Quick Summary
Finest Capital Research is a SEBI-registered Research Analyst practice run by proprietor Narendra Singh Rajput, under registration number INH000012652, based in Indore, Madhya Pradesh. Several of its subscription plans, once annualised, run above SEBI’s fee cap, though not every plan does, and the pattern is worth understanding precisely rather than assuming every price point is a violation. Its complaint disclosure has not been updated since July 2026 despite a monthly update requirement, and reports the exact same number of complaints, four, in two consecutive years. This guide covers the registration, the pricing, the complaint data, and the privacy and terms language in full.
Finest Capital Research offers equity and index research across stock options, index options, and futures, describing its objective as helping investors build long-term wealth through value investing and compounding.
This review works through the registration, the person behind it, the pricing structure against SEBI’s fee cap, the complaint data, and specific privacy and terms clauses worth reading before you subscribe.
Who Is Narendra Singh Rajput?
Narendra Singh Rajput is the proprietor behind Finest Capital Research, holding the firm’s SEBI registration individually rather than through a corporate structure.
Because the registration is held individually, every regulatory obligation, disclosure, and response to a client complaint traces back to him directly rather than a board or compliance department.
Is Finest Capital Research SEBI Registered?
Yes. Narendra Singh Rajput holds a valid SEBI Research Analyst registration under number INH000012652, effective August 10, 2023, on a perpetual validity basis.
- SEBI Registration Number: INH000012652
- Registration Date: August 10, 2023
- Address: House No. 46, First Floor, Scheme No. 114, Indore, Madhya Pradesh, 452010
This registration confirms Finest Capital Research operates within SEBI’s regulatory framework for Research Analysts.
It does not, on its own, confirm that every pricing plan or policy the firm publishes meets every standard that framework sets, which the sections below cover.
What Does Finest Capital Research Charge, and Does It Exceed SEBI’s Fee Cap?
The site lists roughly 15 total plans across Equity, Derivative, MCX, and Algo categories, each following a Classic or Platinum tier billed Monthly or Quarterly.
This review verified exact figures for eight of these plans.
| Plan | Monthly | Quarterly | Discount Shown |
|---|---|---|---|
| Classic Index Options | ₹15,000 | ₹40,000 | ₹5,000 off (11.1%) |
| Platinum Index Options | ₹40,000 | ₹99,000 | ₹21,000 off (17.5%) |
| Classic Stock Option | ₹12,000 | ₹30,000 | ₹6,000 off (16.7%) |
| Classic Stock Future | ₹12,000 | ₹30,000 | ₹6,000 off (16.7%) |
| Platinum Stock Option | ₹30,000 | ₹75,000 | ₹15,000 off (16.7%) |
| Platinum Stock Future | ₹30,000 | ₹75,000 | ₹15,000 off (16.7%) |
| Platinum Index Future | ₹15,000 | ₹40,000 | ₹5,000 off (11.1%) |
| Generic pricing template | ₹12,000 | ₹30,000 | ₹6,000 off (16.7%) |
SEBI caps Research Analyst advisory fees at ₹1,51,000 per client family per year.
Annualising these eight confirmed plans shows a pattern worth reading carefully, since it is not the same across every plan.
Which Plans Stay Within SEBI’s Fee Cap, and Which Don’t
- Classic Stock Option and Classic Stock Future stay under the cap: At ₹12,000 a month, the annualised figure is ₹1,44,000, just under the ₹1,51,000 ceiling. At the Quarterly rate, it annualises to ₹1,20,000, comfortably under.
- Classic Index Options and Platinum Index Future already breach the cap at their lower price point: ₹15,000 a month annualises to ₹1,80,000, above the cap, and the Quarterly rate of ₹40,000 annualises to ₹1,60,000, also above it.
- Every Platinum plan checked, aside from Index Future, breaches the cap substantially: Platinum Index Options annualises to between ₹3,96,000 and ₹4,80,000 depending on the billing cycle.
Platinum Stock Option and Platinum Stock Future each annualise to between ₹3,00,000 and ₹3,60,000.
