Have you ever paid for a stock advisory service, followed the calls diligently, and still ended up watching your money shrink, while the advisor had already collected their fee?
If that sounds familiar, you are not alone. Thousands of traders across India subscribe to research advisory services every year with high hopes, only to feel confused, cheated, or simply ignored when things go wrong.
The harder part? Not knowing where to turn or what steps to actually take.
Streetgains Research Services is one firm that has attracted significant attention both from clients and from SEBI, India’s securities regulator.
SEBI has passed two separate orders against it, including one as recently as March 2026.
A closer look at Streetgains reviews across public platforms reveals a consistent pattern: clients describe a gap between what was promised during the sales process and what was actually delivered once fees were paid.
In this blog, we break down exactly what SEBI found, which client situations qualify as legitimate complaints, and how to complain against Streetgains step by step, using every official channel available to you.
SEBI Violations By Streetgains
SEBI conducted a formal investigation of Streetgains Research Services covering the period from April 2022 to March 2024. The findings led to two separate enforcement actions.
Now, let us look at each violation SEBI documented:
Violation 1: Sales Staff Promised Guaranteed Returns and Loss Recovery
This is perhaps the most serious issue SEBI uncovered.
Through its investigation covering the period April 2022 to March 2024, SEBI found that Streetgains’ sales executives sent WhatsApp messages to clients containing explicit promises of profit and recovery.
Phrases documented include statements like “you will get good returns,” that “loss will be recovered the same day,” and specific daily profit figures were even quoted to potential subscribers.
SEBI classified this as mis-selling and a clear breach of the PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) Regulations.
No SEBI-registered research analyst is legally allowed to promise any kind of assured return or guarantee that losses will be recovered.
Many clients searching: does Streetgains guarantee returns before subscribing were likely shown these exact promises, and SEBI’s investigation confirmed they were not just marketing language but documented regulatory violations.
You have grounds for a complaint if: A sales representative from Streetgains promised you profits, assured daily earnings, or told you that any loss you incur would be recovered through future calls.
Violation 2: Social Media Posts Showed Only Winning Calls
SEBI flagged Streetgains’ social media handle @streetgains for regularly posting content titled “Top 5 Research Calls of the Day” that highlighted only successful, profitable trades.
Losing recommendations were simply left out.
SEBI classified these posts as advertisements under its regulatory framework, and found they violated circulars issued in April 2023 and May 2024 that specifically prohibit research analysts from showcasing past performance in a way that could mislead investors about typical outcomes.
The firm’s argument that these posts were merely informational was rejected. SEBI made clear that anything shared on social media that could influence an investor’s decision counts as an advertisement, and selective cherry-picking of profitable calls creates a distorted picture.
You have grounds for a complaint if: You subscribed to Streetgains after seeing their social media posts about trade calls and felt the reality of the service did not match what was presented online.
Violation 3: An Incentive Structure That Encouraged Unsuitable Recommendations
SEBI’s investigation revealed that Streetgains operated an internal incentive structure for its sales staff that, in the regulator’s view, could push employees toward selling products aggressively without properly assessing whether those products were suitable for the specific client.
One particularly serious finding: index options, a high-risk, high-complexity trading instrument, were recommended to elderly investors who may not have had the risk profile or experience to trade in them.
SEBI found this to be a direct violation of its August 2013 circular on mis-selling prevention.
You have grounds for a complaint if: You were sold a high-risk product like index options without anyone assessing whether it was appropriate for your financial situation, experience, or risk tolerance.
Violation 4: Research Recommendations Lacked Depth and Were Not Digitally Signed
SEBI examined the content of Streetgains’ research reports, the actual calls sent to clients via SMS, WhatsApp, and CRM platforms, and found that they were based on generic templates.
Justifications such as “intraday price volume breakout” were used repeatedly without adequate analysis or specificity.
SEBI also found that the reports were not digitally signed, which is a direct breach of Regulations 25(1)(i) and 25(2) of the Research Analyst Regulations.
Digital signing is not a formality; it is a compliance requirement that ensures accountability and traceability for every recommendation made.
