Green Candle Research Academy Reviews: Complaints, Refund Policy, How To Report

You search a firm’s name followed by the word reviews. You are really asking one thing. Will I get treated fairly if something goes wrong?

That is the right question to ask about Green Candle Research Academy reviews, because a SEBI number alone cannot answer it.

So we looked at what sits behind the number: the complaint tables, the grievance page, the refund policy, and what the public has said.

Here is what we found, what it means in plain words, and the exact steps to take if you need to complain.

SEBI Registered Green Candle Research Academy Reviews

Let us set expectations first. Public reviews of this firm are very thin. The research found one user comment, and no independent news report about a dispute.

That does not mean everyone is happy. It means there is little public feedback to read, so the firm’s own disclosures matter even more.

Green Candle Research Academy is a SEBI-registered Research Analyst with registration INH000019053.

Our page on Green Candle Research Academy covers its registration, pricing, and promotional claims.

This page stays focused on complaints, refunds, and reporting. If you only need those, you are in the right place.

What Does A Public Review Say About Green Candle Research Academy?

The research found one public comment.

It sits under a YouTube video titled Green Candle Research Academy | SEBI Registered Research Analyst.

The video was uploaded by a channel called A2C digital, which has about 2.99 thousand subscribers. It shows about 603 views and one comment.

The video description talks about using videos to convert sales leads for businesses. So it appears to be a marketing video, not a client review.

A user commented a few months before the screenshot and used a strongly negative word for the firm.

In plain terms, the commenter made these claims:

• The firm had promised a refund if it did not provide 80 points on the first day.
• The subscriber received three trading recommendations on the first day.
• None of the three recommendations reached its target.
• Two of them reportedly hit their stop-loss levels.
• The subscriber then found it hard to reach the firm and said calls were no longer answered.
• The subscription cost ₹7,999 for three months, according to the commenter.

This is one person’s claim. We have no evidence of the original refund promise, the trade results, or whether a refund was given.

So please read it as a customer allegation and not as a proven fact. The firm is welcome to respond.

Still, the comment is useful for one reason. It shows the questions worth asking before you pay, which we turn into a checklist later on this page.

Green Candle Research Academy Complaint Data

SEBI asks research analysts to publish their complaint numbers on their websites. This lets you see how many complaints came in and how many were resolved.

The firm’s website has an investor grievance and complaint disclosure page.

It links to a separate spreadsheet called Complaint Data, Annexure B.

Here is the annual table from the supplied screenshots. Carried forward means complaints still open from the previous year.

Financial Year	Carried Forward	Received	Resolved	Pending
2024 to 25	0	0	0	0
2025 to 26	0	3	3	0
2026 to 27	0	2	2	0
Total	0	5	5	0

A financial year runs from April to March. So 2025 to 26 means April 2025 to March 2026.

Next is the monthly table, which shows month-by-month figures. NIL means none pending.

Month	Carried Forward	Received	Resolved	Pending
September 2025	0	0	0	NIL
October 2025	0	0	0	NIL
November 2025	0	0	0	NIL
December 2025	0	1	1	NIL
January 2026	0	0	0	NIL
February 2026	0	0	0	NIL
March 2026	0	0	0	NIL
April 2026	0	0	0	NIL
May 2026	0	0	0	NIL
June 2026	0	1	1	NIL
July 2026	0	0	0	NIL
August 2026	0	1	1	NIL
Total as displayed	0	0	0	NIL

The tables are reproduced as shown in the supplied screenshots. The last row of the monthly table is exactly as displayed.

At first glance, this looks clean. Five complaints came in; all five were resolved, and none are pending.

The firm also does not say what the complaints were about, who raised them, or how they were resolved. So the numbers alone cannot tell you about service quality.

Green Candle Research Academy Grievance Process And Contact Details

Now let us look at how the firm says it handles a complaint.

This matters, because a complaint is only as good as the way to reach someone.

The grievance policy says complaints should first be submitted to the firm. It says the firm aims to resolve genuine grievances within 21 working days.

