Quick Summary
Groen Research Solutions LLP is the legal entity behind SPEQ Research, My Research Book, and the GRSL App on Google Play. The entity was formerly known as S&P Equity Research LLP before being renamed. SEBI Research Analyst registration INH000015075 is held by Groen Research Solutions LLP, incorporated October 26 2023, with Sudipto Ghosh and Preeti Puri as designated partners. Gold-tier plans across all four service categories are priced at Rs. 1,78,000, which already exceeds SEBI’s Rs. 1,51,000 annual fee cap without adding any other plan. The refund policy calculates refunds on MRP not the discounted price actually paid. Five Google reviews are on record, all with 1-star ratings. The full review accounts are on the Groen Research Solutions LLP reviews page on this site.
Groen Research Solutions LLP is a Research Analyst entity, and if you arrived here from a Google search or an MCA lookup, the name likely surprised you.
Most investors who interact with this firm know it as SPEQ Research, or encounter its GRSL App, or see the My Research Book brand. All three of those are marketing surfaces for the same single SEBI registration held by Groen Research Solutions LLP.
This page covers the legal entity, the registration, both partners, the brand structure, the pricing concern, the refund policy complexity, and what to verify before paying for any plan.
Is Groen Research Solutions LLP SEBI Registered?
Yes. The registration is confirmed from SEBI’s own intermediary directory.
SEBI Research Analyst registration INH000015075 is held in the name of Groen Research Solutions LLP. The registration was granted on February 14 2024 and is valid on a perpetual basis. The entity is classified as Non-Individual, meaning it is an LLP rather than a sole proprietorship.
The registered address on SEBI’s record is B-806, S.V. Heights, Opp. Maithri Layout, Kadugodi, Kadugodi P.S., Hosakote, Bangalore, Karnataka 560067. The correspondence address on SEBI’s record is No. 304, 5th Floor, 1st Main, 1st Block, Koramangala, Jakkasandra, Bangalore 560034.
Verify the registration yourself. Go to SEBI’s website, select Research Analyst, and search INH000015075. The result should confirm Active status under the name Groen Research Solutions LLP.
Who Are the Partners Behind Groen Research Solutions LLP?
Groen Research Solutions LLP is an LLP structure with two designated partners.
Sudipto Ghosh is the contact person on SEBI’s registration record and the named compliance officer in the firm’s own published disclosures.
The fact that SEBI’s record and the firm’s own disclosure page show the same individual with matching contact details is a positive consistency check that most small RAs in this series have not passed.
Preeti Puri is the second designated partner. No further public-facing information about Preeti Puri’s background or role in the research operation appears on the firm’s website or social channels.
The LLP was incorporated on October 26, 2023, under LLPIN ACD-6326. The firm is registered in Bangalore, Karnataka.
What Is SPEQ Research and How Does It Connect to Groen Research Solutions LLP?
This is the question most investors arriving at this page actually need answered.
SPEQ Research is the primary brand through which Groen Research Solutions LLP conducts its retail-facing advisory business. The firm’s own disclaimer page states clearly: “GROEN RESEARCH SOLUTIONS LLP (hereinafter referred to as RA) is registered as a Research Analyst under SEBI (RAs) Regulations, 2014, with SEBI Registration Number INH000015075.”
Beyond SPEQ Research, the same SEBI registration operates under at least three other public-facing identities.
My Research Book / MRB is described on its own site as “a division of GROEN RESEARCH SOLUTIONS LLP.” It is positioned around quantitative and AI/machine-learning-assisted research rather than the discretionary calls model used by SPEQ Research.
The GRSL App on Google Play is published by Groen Research Solutions LLP and currently carries a 3.2-star rating from 8 reviews with 100-plus downloads. The app explicitly states the firm was previously known as S&P Equity Research LLP.
S&P Equity Research LLP is the earlier legal name under which the entity operated before being renamed to Groen Research Solutions LLP. An older published research report from the firm refers to the entity as “S&P Equity Research LLP (under trade name SPEQ Research).”
The firm’s Google Play listing explicitly states: “S&P Equity Research LLP has no affiliation, endorsement, or association with Standard and Poor’s Financial Services LLC or the S&P Global Inc. group.”
The practical implication for investors: Searching for SPEQ Research, My Research Book, GRSL App, or S&P Equity Research returns four different-looking brands that all trace to one SEBI registration.
SEBI’s complaint records, enforcement database, and disclosure requirements are indexed under the legal entity name Groen Research Solutions LLP and registration INH000015075, not under any of the brand names.
Services Offered by Groen Research Solutions LLP
SPEQ Research covers four service categories across equity, derivatives, commodity, and customized equity and derivatives. Each category has two tiers: Silver and Gold.
The firm publishes a monthly Alpha Quest research report and delivers recommendations via calls through the SPEQ Research and GRSL platforms.
My Research Book, the quantitative-oriented division, operates a separate model described as AI and machine-learning-assisted research rather than discretionary calls. Both operate under INH000015075.
Does Groen Research Solutions LLP’s Pricing Exceed the SEBI Annual Fee Cap?
This is the most concrete, arithmetic concern from the firm’s own published pricing page.
SEBI caps the combined annual fee from one registered Research Analyst at Rs. 1,51,000 per individual or HUF client family per year. This ceiling is disclosed on the firm’s own website.
