Quick Summary
Fusiontech Research is a SEBI-registered Research Analyst under INH000019488, run by Kapil Verma as a sole proprietor from Indore, Madhya Pradesh. The firm offers four service categories under its Vintage series covering equity cash, futures, options, and commodities. The registration was granted December 16 2024, making it approximately 19 months old at the time of this review. The firm’s website claims 78% client portfolio growth and a 67% backtested success rate. SEBI does not independently verify these figures. A 3.0 Google rating reflects a pattern described by multiple investors: initial small profitable tips followed by pressure to pay more. Four specific red flags appear in the firm’s own marketing and in publicly documented investor accounts.
Fusiontech Research holds a genuine SEBI Research Analyst registration INH000019488 under proprietor Kapil Verma, granted on December 16 2024.
That fact is confirmed and worth stating first. The firm is not a ghost entity, not an anonymous Telegram channel, and not an unregistered WhatsApp tip group.
But a registration is where due diligence starts, not where it ends.
When you look at the firm’s own marketing claims, documented investor accounts, a 3.0 Google rating, and what INH000019488 specifically permits and prohibits, a more complete picture emerges.
This page covers all of it.
Is Fusiontech Research a Legit Company?
Fusiontech Research is a real, legally registered entity in India. But real and trustworthy are two different questions, and both deserve a direct answer.
SEBI Research Analyst registration INH000019488 belongs to Kapil Verma, operating as a sole proprietor. The registered address is in Indore, Madhya Pradesh.
The firm publishes the regulatory documents SEBI expects: a Disclosure Document, an Investor Charter, and a Grievance Redressal Policy on its website.
On these grounds, Fusiontech Research is legally legitimate. INH000019488 is verifiable. The documents are published. The proprietor is named.
Verify this yourself: Go to sebi.gov.in, select Research Analyst, and search INH000019488. The result should confirm active registration under Kapil Verma’s name from the Indore address.
What legitimate registration does not mean. It does not mean SEBI has verified any performance claim on the website. It does not mean every practice around the registration complies fully with RA regulations.
It does not mean the 78% portfolio growth figure has been independently audited.
Important context on accountability. As a sole proprietorship, Kapil Verma personally holds every compliance obligation. Every mandatory disclosure, the fee cap compliance, the prohibition on guaranteed return claims, and the refund obligations under SEBI’s December 2024 amendment all rest with him directly.
When filing any complaint, name Kapil Verma as the registered proprietor under INH000019488.
Legitimate registration is where your evaluation begins, not where it ends.
What Does Fusiontech Research Indore Actually Offer?
The firm is based in Indore, Madhya Pradesh, and offers research across four service categories under the Vintage series brand.
- Vintage Equity: Covers cash segment recommendations for short and medium-term traders. Risk type listed as High.
- Vintage Derivatives: Covers futures and options for short-term traders. Risk type listed as Very High.
- Vintage Commodity: Covers MCX commodity futures for swing traders. Risk type listed as High.
- Vintage Customized: Covers both equity and derivatives for traders and investors. Risk type listed as Very High.
Each category has Silver and Gold tiers. Prices across categories are Rs. 1,50,000 for Silver and Rs. 1,78,000 for Gold.
The Gold tier already exceeds SEBI’s annual fee cap of Rs. 1,51,000 per client family per year without combining any other plan.
Before paying for any Gold-tier plan, ask the firm in writing which client exemption category applies and how the price reconciles with the SEBI annual ceiling.
Is Fusiontech Research Fake or Real? Here Is How to Verify in Two Minutes
This is a top-searched question, and the answer has two parts.
The registration is real. INH000019488 belongs to a real, named individual at a real address in Indore. It is verifiable in under two minutes.
The marketing claims are unverified. The registration does not make any claim on the website true.
The five-step verification process that applies to any research company, including Fusiontech Research, is:
- Step 1: Verify the SEBI registration at sebi.gov.in under Research Analyst. Search INH000019488 and confirm Active status, proprietor name, and address.
- Step 2: Read the Disclosure Document on the firm’s website. It should cover business activities, conflicts of interest, compensation history, and regulatory details beyond the marketing copy.
