If someone has approached you representing Fundtrack Research through a phone call or a WhatsApp message, and you are now searching for them online, you are doing the right thing.
At a broader level, the fact that you are looking for an independent view is already a sign of healthy financial caution.
At the outset, Fundtrack Research is a SEBI-registered Research Analyst entity based in Indore, Madhya Pradesh.
More importantly, its registration is recent. At the same time, its digital footprint is almost non-existent, and very little public information informs a prospective client’s decision.
At its core, this blog compiles all factually verifiable information and flags what is missing.
Fundtrack Research Review
To start with, Fundtrack Research operates as a sole proprietorship.
Notably, the registered and correspondence addresses are identical, a residential flat address in Indore.
Furthermore, the entity does not maintain a publicly listed website or publish pricing. As a result, this limits independent verification.
Is Fundtrack Research SEBI Registered?
Fundtrack Research holds a valid SEBI Research Analyst registration (INH000023658) in the name of Shubham Sewarik.
Specifically, the registration runs from October 15, 2025, through October 14, 2030, making it a five-year fixed-term registration, unlike the perpetual registrations seen in some other entities under the newer SEBI framework.
- Legal Name / Proprietor: Shubham Sewarik, Proprietor of Fundtrack Research
- SEBI Registration No.: INH000023658
- Registration Type: Research Analyst (Proprietorship)
- Registered Email: [email protected]
- Address: Flat No. 205, 14/1, North Harsiddhi, Indore, Madhya Pradesh – 452001
- Correspondence Address: Flat No. 205, 14/1, North Harsiddhi, Indore, Madhya Pradesh – 452001
- SEBI Registration Validity: October 15, 2025 – October 14, 2030
In addition, we found no SEBI orders, penalties, show-cause notices, or arbitration proceedings in the public record.
At present, public sources do not show any complaint data. This is likely because the registration is very recent and SEBI has not yet required the entity to publish complaint disclosures.
Fundtrack Research Red Flags
This section relies entirely on publicly verifiable facts, SEBI registration records and the absence of publicly available information.
No legal conclusions are drawn. Where verification is not possible, we clearly state that uncertainty.
1. No Website, No Pricing, No Published Terms
Fundtrack Research does not operate a publicly accessible website.
Additionally, there is no pricing page, no description of service packages, no published terms and conditions, no refund policy, and no investor charter visible to a prospective client before engaging.
You must obtain every service detail directly from the proprietor. This includes cost, research type, delivery method, and cancellation terms.
To put it simply, this matters for a clear reason. SEBI regulations require entities to publish an investor charter and a grievance redressal mechanism.
2. No Social Media Presence of Any Kind
Fundtrack Research has no verified presence on Instagram, X, YouTube, Facebook, LinkedIn, Telegram, or any other publicly accessible platform.
In this case, the entity likely acquires clients through outreach, calls, referrals, or messaging.
Under these conditions, without any verifiable online identity, a prospective client has nothing independent to assess.
In doing so, you cannot review their call history. Beyond that, you cannot access their analytical style, their communication approach, or their track record through any channel that isn’t controlled by the entity itself.
3. The SEBI-Registered Email Is a Personal Gmail Address
Fundtrack Research’s SEBI registration lists the contact email as [email protected], a personal Gmail account.
Unlike firms with a registered domain and corporate email infrastructure, Fundtrack Research conducts all formal regulatory correspondence through a personal email address.
In that sense, this is not a regulatory violation. By design, SEBI does not mandate a corporate domain for individual proprietorships.
However, from a client’s perspective, this has a practical implication: any research reports, calls, subscription confirmations, or complaint acknowledgements you receive will come from a personal Gmail address.
4. Operating From a Residential Address With No Disclosed Infrastructure
Both the registered address and correspondence address on Fundtrack Research’s SEBI filing point to a residential flat in Indore, Flat No. 205, 14/1, North Harsiddhi.
Public records show no disclosed office, team, or compliance infrastructure, or support mechanism.
In this context, it is not unusual for a sole-proprietorship research analyst, or many legitimate individual analysts, to work from home. However, it remains a relevant context for a prospective client.
You cannot visit an office or speak to a team beyond the proprietor, and no operational infrastructure that can be independently assessed.
On that basis, the entire service, from research generation to client communication, rests on a single individual.
5. A Reddit Thread Was Started Raising Concerns
A user posted a thread on the r/FinancialAnalyst subreddit, with the title “Am I getting scammed?” The post received 1 upvote and 5 comments.
The thread appeared to have been prompted by someone’s interaction with a research entity and a comment within the thread.
The comment, reportedly describing the entity Fundtrack approaching the user with assurances of no losses and guaranteed returns, was subsequently deleted, reportedly due to privacy concerns.
This case involves a single deleted comment on a Reddit thread, not a filed complaint, not a verified account, and not a regulatory finding.
Notably enough, no legal conclusion can be drawn from it. However, it is presented here because it is a publicly visible signal that at least one person felt uncertain enough about an engagement to seek public input.
RA SEBI Guidelines In India
A SEBI Research Analyst registration is a legal requirement for anyone who provides research recommendations, publishes research reports, or issues buy, sell, or hold calls on securities in exchange for compensation.
To obtain this registration, an individual must pass the NISM Series XV Research Analyst Examination, meet minimum qualification criteria, and satisfy SEBI’s “fit and proper” assessment.
