Quick Summary
Deepak Nair (name changed) paid his advisory fees into what turned out to be a personal bank account rather than the registered firm’s account. His claim totalled 3,00,000. That single fact, verified through bank statements, became the anchor of the file. Our team recovered 2,00,000 for Deepak, a 66.7 percent share.
Deepak (name changed) signed up with a research analyst firm through a webinar in late 2024. He was given a UPI ID and an account number for payment, both under an individual’s name rather than the firm’s name.
He paid three separate instalments totalling 3,00,000 over four months, all to the same personal account details he had been given at the start.
A SEBI registered research analyst must collect client fees into an account held in the name of the registered entity. Payments routed to an individual employee’s personal account fall outside that requirement.
When Deepak later asked for a formal invoice reflecting the firm’s registration number, he received a document with mismatched details. The firm name on the invoice did not match the account holder name on his bank statement.
This gap between the invoice and the actual payment destination raised a direct question about where the money had gone and who was truly receiving it.
Most clients never check the account holder name behind a UPI ID before paying. A payment app usually shows only a partial name, which is easy to overlook during a fast onboarding call.
Deepak only noticed the mismatch when he tried to reconcile his bank statement against the firm’s invoice for tax purposes, several months after the last payment had gone through.
4-Step Recovery Strategy: Using Bank Proof to Hold the Adviser Accountable
We started with Deepak’s bank statements, since they showed the account holder name attached to every transfer he had made.
Step 1: Uncovering the Account Holder’s True Identity
We obtained the account holder name behind the UPI ID and account number Deepak had used, confirming it did not match the registered firm.
Step 2: Cross-Checking the SEBI Authorized Signatory List
We checked the firm’s SEBI registration details and confirmed the individual receiving payment was not listed as an authorised signatory for client funds.
Step 3: Documenting the Discrepancy Between Invoice and Payment Destination
We placed the invoice next to the bank statement to show the discrepancy between the billed entity and the actual payment recipient in one document.
Step 4: Escalating the Complaint via the SEBI SCORES Portal
Our complaint through the SEBI SCORES centred on the account mismatch, supported by bank statements and the mismatched invoice as primary evidence.
The firm initially claimed the personal account belonged to an authorised staff member collecting payments on its behalf.
We pointed out that SEBI rules require client fees to reach a registered entity account, not an individual’s personal account regardless of role.
The Outcome: ₹2,00,000 Recovered
Faced with clear bank evidence, the firm agreed to settle rather than dispute the account mismatch further. Deepak recovered 2,00,000 of his 3,00,000 claim, a 66.7 percent share.
The settlement concluded within ten weeks of the complaint being filed.
Suspect your advisory fees went to an unauthorized personal account? Register with us, we’ll assist you end-to-end with case drafting, account verification, and regulatory escalation.
Conclusion
Where your fee actually lands matters as much as how much you pay. A mismatched account name is a fact, not an opinion, and facts are easy to prove.
Take five minutes to check the account holder name behind every advisory payment you have made. It is one of the simplest checks that can protect you early.
When the entity behind a payment is genuinely unclear, our team also handles general complaints against SEBI registered intermediaries to keep the file moving.
Report. Recover. Stay Fraud Free.
Frequently Asked Questions
Compare the account holder name on your bank statement against the registered entity name shown in the firm's SEBI registration details.
Your bank statement usually reveals the linked account holder name even for UPI payments, which our team can help you trace.
Not automatically, but it is a clear compliance breach on its own and often points to deeper issues worth investigating further
Yes. Bank statements alone often carry enough weight to establish where your fee actually went.
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