Quick Summary
Equity Edge Research Analyst holds SEBI RA registration INH000017259, BSE Enlistment 750547, and GST number 29AALFE1270D1ZL. Contact person per SEBI records is Vishal Borse, using a Gmail correspondence address. The firm operates from Pune (Kharadi) as its registered address, with two separate Bengaluru addresses appearing on different website pages. Training fees range from Rs. 46,000 to Rs. 1,48,000 per tier, with the top package combining Rs. 1,48,000 plus Rs. 3,50,000. Received complaints rose from 1 in 2024 to 9 in 2025. Pending complaints that were zero at end of 2024 reached six by the 2026 reporting period. The refund policy makes all sales final with no cooling-off window, directly conflicting with SEBI’s December 2024 pro-rata refund requirement.
Equity Edge Research Analyst is real and is not operating anonymously.
What the website does not tell you is equally important. The person SEBI holds accountable for this registration, Vishal Borse, is named nowhere on the firm’s own website. Pending complaints climbed from zero at the end of 2024 to six by the 2026 reporting period. Training fees run up to Rs. 4,98,000 for a single package, labelled as courses rather than research subscriptions to sidestep SEBI’s annual fee cap.
Every concern in this review comes from the firm’s own published data, SEBI’s public records, and verified public platforms.
Is Equity Edge Research Analyst SEBI Registered?
Yes. The registration is confirmed from two independent sources.
SEBI’s own Research Analyst directory lists Equity Edge Research Analyst under INH000017259, with contact person Vishal Borse.
The firm’s BSE Enlistment Number is 750547, and GST registration is 29AALFE1270D1ZL. Both the BSE and GST numbers displayed on the entity’s own Instagram and Facebook profiles match the website exactly, which is a genuine consistency point.
Verify the registration yourself in two minutes. Go to SEBI’s website, select Research Analyst as the intermediary category, and search INH000017259. Confirm Active status.
Registration confirms the entity is authorised to issue research recommendations. It does not confirm the practices described in this review are within what the registration requires.
Who Is Behind This Registration?
This is where the first red flag emerges.
SEBI’s Research Analyst database names Vishal Borse as the registered contact person. This is the person SEBI holds directly accountable for compliance under INH000017259.
The entity’s Disclosure Document, Investor Charter, Grievance Redressal page, and About Us page were all checked against SEBI’s records. None of them name Vishal Borse or any other individual.
The grievance escalation matrix on the website routes complaints through role-based email addresses such as Head of Customer Care, Sales Head, and Branch Head, with no individual names attached at any level.
A prospective client relying only on the firm’s website has no way of knowing who SEBI holds accountable for this registration. That gap between what SEBI’s records show and what the website discloses is itself a transparency concern under SEBI’s mandatory disclosure requirements.
Also Read: Goldman Sachs India, on how even a reputed brand’s disclosures don’t guarantee a complaint-free record.
Why Does Equity Edge Research Analyst Show Three Different Addresses?
A registered Research Analyst should have one consistent registered address appearing across all official documents.
Equity Edge Research Analyst shows three different addresses across different pages of its own published content.
The registered corporate office as per the SEBI record and the firm’s own disclosure is 8th Floor, City Vista Downtown, EON IT Park Road, Kharadi, Pune, Maharashtra 411014. This is the Pune address.
The listed place of business on the firm’s own website states Bomanahalli, Hosur Main Road, Bengaluru. This is a completely different city.
The footer address on the website shows 2nd Main Road, Garvebhavi Palya, Bengaluru, PIN 560068. This is a third distinct address, also in Bengaluru but at a different location from the listed place of business.
Three addresses, two cities, one registration. Before subscribing to any service from this entity, ask the firm in writing which address is the current, verified, regulatory-approved registered office.
Does Equity Edge Research Analyst Charge Above the SEBI Fee Cap?
The most significant financial concern from the research document is the Training Programme Pricing table.
SEBI caps the combined annual fee a single client can pay to one registered Research Analyst at Rs. 1,51,000. This cap applies specifically to fees collected for research services.
The firm has labelled its fee tiers as a training programme rather than a research subscription. This labelling is a documented pattern used by some RA-adjacent entities to collect amounts well above the research fee cap without technically breaching it.