- Step 3: Read the refund and cancellation policy before paying. Understand exactly which conditions allow early exit and what you are entitled to under SEBI’s December 2024 pro-rata refund amendment.
- Step 4: Verify the official payment channel. SEBI-registered Research Analysts must collect fees only through designated business accounts, not personal accounts. Always request a proper tax invoice and subscription confirmation. Never transfer money to a personal account without documented confirmation.
- Step 5: Evaluate whether the service delivery matches the description. If the website promises 78% portfolio growth and the actual calls do not come close, that gap is a ground for complaint.
For the question of whether a Research Analyst can legally take payment in a personal account, the answer is no.
The full explanation is on the SEBI SCORES complaint page on this site, which also covers how to identify your correct intermediary category when filing.
What Does INH000019488 Actually Authorise Fusiontech Research to Do?
This matters because it defines the boundaries of what you should expect from a paid subscription.
Under INH000019488, Fusiontech Research is authorised to:
- Publish documented research reports on listed securities and market segments with fundamental or technical analysis behind each call.
- Issue buy, sell, or hold recommendations based strictly on research judgment, not sales pressure or commissions.
- Charge a fixed subscription fee within SEBI’s Rs. 1,51,000 annual ceiling per client family.
- Share opinions on market trends, sector themes, macroeconomic developments, derivative strategies, and individual stocks.
What INH000019488 does not authorise:
- Guaranteed returns or assured profit promises.
- Live execution instructions telling you exactly when to enter and exit in real time without documented research.
- Profit-sharing fees that depend on your trading outcomes.
- Loss recovery assurances.
- Account management or trade execution on your behalf.
If any of these appeared in how the firm communicated with you, the conduct goes beyond what the registration permits.
Fusion Tech Research Reviews
Fusiontech Research holds a 3.0 rating on Google. That is significantly below the 4-plus ratings most professional services aim for.
What the reviews behind that rating describe follows a specific pattern.
Initial phase: The firm provides small tips that appear profitable. This builds trust and confidence before investors commit significant money.
Post-payment phase: After a larger payment, investor accounts describe a shift. Recommendations that initially looked promising stop performing. Support becomes less responsive. The service does not match what was described during the pitch.
This pattern is not unique to Fusiontech Research. SEBI has penalised other registered RAs for this documented sales and delivery model in formal adjudication orders.
The specific reviews and the complaint board details are covered on the hub page and the legit page.
The key takeaway at the review level is this: a 3.0 rating across multiple independent reviewers describing the same pattern is the most honest summary of investor experience available before you pay.
Fusion Tech Research Company: Four Red Flags From Its Own Marketing and Documented Accounts
These four concerns come from the firm’s own published website content and from publicly documented investor accounts. We are not making allegations. We are presenting what is publicly observable.
Red Flag 1: Performance Claims SEBI Does Not Independently Verify
The firm’s website states 78% client portfolio growth and a +67% success rate with backtested methods.
SEBI does not independently audit or certify these figures. Backtested performance is a historical simulation under ideal conditions, not a live track record with real client money.
Before relying on any of these figures, ask the firm for a complete, time-stamped performance record from their live trading history that includes every recommendation issued, not just the profitable ones.
Ask whether an independent third party has audited the numbers.
Red Flag 2: Performance Claims That Predate the Registration
Fusiontech Research received its SEBI registration on December 16 2024. At the time of writing, the firm has been registered for approximately 19 months.
Any performance claim referencing client portfolio growth across a period longer than 19 months cannot be verified against the firm’s registered operating history.
If any performance figure predates December 2024, it was generated outside the registered operating period.
Ask the firm which specific period its claimed growth figures cover before treating them as evidence of current service quality.
Red Flag 3: Accounts Describing Unsolicited Contact
Some investor accounts describe being contacted by Fusiontech Research without a prior relationship or prior consent.
Unsolicited advisory contact from a SEBI-registered RA raises questions about client acquisition practices and whether initial contact complied with SEBI’s conduct requirements.
