Quick Summary
Equimate is a SEBI registered Research Analyst run by Saurabh Kumar Chaurasia, INH000017806, active since July 2024 and based in Bhopal, Madhya Pradesh. Its Terms state that once a client has paid, there will be “NO REFUNDS, CANCELLATION or TRANSFERS,” with no exception described anywhere in the document. Its annual complaint disclosure lists “2024-2025” three separate times, each showing zero, rather than three distinct years. Its monthly complaint table also shows a complaint marked resolved in July 2026 despite nothing carried forward and nothing received that same month.
Equimate operates under SEBI Research Analyst registration INH000017806, held by Saurabh Kumar Chaurasia, active since 22 July 2024, based in Bhopal, Madhya Pradesh.
The registration is genuine.
Its Terms and Conditions state plainly that once you’ve paid, there is no way to get any of it back under any circumstance the document describes.
This page works through the registration, that refund clause, the pricing against the SEBI cap, and the complaint data, which has real problems of its own once you look closely.
Equimate Research
Equimate offers two service lines: Equimate Swing Stock Cash, monthly equity recommendations built on conviction-based analysis, and Equimate Combo, stock option recommendations bundled at 2 to 3 selected calls per cycle.
The firm’s own homepage states directly, “We don’t sell tips.” The same page elsewhere describes “actionable stock recommendations” and AI-powered insights aimed at helping clients “trade smarter, safer, and more profitably.”
Recommendations are delivered through a Private Telegram group, SMS, or WhatsApp, according to the firm’s own terms, with no official channel link published directly on the site itself for a prospective client to verify in advance.
None of this establishes wrongdoing.
Where conduct genuinely crosses a line, the escalation route is covered further down this page.
The site separately describes itself as “Recognized as one of India’s leading SEBI-registered research analyst firms,” without naming who conferred that recognition or on what basis.
Social media icons for Twitter/X, Facebook, Instagram, and LinkedIn appear on the site, though at least one, the Twitter/X icon, doesn’t lead to a functional or identifiable Equimate profile.
Saurabh Kumar Chaurasia
The registration is held by an individual.
| Detail | Information |
|---|---|
| Name | Saurabh Kumar Chaurasia, Proprietor of Equimate |
| SEBI Registration Number | INH000017806 |
| Validity | 22 July 2024, Perpetual |
| Address | H No 51, C Sector, Indrapuri, Piplani Huzur, Bhopal, Madhya Pradesh 462022 |
| Contact Person | Saurabh Chaurasia |
| [email protected] |
The INH prefix marks a Research Analyst. It permits research and recommendations to a subscriber base. It does not permit personalised advice, trade execution, or portfolio management.
Does Equimate Pricing Cross ₹1,51,000 SEBI Fee Cap?
Nothing here breaches the ceiling outright, but two plans sit close enough to it that the margin is worth knowing.
A Research Analyst may charge a maximum of ₹1,51,000 per annum per family.
Equimate Swing Stock Cash
| Plan | Cycle | Price |
|---|---|---|
| Basic Stock Swing | Monthly | ₹9,999 |
| Standard Swing Stock | Half Yearly | ₹51,999 |
| Premium Swing Stock | Yearly | ₹81,999 |
Annualised, the highest of these comes to ₹1,19,988. All three stay comfortably under the ceiling.
Equimate Combo
| Plan | Cycle | Price |
|---|---|---|
| Basic Combo | Monthly | ₹12,500 |
| Straddle Combo | Half Yearly | ₹71,999 |
| Premium Combo | Yearly | ₹1,45,000 |
Basic Combo, billed monthly and renewed for a year, comes to ₹1,50,000, just ₹1,000 under the ceiling. Premium Combo, at ₹1,45,000 flat, sits ₹6,000 under.
Neither breaches the cap, but neither leaves much room either.
Holding One Plan From Each Service Line Is Enough To Cross The Line
Pick any Swing Stock Cash plan and pair it with any Combo plan, and the combined total exceeds ₹1,51,000 in nearly every pairing.
Basic Swing plus Basic Combo alone comes to ₹2,69,988.
If you hold plans across both service lines, add the totals together before assuming you’re within the SEBI ceiling.
What Does Equimate’s Terms Say About Refunds?
This is the clearest and most consequential finding on this page.
The terms state: once the client has paid for the services, there will be “NO REFUNDS, CANCELLATION or TRANSFERS.”
SEBI’s current rules entitle a client to a proportionate refund for the unexpired period on early termination of a Research Analyst service, and prohibit the analyst from retaining a breakage fee at all.
A blanket no-refund clause, stated this flatly, doesn’t reflect that entitlement.
If you’re refused a refund, cite the proportionate refund rule directly rather than accepting the published terms as the final word, since a client’s actual entitlement under SEBI’s framework doesn’t disappear just because a firm’s own document says otherwise.
The same terms separately note that recommendations arrive through a Private Telegram group, SMS, or WhatsApp, and encourage a free trial before committing to any paid service.
