Fiscal Solution & Research is a SEBI-registered equity and commodity research firm operating out of Udaipur and Indore, offering paid subscription calls across stocks, F&O, and commodity segments.
Their website opens with a bold promise: “Invest in Your Future and Trade with Fiscal Solution & Research.”
They claim an 8-year legacy, a 38.5% compounded annual growth rate, and an accuracy rate that is prominently advertised on every pricing page.
The numbers look impressive at first glance. But then you read the Google reviews. And the picture starts to look very different.
Before you subscribe to any advisory service, especially one making claims this specific, you owe it to yourself to look closely at what the firm is actually regulated to say, what it is prohibited from claiming, and what real subscribers have documented about their experience.
Let’s do exactly that.
Fiscal Solution And Research
Fiscal Solution and Research is a SEBI-registered Research Analyst firm holding registration number INH000012634.
Its registered office is at 2nd Floor, Banthiya Bhawan, 23 Shakti Nagar, Udaipur, Rajasthan, and its principal office is at 2nd Floor, Tower 61, Plot 15, PU3, Indore, Madhya Pradesh.
The firm can be reached at [email protected].
The firm’s About page presents an ambitious self-portrait. Fiscal Solution claims to be a pioneer in algo trading and technology-backed research, positioning itself as both an advisory and a strategy-building platform.
Their stated mission is to protect client financial interests through innovation, disciplined capital market approaches, and digital tools.
These numbers may look compelling on a webpage. But every single one of them, especially the 85% accuracy and 38.5% CAGR claims, sits in territory that SEBI’s Research Analyst regulations specifically govern, and in some cases, explicitly prohibit being published in the way they have been.
This is not a minor oversight.
SEBI’s 2021 circular explicitly requires all registered RAs to publish investor charters on their websites.
The 2023 advertisement code circulars further tightened the rules on how performance, accuracy, and returns may be communicated to prospective clients.
Fiscal Solution & Research’s current website presentation is inconsistent with these requirements across multiple fronts.
Let’s examine the customer reviews in detail now.
Fiscal Solution And Research User Reviews
When official compliance data is missing from a firm’s website, the next most reliable source of signal is what paying subscribers have documented publicly.
The Google reviews for Fiscal Solution & Research paint a consistent and concerning picture across three distinct categories of complaint.
Category 1: Unsolicited Calls & Telecaller Harassment
Problem: Cold calls to unrelated individuals using purchased contact databases; persistent harassment after refusal.
This reviewer documents two specific issues: first, the firm is purchasing third-party contact databases and making unsolicited cold calls to individuals with no connection to financial services or the stock market, a practice that raises serious data privacy and fair dealing concerns.
Second, a named telecaller was extending call durations artificially rather than ending conversations, then calling back repeatedly. The reviewer’s closing sentiment, wishing Google offered a negative rating, reflects the strength of the grievance.
Category 2: Capital Wiped Out; Abusive Response When Questioned
Problem: Subscribed tips resulted in total demat account depletion; vulgar language was used when the subscriber raised concerns.
This is among the most serious reviews on record for the firm. The subscriber reports that following the firm’s tips led to the complete erosion of their demat account balance, a total loss.
When they raised this concern with the firm, they were met with abusive and vulgar language.
This pattern, of dismissive or hostile responses when clients suffer losses, is the exact opposite of the investor-first conduct SEBI’s fair practice guidelines demand of every registered intermediary.
Category 3: Pressure Tactics, Funding Demands & No Post-Loss Support
Problem: Pressure to fund the account when trades go wrong; losses made; zero follow-up by the firm after money was lost.
This very recent review documents a multi-layered experience: vague, unstructured trading tips with no clear rationale or planning; active pressure from the firm to add more funds when positions moved against the subscriber; and a strategy of “hold the trade” as the only response to losses, a tactic that prioritises subscription retention over honest guidance.
