order, arbitration award, or other legal finding against Bull Wave or Amit Pastagia at the time of writing. Every point in this review describes publicly visible content on the firm’s own website and policy documents and is not an allegation of wrongdoing.
Conclusion
Amit Pastagia holds a real SEBI registration under INH000013253. Bullwave is not operating anonymously.
Six specific concerns appear in the firm’s own published content.
A homepage profit claim without audited data. A complaint table that contradicts its own footnote.
Two registered addresses on one page. A policy that describes Amit Pastagia as a Merchant Banker.
Internal trading and compliance policies built for a broking firm’s infrastructure.
Eight standard investor protection documents absent from the website.
Every one of these is visible in the firm’s own material before any subscription is paid.
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Frequently Asked Questions
Bullwave operates under SEBI Research Analyst registration INH000013253 in the name of Amit Pastagia. Verify the current status and registration category independently at sebi.gov.in before subscribing.
Bullwave's Policy on Circulation of Unauthenticated News names Amit Pastagia as a "SEBI registered Merchant Banker." The registration number displayed on the same website is for a Research Analyst category. These are different SEBI registration types with different permitted activities. The contradiction requires direct clarification from the firm before subscribing.
Bullwave's complaint table shows zero pending complaints for FY 2023-24 while a separate note on the same page states one complaint remained pending at year end. Both cannot be accurate simultaneously. The inconsistency raises questions about how carefully the mandatory disclosure is being maintained.
Terms and Conditions, Privacy Policy, Refund Policy, Pricing information, Risk Disclosure, Cyber Security Policy, published Research Reports, and internal compliance records were not visible at the time of this review. Each of these is a standard investor protection document that should be available before subscription.
No published Refund Policy appears on the Bullwave website. SEBI's December 2024 amendment requires registered Research Analysts to provide pro rata refunds on early subscription exit. Ask the firm for its written refund policy before paying. If a refund is refused for unused subscription time, that is a specific complaint ground.
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