Quick Summary
Confluence Research Service is run by Subhash Singh Tomar, SEBI Research Analyst registration INH000014207, active since December 2023. His own Terms and Conditions state a completely different registration number, INH000010919. Five of his nine pricing plans breach the ₹1,51,000 SEBI limit on every single cycle offered, not just one. His Terms also state Bangalore courts have jurisdiction, despite the firm being based entirely in Indore.
Subhash Singh Tomar runs Confluence Research Service, SEBI Research Analyst registration INH000014207, active since 26 December 2023.
That’s the number confirmed on his registration record.
His own Terms and Conditions, on the very same website, state a different number entirely.
This page walks through the registration, that specific mismatch, the full pricing picture once every billing cycle is checked properly, and a jurisdiction clause that doesn’t match his actual address.
Confluence Research Service
Confluence Research offers equity research combining fundamental analysis, technical analysis, and macroeconomic trends, covering value, growth, earnings, and momentum strategies.
Services span stock recommendations, sector reports, model portfolios, and intraday calls across equity, futures, indices, and options.
Alerts arrive through WhatsApp, email, and SMS, each with a stated rationale, risk analysis, and investment horizon attached.
None of this establishes wrongdoing on its own.
What matters is whether the paperwork behind it actually holds up, and that’s what the rest of this page checks.
Is Confluence Research SEBI Registered?
Yes, held by Subhash Singh Tomar, under registration number INH000014207.
|
Detail |
Information |
|---|---|
|
Name |
Subhash Singh Tomar, Proprietor, Confluence Research Service |
|
SEBI Registration Number |
INH000014207 |
|
Validity |
26 December 2023, Perpetual |
|
Address |
424 Goyal Avenue, Nipania, Indore, Madhya Pradesh 452010 |
|
Correspondence Address |
Office No. 1312-1313, Skye Corporate Park, Scheme No. 78, Vijay Nagar, Indore, Madhya Pradesh 452010 |
| Email Name |
tomar.subhash07 |
An INH number means Research Analyst. It permits publishing research to a general subscriber base.
It doesn’t permit personalised advice built around one client’s own finances, trade execution, or portfolio management.
Which Confluence Research’s Registration Number Is Actually Correct?
This is worth checking directly on the site itself before reading any further.
Confluence Research’s registration record states INH000014207.
The same firm’s own Terms and Conditions document, published on the same website, states the registration number as INH000010919, a completely different number.
One of these two documents is wrong. There’s no way to tell which from the site alone.
Before paying anything, ask Subhash Tomar directly which number is correct, and confirm that number independently against SEBI’s own published Research Analyst list.
Does Confluence Research’s Pricing Breach the ₹1,51,000 SEBI Fee Cap?
This needs the full picture, checked across every cycle offered, not just one.
SEBI allows a Research Analyst to charge at most ₹1,51,000 a year, per client family.
The Published Price List
| Segment | Plan | Monthly | Bimonthly | Quarterly |
|---|---|---|---|---|
| Equity | Cash Lite | ₹7,000 | ₹12,000 | ₹18,000 |
| Equity | Cash Pro | ₹20,000 | ₹35,000 | ₹50,000 |
| Equity | Cash HNI | ₹35,500 | Not offered | ₹96,000 |
| Futures | Future Quantum Lite | ₹15,000 | ₹28,000 | ₹40,000 |
| Futures | Future Quantum Pro | ₹25,000 | ₹45,000 | ₹65,000 |
| Index | Index Lite | ₹10,000 | ₹18,000 | ₹25,000 |
| Index | Index Pro | ₹10,000 | ₹18,000 | ₹25,000 |
| Options | Options Lite | ₹10,000 | ₹18,000 | ₹25,000 |
| Options | Option Pro | ₹20,500 | ₹35,500 | ₹50,500 |
Five Plans Breach the Limit on Every Cycle Offered
Checking each plan across its monthly, bimonthly, and quarterly cycle, not just one of them, changes the picture significantly.
Cash Pro, Cash HNI, Future Quantum Lite, Future Quantum Pro, and Option Pro all breach the SEBI ceiling no matter which billing cycle you choose.
Cash HNI is the sharpest example. Billed monthly, it comes to ₹4,26,000 a year, more than double the limit. Billed quarterly, it’s still ₹3,84,000, well over.
Future Quantum Pro follows the same pattern, ₹3,00,000 a year on the monthly cycle, ₹2,60,000 on the quarterly one.
Four plans do stay compliant across every cycle, Cash Lite, Index Lite, Index Pro, and Options Lite, all comfortably under the ceiling regardless of billing frequency.
If you hold any of the five plans that breach the limit, there’s no billing cycle that brings you back under it.
Switching from monthly to quarterly won’t fix this the way it does for some other firms.
One protection applies regardless. If you stop early, you’re owed a proportionate refund for the unexpired period.
Does Confluence Research’s Complaint Data Add Up?
This one needs tracing carefully, since two separate tables tell two different stories about the same month.