The grievance page lists one contact number. The website’s main contact section and footer list another.

Where it appears	Contact number
Grievance redressal page	+91 22 1234 5678
Main contact section and footer	+91 8126516337

The grievance page also repeats the second number in its own footer. So the same page shows two different numbers.

Add to this the firm’s email, [email protected], which is also its registered email in the SEBI record.

If you need to complain, write by email first and keep the sent copy. A dated email is better evidence than a phone call.

Green Candle Research Academy Refund Policy

Refunds are where many disputes start. So let us read the policy slowly.

The website has a separate Refund and Cancellation Policy for research subscriptions and educational services.

It states the following:

• Fees paid for research subscriptions may be eligible for pro rata refunds.
• Refund calculations may consider the subscription period already used.
• Research recommendations already delivered, and access to premium resources, may be considered.
• Applicable taxes and administrative or processing charges may also be deducted.
• Educational programmes, workshops, webinars, recorded sessions and mentorship programmes may become non-refundable once access has been granted.
• Trading losses incurred by clients are not eligible for compensation or reimbursement.

Pro rata simply means in proportion.

As an illustration only, if you paid ₹12,999 for six months and left after two months, a pro rata refund would be based on the four unused months.

That works out to roughly ₹8,666 before any permitted deductions. This is a worked example, and not the firm’s own calculation.

Here is where the policy needs a closer look.

SEBI’s framework requires proportionate refunds for the unexpired period when research services are ended early under the agreed terms.

It also says a research analyst shall not charge a breakage fee. A breakage fee is a penalty for leaving early.

So a clause allowing administrative or processing deductions should be checked. The question is whether any deduction works like a breakage fee.

The policy should also explain the refund calculation clearly, and separate allowed deductions from charges that cannot be imposed.

For the rules behind refunds and fees, the page on SEBI registered research analyst regulations sets out what a research analyst must follow.

One more point.

The policy separates research subscriptions from education. So ask in writing which category your plan falls into, because it changes your refund rights.

Is Green Candle Research Academy Safe?

Let us say it plainly.

The firm discloses its complaints and publishes a refund policy, and that is better than many.

But the details need a closer look.

Here are the points, numbered. Read all of them, because no single point tells the whole story.

1. Complaint Tables That Do Not Match

This is the biggest point. The monthly table shows three complaints in December 2025, June 2026, and August 2026.

The annual table shows five: three in 2025 to 26 and two in 2026 to 27.

The monthly entries account for only one complaint in 2025 to 26 and two in 2026 to 27. So two complaints in 2025 to 26 are missing from the monthly view.

The research reads this as possibly inaccurate or poorly reconciled complaint reporting that needs the firm’s explanation.

2. A Monthly Total That Shows Zero

The monthly table adds up to three complaints received and resolved, but its total row shows zero received and zero resolved.

A total row should add up the rows above it. This one does not, at least as displayed.

It may be a display problem on the spreadsheet. Even so, it is the kind of detail that makes a reader doubt the rest.

Raised a complaint with a firm and never heard back, or told it was resolved when it was not?

Our team reads your emails and payment proof, helps you prepare a written complaint, and tells you which route fits your case.

Register with us for a free consultation

3. A Table That May Not Cover Every Month

The monthly table starts in September 2025. Complaints in the earlier months of 2025 to 26, April to August 2025, are not visible.

Two of the three complaints in 2025 to 26 could have been received in those months. That would explain part of the gap.

But that is our guess, and only the firm can confirm it. Ask for the complete month-by-month record.

4. A Reporting Period That Does Not Match The Data

The current complaint data page names July 2026 as its reporting period. But the spreadsheet screenshot has data through August 2026.

This suggests the reporting period label and the linked spreadsheet may not be updated together.

SEBI expects complaint data to be updated every month by the 7th. So always check the latest month before you rely on it.

5. Two Phone Numbers For Complaints

The grievance page lists a number that looks like a placeholder, while the rest of the website lists a different one.

If you try the first number and no one answers, that is not necessarily the firm’s last word. Use email and keep proof.

