If you’ve been searching for a SEBI-registered research analyst to guide your stock market decisions, you may have come across Ethical Research, an Indore-based firm run by Kratika Yadav.
Their website, ethicalresearch.in, positions the firm as a research and advisory resource for retail investors.
Before you sign up or make a payment, it helps to know exactly what the regulatory record says, what real users have experienced, and what questions to ask.
That’s what this blog is here for.
In this blog, we’ll walk through what the public records show about Ethical Research, including its registration details and complaint trends, so you can decide whether it aligns with what you’re looking for.
Is Ethical Research SEBI-Registered?
Here’s a factual snapshot of the entity:
- Entity Name: Ethical Research
- Proprietor / Key Person: Kratika Yadav
- SEBI Registration Number: INH000018179
- Registration Type: Research Analyst (RA)
- Registration Validity: August 2, 2024- Perpetual (subject to SEBI compliance)
- Registered Office Address:
401–413, Fourth Floor, Princess Business Skyline,
Opposite C21 Mall, A.B. Road,
Indore, Madhya Pradesh – 452001 - Contact Email: [email protected]
- Contact Person: Kratika Yadav
So, if your first checkpoint as an investor is “Are they SEBI registered?” Ethical Research does clear that bar.
The firm operates as a sole proprietorship, meaning Kratika Yadav is personally responsible for the research and advisory services offered under this registration.
But Here’s the Important Part Most People Miss. Being SEBI registered is a starting point, not the final decision-maker.
Ethical Research Complaints Data
The SEBI SCORES complaint dashboard for Ethical Research Analyst shows the following trend of annual complaints:
What does this show?
In the current financial year (2025-2026), seven complaints were filed against Ethical Research on the SEBI SCORES portal.
All seven have been marked as resolved, with zero pending.
The presence of complaints tells you that at least some clients had experiences they felt warranted formal escalation to SEBI.
The resolution of all complaints is a positive indicator; it suggests the firm engaged with the process and the complaints were closed.
However, a “resolved” status on SCORES does not always mean the complainant received a full refund or was fully satisfied; it can also mean the grievance was reviewed and closed by the regulator.
If you are considering engaging this firm, it would be reasonable to ask the firm directly about the nature of these complaints and how they were resolved.
How Investors Can Verify If a Company Is SEBI Registered?
It is important for investors to check if a SEBI registration number is valid or authentic before moving forward with the services.
If you’re trusting a company or advisor with your money, “SEBI-registered” should never be taken at face value.
Verification takes just a couple of minutes, and skipping it is exactly how scams succeed.
Here’s how investors can verify for themselves whether a company or advisor is registered with SEBI:
1. Use the Official SEBI Website
Go directly to the SEBI website and check their intermediary database.
Steps:
- Visit the official SEBI website
- Navigate to: Intermediaries / Market Infrastructure Institutions
- Click on the relevant category:
- Investment Advisors (IA)
- Research Analysts (RA)
- Stock Brokers
- Portfolio Managers
What to check?
- Registration status (Active / Suspended / Cancelled)
- Registration number (starts with INH, INA, INZ, etc.)
- Validity period
- Official contact details
If the name does not appear, the entity is not registered, no matter what they claim.
2. Cross-Verify the Registration Number
Fraudsters often try to appear legitimate by displaying fake or copied SEBI registration numbers, assuming most investors won’t verify them.
To protect yourself, always take the registration number provided by the company and search for it on the official database of the Securities and Exchange Board of India.
Once you find the record, carefully match key details such as the name of the entity, registered address, and official email ID.
If any of these details do not align, or worse, if the registration number actually belongs to a completely different entity, it is a clear red flag that the company may be attempting to mislead you.
3. Check SEBI’s “List of Registered Intermediaries”
SEBI publishes official lists of registered entities.
- Download the latest list from the SEBI website
- Search for the company name manually
This helps when websites or ads look convincing but aren’t genuine.
When To File A Complaint Against a Research Analyst?
SEBi has set a guideline for its registered entities regarding their operation.
A SEBI-registered Research Analyst is legally authorised to provide investment recommendations based on objective analysis, but this registration is only a basic compliance requirement, not a guarantee of accuracy, profits, or ethical behaviour.
They must display their registration number and follow strict rules, including not promising guaranteed returns, not managing client funds, and not using misleading or aggressive marketing tactics.
Importantly, SEBI registration does not ensure risk-free trading, profit certainty, or refund rights. Investors should therefore evaluate transparency, fee structure, and overall credibility, not rely solely on registration status.
If you find your RA violated these rules and if you’ve already paid for a service and have a grievance, here’s how to escalate it step by step:
1. Collect Your Records
Start by gathering every piece of evidence related to your interaction with the company.
This includes payment receipts, bank statements, invoices, WhatsApp chats, emails, call recordings, and any agreements or service promises shared with you.
Arrange them chronologically so your case is easy to understand. Strong documentation forms the backbone of any successful complaint.
2. Raise The Issue Directly With Your RA
Before going to SEBI, attempt to resolve the issue directly with the firm in writing (email preferred).
Keep a record of this communication. Most regulatory platforms will ask whether you tried to resolve it with the firm first.
3. File a Complaint in SCORES
If you do not receive a satisfactory response, you can escalate the matter through the SEBI Complaints Redress System (SCORES).
- Register yourself on the SCORES portal.
- Submit your complaint with all supporting documents.
- Clearly describe the issue, including dates, amounts involved, and prior communication.
SEBI forwards the complaint to the registered entity, which is required to respond. If unresolved, SEBI can escalate further.
4. Lodge a Complaint in SMART ODR
For further escalation, SEBI’s SMART Online Dispute Resolution (ODR) system provides a mediation-based approach.
This allows both parties to resolve the dispute with the help of a neutral mediator, often faster and less formal than legal proceedings.
After filing on SCORES, the intermediary typically has 21 days to respond.
If unresolved, the complaint moves to SEBI’s review.
Timelines can vary; some complaints are closed within weeks, others take longer depending on complexity. Stay on top of your complaint status by logging back into the portal.
5. Stock Market Arbitration
If the issue remains unresolved after SCORES and ODR, arbitration becomes the final step.
This is a formal process where an independent authority reviews the case, examines evidence from both sides, and delivers a binding decision.
While more structured, it requires clear documentation and patience, as timelines may be longer.
Need Help?
Navigating regulatory complaints on your own can feel confusing, especially if you’re already stressed about a financial loss.
Register with us. Our team helps investors at every step of this process.
What we do:
- Review your case and help you understand whether you have grounds for a complaint.
- Help you draft a clear, well-documented complaint for SEBI SCORES or Smart ODR.
- Guide you through the filing process so nothing important is missed.
- Refer you to arbitration support where applicable.
Conclusion
Ethical Research is a legitimately SEBI-registered Research Analyst entity with an active registration granted in August 2024 and a perpetual validity period.
As of the time of writing, there are no regulatory orders, penalties, or sanctions against the firm, a clean regulatory record by available standards.
That said, the SCORES data shows that seven complaints were filed against Ethical Research in 2025–2026, all of which have been resolved.
What those complaints were about is not publicly detailed, but the fact that investors felt the need to escalate formally is worth noting.
As always, the gap between regulatory compliance and day-to-day client experience is something only real users can speak to.
If you’re considering Ethical Research’s services, do your due diligence: verify the registration, ask for written terms, and demand a transparent performance record.
Informed decision-making is always the right first step, and now you know exactly where to look.
