You might have come across Capital Craft Research through an ad, a referral, or maybe a call from a representative. The caller probably talked about research-based stock tips or maybe promised some results too.
So, you can’t decide what to do without knowing more about the firm.
In this blog, we cover three things. First, we cover the services Capital Craft Research offers. Next, we cover its SEBI registration status.
Then, we cover a real arbitration case against the firm, along with the portals you can use to report any problem.
Capital Craft Research Review
Capital Craft Research operates as an Individual Research Analyst firm based in Indore, Madhya Pradesh.
The firm pitches itself to retail traders and HNI investors alike.
It claims more than 5 years of market experience on its website.
It sells subscription-based access to its calls, with separate pricing tiers for cash, options, futures, and commodities.
What Does Capital Craft Research Offer?
Capital Craft Research sells research-based calls across five major segments.
- Cash Analysis: Basic and premium recommendations for stock cash trades.
- Option Analysis: Basic and premium calls on stock and index options.
- Future Analysis: Premium calls on stock and index futures.
- BTST and Positional Calls: Short-term and long-term trade ideas across segments.
- MCX Commodity Analysis: Recommendations for commodity trades on MCX.
Each segment comes with its own paid subscription plan, and the firm doesn’t mention any free trial period anywhere.
So, every investor pays upfront before they see a single call.
Is Capital Craft Research SEBI Registered?
Yes, Capital Craft Research holds a valid SEBI registration.
The registration number is INH000016870. SEBI lists this registration as perpetual, starting June 25, 2024.
Mr. Pawan Porwal holds this registration as an individual, and he also serves as the firm’s own compliance officer.
So, the firm legally qualifies to offer research-based recommendations to investors.
However, while checking the validity of SEBI registered research analyst credentials is a crucial first step, registration alone doesn’t make a firm complaint-free. Let’s look at its complaints next.
Capital Craft Complaints
Capital Craft Research publishes complaint data on its own website.
Here is the annual disposal trend, as shown on its complaint status page:
| Year | Carried Forward | Received | Resolved | Pending |
| 2024-2025 | 2 | 1 | 3 | 0 |
The annual numbers look clean. Zero complaints stay pending, and all three get resolved. But no significant data was shown for the monthly record.
This gap raises a fair question. How can the annual count show clear figures, while the monthly trail shows nothing at all?
Such mismatches deserve caution from any investor checking the firm’s track record.
Is Capital Craft Research Legit?
What actually proves a firm’s legitimacy? Real legitimacy comes from consistent conduct and clear disclosure, not from one registration number alone.
- Registration is the basic step, not the benchmark of safety
- Proper disclosure of the firm to clients
- Accessible grievance or contact options
Capital Craft Research checks the first box, but its website conduct raises doubts on the rest.
1. Inconsistent Website Details and Inaccessible Social Media Mediums
The website mixes real contact details with leftover placeholder text. Some sections still show generic entries like a dummy phone number and a generic Gmail address.
On top of that, every social media icon on the site links to a blank, generic page.
So, there’s no way to check follower counts or reach the firm through any of these social channels.
2. No Available Reviews and the 5-Year Experience Claim
Capital Craft Research claims more than five years of industry experience on its website.
However, a search for the firm and its proprietor turns up no user reviews anywhere on the internet.
So, this experience claim stays unverifiable, since no independent or publicly available data backs it up.
3. Incomplete Complaint Disclosure
The firm’s Grievance Redressal Escalation Matrix table sits empty on the website.
The monthly complaint disposal table also shows “No data found” for every entry.
So, the only real numbers come from one annual summary, and that limits genuine transparency.
These red flags don’t stand alone. Capital Craft Research also has a real arbitration case on record, and the next section breaks it down in full.
Arbitration Case Against Capital Craft Research
This case serves as a classic example of how arbitration against research analyst India portals work when an investor decides to fight back. In this instance, an investor signed up with Capital Craft Research after a call from its representative.
The representative reportedly promised daily returns of ₹10,000 and monthly returns of ₹2,00,000.
The investor paid a service fee, traded on the firm’s calls, and then faced heavy losses.
Violations By Capital Craft Research
The arbitral tribunal flagged several issues with the firm’s conduct during the proceedings.
1. Guaranteed Return Promise
The firm’s representative assured the investor of fixed daily and monthly gains. SEBI rules don’t allow any research analyst to promise guaranteed returns.
So, this promise alone broke a core regulatory requirement.
