Deepak Pal : SEBI Registration and Compliance Gaps

If you are researching Deepak Pal of Investogainer Research before paying, the registration number alone will not tell you enough.

INH000012856 is real. It shows up correctly on SEBI’s own database.

But a genuine registration and a compliant business are two different things.

This blog walks through where the two separate for Deepak Pal specifically.

The pricing breach alone should change what a fair fee looks like for you.

Who Is Deepak Pal?

When talking about any research analyst, the first question comes to mind is: Is Deepak Pal SEBI registered?

Yes. Deepak Pal is a SEBI registered Individual Research Analyst. His registration is not in question.

His registration number is INH000012856. It is categorised as an Individual Research Analyst proprietorship. Validity runs from 05 September 2023, and it is perpetual.

He operates as proprietor of Investogainer Research, based in Indore, Madhya Pradesh. On paper, that makes him a legitimate, checkable RA.

Deepak Pal’s Registration Snapshot

Here is what SEBI’s own intermediary database confirms for Deepak Pal, alongside the details he has listed publicly.

As a solo proprietor, Deepak Pal wears every hat at once. His own site lists him as Customer Care, Compliance Officer, CEO, and Principal Officer.

For a solo proprietorship this is technically expected. But it also means every grievance runs through one person. There is no backup contact for escalation.

That single point of contact matters more once you see the gaps below.

Deepak Pal’s Pricing Plans and the SEBI Fee Cap Breach

This is the most serious problem tied to Deepak Pal’s business. It is arithmetic, not opinion.

SEBI’s Research Analyst Regulations set three hard rules. They operate through Guidelines dated 8 January 2025, binding on all RAs by 30 June 2025.

• First, no RA can charge more than ₹1,51,000 per client family, per year, across all services combined. This applies to individual or HUF clients.
• Second, advance fees cannot exceed one quarter, meaning three months, of service.
• Third, there is no breakage fee on early exit. Any unused period must be refunded pro rata.

What Deepak Pal Actually Charges

Investogainer Research publishes six plans on its own pricing page. Here is how those figures compare to the legal ceiling once annualised.

Only Stock Cash sits under the ₹1,51,000 cap on its own. Every other plan crosses it. Option Combo alone runs close to 2.8 times the legal ceiling, if paid monthly across a year.

There is a second problem next to the first one. Every plan on the site sells a six month upfront option. That alone violates the one quarter advance fee rule.

This happens regardless of the annualised total. So a client paying half yearly for Stock Future breaks the advance fee rule before the annual cap even applies.

The cap also applies per family, not per plan. A client who signs up for Stock Cash and Option Combo together breaches the ₹1,51,000 ceiling immediately.

The site’s own comparison table actively encourages this exact combination. No matter which single plan looked affordable, the combined total crosses the line.

Nowhere on the website does Deepak Pal’s team disclose this cap. A prospective client has no way to know the quoted price may be unlawful.

The full fee cap and advance payment rules for research analyst subscriptions are discussed in this blog: SEBI registered research analyst fee.

The pricing breach is the single strongest reason to pause before subscribing. It also feeds directly into the disclosure gaps covered next.

Marketing Claims on Deepak Pal’s Website That SEBI Restricts

Pricing is not the only area touching SEBI’s rules. The homepage and services pages carry several claims that fall under advertising restrictions specific to research analysts.

SEBI’s Advertisement Code, issued via circular in April 2023, bars misleading or performance implying testimonials in RA marketing.

Investogainer Research’s homepage displays five star testimonials from named clients praising accurate recommendations.

Whether or not those reviews are genuine, testimonials implying performance are barred for any registered RA. That includes Deepak Pal’s firm.

A few other claims on the site raise the same concern.

• “Proven performance in positional, intraday and options segments” directly references past performance. The Advertisement Code prohibits this outright.
• Phrases like “most subscribed plan,” “highest selling,” and “most trusted service” work as superlative claims of standing. These are similar to “best” or “No. 1,” and are barred without an independent, verifiable award.
• The “12 years” experience claim predates Deepak Pal’s September 2023 RA registration. No supporting proof exists anywhere on the site, such as a past employer or a certification date.
• “Join thousands of investors who trust us” is an unverifiable numeric claim. No disclosed client count or AUM figure backs it.

None of these claims make the registration itself fake. But they show a pattern SEBI’s own rules were written to stop.

A prospective client should treat every one of these lines as unverified, until proven otherwise.

Compliance Gaps on Deepak Pal’s Website and Contact Pages

Beyond pricing and marketing, several structural gaps sit on Deepak Pal’s own site.

Each one affects an investor differently, depending on what they need at the time.

The Wrong SCORES Link

The grievance clause on the Terms page links to scores.gov.in. The correct SEBI complaint portal is scores.sebi.gov.in. A real investor clicking that link would land on the wrong page entirely.

This happens at the exact moment they need the right one. Where SCORES fits into the full complaint process is covered in this guide here: how to file a SEBI SCORES complaint?

Contradicting Refund Terms

The homepage states refunds are pro rata. The Terms and Conditions page states the service is non refundable. These are two binding documents on the same site.

They disagree on a client’s actual refund right. An investor trusting the wrong page could lose money over this contradiction alone.

Missing Mandatory Disclosures

A SEBI registered RA must carry specific disclosures. Deepak Pal’s site does not show these in full. Anyone deciding whether the site meets basic compliance standards should know exactly what is missing.

