Most SEBI-registered research analysts begin with a clean regulatory record. In the case of Capital Life Research, there is some regulatory history available that investors may want to review carefully.
Before subscribing to any paid service, it’s important to understand such details in the right context rather than overlooking them.
This article presents a structured, fact-based overview of Capital Life Research, covering its SEBI registration, regulatory disclosures, website claims, user feedback, and the key factors investors should evaluate before making a decision.
Capital Life Research Review
Capital Life Research describes itself as a SEBI-registered research firm offering equity research and stock recommendations across multiple segments.
Services are delivered via WhatsApp, SMS, and Telegram. The website positions the founder as having over a decade of technical analysis expertise.
It is important to note that Rajiv Sharma was previously registered with SEBI as an Investment Adviser (INA000001365) under the entity name “Capital Life Market Research”, a separate earlier registration that predates the current Research Analyst registration (INH000022163).
SEBI granted the current Research Analyst registration in July 2025, marking a fresh regulatory chapter for the same individual.
Is Capital Life Research SEBI Registered?
Capital Life Research currently holds a valid, perpetual SEBI Research Analyst registration (INH000022163), effective July 28, 2025. The registration is verifiable on SEBI’s official intermediary portal.
However, the entity’s regulatory history under Rajiv Sharma’s earlier registration as an Investment Adviser (INA000001365) is a matter of public record and is documented in a formal SEBI Adjudication Order.
This blog summarises this history in full below and is the most critical section of this blog for any prospective investor to read.
Capital Life Research Complaints Data
The website publishes complaint data for two reporting periods.
Annual Complaint Data: 2025–26
The annual disposal table shows zero complaints received, zero resolved, and zero pending for the financial year 2025–26.
The carried-forward figure from any previous year under this registration is also zero.
What does the data imply?
The current registration (INH000022163) was granted in July 2025 and is approximately nine months old at the time of writing.
A zero-complaint record across nine months under a new registration is not surprising and is not by itself a meaningful indicator either way.
The complaint history that matters most for this entity comes from the previous registration (INA000001365) and is documented in the adjudication order summarised above.
Capital Life Research User Complaints
The following reviews come from publicly visible third-party platforms and are presented without legal characterisation.
They represent individual user opinions and cannot be treated as verified factual conclusions.
1. Allegations of Poor Market Knowledge Leading to Complete Losses
A reviewer named Manish Charan posted a 1-star rating on a third-party review platform dated July 17, 2025, describing the entity as having zero knowledge of the stock market and stating that the trade provided resulted in a complete loss.
The review explicitly warned others to stay away. This is an individual’s publicly posted experience and is not a verified regulatory complaint.
Another reviewer named Yash Lalwani posted a 1-star rating on the same third-party platform dated May 22, 2025, strongly advising others to avoid the service.
He described what he characterised as a complete absence of market knowledge and stated that subscribers would only lose money.
Like the review above, this is an individual’s publicly posted account and carries no regulatory weight on its own.
2. Serious Fraud Allegations and Threat of Legal Action
A reviewer named Balvendra Singh, identifying himself as a practising lawyer based in Mumbai, posted a 1-star review dated July 3, 2019.
He stated that he intended to initiate legal proceedings against the entity for cheating and forgery in both Mumbai and Indore, and invited others similarly affected to contact him for assistance in filing complaints.
This review predates the current Research Analyst registration by several years and relates to the period of the earlier Investment Adviser registration.
Capital Life Research Warning Signs
The following observations are drawn from Capital Life Research’s own website, its published policies, SEBI public records, the adjudication order, and third-party review content.
No legal conclusions are drawn.
1. Pricing Across Multiple Packages Exceeds the SEBI Annual Fee Cap
Capital Life Research’s pricing page lists multiple service categories: Basic Stock Cash, Premium Stock Cash, Basic Stock Future, Premium Stock Future, Index Future, BTST/STBT, Basic Stock Option, Premium Stock Option, Index Option, and Premium Index Option.
Half-yearly prices go up to ₹80,000 (base) for Premium Stock Cash, Premium Stock Future, and Premium Stock Option each.
The half-yearly Index Option package is priced at ₹65,000 base.
A client subscribing to more than one package simultaneously could easily breach the SEBI guidelines for research analyst regarding the annual fee limit of ₹1,51,000 per family.
The pricing page contains no disclosure about the aggregate cap or any guidance on how multi-package subscriptions are managed within the regulatory limit.
2. The Website Claims “Proven Performance” With No Auditable Track Record
Capital Life Research’s homepage states: “Proven performance in positional, intraday and options segments” and describes “over a decade of technical analysis expertise.”