You have grounds for a complaint if: The trade calls you received were vague, formulaic, or lacked any meaningful explanation of why a particular trade was being recommended.
SEBI Penalty on Streetgains
In the first adjudication order, SEBI imposed a monetary penalty of ₹8 lakh on Kumar Venkataramegowda Santhosh for violations spanning misleading investors, assuring returns, unauthorised advertising, and record-keeping failures.
In the second and more recent order from March 2026, SEBI issued a regulatory censure and went further, barring Streetgains from onboarding any new clients for one month.
SEBI’s conclusion was that promising or implying guaranteed returns is fundamentally against the principles of the securities market and directly undermines investor protection.
How to File a Complaint Against Streetgains?
Knowing you have been wronged is one thing. Knowing exactly what to do, in what order, is another.
Here is how to move forward:
Step 1: Gather and Save All Your Evidence Right Now
This is the most critical step, and it needs to happen before anything else. Evidence disappears, messages get deleted, numbers change, and access is cut off once a dispute becomes formal.
Write down the dates and amounts of payments made, what was specifically promised, and the names or numbers of people you dealt with. Without strong documentation, your complaint has no foundation.
With it. especially if you have chats and recordings of verbal promises, your case becomes substantially stronger.
Step 2: Contact Streetgains Compliance Officer Directly
Before approaching regulators, you are expected first to raise your complaint with the firm itself.
According to Streetgains’ own Investor Charter, clients can contact their compliance officer at [email protected] or write directly to the research analyst at [email protected].
Give the firm 7–10 working days to respond. If you receive a satisfactory resolution, document it. If the response is dismissive, delayed, or absent, that itself becomes part of your evidence.
Step 3: Lodge a Complaint in SCORES
If the firm does not resolve your grievance satisfactorily, the next step is SEBI’s SCORES portal at scores.sebi.gov.in. This is a centralised, government-operated platform for investor complaints against SEBI-registered intermediaries.
Since Streetgains is a registered research analyst, your complaint is fully eligible to be filed here.
To file your complaint, register on SCORES using your PAN. Search for Streetgains Technologies Private Limited or Streetgains Research Services.
Describe your issue clearly: assured return promises, misleading calls, fee disputes, unsuitable product recommendations. Attach all supporting documents, chats, payment proof, and recordings.
Step 4: Report a Complaint with SMART ODR
If SCORES does not yield a satisfactory outcome, the next step is SMART ODR, SEBI’s Online Dispute Resolution platform at smartodr.in.
Here, a neutral conciliator attempts to mediate between you and the firm. The process is significantly faster and less formal than going to court. Many investors find resolution at this stage, particularly when their documentation is solid.
If conciliation does not work, the matter automatically progresses to arbitration.
Step 5: Stock Market Arbitration
If conciliation does not resolve the dispute or Streetgains fails to comply with the settlement, investors can proceed with formal arbitration through NSE.
Arbitration is a structured legal mechanism that allows investors to seek resolution through an independent process under the exchange framework.
An arbitration award is legally binding. If Streetgains does not comply with the award, NSE has the authority to initiate recovery proceedings and enforce compliance through applicable regulatory and legal channels.
Need Help?
If you are uncertain where to begin or feel the process is overwhelming, you do not have to navigate it alone.
Our team specialises in helping investors organise their evidence, file complaints on the right platforms, and pursue arbitration when necessary.
Register with us, and we will guide you through every step.
Conclusion
Filing a complaint against an advisory firm does not need to be overwhelming, but it does require being organised, methodical, and patient.
Streetgains’ case is notable because it is already well-documented by the regulator across two separate orders. This gives individual complainants a stronger foundation than is available in most advisory disputes.
SEBI has already established that the firm’s sales practices, advertising methods, and recommendation quality fell short of regulatory standards.
If you have been through a negative experience, promises that were never fulfilled, calls that didn’t match what was sold to you, or fees that don’t align with what was agreed, the channels to seek redress are real, accessible, and structured specifically for situations like yours.
Start by preserving every piece of communication you have. Then work through the process step by step: direct complaint, SCORES, SMART ODR, and if needed, arbitration. Each step builds on the last.
You have the right to be heard. The question is whether you take the first step.
