Quick Summary
Filing a complaint against Pheonix Capital Research follows the same route as any SEBI registered research analyst, firm first, then SCORES, then SMART ODR. In the case we reviewed, a client paid ₹1,35,000 in five payments within three weeks, two of them before the invoice was dated. His formal grievance got a reply offering a one month service extension. He escalated and is claiming about ₹6.9 lakh. Here are the fee rules, the timeline, and the exact steps.
If you’re here, you probably feel you paid Pheonix Capital Research for something you didn’t get, and the “non refundable” line on your invoice is making you wonder whether there’s any point complaining.
There is. A research analyst registered with SEBI has to follow SEBI’s rules on fees and conduct, and you have a formal route to hold it to them.
Below, we lay out one client’s fee trail and complaint timeline, the rules that matter, and each step to take.
If you’d like a hand at any stage, you can report financial fraud India through our team.
Fees Paid to Pheonix Capital Research in A Client’s Case
Most RA disputes come down to money paid versus service received, so start with your own fee trail. Here’s what a client’s looked like.
| Date | Amount | Invoice |
| 18 June 2026 | ₹11,500 | PCR116, dated 22 June 2026 |
| 19 June 2026 | ₹8,500 | PCR116, dated 22 June 2026 |
| 1 July 2026 | ₹40,000 | MP/2627/JUL/0001 |
| 1 July 2026 | ₹40,000 | MP/2627/JUL/0001 |
| 9 July 2026 | ₹35,000 | MP/2627/JUL/0007 |
That adds up to ₹1,35,000 in about three weeks, paid by UPI to an account in the firm’s name. The two July invoices are for quarterly “Stock Option” packages, one of them for ₹80,000.
Notice the first two rows. ₹20,000 was paid on 18 and 19 June, while the invoice covering it is dated 22 June. The client says he hadn’t received written terms before paying.
You’ll also need the firm’s exact registered name and number for any complaint form.
The Pheonix Capital Research profile page lists its registration and ownership details in one place.
SEBI Fee Rules That Apply to Pheonix Capital Research
Your complaint is only as strong as the rule it points to. These are the fee-related rules most relevant to a research analyst dispute.
Terms Before Payment
SEBI expects a research analyst to share its terms and conditions and get the client’s consent before charging a fee or providing service.
If you paid first and got terms later, note the dates carefully. The client in this case relies on exactly that gap.
The Annual Fee Ceiling
For individual and HUF clients, SEBI caps a research analyst’s fees at ₹1,51,000 per family per year.
The client argues that buying three overlapping packages within three weeks works out to roughly ₹4 lakh a year, well above that ceiling.
That’s his argument, not a decided point, and a forum would look at the firm’s agreement and records too.
The “Non Refundable” Line
Every invoice in this case says “Payment is Non Refundable.”
A line on an invoice can’t override SEBI’s own rules, which provide for refunds in situations such as a terminated service.
The client also argues that the clause is an unfair contract term under consumer law.
Paying for Days Without Service
The client’s log lists 15 trading days with no research call.
Where a paid service isn’t delivered, a proportionate refund for that period is a fair thing to ask for, and he has done so.
If you want to understand what happened on the calls themselves, the Pheonix Capital Research reviews page covers the recovery talk, the averaging episode, and the P&L in detail.
How This Complaint Against Pheonix Capital Research Moved
Seeing a real timeline helps you plan your own. Here’s how this client’s complaint progressed, step by step.
- 17 August 2026, grievance to the firm. He emailed the firm’s support and info addresses listing the fees, the 15 missed call days, unanswered messages, and his losses, and asked for an explanation and remedy within three working days.
- 21 August 2026, the firm’s reply. It confirmed a one-month extension of his service, said updates would continue on WhatsApp with targets and stop losses, asked him to trade only the lots given, and stated that no guarantee or assurance of loss recovery is provided.
- 24 August 2026, escalation to the compliance officer. He sent a detailed complaint with invoices, payment IDs, recording excerpts, chat quotes, and his P&L, arguing that the reply hadn’t dealt with any of his points.
Next, SEBI’s online dispute route. He has prepared a complaint for SMART ODR claiming about ₹6.9 lakh, covering the fees, the trading loss, and charges. The outcome isn’t known at the time of writing.
Paid an RA lakhs in fees within weeks and got an extension instead of an answer?
We help clients build the fee trail, line up the evidence, and take the complaint to the forum that can actually decide it. Register with us for a free consultation.
Documents You Need for a Pheonix Capital Research Complaint
A complaint with gaps gets stuck. Gather these before you file anything, and label each file with its date.
- Every invoice, with its number and date.
- Every payment proof, showing date, amount, and transaction ID.
- The terms or agreement, and the date you first received it.
- WhatsApp chats with every representative, exported with media.
- Call recordings, ideally with short written notes of key lines.
- Your broker P&L and contract notes for the service period.
- Your grievance emails and the firm’s replies.
Steps to File a Complaint Against Pheonix Capital Research
Here’s the route in the order SEBI expects. Skipping a step usually means being sent back to it.
Step 1: Write to the Firm
Send a dated email to the firm’s grievance or compliance contact.
List the fees, the dates, what went wrong, and exactly what you want, such as a refund for undelivered days. Give a clear deadline.
Step 2: File on SCORES
If the reply doesn’t resolve it, file on SEBI’s SCORES portal with your documents attached.
Our guide to the SCORES SEBI complaint process shows what to upload and how to follow it up.
Step 3: Move to SMART ODR
If SCORES doesn’t settle it, take the dispute to SMART ODR, SEBI’s online platform for conciliation and, if needed, arbitration. Conciliation is free for investors.
Many clients put this step off because it sounds complicated.
Our page on the SMART ODR complaint portal explains how conciliation works, what arbitration costs, and what to expect at each stage.
Disclaimer: This page summarises one client’s complaint and documents shared with us, with his identity removed, along with the firm’s written reply. It describes his arguments and the records only, makes no finding against Pheonix Capital Research or Raksha Sharma, and does not promise any refund or outcome.
Conclusion
A complaint against Pheonix Capital Research starts with your own fee trail. In this case, that trail shows ₹1,35,000 paid in three weeks, two payments made before the invoice date, and a grievance answered with a one month extension.
The “non refundable” line doesn’t end the conversation. SEBI’s rules on terms, fees, and service still apply, and SCORES and SMART ODR exist for exactly this.
Collect your invoices, payments, chats, and recordings, write to the firm, and escalate step by step if you don’t get a real answer.
Report. Recover. Stay Fraud Free.
Frequently Asked Questions
Email the firm's grievance or compliance contact first with your invoices and proofs. If it isn't resolved, file on SEBI's SCORES portal, and then move to SMART ODR for conciliation.
There's no guaranteed outcome. SEBI's rules on terms, fee limits, and undelivered service can support a refund claim even when an invoice says non refundable. A forum decides based on your documents.
For individual and HUF clients, SEBI caps research analyst fees at ₹1,51,000 per family per year. Compare your total fees across packages against that limit.
An invoice clause can't override SEBI's rules for research analysts. Raise your refund request in writing anyway, and escalate to SCORES and SMART ODR if it's refused.
The client sent a grievance on 17 August 2026, received a one month extension on 21 August, escalated on 24 August, and prepared a SMART ODR complaint for about ₹6.9 lakh. The outcome isn't known yet.
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