The August 2026 Snapshot
| Source | Pending Last Month | Received | Resolved | Total Pending |
|---|---|---|---|---|
| SEBI SCORES | 1 | 1 | 1 | 1 |
| Grand Total | 1 | 1 | 1 | 1 |
This table’s own math checks out internally.
One complaint carried in, one more received, one resolved, one still pending.
The Monthly Trend, Same Period
| Month | Carried Forward | Received | Resolved | Pending |
|---|---|---|---|---|
| July 2026 | 0 | 1 | 0 | 1 |
| August 2026 | 0 | 1 | 1 | 0 |
July ends with 1 complaint pending. August’s own row should show that same complaint carried forward.
Instead, August’s Carried Forward column shows 0.
This is a break inside the monthly trend table itself, not just a mismatch against the summary above it.
July’s ending balance and August’s opening balance don’t connect.
The August summary separately states 1 complaint pending at month-end.
The monthly trend’s August row states 0 pending. Two tables, same month, two different answers.
The monthly table also lists September through December 2026 as future months, all filled in with zeros, despite the disclosure being dated for August.
That’s worth flagging, since it blurs the line between what’s actually happened and what simply hasn’t occurred yet.
One more detail worth a direct question.
The summary shows a complaint resolved in August, and separately lists the average resolution time as N.A. Ask Confluence Research directly why a resolved complaint carries no resolution time at all.
What Does Confluence Research’s Terms and Conditions Actually Say?
Beyond the registration number mismatch, a few other details here are worth a close look.
The document refers to the firm as “Confluence Research pmited,” a clear typo suggesting the whole document was copied from somewhere else and never properly proofread.
Other visible errors include “apppcations,” “depvery,” and “pnk” scattered through the text, the kind of broken formatting that shows up when text gets copied without checking the result.
The jurisdiction clause states that Bangalore courts will have sole authority over any dispute, despite the firm’s registered and correspondence addresses both being in Indore.
No explanation is given for why a Madhya Pradesh business would fall under Karnataka’s courts.
Does Confluence Research’s Website Language Cross a Line?
The site uses phrases like “Never miss an opportunity,” “act with confidence,” and “your success is our priority,” framing the service around outcomes rather than describing the research itself.
It separately states that “value investing tends to outperform over the long term,” without the risk qualifications that such a claim would normally need.
Recommendations are described as “high-potential investment opportunities,” language that leans toward an expectation of favourable returns.
One section of the site includes a generic explanation of what a “fiscal quarter” is, unrelated to Confluence Research’s own methodology, reading like leftover template content nobody removed.
The firm’s social media links also don’t open to any identifiable profile.
How to File a Complaint Against Subhash Tomar?
Given the registration number mismatch and the pricing that breaches the limit on every cycle, a complaint here has firmer ground than a dispute over research quality alone.
Write to the RA’s email ID directly, asking him to confirm which registration number is correct and whether your specific plan breaches the SEBI limit.
If a direct response doesn’t settle things, three formal channels remain open after that.
Start with the SEBI SCORES complaint portal, the primary route for getting a grievance logged with the regulator.
Should SCORES alone not bring resolution, the SMART ODR registration platform takes it further, bringing in an independent party to review both sides.
If the matter still stands unresolved after that, Share Market Arbitration is the final stage, producing a decision both parties are bound to accept.
Our detailed guide on a complaint against SEBI registered research analyst breaks down exactly how each of these stages connects, step by step.
Paying for a plan that breaches the SEBI limit on every cycle offered?
We’ll work out your real yearly cost and help you get the registration confusion sorted in writing. Register with us for a free look at your situation.
Disclaimer
Everything above comes from Confluence Research’s own published material, cross-checked wherever possible. Nothing here accuses the firm of wrongdoing, and no SEBI order currently stands against it. Confirm every detail yourself before acting on it. This page is meant to help you ask better questions, not to replace a lawyer or a financial adviser.
Conclusion
Subhash Singh Tomar’s Confluence Research Service is registered with SEBI, but his own Terms and Conditions carry a different registration number than the rest of the site, a discrepancy worth resolving before you pay anything.
Five of nine pricing plans breach the SEBI limit on every cycle offered, not just one, and the complaint disclosure contains a break inside its own monthly table that no billing-cycle switch can fix.
Get the correct registration number, your real annual cost, and a straight answer on the complaint discrepancy, all in writing, before subscribing.
Report. Recover. Stay Fraud Free.
Frequently Asked Questions
The registration record states INH000014207. The firm's own Terms and Conditions separately state INH000010919. Ask the firm directly and confirm independently on SEBI's own list.
Five of nine, Cash Pro, Cash HNI, Future Quantum Lite, Future Quantum Pro, and Option Pro, breach the limit on every billing cycle offered. Four plans stay compliant throughout.
Not on the five plans that breach it. Unlike some firms, none of their available cycles, monthly, bimonthly, or quarterly, bring the annual cost back under ₹1,51,000.
No. The monthly trend's own July-to-August handoff doesn't connect, and the August summary and monthly trend report different pending totals for the same month.
The site doesn't explain this. The firm's registered and correspondence addresses are both in Indore, Madhya Pradesh.
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