Quick Summary
Finlight Research India Private Limited is a Bangalore-based SEBI Research Analyst under registration INH000013518, led by directors Arpan Vijaykumar Malu and Ashutosh Kumar Pandey. The firm’s mandatory disclosure shows 40 complaints received across the reporting period, with 3 currently pending and resolution times ranging from 15 to 56 days. Demo trades shared before payment do not prove long-term performance. Any representative promising guaranteed profits or loss recovery is operating outside what SEBI permits. This page covers the registration details, the firm’s complaint data, both red-flag patterns, and the exact steps to follow if you already paid and something went wrong.
Finlight Research India Private Limited holds SEBI Research Analyst registration INH000013518, granted on October 19, 2023, on a perpetual basis.
That fact is real and worth confirming first. But investors researching this firm are usually asking more specific questions: is the registration enough to trust the firm, are the demo trades genuine, and does anyone connected to Finlight promise guaranteed profits?
This review answers all three, alongside the complaint data the firm has disclosed and what SEBI actually permits an RA to do.
Finlight Research India Private Limited
Finlight Research India Private Limited was incorporated on 24 April 2023 in Bangalore’s Tavarekere neighbourhood, with ₹25 lakh capital and formal incorporation under CIN U73200KA2023PTC172750.
The firm is led by two directors: Arpan Vijaykumar Malu, the registered contact person on the SEBI certificate, and Ashutosh Kumar Pandey.
SEBI Research Analyst registration INH000013518 carries perpetual validity from October 19 2023.
Verify this yourself. Go to sebi.gov.in, select Research Analyst, and search INH000013518.
The firm covers equities (cash and F&O on NSE) and commodities including bullion, metals, and agri-commodities on MCX and NCDEX. Recommendations are delivered via SMS and voice calls.
The firm claims that all research views are grounded in technical analysis alongside fundamental checks, with defined risk-reward ratios attached to each call.
It targets both short-term traders and longer-horizon investors through the same delivery channel.
In a market flooded with unregistered tip providers making outsized promises, a verifiable SEBI RA registration is a meaningful differentiator on its own.
It places the firm within a defined compliance framework requiring disclosures, documented research processes, and adherence to a code of conduct designed specifically to protect investors from exactly the kind of unregulated activity this registration rules out.
That said, being inside the regulatory framework is the floor, not the ceiling, of what an investor should expect.
Is Finlight Research Genuine?
SEBI registration confirms existence. It does not confirm ethical conduct or service quality.
Four specific points are worth weighing beyond the registration number itself.
1. Verifiable SEBI Registration
Finlight holds an active, legitimate registration under SEBI’s Research Analyst Regulations 2014. This clears the basic legitimacy test that separates a registered firm from an unregistered tip provider.
2. A Thin Public Research Track Record
Genuine research houses publish detailed reports with rationale, price targets, and analyst credentials. Finlight’s public presence shows tip-based calls rather than structured reports, and its Instagram page carries only 7 posts and 94 followers.
This leaves almost no publicly accessible history to independently evaluate past call accuracy.
3. Communication Through a Personal Gmail Address
Communication through a personal Gmail address rather than a business domain has been flagged in prior reviews of the firm’s official correspondence.
This is worth confirming directly with the firm before relying on any email communication.
Before paying anything, follow these five habits: verify the SEBI number directly on sebi.gov.in, never pay fees to a personal bank account or personal UPI ID, never share trading login credentials with any RA or their associates, demand a written service agreement stating fee, duration, and refund policy, and walk away from any firm promising guaranteed returns.
Finlight Research India Pvt Ltd Reviews: What the Complaint Data Shows?
Finlight Research’s mandatory disclosure shows 40 total complaints received across the reporting period, with 3 currently pending.
Annual disposal trend:
| Period | Received (SCORES) | Resolved (SCORES) | Received (Other) | Resolved (Other) | Total Received | Pending | Avg. Resolution Time |
|---|---|---|---|---|---|---|---|
| Oct 2025 to Mar 2026 | 19 | 19 | 8 | 8 | 27 | 0 | 26 days |
| Apr 2026 to Sep 2026 | 12 | 9 | 1 | 1 | 13 | 3 | 38 days |
| Oct 2026 to Mar 2027 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Grand Total | 31 | 28 | 9 | 9 | 40 | 3 | 32 days |
Monthly breakdown for the most active window:
| Month | Received (SCORES) | Resolved (SCORES) | Received (Other) | Resolved (Other) | Total Received | Pending | Avg. Resolution Time |
|---|---|---|---|---|---|---|---|
| October 2025 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| November 2025 | 6 | 6 | 2 | 2 | 8 | 0 | 46 days |
| December 2025 | 2 | 2 | 1 | 1 | 3 | 0 | 23 days |
| January 2026 | 1 | 1 | 2 | 2 | 3 | 0 | 39 days |
| February 2026 | 5 | 5 | 1 | 1 | 6 | 0 | 19 days |
| March 2026 | 5 | 5 | 2 | 2 | 7 | 0 | 15 days |
| April 2026 | 4 | 4 | 0 | 0 | 4 | 0 | 21 days |
| May 2026 | 1 | 1 | 0 | 0 | 1 | 0 | 38 days |
| June 2026 | 3 | 3 | 0 | 0 | 3 | 0 | 56 days |
| July 2026 | 3 | 1 | 1 | 1 | 4 | 2 | 28 days |
| August 2026 | 1 | 0 | 0 | 0 | 1 | 1 | 0 |
| Grand Total | 31 | 28 | 9 | 9 | 40 | 3 | 33 days |
The most recent month on record, August 2026, shows 1 complaint received through SEBI SCORES with zero resolved and 1 still pending.