The pricing table published on SPEQ Research shows the following.
| Category | Silver Tier | Gold Tier |
|---|---|---|
| Equity | Rs. 1,50,000 | Rs. 1,78,000 |
| Derivatives | Rs. 1,50,000 | Rs. 1,78,000 |
| Commodity | Rs. 1,50,000 | Rs. 1,78,000 |
| Customized Equity and Derivatives | Rs. 1,68,000 | Rs. 1,78,000 |
Every Gold-tier plan across all four categories is priced at Rs. 1,78,000, which already exceeds the Rs. 1,51,000 annual cap on its own before combining any other plan or considering the billing period.
The pricing page is headed with Monthly, Quarterly, Half-Yearly, and Yearly tabs. The Silver and Gold prices shown are not clearly attributed to a specific billing period in the pricing content itself. If any of these figures represent a monthly or quarterly charge rather than an annual one, the effective annualised cost would be substantially higher still.
A separate Rs. 5,000 “statutory charges” fee is added to every plan. SEBI’s fee cap explicitly excludes statutory charges, so this specific addition does not count against the Rs. 1,51,000 ceiling.
Before paying for any Gold-tier plan, Quant Long-Short plan, The Core plan, or Monthly Stars plan, ask the firm in writing how the price reconciles with SEBI’s annual fee ceiling and which client exemption category, if any, applies to the plan you are considering.
What Is the Refund Policy and Why Does It Matter?
The refund policy on SPEQ Research’s own published terms introduces a complexity worth understanding before paying.
Clients seeking a refund must provide at least 15 days’ prior written notice. The notice period itself is counted as part of the service cost.
The key complication: For discounted plans, the refund is calculated on the MRP (full price), not the discounted fee actually paid. If a client pays Rs. 60,000 on a plan with an MRP of Rs. 1,00,000 and uses 45 of 90 days, the refund is calculated based on Rs. 1,00,000, not Rs. 60,000. Statutory costs and taxes are also deducted before the final refund is calculated.
This means a client who paid a discounted fee may receive a significantly smaller refund than expected, or potentially no refund at all, after the MRP-based deduction and statutory costs are applied.
Ask the firm in writing for the exact refund calculation that would apply to your specific plan and payment amount before subscribing.
How Many Complaints Has Groen Research Solutions LLP Received?
The complete complaint data, the pending complaint analysis, and what the complaint pattern means alongside the five Google reviews are all covered on the Groen Research Solutions LLP reviews page on this site.
In brief: 6 complaints were received across roughly 2.5 years of registration. 1 complaint is currently pending as of the most recent reporting period, making this different from firms with a fully clean disposal record.
What to Verify Before Paying
These questions should be answered in writing before any payment. Keep every response.
- Ask which specific billing period the Silver or Gold price covers. Monthly, quarterly, half-yearly, or annual pricing produces vastly different annualised totals, and only one of them may fall within the SEBI cap.
- Ask specifically how the Gold-tier price of Rs. 1,78,000 reconciles with SEBI’s Rs. 1,51,000 annual fee ceiling. If the plan is for non-individual or accredited-investor clients, ask which category applies to you.
- Ask for the exact refund calculation in writing before paying, especially if you are considering a discounted plan. The MRP-based refund calculation means the effective refund may be significantly less than the fee paid.
- Ask which brand and product the registration INH000015075 specifically covers. SPEQ Research, My Research Book, and the GRSL App all operate under the same registration. Confirm which entity and product your subscription agreement is with.
If something has already gone wrong, the full SEBI SCORES complaint process for Research Analyst disputes is on the complaint against SEBI registered research analyst page on this site.
For SMART ODR escalation, the guide is on the SMART ODR complaint portal page on this site.
Confused About Which Brand to Follow and Whom to Pay?
We help you confirm which brand and product your subscription actually falls under, check your pricing against SEBI’s fee cap, and draft the SCORES complaint if something’s already gone wrong. Register with us for a free consultation.
Conclusion
Groen Research Solutions LLP holds genuine SEBI registration INH000015075. Sudipto Ghosh is the named compliance officer with verifiable contact details. The firm operates under multiple brand names from one registration.
The most concrete concern is the pricing structure: every Gold-tier plan already exceeds SEBI’s annual fee cap before adding any other plan or factoring in the billing period.
The refund policy calculates refunds on MRP rather than the discounted price paid, which can significantly reduce or eliminate the effective refund.
Report, Recover, Stay FraudFree
Frequently Asked Questions
Groen Research Solutions LLP holds SEBI Research Analyst registration INH000015075, classified as Non-Individual, granted February 14 2024, valid on a perpetual basis. Verify current Active status at SEBI's website under Research Analyst.
SPEQ Research is the primary brand through which Groen Research Solutions LLP conducts its retail-facing business. The same SEBI registration INH000015075 also operates under My Research Book, the GRSL App, and the earlier name S&P Equity Research LLP.
Yes. Every Gold-tier plan across all four categories is priced at Rs. 1,78,000, which already exceeds SEBI's Rs. 1,51,000 annual fee cap for individual and HUF clients on its own. Ask the firm in writing which billing period this covers and which client exemption category applies before paying.
Refunds require 15 days prior written notice. For discounted plans, the refund is calculated on the MRP, not the discounted fee paid. Statutory costs are also deducted. A client who paid a discounted fee may receive a significantly smaller refund than expected.
Sudipto Ghosh and Preeti Puri are the designated partners. Sudipto Ghosh is also the named compliance officer on SEBI's record and the firm's own disclosure page.
Add us as a preferred source on Google »