The website’s FAQ section also states the firm “publishes daily/weekly track records on its website for transparency and client verification.”
No such track record, no systematic record of every recommendation with entries, exits, stop-losses, and outcomes, is visible on any publicly accessible page of the website at the time of writing.
3. A Questionable Past That Affects Credibility
Before operating as Capital Life Research, Rajiv Sharma ran Capital Life Market Research as a SEBI-registered Investment Adviser, a category that carries a direct fiduciary duty toward clients.
During that period, multiple investors filed formal complaints, including one by Suresh, who alleged he was lured with a small introductory fee and later charged around ₹27 lakh in undisclosed service fees.
A person with this complaint history from a prior, more regulated role, now operating under a new Research Analyst registration without publicly acknowledging that past, is something investors should consider before subscribing.
What Investors Should Keep in Mind Before Subscribing?
Before paying any amount to Capital Life Research, the following steps are worth taking carefully.
- Verify SEBI Registration and Regulatory History: Verify the current SEBI registration by visiting SEBI’s website and searching for INH000022163 under the Research Analyst category. Also search INA000001365 to review the prior Investment Adviser registration and its adjudication history referenced in this blog.
- Check Claimed Track Records Before Paying: Ask for a direct link to the daily or weekly track records that the website claims to publish for transparency. Review this data carefully to assess consistency, losses, and whether performance is independently verifiable.
- Get All Terms in Writing: Request complete details of fees, refund conditions, and cancellation rights in writing before making any payment. Specifically ask which clause of the refund policy applies to your subscription to avoid disputes later.
- Confirm Total Subscription Cost Limits: If subscribing to multiple packages, confirm that the total annual fee does not exceed ₹1,51,000. This ensures compliance and prevents overpayment beyond stated pricing structures.
- Ensure Payment Goes to Registered Entity Only: Never transfer money to a personal bank account or unverified UPI ID under any circumstance. All payments must be made only to the officially registered entity account as per SEBI records. Keep copies of every communication from the first point of contact.
How to Report Against a Research Analyst?
If your concern with a research analyst remains unresolved, there is a structured process available through SEBI-backed mechanisms.
Following the correct steps with proper documentation can significantly improve the chances of a fair resolution.
Step 1: Contact the Research Analyst First
Begin by raising your concern directly with the research analyst through their official communication channels.
Clearly outline your issue in writing, including subscription details, payment amounts, representations made, and what actually occurred.
Allow a reasonable time for a written response and maintain records of all communication.
Step 2: Register a Complaint in SCORES
If the issue is not resolved, you can register a complaint on the SEBI SCORES platform using your PAN and mobile number.
Select the Research Analyst category, enter the relevant registration number, and upload all supporting documents.
Under SCORES 2.0, the entity is required to respond within a defined timeframe. If the response is unsatisfactory, you may request a First Level Review within the specified period.
Step 3: Report in Smart ODR
For matters involving refunds or monetary claims, the SMART ODR platform can be used after completing the SCORES process.
This mechanism offers a structured and relatively faster resolution process without the need for formal legal representation.
Step 4: Arbitration in Share Market
If the dispute remains unresolved, you may escalate the matter to arbitration through the relevant stock exchange.
This is a formal legal process where both parties present their case before an independent arbitrator, and the decision issued is binding.
Need Help?
If you’ve subscribed to a research analyst service and feel your complaint is not being addressed, or you’re unsure whether your case can be formally escalated, you don’t have to navigate the process alone.
Here’s how we can support you:
- Case Assessment: We review your documents and provide an honest evaluation of whether your issue qualifies as a regulatory grievance, along with realistic next steps.
- Complaint Drafting: We help you prepare a clear, structured, and fact-based complaint suitable for submission on SEBI SCORES.
- Dispute Resolution Support: We guide you through SMART ODR for monetary claims where applicable, and for higher-value disputes, we help you understand the arbitration process and available options.
Share your payment records, subscription details, and all communication related to your case. We’ll assess your situation and outline the most effective path forward.
Register with us today to get started.
Conclusion
Capital Life Research holds a valid, perpetual SEBI Research Analyst registration granted in July 2025.
The current registration has a clean complaint record across its nine-month operating history. That is an accurate statement of the current regulatory position.
At the same time, any investor evaluating this entity deserves the full picture: negative user reviews and pricing structures that can breach the SEBI annual fee cap if multiple packages are combined.
None of this prevents Capital Life Research from being a legitimate research service going forward. But informed investors ask hard questions before they pay.
Ask for the track record, get the refund terms in writing, know the regulatory history, and verify everything independently. That is always the right first step.