What Does Equimate’s Complaint Data Show?
Two separate problems sit in the complaint disclosure, and they’re worth reading one at a time.
The Monthly Table
| Month | Carried Forward | Received | Resolved | Pending |
|---|---|---|---|---|
| April 2026 | 0 | 0 | 0 | 0 |
| May 2026 | 0 | 1 | 0 | 1 |
| June 2026 | 1 | 0 | 1 | 0 |
| July 2026 | 0 | 0 | 1 | 0 |
| Grand Total | 1 | 1 | 2 | 1 |
July 2026 Resolves A Complaint That, By This Table, Doesn’t Exist Yet
July shows zero carried forward and zero received. It also shows one complaint resolved.
A complaint can’t be resolved in a month where the table itself shows none pending and none arriving.
This is a contradiction inside a single row, not a gap between two separate tables, and worth flagging precisely rather than folded into a vague statement that the numbers don’t add up.
Read May and June together, and the pattern actually makes sense: one complaint arrives in May, carries into June, and is resolved there.
July’s extra resolved count has no corresponding source anywhere in the table.
Annual Table Lists The Same Year Three Times
Rather than three distinct financial years, the annual disposal table shows “2024-2025” repeated three separate times, each row showing zero received and zero resolved.
This isn’t a reconciliation problem between two tables.
It’s a single table that never actually reaches the years it should cover, including the current one.
Ask the firm directly for the real annual figures broken out by year.
Which Saurabh Kumar Chaurasia’s Marketing Claim Needs a Closer Look?
The site describes its advice as “most reliable” and states clients can “make more & more profit from stock market.”
It separately claims “most authentic tips” and a 95% client retention rate, neither with any supporting data, period, or methodology behind it.
The homepage also states the firm helps clients invest in the “right place at right time,” language that leans toward a certainty no research recommendation can actually promise.
None of this amounts to an explicit guarantee of returns.
It’s the kind of language a compliance review would ordinarily flag for lacking the substance behind it, particularly next to a refund policy this absolute.
The terms elsewhere state the firm does not offer any guaranteed, surety, or fixed profit commitment plan, and does not provide profit sharing or portfolio management services.
That’s a correctly scoped statement for an INH registration, and it sits in real tension with the outcome-oriented language used everywhere else on the site.
How to Get a Refund or File a Complaint Against Equimate?
The refund clause is the sharpest problem here, and it’s also the most fixable one, provided you know what you’re actually entitled to before you pay anything.
Get your service terms, and any refund conversation, in writing from the RA’s email ID before assuming the “no refunds” line is the end of the discussion.
Reference the proportionate refund entitlement by name.
The complaint disclosure’s two internal contradictions, the July resolution with nothing behind it and the repeated 2024-2025 year, are also worth raising directly rather than left unexplained.
A firm asked to reconcile its own numbers either does so or doesn’t, and either answer tells you something.
Where a direct approach doesn’t resolve things, the regulator’s own channels take over.
A complaint can be lodged on the SEBI SCORES complaint portal once you’ve documented what you were told and what you paid.
From there, unresolved matters move into conciliation through the SMART ODR portal.
Beyond that sits share market arbitration, which ends in a binding award rather than a response you simply have to accept.
Our full guide on how to complaint against a SEBI-registered research analyst walks through sequencing a case like this properly, start to finish.
Told there’s no way to get your money back?
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Disclaimer
This page is based on Equimate’s own published material and alleges no wrongdoing since no SEBI order exists against the firm.
Verify all details at source before acting. This is research, not legal advice.
Conclusion
Saurabh Kumar Chaurasia’s Equimate holds a genuine SEBI registration, INH000017806, with pricing that stays under the SEBI cap on any single plan, though two plans sit within a few thousand rupees of the ceiling.
Its Terms rule out any refund entirely, which doesn’t match what SEBI’s own rules require.
Its complaint disclosure carries two internal contradictions of its own: a resolved complaint with no source in the same month, and an annual table that lists 2024-2025 three times without ever reaching a real year-by-year breakdown.
Before paying anything, get the refund terms and the complaint history confirmed in writing, and don’t treat “no refunds” as the final word.
Report. Recover. Stay Fraud Free.
Frequently Asked Questions
Yes, registered to Saurabh Kumar Chaurasia since July 2024, perpetual, confirmed independently against SEBI's own records.
Its terms say so, but SEBI's current rules entitle a client to a proportionate refund for the unexpired period regardless. Cite that entitlement directly if a refund is refused.
Not on its own. Basic Combo comes closest, annualising to ₹1,50,000, just ₹1,000 under the limit. Holding a plan from both service lines together does cross it.
The site doesn't explain this. It means the table never actually reaches a genuine year-by-year breakdown, including the current year.
Not as shown. The table records zero carried forward and zero received for that month, alongside one complaint resolved, which has no source within the table itself.
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