Ask the firm to confirm which number and email are current for complaints.

6. Different Timelines In Different Documents

The grievance policy says the firm aims to resolve genuine grievances within 21 working days. The Investor Charter describes redress as taking place within 21 days.

Working days and calendar days are not the same. Twenty-one working days can run to about a month.

The wording should be clarified against the timeline SEBI actually requires.

7. Refund Deductions That Need Explaining

We covered the policy above. The point here is simple. A refund policy should state exactly what can be deducted and how.

If the policy lets the firm deduct administrative or processing charges, ask for the exact amount before you pay.

Refunds on education products may also be closed once access is granted. So read which product you are buying.

8. One Public Allegation Without Proof

The YouTube comment says a refund was promised if the firm missed 80 points on day one, and that calls stopped being answered.

The firm’s own public statements say it does not guarantee profits or trading success.

Nothing in the supplied material proves the refund promise, the trade results, or the refund outcome. But it shows what to ask the firm in writing before you pay.

How to File a Complaint Against Green Candle Research Academy?

Nobody signs up expecting a dispute. But if calls stop, a refund is refused, or the firm stops replying, you need to know where to go.

Because the firm is registered as a Research Analyst, the regulated routes are open to you. Start close to the firm and move up only if the reply falls short.

Here are the steps in short:

1. Collect your papers. Keep the plan name, payment receipt, the trade calls you received, screenshots of the pricing page and the refund policy in one folder.
2. Write to the firm first. Email [email protected] with your payment reference, the issue and the refund you want, and ask for a pro rata calculation in writing.
3. Wait for the stated timeline. Note the date you wrote, because the firm’s policy aims to resolve genuine grievances within 21 working days.
4. Move to SEBI’s online system if the reply falls short. The page on SCORES SEBI complaint covers what to attach and how a case moves after you file.
5. Keep every reply. Save each message from the firm and from the regulator’s system, since they matter if the case goes further.
6. Try the dispute resolution portal for a payment dispute. The SMART ODR portal brings in a neutral conciliator to go through your papers with you.
7. Know the arbitration route. If the matter stays open, reading about arbitration in share market cases shows how that route usually works.

Losses alone are not a complaint. A complaint is about what the firm promised and what it actually did.

For the full process on research analysts, our guide on a SEBI complaint against research analyst explains how such cases usually run.

Disclaimer: This page is based on publicly available reports, the firm’s published complaint data, grievance and refund pages, and one unverified public comment, as of 13 November 2026. We found no SEBI order or statement from any regulatory authority on these points, and we do not allege any offence.

Conclusion

Green Candle Research Academy is a SEBI-registered research analyst that discloses its complaints and publishes a refund policy, and that deserves a fair mention.

But the complaint tables do not reconcile; the grievance page lists two numbers, and the refund policy allows deductions that need explaining.

Public reviews are also very thin.

Before you pay, ask for the refund calculation, the complaint contact, and the exact product terms in writing. Keep every reply.

If something still goes wrong, you have regulated routes to use. Report, document, and escalate calmly.

---

Report. Recover. Stay Fraud Free.

---

 

Frequently Asked Questions

1. What do reviews say about Green Candle Research Academy?

Public reviews are very thin. We found one unverified user comment alleging a missed 80 point promise, and no independent news report of a dispute.

2. How many complaints has Green Candle Research Academy received?

Its own annual table shows five received and five resolved across 2025 to 26 and 2026 to 27. The monthly table shows three, so the figures do not match.

3. Does Green Candle Research Academy give refunds?

The policy says research subscriptions may get pro rata refunds after deductions, while education products may be non refundable once access starts.

4. How do I complain against Green Candle Research Academy?

Write to the firm first and keep the sent copy. If the reply falls short, file on SCORES, then try SMART ODR or arbitration, with your payment proof and messages ready.

5. Which phone number should I use for complaints?

The grievance page and the website footer list different numbers. Use the firm's email and keep dated proof, and ask the firm to confirm in writing which contact is current.