• No standalone MITC, the Most Important Terms and Conditions document, mandatory since 17 February 2025.
• No explicit statement on disciplinary history, even a “Nil” declaration, which SEBI requires to be stated.
• No conflict of interest disclosure on whether Deepak Pal or his family hold positions in recommended securities.
• No visible risk profiling or suitability questionnaire before the payment page loads.
• No linked copy of the SEBI registration certificate for independent client verification.

Copy Paste Errors That Undercut Confidence

The contact page lists a fax number starting with the Mumbai STD code 022. Investogainer Research is based entirely in Indore, which uses the 0731 code.

The registered address text also does not match where the site’s own Google Maps link resolves. Neither error breaks a specific rule alone.

Together, they suggest the compliance pages were copied from another template. They were never carefully checked afterward, and that undercuts confidence in the other details on the same page.

The payment flow adds one more gap. Clicking Subscribe leads straight to an eKYC page and a live payment widget.

It shows a UPI ID and bank details with no visible risk profiling step first. SEBI requires that gate before onboarding, not just before research delivery begins.

These gaps do not confirm wrongdoing on their own. But they tell you exactly what to verify before you send money.

What Independent Platforms Show About Deepak Pal?

Checking Deepak Pal’s presence beyond his own website gives a fuller, if still limited, picture.

His LinkedIn profile, listed under deepak-pal-92254a28, identifies him as proprietor of Investogainer Research. This is consistent with his RA registration.

Several unrelated people also named Deepak Pal appear on LinkedIn, including Salesforce consultants and IT professionals abroad. A casual search can easily surface the wrong profile entirely.

On Signalz.in, his listing repeats the same SEBI registration number and BSE code. It also repeats the same unverified 12 year experience line.

As of the last available snapshot, the listing showed zero active signals and zero subscriptions. It showed zero mentor statistics as well, meaning no independently tracked performance record exists there either.

His X account, @investogainer, posts regular market commentary alongside his contact details. This is standard promotional activity for an RA.

On Stocktwits, the account @Investogainerresearch carries a platform verified “SEBI Research Analyst” badge. It shows roughly 1,400 followers, joined June 2025.

It repeats the same boilerplate registration details, with no additional claims.

None of these external profiles contradict the registration. They also add no independently verified performance data beyond what Deepak Pal’s own website already claims.

Is Deepak Pal a Good Research Analyst to Trust?

The honest answer sits between two extremes, and both extremes are wrong.

Deepak Pal is not an unregistered operator running a fake credential. His SEBI registration is real, active, and verifiable directly on SEBI’s own database.

Anyone telling you the registration itself is not genuine would be wrong. But calling him fully compliant would be equally inaccurate.

His fee structure breaches the legal cap on nearly every plan. And his advance payment structure violates the quarter limit rule outright. His own site contradicts itself on refunds.

If you are evaluating whether to subscribe, do not stop at the registration check. The pricing breach is the fact that should change your decision.

It means the fee you are quoted may not be legally chargeable at all. Ask for the MITC document before paying anything.

Ask directly whether the ₹1,51,000 family cap applies to your specific combination of plans. Vague answers are themselves useful information.

Our team files your SEBI SCORES complaint, prepares the documentation, and represents you through SMART ODR and arbitration. Register for a free consultation today.

How to Report Complaint Against Deepak Pal?

Say you already paid Investogainer Research, and believe you were charged above the legal cap.

Or say you were never told about the fee ceiling before subscribing.

Knowing how to file a complaint against Deepak Pal effectively is the correct next step here, rather than engaging in a private dispute with the firm.

• Start by gathering your subscription invoice and the exact plan you were sold.
• Keep any chat or call record showing what you were told before paying.
• File your complaint on SEBI SCORES first, since it creates an official regulatory record.
• If the response is unsatisfactory, or there is no response at all, escalate to SMART ODR for online conciliation.
• If that step also fails, NSE or BSE arbitration is the next formal stage.

The full step by step process, from documentation to arbitration, is explained in this guide: SMART ODR and arbitration process.

Filing correctly, and in the right order, matters more than filing fast. That sequence is exactly where a second opinion helps most.

Maybe the fee cap math feels confusing. Maybe the SCORES process does, or the right documentation does.

You do not have to sort this out alone.

Reach out to us if you need someone to walk your SCORES complaint through to SMART ODR or arbitration.

Specific situations need specific answers, and a direct conversation gives you exactly that.

Conclusion

Deepak Pal’s SEBI registration checks out, and that fact is not in dispute.

What should give any prospective client pause sits right on his own pricing page.

Five out of six plans breach the legal fee cap. His contact and disclosure pages do not even match each other.

A genuine registration number was never meant to be the only thing you check before paying an analyst.

Use the pricing table above against your own plan choice. Do this before you subscribe, or before you decide what you paid was fair.

Frequently Asked Questions

1. Does Deepak Pal's SEBI registration cover commodity and equity research together?

His registration under INH000012856 does not carry a separate commodity category or equity category. It authorises him to issue research across the segments on his own services page, including Commodity MCX. This applies as long as the fee and disclosure rules for each are followed correctly.

2. Can Deepak Pal legally accept a six month upfront payment from a new client?

No. SEBI's advance fee rule caps advance collection at one quarter, meaning three months, of service. Every half yearly plan currently listed on Investogainer Research's site runs directly against this rule. This applies regardless of the plan's total annual price.

3. Is the ₹1,51,000 fee cap specific to Deepak Pal or does it apply to every SEBI registered RA?

The cap applies to every SEBI registered research analyst in India, not to Deepak Pal specifically. What makes his case notable is different. His own published pricing breaches it on five of his six plans. The cap itself is disclosed nowhere on his site for a client to check independently.