| Received From | Received | Resolved | Pending | Avg. Resolution Time |
|---|---|---|---|---|
| SEBI (SCORES) | 1 | 0 | 1 | 0 |
| Other Sources | 0 | 0 | 0 | 0 |
| Grand Total | 1 | 0 | 1 | 0 |
Two things stand out from the full data.
First, the average resolution time varies sharply month to month, from as fast as 15 days in March 2026 to as slow as 56 days in June 2026, well beyond SEBI’s expected turnaround.
Second, 3 complaints remain pending at the time of this review, with the most recent one in August 2026 still unresolved.
Resolved means the firm submitted a formal response and the complaint file was closed. It does not confirm the investor was satisfied with the outcome.
Can Finlight Research Give Demo Trades?
A small profit is often all it takes. You receive a message, watch a stock move exactly as predicted, and see a screenshot showing a quick Rs. 15,000 profit.
This is known in India’s advisory industry as the “hook trade.”
A research analyst may legally share research views, model portfolios, and educational examples, subject to disclosure requirements.
There is no outright prohibition on sharing a sample call. But a demo trade is not the same as a verified performance record.
Before trusting any demo, ask: was this an actual client recommendation, was it executed in a real account, were losses also disclosed, and is the performance independently verifiable?
A screenshot showing a Rs. 20,000 profit may not show the accompanying Rs. 50,000 downside risk that came with it. Without the complete picture, investors form unrealistic expectations.
A demo trade presented as proof of guaranteed future performance is misleading.
A demo used specifically to create emotional investment before soliciting payment sits in ethically grey and potentially problematic territory under SEBI’s framework.
Recognising the Demo Trade Sequence
Most investors who end up in advisory disputes do not describe one obvious red flag.
They describe a sequence that felt reasonable at each step and only looked like a pattern from the outside.
A screenshot may show a profitable trade. It may not show the losing trades, the stop-loss hits, the missed entries, or the actual capital and risk exposure required to place that trade in the first place.
Many investors only start questioning the process after additional payments, larger trade sizes, or recovery conversations begin.
By then, the emotional investment in the relationship makes it harder to step back objectively.
If you are unsure whether a demo trade you received was used appropriately, preserving the record early, the exact message, the date, and what was said around it, gives you options later that you would not otherwise have.
Does Finlight Research Guarantee Profit?
Finlight Research’s own public disclosures state that investments in securities markets are subject to market risks and that SEBI registration does not guarantee performance or returns.
By law, no SEBI-registered Research Analyst can promise guaranteed profits.
But the promise rarely arrives as a plain written statement. It arrives as a vibe: a confident sales voice that never mentions losing trades, screenshots showing only green positions, or the phrase “don’t worry, we’ll make up for this” after the first loss.
If anyone claiming to represent Finlight told you profits were guaranteed, preserve that message, call recording, or screenshot immediately.
Before paying, ask these questions in writing: is the registration independently verifiable, are they discussing risk as much as profit, do they clearly break down all charges, and do they provide a written refund policy?
One warning sign alone may not prove wrongdoing. Multiple signs together should make you stop and review the situation carefully.
Did you pay Finlight Research after seeing a “guaranteed profit” screenshot or a winning demo trade?
Our team will review your evidence, identifies the specific SEBI violation, and prepares your SCORES complaint from start to finish.
What SEBI Allows Finlight Research India Private Limited to Do?
Understanding the permitted scope helps you recognise the moment a conversation crosses into prohibited territory.
SEBI’s Research Analyst Regulations 2014, last amended December 16, 2024, exist specifically to draw this line clearly.
