Search “DG Share Market Research owner name,” and you get a mess of half-answers. One page shows two directors. Another shows a different combination.
The firm’s own website adds a third name nobody can place.
So who actually owns and runs DG Share Market Research?
Let’s clear the confusion, one name at a time.
This blog will also tell you what to do if you find something unlawful done by anyone from the firm.
Who is the Real DG Share Market Research Owner?
DG Share Market Research Pvt Ltd holds SEBI registration number INH000015534 as a Research Analyst.
The firm operates out of Pune, Maharashtra, and got its SEBI registration on March 19, 2024.
MCA records name two directors behind the company: Chandra Kumar Dubey and Bhagyashree Dilip Malagavi.
Some third-party sites claim Karan Kundanmal Malani and Ankit Ashish Singh as additional directors, but there is no such record on the official MCA website, or maybe not been updated till now.
But the firm’s own website tells a slightly different story about who does what.
The site lists three different people as “compliance officer” across three separate pages: Bhagyashree Malgavi, Chandra Kumar Dubey, and Radha Krishna Pandey.
That’s a role SEBI allows only one person to hold at a time. This inconsistency is your first clue that the ownership picture here isn’t as clean as it should be.
Let’s meet the two names MCA actually confirms.
1. Chandra Kumar Dubey
Chandra Kumar Dubey appears in MCA records as one of two directors of DG Share Market Research Private Limited.
He’s been associated with the company since its incorporation on July 31, 2023.
One version of the firm’s own site listed him as “Director – Compliance Officer,” a role that puts him directly in charge of handling investor grievances and regulatory filings.
He doesn’t appear in any other capacity in MCA filings tied to this firm beyond his director role.
But the firm’s regulatory disclosures page currently lists Bhagyashree Malgavi as the compliance contact instead, not Chandra Kumar Dubey.
Meanwhile, a third page names Radha Krishna Pandey for the same role. Three names, one role, three different pages on the same website.
2. Bhagyashree Dilip Malagavi
Bhagyashree Dilip Malagavi is the second director listed in MCA records. She’s also been with the company since its July 2023 incorporation.
One version of the firm’s website listed her as “Director – Research Analyst.” The current compliance disclosures page names her as the compliance contact instead.
So across different pages, her stated role shifts from research to compliance.
That kind of role-shuffling matters. A Research Analyst role and a compliance officer role serve two very different functions.
One produces research; the other polices the firm’s own conduct. Blurring the two makes it harder for an investor to know who is actually accountable for what.
Now, here’s where things get genuinely confusing.
DG Share Market Research RA Details
Beyond the two MCA-listed directors, DG Share Market Research’s own site has named a third person as its Research Analyst: Karan Malani.
Here’s the problem. Karan Malani doesn’t hold any separate SEBI registration under his own name.
He doesn’t appear anywhere in MCA records tied to DG Share Market Research either: no directorship, no KMP listing, nothing.
Some independent third party sources call him an additional director of DG Share Market Research, which is not present anywhere in MCA records.
For a SEBI-registered Research Analyst firm, this is a real gap.
Every individual acting as an analyst under the firm’s registration should trace back to verifiable records, either through the company’s own MCA filings or an independent SEBI registration.
It means an investor has no independent way to verify who this person actually is, what qualifies him to give research recommendations, or whether he’s accountable to SEBI at all.
Should You Trust DG Share Market Research?
The real question isn’t just “should you trust DG Share Market Research?” It’s “should you trust any person claiming to represent this firm?”
Names keep changing across compliance roles. A named analyst has no independent record.
And the deeper you dig into the firm’s paperwork, the more inconsistencies show up.
Here’s what stands out most:
1. The MCA Record Mismatch
DG Share Market Research displays CIN U66190PN2023PTC222786 on its own website and in its regulatory filings.
Here’s the catch: that same CIN traces back to a different registered entity: Mahadev Research and Publications Pvt Ltd in MCA’s own database.
One that carries no connection to the name “DG Share Market Research” anywhere in its own records.
Both entities share the same registered address in Pune, which only deepens the confusion instead of resolving it.
Even if it is an associated company or a former company name, there is no information about it anywhere on the website or in the records.
Confusing paperwork is one problem. What actual users say about the firm is another.
2. User Review About Profit Promise
A public comment on the firm’s social media page describes a straightforward complaint.
The user says he paid the firm ₹1 lakh on a promise of profit, and instead walked away with a ₹3 lakh loss.