After financial losses were incurred, the firm made no effort to follow up or offer any form of support. The reviewer’s closing reflection, advising others to trust their own knowledge over this type of service, is a message worth taking seriously.
What Investors Can Learn From These Patterns?
The issues documented by reviewers are not isolated; they are a window into how certain advisory platforms operate behind the headline claim of “SEBI registration.” Registration is a necessary credential.
It is not a guarantee of ethical conduct, quality research, or client-first behaviour.
Three investor lessons stand out clearly from Fiscal Solution & Research’s documented pattern:
- Pressure to add funds is a disqualifying behaviour: No legitimate research analyst has any financial interest in how much capital you hold in your trading account. If a firm is encouraging you to top up after losses, that is a conflict of interest, not customer service.
- Accuracy claims demand evidence, not trust: “85% accuracy” is a marketing number until it is independently verified, audited, and balanced with disclosure of all calls that did not work. Before subscribing to any plan advertising specific accuracy rates, ask for the underlying data. If it cannot be provided, the number tells you nothing reliable.
- The absence of mandatory disclosures is a regulatory violation, not an inconvenience: When a SEBI-registered firm does not publish an Investor Charter, complaint data, or grievance officer contact on its website, investors are being denied information they are legally entitled to have before making a subscription decision.
How to File a Complaint Against a Research Analyst?
If you have experienced financial loss, harassment, or misleading representations from Fiscal Solution & Research or any other SEBI-registered advisory, the grievance process is accessible and structured.
Here are the steps you can take to report:
- Register Your Complaint With Us: Document every detail of your experience, tips received, funds deployed, losses incurred, and all communications. We record your case thoroughly from the outset.
- Speak with a Case Manager: Our team reviews the facts, identifies the specific regulatory violations involved, and maps the most direct path to resolution for your situation.
- Draft a Structured Complaint: We help you compose a precise, evidence-backed SEBI complaint against advisory company, covering every material fact, date, and document, that cannot be dismissed or ignored.
- Contact the Firm Directly First: We guide you through formally notifying Fiscal Solution & Research before regulatory escalation, creating a documented paper trail that strengthens every subsequent step.
- Filing the complaint in SCORES: We walk you through the full SCORES submission process, selecting the right complaint category, uploading supporting evidence, and verifying all details before final submission.
- Lodging a Complaint in SMART ODR: If SCORES does not yield a satisfactory resolution, we support you through the Online Dispute Resolution mechanism, from registration through conciliation sessions and beyond.
- Arbitration in Share Market (if Required): For matters that escalate further, we provide complete guidance on the arbitration process, evidence preparation, and what to expect at each stage.
Your experience matters beyond your own case. Every documented grievance contributes to a more transparent, accountable financial market for every Indian investor.
Conclusion
Fiscal Solution & Research holds a valid SEBI Research Analyst registration and operates across equity and commodity segments from offices in Udaipur and Indore.
The credential is real. But the picture that emerges from a thorough review of the firm’s website and subscriber feedback is one that every prospective investor should approach with significant caution.
The website makes specific accuracy, CAGR, and market share claims that are inconsistent with SEBI’s advertisement guidelines for registered analysts.
The “replacement call if stop-loss triggered” feature implies loss recovery in a manner that regulation prohibits.
And critically, mandatory disclosures, including the Investor Charter, complaint data, grievance officer details, and SCORES escalation links, are absent from the website, contrary to explicit SEBI circular requirements.
The Google reviews, spanning over a year, document financial losses, account depletion, pressure to fund trading positions, and in at least one case, abusive treatment of a subscriber who raised concerns.
These are not isolated incidents; they are a documented pattern.
If you are considering a subscription, read the SEBI regulations that govern what any RA is permitted to claim. Verify the registration independently at SEBI’s official website.
And remember: a website that cannot show you its Investor Charter, its complaint record, or its grievance officer cannot be said to be fully transparent with the investors it is asking to trust it.