2. Mismatch Between Role and Conduct
A SEBI-registered research analyst must give research-based recommendations only. Instead, the conduct here resembled trading calls combined with return assurances.
The tribunal found this approach didn’t match the role defined under SEBI’s Research Analyst Regulations.
3. Defense Built on Technical Objections
The firm challenged the investor’s WhatsApp evidence on procedural grounds. It argued that the chats lacked a proper certificate under the Evidence Act.
The tribunal still weighed the overall facts and ruled against the firm despite this objection.
4. No Resolution Before Escalation
Settlement calls did happen between the parties before arbitration began. The investor refused the settlement offer, given the scale of his losses.
With no agreement in place, the matter moved through conciliation and then into full arbitration.
Recovery from Capital Craft Research
Our team stepped in as the investor’s authorised representative for this case.
We helped prepare the Statement of Claim within the prescribed deadline, and we organised the right evidence: WhatsApp chats, trade statements, and SEBI’s research analyst guidelines.
We tracked every deadline through the SMART ODR system and presented the case at both hearings.
The investor had claimed ₹1,49,625 in total. This included ₹40,000 in fees and ₹1,09,625 in trading losses.
The arbitral tribunal awarded ₹1,20,061 to the investor on August 19, 2025, payable within two weeks.
As you have seen in this case, you should know how to avoid such situations.
What Investors Should Keep in Mind?
Every investor wants safe and steady growth, and no one wants surprises in the form of unrealistic promises.
A few simple checks can protect you before you sign up for any research service.
- Verify registration directly: Always check SEBI’s own database, not a screenshot shared by an agent.
- Question return promises: No genuine research analyst can guarantee fixed daily or monthly profits.
- Save every conversation: Keep chats, call notes, and emails from the very first contact onward.
- Read the fine print fully: Refund and disclaimer pages often carry the real terms of the deal.
These steps take only a few minutes, but they save a lot of stress later. A little caution upfront always beats a long recovery process afterward.
Has something like this already happened to you? Here is what to do next.
How to File a Complaint Against Research Analyst?
Investors can follow a clear, step-by-step path to raise a complaint against this firm.
Step 1: Keep All Evidence Ready
Save screenshots of every promise made over chat or call. Keep your payment receipts and account statements organised.
Note every date carefully, since timelines matter throughout the process.
Step 2: Raise the Issue With the Firm First
Write down exactly what was promised, paid, and lost. Send this complaint to the firm’s compliance officer directly.
Wait for a written response before you escalate any further.
Step 3: File a Complaint on SEBI SCORES
Submit the same details on SEBI’s SCORES portal. Attach your payment proof and any chat screenshots.
SCORES forwards your complaint to the firm and tracks the resolution timeline.
Step 4: Move to SMART ODR for Conciliation
Use SMART ODR if SCORES doesn’t resolve your issue in time. The platform starts with conciliation between both sides.
This step gives both parties a fair chance to settle before any formal hearing.
Step 5: Share Market Arbitration
Escalate to arbitration on the same SMART ODR platform if conciliation doesn’t work out.
Submit your Statement of Claim with full evidence within the given deadline.
An independent arbitrator will then hear both sides and pass a binding award, just like the case covered above.
Need Help?
Promised profits or got recoveries assured by a representative? Facing losses due to any misconduct by a firm?
Do not worry, we have already handled such cases.
Our team helps investors document complaints, file on SCORES and SMART ODR, and pursue arbitration claims from start to finish. Register with us.
Conclusion
Capital Craft Research is SEBI registered, but that doesn’t mean its conduct stays risk-free.
This blog covered its services, complaint record, and a real arbitration case, where the firm promised guaranteed returns and failed to act like a genuine research analyst.
Such violations show why registration alone can’t confirm safe conduct.
So, verify every claim independently, question any return promise, and report quickly through SCORES or SMART ODR if something feels wrong.
Frequently Asked Questions
1. Can a SEBI-registered research analyst like Capital Craft Research promise guaranteed returns?
No, SEBI rules don’t allow any research analyst to guarantee fixed returns.
2. Does Capital Craft Research offer a refund?
Its refund policy states no refund is possible once the service starts. But you can file a complaint for any misconduct, and that can act as your first step towards recovery.
3. Whom can I approach if Capital Craft Research doesn’t respond to my complaint?
You can escalate an unresolved complaint to SEBI SCORES for further action.