He isn’t alone. Another public comment on the same page calls the firm untrustworthy and warns others to stay away.
This is an unverified, independent account from a single user. So let’s look at a complaint that actually went through a formal process.
3. Case Against DG Share Market Research
In March 2026, Navi Mumbai Police raided a call centre operating under the DG Share Market Research name in Mahape, arresting two people accused of promising investors high returns on share trading.
But the official, SEBI-registered firm hasn’t behaved any differently on record.
A separate investor filed a formal case through the SMART ODR platform.
Alleging he was shown other clients’ profit screenshots, paid escalating fees to multiple representatives, and was repeatedly told to hold his losing positions instead of exiting.
The conciliator’s findings included:
- Employees collected fees into personal, non-company bank accounts.
- Representatives gave personalised trade instructions beyond the firm’s RA mandate.
- The investor received “hold and average” advice despite mounting losses.
- Unofficial “recovery agents” pushed the investor for even more fees.
Our team helped the investor trace every payment, organise chat records, and build the evidence file that went into conciliation.
The case concluded with the firm agreeing to pay the investor ₹1,35,000.
A police raid on one side and a paid-out conciliation award on the other tell you the same thing in two different ways.
Key Things Every Investor Must Verify
A valid SEBI registration only confirms that a firm cleared a basic background check at one point in time. It does not guarantee the integrity of the person calling or messaging you today.
While public complaints point to massive losses, investors should always track their own official ledger balances rather than relying purely on unverified third-party screenshots.
Before engaging with anyone claiming to represent this entity, protect yourself with these strict safety protocols:
- Verify any individual’s name against MCA and SEBI records directly, not the firm’s own website.
- Never pay fees into a personal account, no matter who asks.
- Treat “guaranteed profit” or “loss recovery” claims as a hard stop.
- Ask for the compliance officer’s name and confirm it independently before raising any grievance.
A firm’s registration confirms it cleared a one-time check.
It says nothing about who’s actually speaking to you today, under what name, or with what authority. That gap is exactly where investors get hurt.
Knowing this is only half the job. Knowing what to do if you’ve already paid is the other half.
How To File a Complaint Against DG Share Market Research Pvt Ltd?
If you’ve faced losses or false promises from anyone linked to this firm, SEBI gives you a clear, structured path to escalate.
Here are the steps to file a complaint:
Step 1: Raise an Internal Grievance
Write to the firm’s compliance officer first, whichever name is currently listed. Keep a copy of every message and email you send.
This step is often mandatory before SEBI takes up your complaint further.
Step 2: File a Complaint on SEBI SCORES
If the firm doesn’t resolve your issue, file a complaint on SEBI’s SCORES portal. Attach every payment proof, screenshot, and written communication you have.
SEBI then requires the firm to respond within a fixed timeline.
Step 3: Escalate via SMART ODR
An unresolved SCORES complaint can move to the SMART ODR portal, the dedicated online dispute resolution platform for securities market grievances.
This step starts conciliation between you and the firm, and many cases settle right here.
Step 4: Arbitration in Stock Exchange
If conciliation doesn’t resolve your case, you can move to formal arbitration through the empanelled exchange institution.
This stage produces a binding award based on evidence from both sides, and courts enforce it.
Need Help?
Figuring out which step applies to your situation, and which name to even address your complaint to, gets confusing fast when a firm’s own records keep shifting.
You shouldn’t have to sort through director changes and role mismatches on your own just to know whom to complain to.
Our team can review your case, confirm the right entity and contact to file against, organise your evidence, and represent you through SCORES, SMART ODR, and arbitration.
Register with us to get assistance.
Conclusion
DG Share Market Research’s SEBI registration is real, but the names behind it keep shifting, and that inconsistency alone should make you slow down.
A firm’s registration proves it cleared SEBI’s entry checks once; it doesn’t confirm who’s actually messaging you today.
Verify every name independently before you pay, and treat any pressure to move fast as a red flag, not urgency.
If you’ve already lost money, start your complaint today instead of waiting.
Frequently Asked Questions
1. Who are the actual owners of DG Share Market Research?
MCA records confirm Chandra Kumar Dubey and Bhagyashree Dilip Malagavi as the company’s directors.
2. Is Karan Malani a SEBI-registered analyst?
No independent SEBI registration or MCA record exists under his name; he appears only on the firm’s own website.
3. Is DG Share Market Research linked to any other company under a different name?
It’s listed CIN traces back to a separate MCA-registered entity, so investors should verify which legal entity they’re actually dealing with before paying.