What is confirmed from the firm’s own published pricing page is the following.
| Plan | Price (+ GST) |
|---|---|
| Smart Investor Kit | Rs. 46,000 |
| Wealth Builder Kit | Rs. 85,000 |
| Prime Trading Suite | Rs. 1,20,000 |
| Stockist Pro | Rs. 1,48,000 |
| Stock Market Kick Start | Rs. 1,48,000 + Rs. 3,50,000 |
The plan names sound like investment products rather than educational courses. Wealth Builder Kit, Prime Trading Suite, and Stockist Pro are portfolio-management-adjacent names for what the firm labels as training.
Critically, the actual research subscription pricing is not published anywhere on the website. An investor comparing the training price against the research subscription price has no basis to make that comparison before contacting the firm.
Before paying for any tier, ask in writing: what specifically does this fee cover, which SEBI registration governs this service, and does this fee fall under the Rs. 1,51,000 annual research fee cap or outside it?
How Many Complaints Has Equity Edge Research Analyst Received?
SEBI requires every registered Research Analyst to publish investor complaint data monthly. The data for this entity shows a concerning trend.
| Year | Received | Pending at Year End |
|---|---|---|
| 2024 | 1 | 0 |
| 2025 | 9 | 6 |
| 2026 (current) | Data pending | 6 |
Received complaints rose from 1 in 2024 to 9 in 2025. That is a nine-fold increase in a single year for a firm registered only in July 2024.
Pending complaints went from zero at end of 2024 to six by the 2026 reporting period. A pending count that grows instead of shrinking signals a resolution pace that is not keeping up with new complaints. SEBI expects complaints to be resolved within 21 days of receipt. Six complaints sitting unresolved across reporting periods conflict with this expectation.
For the detailed monthly data and the full account of what independent reviewers described during the same period, the Equity Edge Research Analyst reviews page on this site covers the complete picture alongside each reviewer’s specific account.
The No-Refund Policy That Conflicts With SEBI’s December 2024 Rule
The firm’s published Refund Policy makes all sales final, with no refunds or cancellations allowed except for accidental duplicate payments.
SEBI’s December 2024 amendment to Research Analyst Regulations introduced a mandatory pro-rata refund obligation on early subscription exit. This regulation applies to every registered Research Analyst in India, including Equity Edge Research Analyst.
A blanket no-refund policy does not override SEBI’s mandatory refund rule. If you subscribed to any service under INH000017259 and exited early without receiving a pro-rata refund for the unused period, that refusal is a specific complaint ground under the December 2024 amendment.
Before subscribing, ask the firm in writing how its no-refund policy aligns with SEBI’s December 2024 pro-rata refund requirement. Keep the written response before any payment is made.
What Are the Six Red Flags Investors Should Know Before Subscribing?
Each of these is sourced from the firm’s own website, SEBI’s public records, or verified public platforms. We are describing what is visible in their own published content or official regulatory data.
Context matters for any investor evaluating a new research subscription. The combination of these six concerns across different aspects of the business is what makes the full picture worth reading before any money changes hands.
1. Vishal Borse named in SEBI records but absent from website: As covered in the ownership section. The person SEBI holds accountable is not disclosed on any page the website shows a client.
2. Rising and unresolved complaint trend: Nine complaints received in 2025, with six pending unresolved into 2026. The trend runs in the wrong direction for a firm that registered in July 2024 and should be building its compliance record from a clean baseline.
3. Strict no-refund policy with no cooling-off window: Covered above. The policy conflicts with SEBI’s December 2024 mandatory pro-rata refund amendment.
4. Three different addresses across different pages: One SEBI registration. One Pune address. Two different Bengaluru addresses. All three appearing on different pages of the same website.
Also Read: Not just addresses, DG Share Market Research website names three different individuals for a single compliance officer role.
5. Training fees labelled to potentially sidestep the SEBI fee cap: The Infinity Capital Membership tiers use investment-product names and charge from Rs. 46,000 to Rs. 4,98,000. The actual research subscription price is not published anywhere on the website for comparison.
6. No YouTube channel found despite active social media presence: The entity has an Instagram and Facebook presence with thousands of followers. A YouTube search under the Equity Edge Stock Research Analyst name returns unrelated foreign trading brands rather than any official entity channel.