This is not a case where every single plan is priced the same way against the cap.
The two Classic Stock plans stay compliant. Everything else checked here does not.
Before subscribing to any Index Options or Platinum tier plan specifically, ask Finest Capital Research directly whether that plan has been structured with SEBI’s cap in mind.
What Does Finest Capital Research’s Complaint Data Show?
SEBI requires every registered Research Analyst to publish complaint data, updated by the 7th of every month.
Data for the Month Ending July 2026
| Received From | Pending at Start | Received | Total Pending | Pending Over 3 Months | Avg. Resolution Time |
|---|---|---|---|---|---|
| Directly from Investors | 0 | 0 | 0 | 0 | N.A. |
| SEBI SCORES | 0 | 1 | 0 | 0 | 13 days |
| Other Sources | 0 | 0 | 0 | 0 | N.A. |
| Grand Total | 0 | 1 | 0 | 0 | N.A. |
One inconsistency worth flagging directly: the SEBI SCORES row shows an average resolution time of 13 days, yet the Grand Total row for the same single complaint shows “N.A.” instead of reflecting that same figure.
With only one complaint in this table, the total’s resolution time should logically match the individual row it is summarising.
Annual Disposal Trend
| Year | Carried Forward | Received | Resolved | Pending |
|---|---|---|---|---|
| 2023-24 | 0 | 0 | 0 | 0 |
| 2024-25 | 0 | 4 | 4 | 0 |
| 2025-26 | 0 | 4 | 4 | 0 |
| Grand Total | 0 | 8 | 8 | 0 |
Two specific problems came up when reviewing this data against SEBI’s own requirements.
1. The monthly disclosure has not been updated on schedule
The complaint data on the site is dated to July 2026, roughly two months old at the time of this review, despite SEBI’s requirement that this disclosure be updated by the 7th of every month.
2. The complaint count has not changed across two consecutive years
Both 2024-25 and 2025-26 show exactly four complaints received and four resolved, an identical figure in back-to-back years.
An identical count across two separate years is not impossible, but it is the kind of pattern worth confirming directly, since it could also indicate the underlying data was not genuinely refreshed for the second year.
What Marketing Claims Does Finest Capital Research Make?
The homepage states that the firm’s products “have repeatedly introduced various products and services that performed much better than major stock indices and rewarded investors.”
No supporting performance record or verifiable data accompanies this specific claim anywhere on the site.
Language throughout the site leans toward outcome-focused phrasing, including references to helping clients “create wealth,” describing past products as having “rewarded investors,” and describing the firm’s own approach as “cutting-edge expertise.”
Claims like these, made without a verifiable performance record attached, risk creating a more positive impression of likely outcomes than a Research Analyst is able to support.
What Does Finest Capital Research’s Privacy Policy Allow?
The privacy policy contains several points worth reading individually rather than skimming as one block.
1. A Direct Contradiction Within the Same Document
The policy first states that user information will not be sold, rented, exchanged, transferred, or given to any company or individual without consent.
A later section then permits transferring personal information to regulatory authorities, related organisations, and “any organizations or individuals with whom we have an interest,” without consent.
2. No Clear Definition Of Which Third Parties Receive Data
The broad data-sharing language above does not specify which third parties may actually receive personal information, or under what specific circumstances.
3. Marketing Use Without A Clear Opt-out
Mobile numbers and email addresses may be used for newsletters, surveys, contests, and promotional updates, without a clearly described way to opt out of this use.
4. Consent To Bypass DND Registration
Submitting an inquiry form on the site is treated as consent to receive calls, SMS, and WhatsApp messages, even where the number is registered under the National Do Not Disturb registry.
5. No Stated Data Retention Period
The policy does not specify how long personal information collected from a client or prospective client will be retained.
6. No Clear Deletion Mechanism
There is no described process for a user to request deletion, correction, or withdrawal of consent for their own personal information.
7. A Weak Security Assurance
The firm states it cannot guarantee 100 percent security for information transmitted through its online services, placing that risk on the user despite stating elsewhere that it takes measures to protect data.
