Quick Summary
DG Share Market Research Private Limited is a SEBI-registered Research Analyst in Pune, holding INH000015534 since March 2024. The registration is real. A formal SMART ODR conciliation found the firm’s representatives collected fees into personal accounts, gave trade calls beyond what an RA may give, and pushed recovery fees onto a losing investor. It settled at ₹1,35,000. Its own CIN returns a different company on MCA, three names appear as compliance officer, and the analyst it markets holds no registration. This page shows you what each record contains and where to look further.
Someone from DG Share Market Research called you, or you have already paid, and something did not add up.
The firm is registered. INH000015534 is real, granted in March 2024, and you can check it yourself in two minutes.
What a formal conciliation found about how this firm actually operated is a different record entirely, and it ended with the firm paying ₹1,35,000 back to one investor.
Both records are below, starting with the one the firm leads with.
Is DG Share Market Research Pvt Ltd a Legitimate Company?
DG Share Market Research Pvt Ltd is incorporated and holds a live SEBI Research Analyst registration.
On those two counts, the firm is a real, legally registered entity.
The incorporation date is July 31, 2023, and the SEBI registration followed on March 19, 2024. The firm operates out of Pune, Maharashtra.
Registration, however, answers a limited question.
It confirms the firm passed SEBI’s entry-level eligibility check at one point in time. It says nothing about conduct after registration.
Three specific issues make this firm worth examining carefully before paying.
They come from three different records, and none of them is visible from the registration number alone.
1. The CIN Returns a Different Company
The firm shows CIN U66190PN2023PTC222786 on its own website.
A search on MCA returns a different registered entity under that number, with no name connection to DG Share Market Research.
2. Three People Hold a One-Person Role
The firm lists three different individuals as compliance officers across three separate pages on its own website.
SEBI permits only one person to hold that role at a time.
3. The Named Analyst Holds No Registration
A research analyst named prominently on the firm’s website holds no independent SEBI registration and appears in no MCA record tied to the company.
What the registration actually requires of a Research Analyst day to day, and what the CIN mismatch means for verifying this firm, is set out on our page: DG Share Market Research SEBI registered.
Who Is Behind DG Share Market Research?
MCA records name two directors: Chandra Kumar Dubey and Bhagyashree Dilip Malagavi, both listed since the firm’s incorporation.
The firm’s own website complicates that picture by naming three different individuals across three pages for a single compliance officer role, and by featuring a research analyst named Karan Malani who has no independent SEBI registration and no MCA record tying him to the company.
In March 2026, Navi Mumbai Police raided a call centre in Mahape operating under the DG Share Market Research name. Two people were arrested.
News reports described the operation as promising investors high returns on intraday and equity trading.
Whether those individuals were verified employees of the SEBI-registered entity was not confirmed in the available reporting.
Which names hold up against official records, and which appear in none, are set out on our page covering the DG Share Market Research owner name.
What Have Investors Reported About DG Share Market Research?
The firm’s mandatory SEBI complaint disclosure shows zero complaints for 2022-23 and 2023-24.
After that, the firm’s disclosure page shows a “Coming Soon” placeholder with no updated data for 2024-25 or 2025-26.
Outside the official disclosure, a public comment on the firm’s Instagram page describes an investor paying ₹1 lakh on a profit promise and walking away with a ₹3 lakh loss.
A second public comment on the same post called the firm untrustworthy and warned others not to engage.
We are reporting what these users said on a public platform. We are not independently verifying these accounts. No SEBI order confirming this specific conduct has been issued as of July 2026.
The most significant documented account exposing these DG Share Market false promises is a formal SMART ODR conciliation case.
An investor who paid escalating fees to multiple firm representatives after being shown profit screenshots of other clients took the matter through SMART ODR.
The conciliator found fee collection into personal accounts, personalised trade instructions beyond the RA scope, and recovery agent pressure for additional fees.
The investor’s total losses reached approximately ₹3,35,000 when trading losses were included. The case was settled with the firm paying ₹1,35,000.
The complaint disclosure table, the public comments in full, and the conciliation case in detail are covered in our DG Share Market Research Pvt Ltd reviews.
Four Red Flags Worth Knowing Before You Pay
Each of these maps to a documented pattern from either the SMART ODR conciliation case or the public accounts above.
They run in the order they tend to arrive, from the first sales call through to the moment after a loss.
1. Profit Screenshots From Other Clients
Used to convince you to subscribe.
SEBI prohibits using past client performance as a solicitation tool without specific mandated disclosures. The conciliator in the documented case specifically noted this pattern.
2. Fees Into a Personal Account
Every rupee paid to a SEBI-registered Research Analyst must go through the firm’s official corporate account.
The conciliator found that DG Share Market Research employees collected payments into personal accounts, which the firm itself admitted to partially during proceedings.
3. Personalised Trade Instructions
Specific buy and sell calls with quantities or lot sizes, delivered via WhatsApp or phone rather than through formal written research.
A Research Analyst is permitted to provide research recommendations. Personalised execution calls fall under the Investment Adviser category, which requires a separate SEBI registration.
4. An Offer to Recover Your Losses
No Research Analyst can legally promise to recover trading losses.
The conciliator found that representatives of this firm directed additional payments toward recovery promises that produced further losses.
The five questions to ask before paying, drawn from that case, are on our can you trust DG Share Market Research page.
If You Have Already Paid, You Still Have a Route
If you subscribed, paid, and the experience matched any of the four patterns above, you have the grounds and the legal channel to file a formal complaint.
The firm is SEBI-registered, which means the SCORES and SMART ODR process applies directly.
The five-step route, the evidence checklist, and what recovery is realistically possible are set out in our guide on how to file a complaint against DG Share Market Research.
Do you need help filing your complaint against this firm?
We build the evidence file, name the right respondent, and carry the case through SCORES and conciliation.
Conclusion
DG Share Market Research holds a valid SEBI registration as a Research Analyst. That registration is real.
What the formal SMART ODR conciliation record shows about how the firm operated with at least one investor is also real, and those findings are more specific than anything the registration number can tell you.
Before paying, verify the registration independently on sebi.gov.in, confirm any payment account is in the firm’s official corporate name, and treat any return promise or loss recovery offer as a hard stop regardless of who is making it.
If you have already paid and something feels wrong, the complaint channel exists, it is free, and it has already produced a documented outcome against this firm.
Frequently Asked Questions
INH000015534, as a Research Analyst, granted March 19, 2024. The company was incorporated in Pune on July 31, 2023. Both are verifiable independently, the registration on sebi.gov.in and the incorporation on MCA.
No. An RA may issue written research recommendations. Specific buy or sell calls with quantities, aimed at your account, need an Investment Adviser registration the firm does not hold. The conciliation found exactly this.
No SEBI penalty or enforcement order has been publicly issued as of July 2026. The documented case is a conciliation, which is a civil dispute between the investor and the firm rather than regulatory action. It settled at ₹1,35,000.
Screenshot the transaction showing the recipient details now, before anything gets deleted. RA fees must go to the firm's registered account, so the payment itself is a violation and one of your strongest grounds.
The CIN on DG's own website returns Mahadev Research and Publications on MCA, with no recorded name change, and both share a Pune address. What the mismatch means for verifying the firm sits on our registration page.
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