Separately, some accounts describe contact from people impersonating Fusiontech Research.
If you were contacted by someone using the Fusiontech Research name and the communication or payment channel felt unusual, verify directly through the firm’s official published contact details before engaging further.
Did you pay for a Fusiontech Research subscription and receive something different from what was described before you paid?
Our team will review your case, identifies every applicable SEBI violation, and prepares your SCORES complaint and SMART ODR submission on your behalf.
How to File a Complaint Against Fusiontech Research?
If you already paid and experienced non-delivery, unanswered refund requests, guaranteed return promises, or any conduct beyond what INH000019488 permits, follow this process.
Step 1: Gather Your Evidence First
Save payment receipts, all recommendations received, trading records showing outcomes, subscription documents, and every communication containing return guarantees or upgrade pressure. Organised evidence is what determines outcomes.
Step 2: Write to the Firm’s Grievance Contact
Send a specific written complaint by email. State what you paid, when, what was promised, and what you experienced. Give 30 days for a written response. Keep a copy of everything.
Step 3: File a SEBI SCORES Complaint
Go to scores.gov.in. Select Research Analyst as the intermediary type. Enter INH000019488 as the registration number. Attach your payment records and prior written complaint. Filing is completely free.
The full guide for filing against any SEBI-registered research analyst, including what evidence to attach and how to write the complaint description, is on the complaint against SEBI registered research analyst page on this site.
Step 4: File on SMART ODR
If SCORES does not resolve the matter, escalate here. Do not file on SMART ODR while your SCORES complaint is still active. The complete process is on the SMART ODR complaint portal page on this site.
Step 5: Exchange Arbitration
If SMART ODR conciliation fails, this is your final step. For claims below Rs. 10 lakh, the exchange bears the cost. Arbitration produces a legally binding award enforceable as a civil court decree.
The complete SEBI SCORES filing guide with every field explained is on this site.
For claims that reach arbitration, the NSE process is on the file complaint in NSE page on this site.
Also, the BSE process is on the BSE complaint portal page on this site.
Conclusion
Fusiontech Research is a real and legally registered firm. INH000019488 is verifiable. Kapil Verma is the named proprietor operating from Indore.
The mandatory documents are published on the website.
Four specific concerns appear in the firm’s own content and in documented investor accounts: unverified performance claims, a trust-building pattern before larger payments, a registration too recent to support long-term performance claims, and unsolicited contact described in investor accounts.
None of these are SEBI findings against Fusiontech Research specifically. All of them are worth verifying before any payment.
Report. Recover. Stay Fraud Free.
Frequently Asked Questions
Yes. Fusiontech Research is a legally registered entity in India under SEBI Research Analyst registration INH000019488, granted December 16 2024. The proprietor is Kapil Verma, operating from Indore, Madhya Pradesh. The registration is verifiable at sebi.gov.in under Research Analyst.
Kapil Verma owns and operates Fusiontech Research as a sole proprietor under SEBI registration INH000019488. As a proprietorship, he is personally accountable for all regulatory compliance. Any complaint filed on SEBI SCORES should name Kapil Verma as the registered proprietor.
Fusiontech Research is legally legitimate. The SEBI registration is real and verifiable. However, being registered does not validate performance claims on the website, guarantee accurate recommendations, or confirm that every aspect of the firm's conduct falls within what the RA registration permits.
No. SEBI does not independently audit or certify performance claims made by registered Research Analysts. The 78% portfolio growth and 67% backtested success rate figures are marketing content. Ask the firm for a complete, time-stamped, forward-tested record before relying on any claimed figure.
SEBI caps combined Research Analyst fees at Rs. 1,51,000 per individual or HUF client family per financial year. The Gold tier across Fusiontech Research's four service categories is priced at Rs. 1,78,000, which already exceeds this ceiling on its own before combining any other plan.
Write to the firm's grievance email first and give 30 days for a written response. Then file on SEBI SCORES at scores.gov.in selecting Research Analyst and entering INH000019488. If unresolved, escalate to SMART ODR, then exchange arbitration. Every stage is free to use.
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