Quick Summary
Filing a complaint against First Trade Research follows a five-stage process: document your evidence, raise it directly with the firm, file through SEBI SCORES using registration number INH000018753, escalate to SMART ODR, and pursue arbitration through NSE or BSE if needed. This page covers every stage, with the exact contact details and what to expect at each one.
A subscription that didn’t deliver what was promised. A recommendation that caused an unexpected loss. A grievance page that raises more questions than it answers.
Whatever brought you here, you want to know exactly how to complain against First Trade Research properly, in a way that actually moves somewhere.
That’s exactly what this page walks you through, start to finish, one stage at a time.
How to File a Complaint Against First Trade Research?
Before jumping into the steps, it helps to understand why the order matters.
A written complaint the firm ignores becomes your evidence for SCORES. A SCORES case that stalls becomes your entry point into SMART ODR.
Here’s the full route, in the order it’s meant to be followed.
Step 1: Document Everything First
Before contacting anyone, pull together everything you actually have.
Collect your payment receipts, subscription confirmation, SMS alerts, software recommendations received, and any communication with the team.
Organise all of this by date.
Whoever reviews your case needs a clear timeline, not scattered screenshots.
Step 2: Raise It Directly With First Trade Research
Send a formal written complaint to [email protected].
State the subscription dates, the amount paid, and the specific issue clearly.
Ask for a specific outcome, a refund, a correction, or a written explanation, and give a reasonable deadline for a reply.
Keep every response you receive, and if nothing comes back at all, that silence works in your favour later.
One detail worth knowing before you send this.
First Trade Research’s own grievance page lists a target of 21 working days for resolution.
Its complaint board separately claims a 48-hour average for directly received complaints.
The full breakdown of this and other inconsistencies is covered on our First Trade Research reviews page.
Step 3: File on SEBI SCORES
If the firm does not resolve the issue, escalate to the SEBI Complaints Redress System (SCORES).
Select Research Analyst as the category, enter registration number INH000018753, and upload your evidence.
You can file complaint in SCORES directly through SEBI’s own official portal, and the process itself is free.
Step 4: Move to SMART ODR
If SCORES does not deliver resolution, the SMART ODR portal brings in a neutral mediator to review the dispute.
This stage opens with conciliation, working toward a resolution without a formal hearing.
If conciliation fails, the matter moves forward to arbitration.
Step 5: Share Market Arbitration
For serious financial losses, formal arbitration in the share market through NSE or BSE is the final step.
First Trade Research carries BSE enlistment number 6407, relevant if your arbitration route runs through that exchange specifically.
An arbitrator issues a legally binding decision.
This stage runs entirely on paperwork, so keep your documentation organised from the very first step.
When Should You Actually File a Complaint Against First Trade Research?
Not every disappointing outcome clears the bar for a formal complaint, and knowing the difference before you file saves real time.
A losing trade on its own, from an honestly delivered recommendation, is ordinary market risk.
Markets move unpredictably, and even a properly researched call can lose money without anyone having done anything wrong.
What genuinely crosses the line looks different, and it usually falls into a specific category.
- The recommendation contradicted the firm’s own disclaimer, being sold as paid advice, then described as general information after the fact.
- You were promised a specific resolution timeline that the firm’s own pages contradict elsewhere.
- Contact details listed for escalation, a phone number, a named officer, turned out to be incomplete or incorrect.
- An algo product was sold without disclosing whether it carries a valid, exchange-registered Algo ID.
- Support went silent the moment a loss showed up, despite an active subscription still being charged.
If any of this matches what happened to you, that’s genuine grounds for a complaint, not just a rough trading week.
Navigating SEBI SCORES, preparing evidence, and understanding which complaint category applies to your specific dispute is genuinely complex.
We help you organise your documentation, draft formal complaints, and file through the right channels, from SCORES through to arbitration if needed.
What Evidence Actually Strengthens Your Case?
Whether you’re at Step 1 or the final arbitration stage, every level asks for essentially the same evidence. Build this once, and reuse it across every stage rather than starting fresh each time.
Screenshots of the actual recommendation or promise, timestamped where possible.
Your subscription confirmation and payment receipts, showing exactly what you paid and for which plan.
Every piece of written correspondence with the firm, including any ticket or reference numbers. Trade records showing what you actually did with the recommendation, and the outcome.
Organise all of this by date. Whoever reviews your case needs a clear timeline, not scattered files gathered after the fact.
Where to Learn More Before You File?
For the complete company profile and registration verification, our First Trade Research page covers that separately.
If your complaint involves the algo products specifically, our First Trade Research algo review page covers the exact pricing and SEBI framework relevant to that dispute.
Disclaimer: This page reflects the complaint process publicly available through SEBI’s official channels. No SEBI adjudication order has been issued against First Trade Research as of this writing.
Conclusion
Filing a complaint against First Trade Research isn’t a single message sent into silence, it’s a structured, five-stage process, and each stage builds on the documentation from the one before it.
Start with the firm directly, in writing.
Escalate through SEBI’s official channels if that doesn’t resolve things.
Document everything from the very first step, since every later stage depends on it.
Report. Recover. Stay Fraud Free.
Frequently Asked Questions
It’s not strictly required, but SEBI generally expects to see that you tried resolving it directly first, and it strengthens your case if you later escalate.
INH000018753, required when filing under the Research Analyst category on SEBI SCORES.
Yes, cancelling doesn’t remove your right to complain about what happened while you were paying for it.
It depends how far it goes. SCORES has its own response window, and SMART ODR or arbitration takes longer, though many cases resolve at the conciliation stage.
The firm carries BSE enlistment number 6407, relevant if your arbitration proceeds through BSE specifically, though NSE arbitration may apply depending on where the underlying trades occurred.
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