Quick Summary
Equitrade Research holds SEBI Research Analyst registration INH000017170 under proprietor Anjali Gupta. Zero complaints in FY 2024-25, seven complaints in FY 2025-26, all resolved. The quarterly plan at Rs. 85,000 hits SEBI’s annual fee cap of Rs. 1,51,000 within two renewals. The services page uses outcome-implying language while the disclaimer denies any guarantee. No detailed research methodology is publicly available. Six specific concerns appear on the firm’s own website before any subscription is paid.
Equitrade Research received 7 complaints in FY 2025-26 after reporting zero in the previous year.
All 7 are marked resolved. But the jump from zero to seven in a single year, combined with six specific concerns visible on the firm’s own website, makes this a page worth reading before you pay.
Equitrade Research is a SEBI-registered Research Analyst firm. Proprietor Anjali Gupta holds registration number INH000017170. The firm provides buy, sell, and hold recommendations for equity cash segment trades.
The registration is real and verifiable. What follows is what the firm’s own disclosures and website reveal beyond that.
Equitrade Research Registration and Who Runs the Firm
Equitrade Research holds SEBI Research Analyst registration INH000017170. The registration is in the name of Anjali Gupta as proprietor. The firm is based in India and provides equity research through a subscription model.
Individual registration means the licence belongs to Anjali Gupta personally. Every recommendation made under INH000017170, every mandatory disclosure, and every complaint received is her direct regulatory responsibility.
The firm provides BUY, SELL, and HOLD recommendations for equity cash segment trades. Services are structured across multiple subscription tiers with different access levels and pricing.
Equitrade Research Complaint Data: Zero to Seven in One Year
SEBI requires every registered Research Analyst to publish investor complaint data monthly. Here is what Equitrade Research’s disclosure shows.
| Financial Year | Complaints Received | Resolved | Pending |
|---|---|---|---|
| 2024-25 | 0 | 0 | 0 |
| 2025-26 | 7 | 7 | 0 |
| Total | 7 | 7 | 0 |
Zero complaints in FY 2024-25. Seven in FY 2025-26. All resolved.
The resolution record is clean. But the 7-fold increase in a single year for a firm that had no complaints before is worth understanding. Seven investors felt their concerns were not being resolved internally and went through the formal SEBI complaint mechanism.
Whether the seven complaints reflect a growing subscriber base encountering normal issues or a specific pattern of investor dissatisfaction is not determinable from the disclosure data alone. What is clear is that the complaint volume shifted significantly in one year.
Pricing and the SEBI Annual Fee Cap
SEBI caps the total fees a single client can pay to one registered Research Analyst at Rs. 1,51,000 per financial year across all plans combined.
The pricing structure below is from Equitrade Research’s own website.
| Plan | Monthly | Quarterly |
|---|---|---|
| Basic | Rs. 15,000 | Rs. 40,000 |
| Standard | Rs. 30,000 | Rs. 75,000 |
| Premium | Rs. 35,000 | Rs. 85,000 |
The Premium quarterly plan at Rs. 85,000 reaches SEBI’s annual cap within two renewals.
Two quarterly Premium subscriptions cost Rs. 1,70,000. That exceeds the Rs. 1,51,000 annual ceiling by Rs. 19,000 after just six months. Any additional plan or upgrade in the same financial year pushes the total further above the limit.
No mention of the Rs. 1,51,000 annual cap appears on the pricing page or anywhere near the subscription options.
If your total payments to Equitrade Research in any financial year exceeded Rs. 1,51,000, the excess may be recoverable.
The exact steps to file this as a formal complaint ground are covered in the complaint guide for Equitrade Research on this site, where you will also find the evidence checklist and the SEBI SCORES filing process specific to this registration number.
Six Red Flags From the Firm’s Own Website
Each finding below is sourced from Equitrade Research’s own published website. We are describing what we observed on their public content.
There are two readers who need this section. Someone evaluating before paying, and someone who already paid and is trying to understand whether what happened to them was within regulatory limits.
Red Flag 1: Outcome-Implying Language Alongside a Disclaimer that Denies Guarantees
The services page uses language that creates an expectation of positive outcomes from following Equitrade Research’s calls. On the same website, the disclaimer states that no returns are guaranteed and that past performance does not indicate future results.
One statement drives subscription decisions. The other limits legal exposure after the subscription is paid. SEBI’s Advertisement Code requires research analyst marketing to be fair and not create misleading expectations. The gap between the two statements on the same website is the concern.
Red Flag 2: No Detailed Research Methodology Visible
SEBI’s Code of Conduct requires Research Analysts to base recommendations on documented research methodology. The firm’s website describes the types of recommendations it provides but does not explain the analytical framework behind them.
A prospective subscriber has no way to assess whether the research basis behind a call is fundamental analysis, technical analysis, or a combination, and whether the methodology is consistently applied.
