Quick Summary
Equity Bulls, founded by Chirag Jain, says it is a SEBI registered research analyst with registration INH000020624. We searched SEBI’s research analyst register by name and by number, and found no record for either. Its disclaimer calls it an educational institute giving no advice, yet it promotes trade calls with entry, target and stop loss. No fees, refund terms or complaint data are shown, and the same number appears on a second website. Treat it as unregistered until it shows proof.
Equity Bulls greets you with a promise that sounds hard to argue with. Trade on research, not on rumour.
The page also says SEBI-registered, with a registration number printed right on top. That feels like proof, and most people stop checking there.
This Equity Bulls review is for the person who does check.
A number on a website is a claim, and SEBI’s own register is the proof.
We went through the website, the terms, the disclaimer, and a second website linked to the same name.
Then we put together what to do before you share your details or your money.
Equity Bulls Company Details
Let us begin with what the website says about itself. These are its own words, and we have not tested any of them.
Equity Bulls says it was founded by Chirag Jain, who is named on the website as the person behind it.
The page says he has 15 years of market experience across derivatives and cash markets.
It describes itself as a market research and analysis platform for India’s equity indices and commodity markets.
It covers NIFTY, Bank NIFTY, Sensex, Bankex, and commodities.
The offerings include daily market outlooks, research reports, and trade calls.
Each call is said to carry a defined entry, target, and stop-loss, and the firm also runs educational sessions that explain its reasoning.
It says it wants to make research more accessible and transparent by sharing the reasons behind its calls and not just tips. It also says risk management stays part of every decision.
The page shows an address at 206, Pluxes Mall, MG Road, Bengaluru 560001.
The homepage banner reads “15 years”, “4+ indices and commodity desks” and “1:1 research-backed calls”.
It also says “SEBI registered, not anonymous tips” and promises a 24-hour callback on trading days.
Which brings us to the question that matters most.
Is Equity Bulls SEBI Registered?
Equity Bulls says yes, and shows the registration number INH000020624. But SEBI’s register does not show it.
We searched SEBI’s register of research analysts for the name “Equity Bulls”.
The result said no records were available.
We then searched the same register for the number INH000020624. That search also returned no records.
So, on the record, we could check, Equity Bulls is not a registered research analyst, even though its website says it is.
Why might that be? The number could be wrong, could have lapsed, or could belong to someone else.
We cannot tell, and only the firm can explain.
What we can say is this. A firm that displays a registration number should be easy to find in SEBI’s register under that number.
You can check this yourself in a minute.
A SEBI registration number search lets you enter INH000020624 or the firm’s name and see the result for yourself.
Search under the name, the number, and the person’s name, and save a dated screenshot.
If the firm sends you a registration certificate, check it against the register too.
Until it shows proof that matches, treat it as unregistered. Do not pay and do not share personal or trading details.
Also Read: Our search of SEBI’s research analyst register returned no records under either of the two names the website uses, as we found in our Investrix review.
Services Offered By Equity Bulls
Now let us see what the firm says it sells. The pages describe a mix of reading material and live trade ideas.
Here is how the research records the services.
|
Service |
What the website says |
| Daily market outlooks |
A view on the day for NIFTY, Bank NIFTY, Sensex, Bankex and commodities |
|
Research reports |
Written analysis, with the reasoning shared in every report |
| Trade calls |
Calls with a defined entry, target, and stop loss on every call |
|
Educational sessions |
Sessions explaining the reasoning behind market moves and recommendations |
| Free research access |
A form that asks for your name, mobile, email, city, and interest |
The first four sound like research. The last one is how the firm collects your details.
The form asks which segment interests you, with NIFTY and Bank NIFTY shown first.
By submitting it, you agree to be contacted by the firm about research.
That is a common sales funnel, and it does not look odd by itself. But it means your phone number goes to people you cannot yet identify.
The website offers a table comparing “typical tip channels” with Equity Bulls.
It lists anonymous admins with no registration against its own registration number.
That comparison leans entirely on the registration claim. If the number cannot be found, the comparison does not hold up.
Equity Bulls Pricing Details
Money is the next thing most readers want to know. Here the website tells you very little.
It promotes free research access and invites visitors to submit their contact details to receive market updates.
It does not disclose the charges for its research services, subscription plans, or any paid offering.
