Equentis Wealth Advisory Services Limited is a Mumbai-based investment advisory firm that markets itself as India’s leading platform for long-term equity wealth creation, powered by technology, research, and a proprietary algorithm engine.
Operating under the brand name Research & Ranking, the company promises personalised stock portfolios, 300+ smart algorithms, and a straightforward philosophy: invest for the long haul, let compounding do the rest.
If you’re thinking of subscribing to their services, whether the flagship 5in5 strategy, the MPO plan, or any of their higher-ticket offerings, there’s more you need to evaluate beyond the polished app.
Is Equentis a good company for your specific capital and risk profile? I
In this blog, we examine Equentis Wealth Advisory’s registration, its service model, and what real subscribers are experiencing in practice.
Equentis Wealth Advisory Services Limited
Equentis Wealth Advisory Services Limited is a SEBI-registered Investment Adviser, incorporated in 2015.
Its registered office is at Marathon Futurex, A-603, 6th Floor, Mafatlal Mills Compound, N M Joshi Marg, Lower Parel East, Mumbai – 400013.
The firm was founded by Manish Goel, a Company Secretary, Law Graduate, and Master of International Trade and Finance from the UK, with prior experience as a Finance Director across Europe.
He set up Equentis in 2009, with the stated mission of making wealth creation through equity accessible to everyday investors, not just the privileged few.
The first question any prospective client should ask: Is Equentis SEBI registered?
Yes. The company holds the following registrations:
According to PMS Bazaar data as of January 2026, the company manages an AUM of approximately ₹96.46 crore across its PMS strategies, with 155 PMS clients.
Its PMS strategies, the Multi Cap Portfolio and the Concentrated Portfolio, were both launched in February 2025, with no performance data yet available.
Services Equentis offers include:
- 5in5 Wealth Creation Strategy: A curated portfolio of 20–25 stocks targeting 5x returns in 5 years
- MPO (Mispriced Opportunities): Focused on undervalued stocks with near-term catalysts
- Combo Plan: Combining 5in5 and MPO strategies
- Dhanwaan: For higher-ticket investors (₹1 crore+)
- Portfolio Management Services (PMS): Multi-cap and concentrated portfolio strategies
- AIF (Angel Fund & Growth Fund): For qualified institutional investors
Subscription fees for their advisory services range from ₹28,000 per year for the 5in5 plan to ₹80,000 per six months for higher-tier Dhanwaan plans.
To Equentis’s credit, the company does publish investor complaints data, unlike many advisory firms. The image below shows the Complaints Data for Equentis Angel Fund for the quarter ending March 2026:
The data presented here relates specifically to the AIF (Alternative Investment Fund) segment.
Publishing such information is part of a regulatory obligation, and its availability indicates that Equentis is adhering to compliance requirements in this area, a positive sign from a transparency standpoint.
However, investors should also check whether similar complaint disclosures are consistently maintained for the Investment Adviser (IA) segment, which caters to a significantly larger client base.
This comparison can offer a more complete picture of overall service standards.
On the surface, the firm’s profile appears strong, backed by SEBI registration, experienced leadership, a diverse product portfolio, and a substantial subscriber base.
That said, beyond credentials and positioning, the real measure of reliability lies in the actual client experience after onboarding and payment.
Equentis Wealth Advisory Reviews
User reviews across platforms tell a recurring story, one that prospective subscribers deserve to read before committing.
Let’s break down the complaints by category:
Category 1: Subscription Fees Feel Like Capital Lost
Problem: Investors find that paying subscription charges alone amounts to a direct financial setback, even before accounting for portfolio losses.
The review underscores a fundamental concern: when an advisory service underperforms the investor’s own unaided decisions, the subscription fee itself becomes the clearest loss.
Category 2: High Charges, Poor Returns, and Unlisted Stock Risk
Problem: Investors report paying significant subscription fees while watching their recommended portfolios decline substantially, including in illiquid unlisted stocks.
Saurabh Singh’s April 2026 review details a situation that many investors dread: around ₹1.5 lakh paid in subscription fees over a year, approximately ₹2 lakh invested across three unlisted stocks on Equentis’s recommendation, one of which had declined roughly 98% from its purchase price, with the other two also deep in the red.
Over 24 months, he reported only two profitable recommendations across the board.
This is especially significant given that unlisted stocks carry substantially higher liquidity risk than exchange-traded securities, and their inclusion in advisory recommendations deserves proportionate caution.
Category 3: Aggressive Sales Tactics and Misleading Promises During Onboarding
Problem: Investors allege that sales personnel misrepresent potential returns during the sign-up process to persuade them into membership.
This kind of complaint, where unrealistic return expectations are set during the sales process, is precisely what SEBI’s IA regulations prohibit. Research analysts and investment advisers cannot promise or project assured returns.
Commitments made by individual sales representatives may not be traceable to official company communications, making investors particularly vulnerable.
