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 Details
Fiscal Solution and Research is a SEBI-registered Research Analyst firm holding registration number INH000012634.
The firm is owned by Abhishek Dave, who is personally registered with SEBI as a research analyst.
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].
Fiscal Solution and Research operates as an investment advisory and research company under SEBI regulations.
The firm provides paid advice and does not promote financial products for commissions.
Its main focus is on conducting structured research and following disciplined advisory methods, evaluating current market conditions before suggesting any strategy, using market data, trends, and financial indicators as the basis for every recommendation given to clients.
The firm offers guidance across equities, derivatives, commodities, and IPOs, covering platforms such as NSE, BSE, MCX, and NCDEX. Core offerings include stock trading, intraday strategies, IPO investing, and derivatives guidance.
Its pricing structure shows uniform charges across Stock Cash, Stock Futures, Stock Options, and Index Options segments.
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 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 had 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
When to File a Complaint Against an Investment Advisory Firm?
Investors should take action if advisory services aren’t meeting the standards they promised, aren’t ethical, or aren’t following the rules. Acting early helps protect your money, gives a formal record of your concerns, and holds the advisory system accountable.
- If a firm promises guaranteed returns, gives false tips, or offers advice without proper registration, you should file a complaint. This behavior breaks the rules and puts your money at risk.
- If an advisor pushes complicated products without checking your risk tolerance or explaining possible losses clearly, you should raise your concerns.
- If you see trades made without your approval or without written consent, act immediately. Unauthorized trading is serious and can lead to legal problems.
- If reports, research, or promised services don’t arrive after you’ve paid, file a complaint.
- Poor communication and repeated delays are signs that the service isn’t up to standard.
- If a firm charges hidden fees, takes money without permission, or refuses a legitimate refund, take action.
- If the firm doesn’t respond to your complaint or takes more than ten working days to reply, escalate the issue. No response means the company isn’t handling complaints properly.
How to Report a Complaint Against a Research Analyst?
Reporting a complaint is most effective when investors follow a clear process rather than going straight to regulators.
This method allows the advisory firm a fair opportunity to address the issue while also creating proper records for any further steps.
A structured process also helps in maintaining clarity, setting clear timelines, and ensuring accountability throughout.
Steps to file SEBI complaint against advisory company:
- Contact the advisory firm: Reach out to them through official email or their support channels. Keep a record of all messages and responses you receive in writing.
- Wait for a reasonable response period: Allow the firm up to ten working days to resolve the issue. Carefully note any delays, unclear replies, or lack of response.
- Prepare supporting documents: Gather proof of payments, invoices, chat logs, emails, and advisory reports. Make sure the documents are organized to clearly explain what happened and when.
- File a complaint in SEBI SCORES: Lodge a complaint with SCORES against the registered advisory firm. Be clear and factual in your description, avoiding exaggerated or emotional language.
- Track and follow up regularly: After filing a complaint, you should check the SEBI SCORES complaint status of your case on the SCORES dashboard. Respond quickly if SEBI requests more information or clarification.
Need Help?
If you’re feeling confused or uncertain about what to do next, our team is here to help you through the whole complaint process in a calm and clear way. You can register with us.
We’ll help you understand your situation, make sure your concerns are clear, and organize your documents without making things harder or more stressful.
We’ll be with you during all follow-ups and help you respond accurately to any questions from the regulators. You don’t need any prior knowledge or experience because we take care of every step with clear explanations and patience.
From the first concern to the final resolution, we focus on keeping things structured, transparent, and easy to follow at every stage.
Conclusion
Fiscal Solution and Research operates in a regulated advisory environment that emphasizes research, organization, and compliance with rules.
Investors should understand how these advisory firms work, what services they offer, and the limits of their responsibilities.
Being informed helps investors set realistic goals, assess advice fairly, and stay focused on their financial plans. Making thoughtful decisions helps avoid hasty choices and encourages a disciplined way of investing.
When issues or concerns arise, it’s important to deal with them promptly rather than putting them off or ignoring them. Taking action early, keeping accurate records, and using clear reports help protect investors’ interests and increase transparency.
Knowing how to handle complaints gives investors the confidence to address problems calmly and effectively.
Having clear information and staying informed helps investors feel in control and assured in their relationship with their advisors.
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