Quick Summary
MCA records confirm two directors at DG Share Market Research Private Limited: Chandra Kumar Dubey and Bhagyashree Dilip Malagavi, both since incorporation in July 2023. The firm’s own website names three different people as compliance officer, a role SEBI allows only one person to hold, and one of those three appears in no corporate record at all. The analyst named across its marketing holds no registration of his own. This page shows you which names hold up, which do not, and who to actually name when you file.
You looked up the DG Share Market Research owner name, and you probably expected one answer.
There are two confirmed directors in the MCA records.
There are also three different compliance officers named across the firm’s own website, for a role SEBI permits exactly one person to hold at a time.
The gap between those two pictures is the point of this page. It matters most when you sit down to write a complaint and have to decide who to address it to.
DG Share Market Research Owner Name in India
MCA records for DG Share Market Research Pvt Ltd confirm two directors.
Chandra Kumar Dubey has been listed as a director since the firm’s incorporation on July 31, 2023.
Across different versions of the firm’s website, his listed role has shifted between Director and Director with compliance officer responsibilities.
The firm’s current regulatory disclosures page lists a different name for the compliance officer role, not Chandra Kumar Dubey.
Bhagyashree Dilip Malagavi is the second MCA-confirmed director, also listed since incorporation.
Her stated role on the firm’s website has shifted between Director, Research Analyst, and compliance officer depending on which page of the firm’s own site is examined.
Some third-party sources list Karan Kundanmal Malani and Ankit Ashish Singh as additional directors of the company.
Neither name appears in MCA’s official records for this entity. This may reflect a data lag in third-party aggregators or may indicate the information is simply inaccurate.
The only confirmed directors from official records are the two named above.
The Compliance Officer Problem
A Research Analyst registered with SEBI must designate one compliance officer who is responsible for regulatory filings, investor grievance handling, and ensuring the firm’s operations stay within the RA framework.
SEBI’s regulations do not permit this role to be shared or rotated informally across multiple individuals.
DG Share Market Research names three different individuals as compliance officers across three separate pages on its own website.
One page names Bhagyashree Malgavi in the compliance officer role. A second page names Chandra Kumar Dubey in the same role.
A third page names Radha Krishna Pandey as compliance officer.
Radha Krishna Pandey appears in none of the firm’s MCA records as a director or key managerial person.
His authority within the firm, if any, cannot be confirmed through any public regulatory or corporate record.
This matters practically when you want to raise a formal grievance.
Under SEBI regulations, the internal complaint must be addressed to the firm’s designated compliance officer.
If the person you address it to is not the one officially designated in SEBI’s records, the complaint may be returned or delayed on procedural grounds.
Before writing to the firm, check their current SEBI filing for the name designated as the compliance officer at the time of your complaint, rather than relying on any version of the firm’s website.
Who Is Karan Malani?
DG Share Market Research’s website names Karan Malani as the firm’s Research Analyst.
His name and photograph appear prominently in the firm’s marketing and service pages.
The problem is straightforward.
Karan Malani holds no independent SEBI registration as a Research Analyst under his own name.
He does not appear in any MCA record for DG Share Market Research as a director, partner, or key managerial person.
The firm’s SEBI registration under INH000015534 is held by the corporate entity DG Share Market Research Private Limited, not by Karan Malani personally.
This creates a specific accountability gap.
An individual analyst named prominently on a firm’s public-facing material should either hold an independent SEBI registration or appear in the firm’s corporate records in a formal capacity.
Neither applies here based on available public records.
When Karan Malani gives you a recommendation, the regulatory accountability for that recommendation runs through the firm’s corporate registration, not through any individual accountability that can be independently verified.
What that corporate registration covers, and what the CIN discrepancy in the firm’s own filings means for verifying it, is set out on our page on DG Share Market Research SEBI registered.
The March 2026 Raid: What Is Known and What Is Not
In March 2026, Navi Mumbai Police raided a call centre operating in Mahape under the name DG Share Market Research.
Two individuals were arrested. A third remained absconding at the time of reporting.
Police described the operation as involving promises of high returns on intraday and equity trading, with staff contacting potential investors through WhatsApp and phone calls.
[Citation: News reports on the March 2026 Navi Mumbai Police raid]
What the available reporting did not confirm is whether the arrested individuals were verified employees of the SEBI-registered entity DG Share Market Research Private Limited.