What Does Finest Capital Research’s Terms & Conditions Say?
Before subscribing, it’s worth reading the Terms & Conditions just as closely as the pricing and privacy sections, since a few clauses here shift meaningful risk onto the user.
1. An Extensive Limitation of Liability
The terms exclude liability for losses arising from a wide range of causes, including technical failures, telephone connection defects, strikes, walkouts, weather, acts of God, fire, armed conflicts, riots, and acts of war.
2. A Broad Assumption of Risk
Users are told that use of any information or materials on the website is entirely at their own risk, with the firm disclaiming responsibility for whether its services meet a specific user’s requirements.
3. A Direct Contradiction Against the Privacy Policy
The Terms and Conditions state that information will not be transferred without consent for any reason.
The Privacy Policy, covered above, permits certain transfers without consent to regulatory authorities and other interested parties.
These are two of the firm’s own documents describing the same subject differently.
4. A Third-party Website Disclaimer
The firm disclaims responsibility for the privacy practices and content of any external websites linked from its own site.
How to File a Complaint Against Finest Capital Research?
If your experience with Finest Capital Research did not match its pricing, its marketing claims, or you have questions about how your personal information has been used, start by saving your subscription confirmation, payment records, and any correspondence.
Reading through the general complaint against SEBI registered research analyst process first will help you understand what to expect at each stage of escalation.
Raise your concern in writing with Narendra Singh Rajput directly before escalating further, and keep a dated copy of what you sent.
If that does not resolve the matter, the SEBI SCORES portal is where you file formally, citing registration number INH000012652 and attaching your documentation.
Keep the acknowledgement SEBI issues once your complaint is registered, since you will need that reference number for any further escalation.
Should SCORES not bring resolution, the SMART ODR login offers structured online conciliation between you and the firm.
This stage generally moves faster than a formal hearing, since it focuses on reaching an agreement both sides accept rather than a contested proceeding.
If conciliation does not resolve your dispute, formal stock market arbitration remains the final step available to you.
Subscribed to a Finest Capital Research plan priced above SEBI’s fee cap, or concerned about how your data has been used?
We review your subscription tier, payment history, and the firm’s own policy documents to identify exactly where the gap sits, then help you build a complaint SEBI will actually act on. Register with us for a free consultation.
Disclaimer: This review is based on Finest Capital Research’s own website, its published complaint disclosures, and its policy documents, and does not constitute a SEBI finding or investment advice. Verify all current pricing, registration, and complaint details directly with the firm and with SEBI before making any decision.
Conclusion
Narendra Singh Rajput holds a genuine SEBI Research Analyst registration for Finest Capital Research under INH000012652, offering research across equity, index, and derivative segments.
At the same time, several of its Index Options and Platinum tier plans annualise above SEBI’s fee cap while its two Classic Stock plans stay within it; its complaint disclosure has gone unupdated past the required monthly schedule; its complaint count has not changed across two consecutive years; and its own Privacy Policy and Terms & Conditions directly contradict each other on data sharing.
Confirm which specific plan you are subscribing to against SEBI’s cap, and ask directly which of the firm’s two contradictory data-sharing statements actually applies to you before submitting any personal information.
Report. Recover. Stay Fraud Free.
Frequently Asked Questions
Yes, registration number INH000012652 is valid, held individually by proprietor Narendra Singh Rajput since August 10, 2023. Genuine registration does not resolve the pricing, complaint-data, or policy contradictions this review covers.
It depends on the plan. Classic Stock Option and Classic Stock Future stay under the ₹1,51,000 annual cap, while Classic Index Options, Platinum Index Future, and every other Platinum plan checked annualise above it.
It shows real gaps. The disclosure has not been updated since July 2026 despite a monthly update requirement, and reports an identical complaint count in two consecutive financial years.
No. The Terms & Conditions state information will not be transferred without consent, while the Privacy Policy separately permits transfers to regulatory authorities and other interested parties without consent.
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