The terms do not help either. They do not specify the pricing, refund, or cancellation policy for paid programmes.
So the page gives you no way to see what you might be asked to pay.
That is a problem for any provider, and a bigger one for a firm that cannot be found in SEBI’s register.
For a registered research analyst, SEBI caps fees at ₹1,51,000 per client family per year.
That cap protects clients of registered firms, and it gives you nothing here if the firm is not registered.
Free access is also often a first step.
The next step is a phone call, and then a paid plan that appears only after you have shared your number.
Before You Share Your Details
These steps cost nothing and take a few minutes.
- Check the registration number on SEBI’s register before you fill any form.
- Ask for the full fee in rupees, with GST on a separate line, in writing.
- Ask for the refund and cancellation terms before you pay anything.
- Ask for the legal entity name and match it to the account you are asked to pay.
Is Equity Bulls Reliable?
We cannot call it reliable on what we found. Reliability begins with being registered, and each point below adds to the picture.
There are no user reviews and no complaint data in the research. So we rely on the firm’s own pages and on SEBI’s register.
Here are the points that need a closer look, numbered. Read all of them, because no single point tells the whole story.
1. The Registration Number Is Not In SEBI’s Register
This is the biggest point. The website shows INH000020624, but SEBI’s register returned no record for that number or for the name Equity Bulls.
Registered research analysts must follow rules on fees, disclosures, risk, and complaints.
If a registered firm lets you down, there is a route to take it to SEBI.
If the firm can prove its registration, the guide on a SEBI complaint against research analyst shows how such cases usually run.
Without valid registration, those routes may not be open.
That is why the number is the first check, and the cheapest one.
Shared your details or paid a firm that claims to be SEBI-registered and cannot be found?
Our team reads your payment proof and messages, helps you prepare a written complaint, and tells you which route fits your case. Register with us for a free consultation.
2. The Same Number Appears On A Second Website
The research found another website called Scoop Investment, based in Surat.
Its footer names Chirag Jain as nodal officer and shows the same registration number, INH000020624.
The research reports that this second business is also not found in SEBI’s list of research analysts.
So one number appears under two business names in two cities.
Equity Bulls shows an address in Bengaluru, and Scoop Investment shows one in Surat. Both use the same number.
There may be an explanation, such as one person running two brands. But a registration is for a specific person and a specific business.
Ask the firm how both websites relate to a single registration.
Ask which legal entity you would be paying.
3. An Educational Disclaimer Beside Trade Calls
The website advertises research reports, daily outlooks, and trade calls with entry, target, and stop loss.
Its disclaimer says the institute provides educational programmes only.
The disclaimer adds that the information is for learning and should not be considered investment, trading, or financial advice.
That is hard to square with calls you are meant to act on.
The terms say the same. They describe the offerings as educational and say the market views, levels, and illustrative trade structures are for educational purposes only.
So which is it? Either you are buying education, or you are buying trade calls, and the answer changes what protection you have.
Ask the firm to say in writing which one it is selling.
If it says research, ask why the disclaimer says education.
4. No Fees, No Refund Terms, No Cancellation Policy
We covered pricing above, but it deserves its own point.
The website shows no charges, no plans, and no refund or cancellation policy.
A buyer should know what they will pay before they hand over a number.
Here you learn the price only after a conversation.
Never agree to pay on a call. Ask for the fee and the terms by email, and take your time.
5. Fifteen Years Of Experience With No Details
The website claims 15 years of market experience for Chirag Jain. It gives no details of his earlier roles, employers, or qualifications.
Experience is easy to claim and hard to check.
A registered analyst’s qualifications are part of what SEBI looks at.
Ask for his professional background in writing, with names and dates you can verify. A confident provider should be happy to share it.
6. Trade Calls With No Performance Record
The site says every recommendation includes an entry, target, and stop loss.
It does not show how past calls performed, what the success rate was, or what losses were taken.
Having an entry, target, and stop loss is a good habit. But it does not tell you how often calls hit the target or the stop loss.
Ask for dated records of past calls, winners and losers. If none exist, you would be buying on trust.
7. A Broad Limitation Of Liability
The terms say that Equity Bulls, Chirag Jain, and any associated team members will not be held liable for any direct, indirect, incidental, or consequential loss.
This covers loss from using the website, relying on educational content, or any trading decision.
It adds that all market participation is at the user’s own discretion and risk.