News accounts described the centre as operating under the cover of a share market research company.
Whether that company was the registered entity or an unrelated operation using the same name is not confirmed in available public records.
This distinction matters for investors trying to assess accountability. Two answers follow, and they point in different directions.
If the individuals operating the call centre were not authorised representatives of the SEBI-registered firm, the formal complaint channel against the registered entity may not apply to what happened to you in that interaction.
If they were authorised representatives, the SMART ODR and SCORES process against the registered firm is the correct route.
The safest approach for investors who were contacted by anyone claiming to represent DG Share Market Research and who paid money as a result is to file through the formal channel regardless, and let the conciliation process establish whether the firm bears vicarious liability for those representatives’ conduct.
In the documented SMART ODR case against this firm, the conciliator did find the firm vicariously liable for its employees’ conduct even where payments went to personal accounts.
Why Does the Ownership Picture Matter for Your Complaint?
If you experienced a problem with DG Share Market Research and are preparing to file a formal complaint, the ownership and accountability picture is not just background information.
It is relevant to how you address the complaint and who you name as the respondent.
Three decisions follow directly from the records above.
Each one is a place where the wrong name or the wrong category costs you weeks.
1. Name the Legal Entity, Not a Person
The firm’s SEBI-registered legal entity is DG Share Market Research Private Limited with registration number INH000015534.
That is the respondent in any SCORES complaint or SMART ODR filing.
Both portals ask you to identify the intermediary, so keep the name and the number in front of you when you open the SEBI SCORES complaint portal or the SMART ODR login page.
You address the complaint to the registered entity, not to an individual representative’s name or to any informal trading group operating under the same name.
2. Check SEBI’s Filing for the Compliance Officer
When writing the internal grievance before SCORES, address it to the compliance officer by checking the firm’s current SEBI filing rather than its website, given the three-name inconsistency documented above.
3. Select the Right Intermediary Category
When filing on SCORES, select Research Analyst as the intermediary type and enter INH000015534 as the registration number.
Do not select Investment Adviser or Stock Broker.
Using the wrong category delays the complaint significantly.
The step-by-step filing process, the evidence checklist, and what each stage can realistically recover are set out in our guide on how to file a complaint against DG Share Market Research online.
Getting the respondent and the category right is the easy part.
Proving which of the people who contacted you actually answers for the firm is where cases get stuck.
Not sure who to name when the firm gives you three different answers?
We identify the correct respondent, trace each representative back to the registered entity, and file it so it does not come back on a technicality.
Conclusion
MCA records confirm two directors at DG Share Market Research: Chandra Kumar Dubey and Bhagyashree Dilip Malagavi, both since the firm’s July 2023 incorporation.
The firm’s own website shows three different people named as compliance officers across three separate pages, a role SEBI allows only one person to hold.
Karan Malani is named as a Research Analyst on the firm’s public pages but holds no independent SEBI registration and appears in no MCA record for the company.
The March 2026 Navi Mumbai raid used the firm’s name, but available reporting does not confirm that those arrested were verified employees of the registered entity.
When filing a formal complaint, address it to the legal entity under registration INH000015534, verify the current compliance officer’s name through SEBI’s own records rather than the firm’s website, and document every interaction with anyone claiming to represent the firm, regardless of which name or role they gave you.
Frequently Asked Questions
MCA records confirm Chandra Kumar Dubey and Bhagyashree Dilip Malagavi, both since incorporation on July 31, 2023. Third-party sources list additional names, but none of those appear in official MCA records for this entity.
Three separate pages name three different people in a role SEBI permits one person to hold. One of the three appears in no MCA record for the company. Check the firm's current SEBI filing before addressing any grievance, not the website.
No registration exists under that name at the time of writing, and he appears in no MCA record as a director or key managerial person. The firm names him as its Research Analyst. No independent record confirms the role.
Name DG Share Market Research Private Limited, enter INH000015534, and select Research Analyst as the category. Never file against an individual representative. The legal entity answers for its representatives, as the documented conciliation case confirmed.
Police raided a Mahape call centre operating under the firm's name and arrested two people. Reporting never confirmed whether they were verified employees of the registered entity. If you paid after being contacted, file against the registered entity anyway and let conciliation settle the liability question.
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