Category 4: Sales Persons Misrepresenting Themselves as Financial Advisors
Problem: Investors report highly dissatisfying encounters with sales staff who position themselves as financial advisors but appear focused on closing subscriptions rather than assessing suitability.
The review cautions strongly against trusting the advisory or its customer service, and specifically advises hard bargaining for discounts as a sign that stated prices are inflated.
Under SEBI Investment Adviser regulations, advisers are required to conduct proper risk profiling, assess suitability, and provide fiduciary advice, not pitch subscriptions with discount incentives.
Category 5: Portfolio Changes Without Communication or Explanation
Problem: Subscribers to longer-tenure products report that stock buying ranges and target prices are revised without any formal notification, leaving investors holding positions without a clear exit strategy.
The reviewer notes there is no formal exit call or structured advisory response in such situations; subscribers are simply expected to keep holding.
Multiple attempts to resolve this with support went unanswered satisfactorily. This kind of opacity in portfolio management contradicts the stated commitment to transparency and consistency.
What Investors & Traders Can Learn From This?
Equentis operates in a segment, subscription-based stock advisory, where the gap between promise and delivery is one of the most common sources of investor grievance in India’s retail financial services landscape.
Equentis’s own website also carries a fraud alert, noting that individuals and groups are falsely using the Equentis name and impersonating company leaders to promote fraudulent schemes on WhatsApp, Telegram, Facebook, Instagram, and through international mobile numbers.
Investors are reminded to verify through only official channels.
Key takeaways for prospective subscribers:
- Verify SEBI registration independently at investor.sebi.gov.in before paying any subscription.
- Any sales executive promising specific monthly return percentages (like 40–50%) is making a prohibited commitment, document and report it to SEBI.
- Understand that past performance or algorithmic stock selection does not guarantee future results.
- Check whether the complaints data for the IA (advisory) business is publicly disclosed monthly as mandated by SEBI’s December 2021 circular.
- Know the distinction between investment advisory (subscription-based) and portfolio management; each carries different obligations and investor protections.
- Report misleading advisory communications to SEBI via SCORES at scores.sebi.gov.in.
How To File a Complaint Against RIA?
Understanding your rights as an investor and acting promptly can significantly improve the chances of a fair resolution.
If you’re experiencing problems with Equentis or any other SEBI-registered investment adviser, here’s how to escalate:
Step-by-Step Grievance Process:
Step 1: Raise It With the Firm First
Before approaching any regulator, first try to resolve the issue directly with the service provider.
Clearly explain what you were promised, what was delivered, and what resolution you are seeking. Keep proper records such as payment receipts, emails, chats, and any promotional claims shared before subscription.
Most regulatory systems expect proof of internal complaint resolution before escalation.
Step 2: Lodge a Complaint in SCORES
If the issue remains unresolved, file a complaint through the SEBI SCORES portal.
Register using your PAN and contact details, select the relevant category, and submit your complaint with supporting documents.
Once filed, the registered entity is required to respond within the prescribed regulatory timeline. SCORES is SEBI’s primary grievance redressal system for investors.
Step 3: Register a Complaint in SMART ODR
If SCORES does not lead to a satisfactory resolution, escalate the matter to SMART ODR, SEBI’s Online Dispute Resolution platform.
This stage involves structured mediation and conciliation between both parties and is generally faster and less formal than arbitration.
Step 4: Arbitration in Stock Market
If SMART ODR mediation does not resolve the dispute, formal stock market arbitration is the final channel.
An independent arbitrator reviews the case and issues a binding decision. This step is typically reached only after SCORES and ODR have been exhausted.
Act promptly. The sooner you document and file, the stronger your case.
Your money deserves protection. Your concerns deserve to be heard.
By moving forward with your complaint, you’re not only holding the responsible party accountable for your losses but also contributing to a more transparent and trustworthy financial ecosystem.
Don’t let complicated procedures hold you back.
Register with us today to initiate your case and allow our experienced team to guide you toward a clear path of resolution and accountability.
Conclusion
Equentis Wealth Advisory Services Limited holds valid SEBI registrations as an Investment Adviser, Portfolio Manager, and AIF Manager.
Founder Manish Goel brings credible academic and international professional credentials. The firm has built a sizable retail subscriber base under the Research & Ranking brand since 2009.
However, SEBI registration and brand scale are not the same as service quality or investor satisfaction.
The pattern across independent user reviews is consistent: subscription fees that exceed portfolio gains, sales practices where return promises cross into prohibited territory, portfolio adjustments made without communication, and support that becomes hard to access once payment has been made.
On the positive side, the firm does appear to publish some regulatory complaints data, a transparency step many advisory firms skip.
Before subscribing, look beyond the app rating and the homepage testimonials. Check independent reviews, verify the complaints disclosures, understand what you’re paying for, and know your escalation path if something goes wrong.