The absence of verified disclosures and YouTube presence while the entity actively recruits subscribers through other social media is a gap in the publicly verifiable content trail.
What Should You Ask Equity Edge Research Analyst Before Paying?
These four questions should be answered in writing before any payment.
Before listing them, the most important single action is to verify the SEBI registration directly on the official SEBI website rather than relying on any details published on the firm’s website. Everything else builds from that confirmed starting point.
Question 1: Which of the three addresses is the current registered office? Ask the firm to provide written confirmation of the SEBI-verified address.
Question 2: Who is the named compliance officer or principal contact for this registration? The name Vishal Borse should appear in that answer, matching SEBI’s own records.
Question 3: Does the training programme fee fall under the SEBI Rs. 1,51,000 annual research fee cap, or is it classified separately? Get this in writing before paying any tier.
Question 4: What is the pro-rata refund process under SEBI’s December 2024 amendment if you decide to exit early? A firm with a compliant policy will answer this directly. A firm that deflects this question is telling you something important.
How to Complain Against Equity Edge Research Analyst If Something Went Wrong?
If you subscribed to Equity Edge Research Analyst and your experience involved refund refusal for unused subscription time, service delivery that did not match what was described before payment, or no response from support after raising a concern, the formal complaint path is available.
The step-by-step guide covering what evidence to collect, how to write the internal complaint, exactly how to file on SEBI SCORES under registration number INH000017259, and how to escalate through SMART ODR and arbitration is on the complaint against Equity Edge Research Analyst page on this site.
When filing a complaint against any SEBI registered research analyst, the complete process is on this site. The full guide is available on the complaint against Equity Edge Research Analyst page on this site.
For SMART ODR conciliation, the guide is available on the SMART ODR complaint portal page on this site.
SMART ODR conciliation typically concludes within a defined timeline set by the platform, and either party retains the right to pursue arbitration if no resolution is reached.
If the matter needs to be escalated to exchange arbitration, the NSE complaint process is available on the file complaint in NSE page on this site.
Don’t Know Whom to Contact or Facing Refund Issues? We Can Help.
We help you identify who is actually accountable under INH000017259, document the refund violation, and file the SCORES complaint. Register with us for a free consultation.
Conclusion
Equity Edge Research Analyst holds genuine SEBI registration INH000017259. The BSE and GST numbers are consistent across platforms. The firm is real and registered.
Six specific concerns are visible before any subscription is paid. The person SEBI holds accountable is absent from the website. Complaints are rising, and pending counts are growing. Training fees up to Rs. 4,98,000 use investment product names with no research subscription price published for comparison.
Three different addresses appear across the website. The no-refund policy conflicts with SEBI’s mandatory refund rule. No verified YouTube presence exists despite active social media recruitment.
All six are in the firm’s own published data and official records.
Report, Recover, Stay FraudFree
Frequently Asked Questions
Equity Edge Research Analyst holds SEBI Research Analyst registration INH000017259, active since July 1 2024 on a perpetual basis. The BSE Enlistment Number is 750547 and GST registration is 29AALFE1270D1ZL. Verify the current status independently at SEBI's website under the Research Analyst intermediary category.
Vishal Borse is listed as the contact person under SEBI registration INH000017259. He is the individual SEBI holds accountable for compliance under this registration. His name does not appear on the firm's own website, disclosure document, investor charter, or grievance redressal page.
The firm received 1 complaint in 2024 and 9 complaints in 2025. Pending unresolved complaints reached 6 by the 2026 reporting period, up from zero at the end of 2024. A growing pending count on a registration that only began in July 2024 is the most significant signal in the official complaint data.
The firm labels its fee tiers as training rather than research subscriptions. SEBI's Rs. 1,51,000 annual cap applies specifically to research service fees. Whether training fees fall under the cap is a genuine grey area and no SEBI order against this specific entity's fee structure exists as of the date of this review. Ask the firm in writing before paying any tier.
The firm's published Refund Policy states all sales are final with no refunds except for accidental duplicate payments. SEBI's December 2024 amendment requires pro-rata refunds on early subscription exit. A blanket no-refund policy does not override SEBI's regulation. If you were refused a refund for unused subscription time, that is a specific complaint ground.
Add us as a preferred source on Google »