What Finlight Research and any registered RA are permitted to do:
- Publish structured research reports on listed stocks, sectors, or commodity markets, each accompanied by proper risk disclosures and conflict-of-interest declarations
- Issue buy, sell, or hold recommendations, but only when backed by documented analysis, never as a hidden sales pitch
- Share analytical commentary on equities, derivatives, and commodities as analysis, not as execution instructions
- Charge transparent, fixed fees up to Rs. 1,51,000 annually per client, disclosed upfront with no profit-sharing arrangement tied to trading outcomes
What SEBI explicitly prohibits, regardless of registration status:
- Guaranteed profit promises or any “sure-shot” call claims
- Loss recovery assurances that push clients toward riskier positions to make up prior losses
- Performance-linked fee structures where compensation depends on client trading outcomes
- Aggressive, unsolicited selling through repeated cold calls, manufactured urgency, or pressure-based pitch tactics
- Operating without mandatory written service agreements, risk disclosure documents, and clear fee schedules provided before service begins
SEBI’s 2024 amendments also require every RA firm to maintain Most Important Terms and Conditions documents, mandating complete fee transparency and stating explicitly that no RA can trade on a client’s behalf under any circumstance.
Knowing this table by heart lets you spot a violation within minutes of your first interaction with any representative, whether from Finlight Research or any other registered firm.
What Should You Check Before Paying Finlight Research?
Every verification point covered on this page comes together into one working checklist here. Nine specific checks stand between an informed decision and an expensive mistake, and each one takes only a few minutes to complete.
- Registration and identity. Confirm INH000013518 independently at sebi.gov.in, not through the firm’s own marketing material.
- Payment channel. Insist on a company account with a proper GST receipt. Never pay fees to a personal bank account or personal UPI ID.
- Credentials. Never share your trading login credentials with any RA, sub-broker, or their associates under any circumstance.
- Documentation. Demand a written service agreement stating the fee, duration, refund policy, and exact scope of services before any payment.
- Demo trades. Ask whether the trade was an actual client recommendation, executed in a real account, with losses disclosed alongside the wins.
- Language. Note whether the conversation focuses more on profit than on risk, and whether any word resembling “guaranteed,” “assured,” or “sure-shot” is used.
- Fee transparency. Confirm the exact charges are broken down clearly before you commit, not revealed after you have already paid.
- Pressure. A genuine service does not pressure you into an immediate decision. Urgency and scarcity language are themselves warning signs under SEBI’s fair practice guidelines.
- Disciplinary history. A quick search of the firm’s name or registration number on SEBI’s enforcement pages and the MCA21 portal takes ten minutes and can surface issues no marketing page will mention.
What Does the Finlight Research Complaint Process Actually Involve?
A demo trade, a guaranteed profit promise, or service delivery that fell short of what was promised, all three give you formal grounds to escalate. The path is structured, free at every stage, and does not require a lawyer to begin.
Three regulatory stages sit between your first written complaint and a binding outcome:
- SEBI SCORES is your starting point once the firm itself fails to resolve your complaint. The complete filing guide is on the SEBI SCORES complaint portal page on this site.
- SMART ODR comes next if SCORES does not settle the matter. This stage offers online conciliation before anything moves to a formal hearing. The full process is on the SMART ODR portal page on this site.
- Exchange arbitration is the final and binding step when conciliation fails. An independent arbitrator reviews the evidence and issues a decision with legal weight. The process is on the arbitration in stock market page on this site.
The full step-by-step guide specific to Finlight Research, covering exactly what evidence to preserve and how to write the internal complaint before any of these three stages, is on the complaint against Finlight Research page on this site.
Conclusion
Finlight Research India Private Limited holds a genuine SEBI registration under INH000013518, with two named directors and a two-year operating history.
What deserves equal weight is the 3 complaints still pending at the time of this review, the wide swing in resolution time across different months, the thin public research track record, the demo trade pattern common across the advisory industry, and the specific language SEBI prohibits around guaranteed returns.
None of these individually prove wrongdoing. Together, they are exactly the kind of pattern that separates a firm worth trusting with real due diligence from one that only looks trustworthy on the surface.
Verify the registration yourself. Ask the hard questions in writing. Never treat a single profitable demo as proof of anything beyond that one trade.
And if a representative ever uses the words “guaranteed” or “assured” about your returns, treat that sentence as the reason to stop, not the reason to proceed.
Report. Recover. Stay Fraud Free.
Frequently Asked Questions
Yes. Finlight Research India Private Limited holds SEBI Research Analyst registration INH000013518, granted October 19 2023 with perpetual validity. Verify current status at sebi.gov.in under Research Analyst.
40 complaints received across the disclosed reporting period, with 3 currently pending as of August 2026. Resolution time has varied widely, from 15 days in the fastest month to 56 days in the slowest.
No. Demo trades used in sales conversations are typically selected for their high probability of success. They are the best-case example, not a representative sample of daily performance. SEBI-registered RAs must maintain records of all recommendations, not just the profitable ones.
No. SEBI explicitly prohibits any registered Research Analyst from promising guaranteed returns or loss recovery. If any representative made such a promise, preserve the message, screenshot, or call recording as evidence for a formal complaint.
Preserve every payment receipt, WhatsApp export, and screenshot immediately. Write a formal complaint to the firm's grievance officer first, then escalate to SEBI SCORES if unresolved within 21 days, followed by SMART ODR and arbitration if needed.
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