How to File a Complaint Against SEBI Registered Investment Advisor?

Complaint Against SEBI Registered Investment Advisor: Step by Step Process

If a registered intermediary has violated regulations, you should follow this structured process to file a complaint against SEBI registered investment advisor and maximize your chances of recovery.

• File an Internal Complaint: First, reach out directly to the firm’s designated compliance officer. By law, registered entities must display their compliance officer’s contact details on their website.
• Escalate to SEBI SCORES: If the firm does not resolve your issue satisfactorily within 30 days, you should file a formal SEBI SCORES complaint.
  Register and log in to the official SEBI SCORES Portal, which is the regulatory platform designed to track and resolve disputes against registered investment advisors online.
• Select the Correct Intermediary Category: Ensure you select either Research Analyst or Investment Adviser accurately. This is critical because selecting the wrong intermediary category on SEBI SCORES routes your complaint to the wrong department.
• Upload Your Compiled Evidence: Attach clear PDFs of your bank statements, fee payment receipts, and WhatsApp chats showing guaranteed returns.
• Track and Respond Promptly: Once submitted, note down your unique SCORES tracking number. Check the portal regularly, as SEBI or the intermediary may ask for additional clarifications.

The Most Important Filing Detail: RA vs IA Category

This is the single most common reason valid complaints against advisories get delayed. Selecting the wrong intermediary category on SEBI SCORES routes your complaint to the wrong department.

If your complaint is against a SEBI-registered Research Analyst, select Research Analyst as the intermediary type on SCORES.

Research Analysts provide general research reports and recommendations.

Examples include firms like Stockifi, Invesia Research, NA Supreme Research, and similar advisory firms.

If your complaint is against a SEBI-registered Investment Adviser, select Investment Adviser. Investment Advisers provide personalised advice tailored to your specific financial situation.

Examples include Equentis Wealth Advisory, which holds an IA registration, and similar personalised advisory firms.

If you are not sure which registration type your firm holds, go to sebi.gov.in, navigate to Registered Intermediaries, and search for the firm.

The category shown next to their registration number tells you whether they are an RA or an IA.

What Conduct Qualifies as a Formal Complaint?

Several specific patterns of conduct directly violate regulations and form the basis of a formal complaint to SEBI against Investment Advisor.

• Guaranteed Return Promises: Guaranteed or assured return promises of any kind, verbal or written, violate regulations. A screenshot of a WhatsApp message where a representative promised a specific monthly income or assured you that losses would be recovered is a documented violation.
• Live Execution Calls: Live execution calls during market hours that direct you to buy or sell at current prices without a formal research report go beyond the permitted scope of a Research Analyst. An RA can provide research but cannot provide live execution guidance.
• Excessive Fees: Fees collected above the annual cap of Rs. 1,51,000 per client family. If your combined fees from one or more registered advisories exceeded this limit, the excess was collected outside the regulatory framework.
• Recovery Pitches: Recovery pitches after losses. Being told that a higher-fee service will recover the money you already lost is a prohibited representation.

A Real Recovery Against SEBI Registered Investment Adviser

An investor we worked with recovered ₹73,000 from Falconphase Investment Advisory after pursuing the complaint process available against SEBI-registered investment advisers.

The investor had paid ₹11,900 for the firm’s Premium Equity Service and later suffered losses after sharing his trading credentials with a company representative who executed trades in his account.

The investor first raised a complaint through the available channels, including the SEBI SCORES platform.

When the dispute could not be resolved at the initial stage, the matter was escalated further, ultimately resulting in a recovery in the investor’s favour.

This case highlights an important point for investors.

Even if an investor shares account credentials, a SEBI-registered investment adviser is not permitted to execute trades or operate a client’s account.

Our team helped the investor organise his evidence and present his case during the complaint and escalation process, which ultimately led to Falconphase Investment Advisory being directed to pay ₹73,000 within 30 days.

Frequently Asked Questions

1. What is the correct SCORES category for an RA complaint?

Select Research Analyst as the intermediary type for complaints against registered research analysts. Select Investment Adviser for complaints against registered investment advisers.

Using the wrong category is the most common cause of complaint delays.

2. Can an RA legally promise guaranteed returns?

No. SEBI Research Analyst Regulation 16(b) explicitly prohibits guaranteed or assured return promises in any form. Any such promise, verbal or written, is a regulatory violation and a specific complaint basis.

3. I signed a no-refund agreement. Can I still complain?

Yes. A private subscription contract cannot override SEBI’s regulatory obligations. If you are wondering where to file a complaint against SEBI registered investment advisor, you can still use the SCORES portal or file for stock exchange arbitration.

A private agreement does not protect a firm from regulatory penalties if it has committed violations.

4. What evidence do I need for an RA or IA complaint?

The guaranteed return promise documentation is the strongest evidence.

A payment receipt, a subscription confirmation showing the service scope, trading records showing losses from following recommendations, and any communications where recovery or upgrade pitches were made after losses appear.

Collect everything before you submit your complaint to SEBI against investment advisor.