Red Flag 3: Premium Quarterly Plan Near the Annual Fee Cap
Covered in the pricing section above. A quarterly plan at Rs. 85,000 reaches the Rs. 1,51,000 annual ceiling within six months.
The website does not disclose this limit.
Red Flag 4: Payment Collected without Prior Written Service Agreement Visible
SEBI’s Research Analyst Regulations require a service agreement to be in place before fees are collected. The website does not show a sample agreement or make the service terms visible before the purchase process begins.
An investor who pays without first receiving and reviewing a written service agreement may not know the refund terms, exit conditions, or what specific obligations the firm has towards them.
Red Flag 5: Website Inconsistencies and Reality of Social Media Presence
The firm has an online presence listed on the website. However, the social media activity visible at the time of this review does not include consistent investor education content, performance transparency, or balanced reporting of both successful and unsuccessful calls.
SEBI expects research firms to maintain fair and balanced communication. A social media presence that shows only positive outcomes creates the same misleading impression the Advertisement Code addresses.
The site’s own name is spelled “Equitrade Reserch” (missing the “a”) in the page title and footer branding across every single page. A small thing, but it appears sitewide rather than as a one-off typo. It might also confuse investors finding more about firm or while filing a complaint.
Red Flag 6: Complaint Data Jumped from Zero to Seven with No Explanation
As noted in the complaint data section. A firm that had zero complaints for its first operating year and then received seven in the next is either experiencing rapid growth or a specific shift in investor experience.
The disclosure does not explain which.
Before You Subscribe: Three Checks That Matter
These take under fifteen minutes and are more reliable than anything on the homepage.
Verify registration INH000017170 on SEBI’s website under Research Analyst. Confirm Active status and that the registration is in Anjali Gupta’s name.
Ask the firm to provide the complete service agreement in writing before any payment is made. Review the refund terms, the exit conditions, and what obligation the firm has if recommendations produce consistent losses.
Calculate the total you would pay across all plans in the financial year and compare it against Rs. 1,51,000. And if the total exceeds that figure, ask the firm specifically how the fee structure complies with SEBI’s annual cap.
If You Have Already Paid Equitrade Research, Follow This
If your experience involved outcome-implying promises before subscription, fees above Rs. 1,51,000 in a financial year, no written agreement before payment, or recommendations without clear research methodology, the formal complaint path is available.
The complete guide covering what qualifies as a valid complaint ground against this firm, what evidence to collect, how to file on SEBI SCORES under INH000017170, how to escalate through SMART ODR, and what arbitration looks like is on this site.
Before filing, reading through the Equitrade Research complaint guide on this site will tell you exactly which SEBI violations apply to your specific situation and how to describe them in the complaint: Complaint against Equitrade Research.
When distressed investors need to file against a SEBI-registered research analyst, the process that consistently produces outcomes is to document first, write to the firm formally, and escalate through the complaint against SEBI-registered research analyst pathway on this site: Complaint against SEBI registered research analyst.
Not sure whether your situation qualifies or whether your evidence is strong enough?
We review your documents, identify every applicable SEBI violation, and represent you through SEBI SCORES, SMART ODR, and arbitration. Register with us for a free consultation.
Conclusion
Equitrade Research holds genuine SEBI registration INH000017170. Anjali Gupta cleared the eligibility requirements. The complaint resolution record shows all seven complaints resolved.
Six specific concerns appear on the firm’s own website. Outcome-implying language alongside a contradictory disclaimer. No visible research methodology. A quarterly plan that hits the SEBI annual cap in two renewals.
No service agreement visible before payment. Social media that does not reflect balanced performance reporting. A complaint spike from zero to seven with no explanation.
All six are visible before any money changes hands.
Report, Recover, Stay FraudFree
Frequently Asked Questions
Yes. Equitrade Research holds SEBI Research Analyst registration INH000017170 under proprietor Anjali Gupta. Verify the current status independently at SEBI's website under the Research Analyst intermediary category before subscribing.
Zero complaints in FY 2024-25 and seven complaints in FY 2025-26, all resolved with no pending complaints. The jump from zero to seven in a single year is the most notable aspect of the complaint data.
Two quarterly Premium subscriptions at Rs. 85,000 each cost Rs. 1,70,000, which exceeds SEBI's Rs. 1,51,000 annual cap. Any additional plan in the same year pushes the total further above the limit. The pricing page does not disclose this cap.
Anjali Gupta is the registered proprietor of Equitrade Research under SEBI Research Analyst registration INH000017170. The licence is in her personal name as an individual, meaning all regulatory obligations and complaint accountability rest with her directly.
Verify INH000017170 at SEBI's website shows Active status. Request the complete service agreement in writing before payment. Calculate total annual fees against the Rs. 1,51,000 SEBI cap. Ask what research methodology backs each recommendation type. Read both the services page and the disclaimer together before forming any impression of what the service delivers.
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