Many websites carry such clauses, and their effect depends on law and facts.
Still, it leaves you unclear about what the firm is accountable for.
Ask what the firm commits to, such as delivery of reports and answers to questions.
8. Third Party Links That Are Not Named
The terms say the website may link to third-party sites and services.
They also say the firm is not responsible for the content, accuracy, or practices of those sites.
They do not name the platforms or explain why users would be sent there. That could include broker or trading platforms.
If the firm sends you to a platform, ask who it is and whether the firm earns anything from it.
Never open an account just because a link was sent to you.
9. Important Documents Not Shown
The provided website content shows no complaint data, no grievance contact, and no links to key documents.
The documents include the Disclosure Document, Disclaimer, Privacy Policy, Most Important Terms and Conditions, and Investor Charter.
The research suggests checking the full website before concluding they are missing.
We could see none of them on the pages we reviewed.
A registered research analyst is expected to publish them.
Ask for each document by email before you share anything.
Equity Bulls Complaint: How To Report Against The Company?
Nobody expects to need this. But if you have shared your details, paid, or been contacted by someone from the firm, here is what to do.
The route is different from the usual one. Because the firm cannot be found in SEBI’s register, you cannot file a complaint on SCORES, on the SMART ODR portal, or through arbitration.
Those routes exist for registered intermediaries and exchange members.
For a firm that cannot show a valid registration, the way to report it is a written email to SEBI.
Act quickly, because money moves fast and trails go cold. Here are the steps in short.
- Stop paying and stop sharing. Do not send more money, and never share OTPs, passwords or screenshots of your trading account.
- Collect your proof. Save payment receipts, bank or UPI statements, chats, the website pages, the registration number shown and every message.
- Tell your bank or UPI app right away. Report the transaction and ask what can be done, because early reporting gives the best chance.
- Report the payment on the cyber crime portal. The National Cyber Crime Reporting Portal and the helpline take reports of online payments.
- Email SEBI. Write to SEBI with the subject “Complaint against entity displaying a SEBI registration number not found in the register”. Give the names Equity Bulls and Scoop Investment, the registration number INH000020624, the websites, the amount, the dates, and the payment details, and attach your proof.
- Keep a copy of everything you send. Note the date and time of each email, and save any reply from SEBI.
- Take advice. A short consultation can tell you which remedies are open in your case.
If the firm replies with proof that its registration is valid and matches, tell us.
The route would then change, and the normal complaint channels for registered firms could apply.
Disclaimer
This blog is based on the firm’s published website pages, a second website named in our research and our search of SEBI’s research analyst register, as of 4 November 2026. It does not allege any offence, and the firm is welcome to share its registration proof or its side. We searched only the research analyst category by the name Equity Bulls and the number INH000020624, and could not confirm the legal entity behind either website, whether the number is held by anyone under another name, how the two websites relate, whether any user reviews exist, or whether the missing documents appear elsewhere on the site. Please confirm SEBI’s current contact details before writing.
Conclusion
Equity Bulls displays a SEBI registration number, but SEBI’s register returned no record for that number or for the name.
That is the heart of this review.
On top of that, the website shows no fees, no refund terms, and no complaint data.
Its disclaimer calls it educational while its homepage promotes trade calls, and the same number appears on a second website.
Do not pay or share your details with a firm that cannot show a valid registration.
If you already have, act now by collecting your proof, telling your bank, and writing to SEBI.
If the firm answers with proof that matches the register, you will have a better basis to decide. Until then, treat it as unregistered.
Report. Recover. Stay Fraud Free.
Frequently Asked Questions
Equity Bulls displays registration number INH000020624, but SEBI's research analyst register returned no record for that number or the name. Treat it as unregistered until it shows proof that matches.
The website names Chirag Jain as founder, with 15 years of market experience, and shows an address in Bengaluru. It does not clearly name the legal entity, so ask for it in writing before you pay.
The website does not show any fees, plans, refund terms or cancellation policy. It offers free research access in exchange for your contact details, so ask for full costs in writing before any payment.
Not while it cannot show a valid registration. You cannot use SCORES, SMART ODR or arbitration against an unregistered firm. The step open to you is a written email to SEBI with your proof.
Stop paying, keep every receipt and message, and tell your bank or UPI app straight away. Report the payment on the cyber crime portal, then email SEBI with the details and your proof.
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