Quick Summary
First Trade Research’s own complaint board shows 22 complaints filed in FY 2025-26, all marked resolved, up from zero in the prior year. Its grievance page states a 21-working-day resolution target, while the complaint board separately claims a 48-hour average. The Principal Officer’s contact field displays an email instead of a phone number, and two contact rows sit blank. This page covers every documented inconsistency in full.
First Trade Research reviews start with one number that matters most. The firm’s own complaint board lists 22 complaints filed in the 2025 to 2026 financial year.
First Trade Research received its SEBI registration in November 2024.
This volume built up during its first full year of business.
First Trade Research Complaints
The strongest evidence on this page comes straight from the firm’s own mandatory disclosure page.
According to First Trade Research’s complaint board, the firm recorded zero complaints in 2024 to 2025. It recorded 22 complaints in 2025 to 2026.
| Year | Carried Forward | Received | Resolved | Pending |
|---|---|---|---|---|
| 2024-2025 | 0 | 0 | 0 | 0 |
| 2025-2026 | 0 | 22 | 22 | 0 |
| 2026-2027 | 0 | 0 | 0 | 0 |
| Grand Total | 0 | 22 | 22 | 0 |
The complaint board breaks the count down by year, and the pattern is worth reading slowly rather than skimming past.
In 2024 to 2025, the firm carried forward zero complaints, received zero, and resolved zero. In 2025 to 2026, the firm received 22 and marked all 22 as resolved. In 2026 to 2027, the table currently shows zero on all counts.
Every one of the 22 complaints from 2025 to 2026 is listed as resolved. None are marked pending. That resolution rate looks reassuring on its face.
It does not tell you what each complaint was about. It also does not tell you whether the investor who filed it was satisfied.
Why Does the Volume Matter for a New Firm?
A brand new research analyst registered for barely more than a year does not usually generate 22 complaints. Something in the client experience is generating friction.
This is not proof of wrongdoing by itself. It is still a signal worth taking seriously before you pay a subscription fee.
The firm’s own pricing structure annualises well above the SEBI fee cap on several plans, and that detail may explain a real part of where friction with clients starts.
The full fee breakdown, plan by plan, is covered on our dedicated page: First Trade Research algo.
This page stays focused on the complaints themselves.
The complaint count on its own is only half the picture. The next place to look is how the firm says it handles a complaint once one lands.
Also Read: Manish Goel complaints, a user says he lost ₹10 lakh.
Grievance Redressal Gaps at First Trade Research
A grievance page exists to tell a client exactly who to contact and how fast they can expect a response.
On First Trade Research’s grievance page, several of these basic details do not hold together.
1. Two Different Resolution Timelines
The grievance page states a target of 21 working days to resolve a complaint.
The complaint board on the same website separately lists an average resolution time of 48 hours.
That figure applies to complaints received directly.
These are two very different promises sitting on two pages of the same site.
A client reading only the grievance page would expect a three-week wait. The complaint board suggests a two-day turnaround instead.
Neither page explains why the numbers differ.
A client has no way to know which timeline actually applies to their complaint.
2. A Phone Number Field That Shows an Email Address
The grievance table has a column labelled “Contact No.” for the Principal Officer. Instead of a phone number, that field shows [email protected].
A client trying to call the Principal Officer using this page cannot do so.
There is no phone number listed at all.
3. Blank Rows for Head of Customer Care and CEO
The rows for Head of Customer Care and CEO in the same table are empty. No name, no phone number, and no email appear in either row.
For a firm run by one proprietor, these roles may not exist separately. Leaving the fields blank instead of writing “same as proprietor” still looks incomplete.
A client scanning this table for an escalation contact finds two dead ends.
If you want to confirm whether First Trade Research is properly registered with SEBI, our First Trade Research page covers the full registration verification steps.
Recognise any of this from your own experience with First Trade Research?
Our team files your SEBI SCORES complaint, prepares the documentation, and represents you through SMART ODR and arbitration.
First Trade Research Review: Marketing vs. SEBI Rules
A firm’s own published pages count as a direct source you can quote as fact.
First Trade Research’s pages contain some contradictions worth reading closely.
1. The Disclaimer Contradiction
The disclaimer page states that nothing on the website is advice to sell or a solicitation to buy any security. It says all recommendations are for general information only.
First Trade Research is a SEBI-registered Research Analyst. It charges a monthly, quarterly, or six-month fee specifically for stock recommendations.
A client pays money for a recommendation. The same firm’s disclaimer states that the recommendation is general information rather than paid research.
This is not a small technical detail. It changes what a client can reasonably expect the firm to stand behind if a recommendation causes a loss.
2. Marketing Language That Doesn’t Match the Registration
The service pages for both AI and manual plans describe the offering as a “focused and personalised” service.
Personalised investment advice is the domain SEBI reserves for Investment Advisers, not Research Analysts. A Research Analyst registration does not cover personalised advice.
Using that word in marketing copy raises a real question about what the firm is licensed to deliver. The pricing page introduction goes further, telling traders they can “earn good profit in the stock market.”
SEBI prohibits performance-based claims from any registered research entity. No analyst can guarantee a trading outcome.
Read together with the homepage’s own claim of a safe, return-oriented model, the pattern is clear. This firm’s marketing tone sits well ahead of what its registration actually permits.
Also Read: Eqwires Reviews, SEBI fined the firm ₹6 lakh for misrepresentation.
How to Take Action Against First Trade Research?
Reading through all of this is one thing. Knowing what actually to do if your own experience matches it is a different question entirely.
If any of what you read above, the mismatched timelines, the missing contacts, the disclaimer contradiction, matches your own experience with this firm, filing a complaint on record is the next concrete step.
The complete step-by-step process, from documenting your evidence through SCORES, SMART ODR, and arbitration, is covered in full in our guide on how to complain against First Trade Research.
Disclaimer: The observations above are drawn directly from First Trade Research’s own published disclosures and complaint board. No SEBI adjudication order has been issued against the firm as of this writing.
Conclusion
First Trade Research holds a valid SEBI registration. The paperwork around that registration does not hold together as well as it should.
Two different resolution timelines, a missing phone number, and blank contact rows are not small details. Neither is a disclaimer that contradicts the firm’s own paid service.
Twenty-two complaints in one year is a real number. It’s worth remembering before you pay anything.
Report. Recover. Stay Fraud Free.
The complaint board's 48-hour average resolution time applies to complaints received directly. It does not apply to complaints filed through SEBI SCORES, which follows SEBI's own separate escalation timeline. No, the complaint board only shows yearly totals, not individual complaint records. Use the reference number generated when you file on SEBI SCORES to track your own complaint. No, enlistment confirms the firm is listed with the exchange as a Research Analyst. It doesn't mean BSE has reviewed or approved any specific recommendation. Yes, SEBI's annual cap of ₹1,51,000 per client family applies across every research analyst subscription combined, not per plan. First Trade Research’s official complaint email is [email protected], though this same address also appears incorrectly in the "Contact No." field on the grievance page.Frequently Asked Questions
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