The table below summarises the legal boundaries governing every SEBI-registered Research Analyst in India.
| What an RA Is Allowed to Do | What an RA Is Not Allowed to Do |
| Publish research reports with buy, sell, or hold recommendations on securities | Provide personalised investment advice tailored to an individual client’s financial situation |
| Charge fees for research services, up to the SEBI-prescribed limit per family per annum | Guarantee returns, profits, or any specific financial outcome to a client |
| Deliver research via reports, email, WhatsApp, or other communication channels | Assure “no loss” or promise capital protection under any circumstances |
| Analyse companies, sectors, and market conditions using technical and fundamental methods | Trade in the same securities they are actively recommending to clients |
| Disclose conflicts of interest in research reports as required under SEBI regulations | Collect fees in personal bank accounts; all fees must go to the entity’s registered account |
| Respond to investor complaints within 21 days as mandated by SEBI’s SCORES framework | Operate without publishing a grievance redressal mechanism and an investor charter |
| Issue generalised research for broad distribution to subscribers | Conduct portfolio management or act as a Registered Investment Adviser without separate registration |
What Investors Should Keep in Mind?
Before paying any amount to Fundtrack Research or any entity you have been approached by without a public-facing digital presence, the steps below are worth taking carefully.
1. Verify SEBI Registration Independently
Visit the Securities and Exchange Board of India, go to Research Analyst, and search INH000023658.
Ensure the name, address, and validity period match exactly what you have been told by the person approaching you.
2. Get All Service Terms in Writing
Ask for written details covering the exact fee amount, what research will be delivered and how often, the delivery mechanism, the cancellation process, and the refund conditions.
Verbal assurances mean nothing; only documented terms protect you if something goes wrong.
3. Watch for Prohibited Claims
Avoid anyone promising guaranteed returns, no losses, or a fixed profit percentage, regardless of what registration they claim to hold.
Such assurances are strictly prohibited under SEBI regulations for Research Analysts.
4. Use Proper Payment Channels
Never pay into a personal bank account, or UPI linked to an individual’s name, and ensure the payment is made only to an account registered in the entity’s name.
Always ask for a payment receipt that clearly states the entity name, registration number, and the service being subscribed to.
Keep records of every call, message, and communication you receive from the entity from the beginning.
How to Report Against a Research Analyst in India?
If you have already engaged with Fundtrack Research and feel your concerns are not being addressed, here is the process.
Step 1: Contact the Entity First
Begin by reaching out to the research analyst through their official contact details. Clearly explain your issue, including the service taken, the amount paid, and what was promised versus delivered.
Keep your communication factual and in writing so it can be referenced later. Save all emails, messages, and responses as part of your complaint trail.
Give the entity a reasonable time, typically 10–15 working days, to respond. Many issues can be resolved at this initial stage if addressed promptly.
Step 2: Report in SCORES
If you do not receive a satisfactory resolution, file a complaint on the SEBI SCORES platform.
Register using your PAN and mobile number, then submit your complaint under the Research Analyst category. Include the registration number, supporting documents, and a clear description of each grievance.
Once submitted, the complaint is forwarded to the entity for a response. You can track the SEBI complaint status online and request further review if needed.
Step 3: Register a Complaint in SMART ODR
If the issue involves a financial dispute or remains unresolved after SCORES, escalate it through the SMART ODR platform.
This system offers mediation and conciliation in a structured online format. It is designed to resolve disputes faster without requiring lengthy legal procedures.
Ensure all documents and prior complaint references are properly submitted. The process is more formal and focuses on negotiated resolution.
Step 4: Arbitration in Share Market
If all prior steps fail, arbitration becomes the final course of action. You can initiate arbitration through stock exchanges like the National Stock Exchange or BSE Limited.
This is a formal legal process where an independent arbitrator reviews your case and evidence. Both parties present their arguments before a binding decision is issued.
While more time-consuming, it is often effective for serious disputes involving financial loss.
Need Help?
If you have already paid Fundtrack Research and something feels wrong, or if you are simply trying to figure out whether the engagement you had was legitimate, our team can help you think through it clearly.
- We review your case documents and tell you honestly whether you have a valid regulatory grievance and what the realistic paths forward look like.
- We help you draft a factually strong complaint for SCORES that addresses the right regulatory grounds.
- For disputes involving refunds or direct financial claims, we assess whether Smart ODR applies and guide you through it.
- For higher-value disputes that meet the threshold, we can refer you to appropriate arbitration resources.
If you received assurances that you now suspect were not appropriate, no loss guarantees, promised returns, or anything similar, that itself may be worth examining.
Reach out to us with whatever documentation you have, and we will tell you what your options are.
Conclusion
Fundtrack Research holds a valid SEBI Research Analyst registration in the name of Shubham Sewarik, active from October 2025 through October 2030.
No regulatory action has been taken against this entity, no complaint history exists in the public record, and the registration is verifiable on SEBI’s official portal. These are facts, and they matter.
Taken together, the complete absence of a website, social media presence, pricing, and published terms creates a significant information gap when you are asked to make a payment.
In such cases, the right approach with any entity in this position is the same: verify the registration at source, ask for everything in writing, and be very clear about what your refund rights are before you pay a rupee.
