Quick Summary
Manoj Rana (name changed) was offered free advisory calls, provided he opened a trading account through a specific broker link. His claim totalled 3,50,000. The advisory was not free at all. It was funded by an undisclosed commission tied to Manoj’s trading volume. Our team recovered 2,00,000, a 57.1 percent share.
Manoj (name changed) was contacted in early 2025 by a representative offering free daily trading calls, with the only condition being that he open his trading account through a specific referral link.
He opened the account as instructed and began following the calls closely. Over five months, he executed frequent trades based on the recommendations, with total losses and charges reaching ₹3,50,000.
What Manoj did not know was that the representative earned a commission tied directly to his trading volume through the broker. The more Manoj traded, the more the representative earned, regardless of whether the trades were profitable.
This structure creates a direct conflict of interest that SEBI registered research analysts are required to disclose clearly to the client. Manoj was never told that the calls he received were financially linked to how often he traded.
The calls themselves grew more frequent as months passed, often urging quick entries and exits rather than longer term positions, a pattern consistent with volume driven commission earnings.
Free advisory offers are common across social media, and most carry no hidden cost at all. The distinguishing feature in Manoj’s case was the mandatory referral link tied to a specific broker.
Manoj later learned that clients who opened accounts through their own existing broker, without the referral link, were never offered the same free daily calls by the same representative.
How tw Exposed the Undisclosed Referral Link
We began by tracing the broker referral link Manoj had used, which pointed directly to the representative’s unique code embedded in the account opening link.
Step 1: Trace the referral commission structure
We confirmed through the broker’s own referral programme details that commissions scaled with client trading volume, not with a flat advisory fee.
Step 2: Mapping High-Frequency Advisory Calls to Client Trade Losses
We charted Manoj’s trade frequency against the timing of the advisory calls, showing a pattern of volume driven recommendations.
Step 3: Framing the Conflict of Interest and Non-Disclosure Breach
We argued that the undisclosed commission link represents a conflict of interest the representative was required to disclose before offering the free advisory.
Step 4: Submitting a Evidence-Backed Complaint via SEBI SCORES
Our complaint through the SEBI SCORES centred on the referral code evidence and the trading volume chart, presenting the conflict clearly.
The representative argued the free advisory was a standard promotional offer with no wrongdoing involved.
We showed that the undisclosed commission tied to Manoj’s volume created a financial incentive the rules require to be disclosed upfront.
Settlement of ₹2,00,000 Happened Before a Formal SEBI Hearing
With the referral evidence in place, the matter settled without proceeding to a formal hearing. Manoj recovered ₹2,00,000 of his ₹3,50,000 claim, a 57.1 percent share.
The case closed within twelve weeks of the SCORES filing.
Register with us if your “free” advisory required opening a new account via a referral link.
Our team will verify the broker commission trail, draft your formal complaint, and escalate the case through SEBI SCORES or SMART ODR for recovery.
Conclusion
Free advisory tied to a mandatory broker link is rarely free. The cost simply moves from your invoice to your trading volume instead.
Check any referral link you were asked to use before opening a trading account. It can reveal a financial relationship you were never told about.
Where the broker relationship itself needs to be raised, we can also escalate directly through NSE or through SMART ODR portal once the SCORES route has been exhausted.
Report. Recover. Stay Fraud Free.
Frequently Asked Questions
Look for a referral link or code used when you opened your trading account. Our team can help trace whether it carries a volume based commission.
Not always, but free advisory tied to a mandatory broker link deserves a closer look at how the advisor is actually compensated.
Not on its own, but frequent advice paired with a volume linked commission structure is a pattern worth investigating.
Our team can request this information directly as part of building your file, since it is often available through the broker's records.
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