If you are looking for how to complaint against Invesia Research, something has already gone wrong. Maybe you were promised returns that were never delivered.
Maybe the service you received was completely different from what was described before you paid.
Maybe you have been trying to get a response from the firm and are getting nowhere.
Whatever happened, this page gives you the exact process from the first step to the last, along with the specific situations where you have clear grounds to file.
How to Complaint Against Invesia Research Online?
When money is involved, it is easy to panic. One moment you are hoping the next recommendation will recover your losses, and the next you are searching for ways to file a complaint.
If that sounds familiar, stop guessing your next move.
The good thing is that Invesia Research is a SEBI registered Research Analyst, which means there is a proper system for investors to raise their grievances.
The key is to follow the process patiently instead of jumping from one authority to another.
Here is how you should move forward:
Step 1: Collect Everything Before You Do Anything Else
The single most common reason investor complaints do not succeed is not a lack of merit. There is a lack of documentation.
By the time the investor reaches the complaint stage, key messages have been deleted, the representative who made the promises has been unreachable, and the sequence of events is fuzzy.
Do not make that mistake. Before you write a single word of a complaint, spend time collecting every piece of evidence you have.
Save all WhatsApp conversations with timestamps intact.
Go back to the beginning of the chat thread and screenshot everything, including onboarding messages, recommendation messages, and any conversations after losses appeared.
Do not delete anything, even if a message seems unimportant now.
Save your payment receipts and any subscription confirmation documents.
If you paid by bank transfer, save the transaction record with the payee name and amount clearly visible.
Save any promotional messages or marketing material that described the service before you paid. If a sales call was recorded on your phone, save the recording.
If a video or presentation was shown to you during onboarding, take screenshots or save the link.
Download your trading account statement showing the specific trades you made based on Invesia Research recommendations, the dates, and the resulting profit or loss.
Write down the names, dates, and content of any verbal promises that were not captured in writing.
The more specific this record is, the more useful it becomes later.
Step 2: Write to Invesia Research Formally First
Before approaching any regulator, you need to attempt direct resolution with the firm. This is both a regulatory requirement and a practical step that strengthens your case if you need to escalate later.
Send a written complaint by email to Invesia Research’s official contact, addressed to Himanshu Vyas as the registered contact person responsible for compliance.
In your email, describe what you paid for, what was promised to you before you subscribed, what was actually delivered, and what the financial outcome was.
State clearly what resolution you are asking for.
Keep the email simple and factual. One page if possible. Avoid emotional language.
The goal of this step is to create a written record that you attempted direct resolution before escalating and to allow the firm to respond.
Give the firm 30 days to respond in writing. A phone call from their team does not count as a formal written response.
If you receive only a call, follow up in writing asking for their position to be confirmed by email.
Step 3: File on SEBI SCORES
If Invesia Research does not respond within 30 days, or if its response does not actually resolve the issue, you can escalate the matter through SEBI SCORES at scores.gov.in.
Note: Many investors mistakenly look for a direct SEBI SCORES mail ID to send their grievances, but SEBI processes these complaints strictly through its online portal or mobile app to ensure proper tracking.
When filing the complaint, make sure the following details are entered correctly:
- Intermediary type: Research Analyst
- Firm name: Invesia Research
- Registration number: INH000022941
These details ensure that your complaint is routed to the correct entity.
In the complaint description, explain the sequence of events in chronological order.
Include:
- What service did you pay for?
- When the payment was made.
- What representations or promises were made before the purchase?
- What was ultimately delivered?
- The financial impact, if any.
You should also identify the specific regulatory issue involved.
For example:
- If guaranteed returns or assured profits were promised, refer to SEBI Regulation 16(b).
- If you received live execution calls through WhatsApp or Telegram during market hours, describe how those communications went beyond the scope of a Research Analyst licence.
Attach all supporting documents in clearly labelled files.
The most useful evidence typically includes:
- Payment receipts.
- The subscription agreement, if one was provided.
- Screenshots of relevant emails, WhatsApp chats, or Telegram messages.
- Trading statements and account records.
A complaint supported by organised evidence is generally easier to assess than one based only on allegations.
SEBI SCORES creates a formal regulatory record, and Invesia Research is required to respond within the prescribed time frame.
If the response is unsatisfactory, or if no response is received, the grievance process can be escalated further.
Step 4: Escalate to SMART ODR
If SCORES does not produce a resolution that actually addresses what went wrong, escalate to SEBI’s SMART ODR complaint platform.
SMART ODR is an online dispute resolution mechanism where an independent conciliator facilitates a structured discussion between the investor and the firm.
The process is free, entirely online, and does not require physical attendance anywhere. Both sides submit their positions and the conciliator works toward a resolution within defined timelines.
Many investors who were not satisfied with the SCORES outcome have found meaningful resolution through SMART ODR. It is a real escalation, not just a formality.
Step 5: File Arbitration in NSE
If SMART ODR does not resolve the matter, arbitration is the final step within the regulatory framework.
Arbitration produces a legally binding decision from an independent arbitrator.
The firm is required to comply with the award. For claims below Rs. 10 lakh, there is no investor filing fee for exchange arbitration.
The strength of your arbitration case depends directly on the evidence you collected in Step 1. Every screenshot, receipt, and trading statement that you saved before the process began becomes relevant here.
This is why Step 1 is the most important step of all, even though it comes before any formal filing.
File within 3 years of the incident. The earlier you begin, the easier it is to reconstruct the sequence of events and the stronger your evidence trail tends to be.
When Should You File a Complaint Against Invesia Research?
Not every disappointing experience with a research analyst amounts to a regulatory complaint.
Markets are unpredictable, and even well-researched recommendations can result in losses.
But there are situations where the issue is no longer simply a bad investment outcome and instead raises questions under SEBI’s Research Analyst Regulations.
You may have grounds to file a complaint against Invesia Research in any of the following situations:
- Guaranteed or assured returns were promised. If a representative guaranteed profits or assured returns during a sales call or after you subscribed, preserve any evidence you have, such as screenshots, recordings, or written notes with dates and details. SEBI Regulation 16(b) prohibits such promises without exception.
- You received live execution calls during market hours. A research analyst is authorised to publish research reports, not to send real-time instructions telling subscribers to buy or sell immediately at the prevailing market price.
- You were told that future recommendations would recover previous losses. Claims that a premium package or upgraded service will help recover money already lost raise serious regulatory concerns.
- Additional fees were demanded after you subscribed. If you were pressured to pay more for better recommendations or to avoid further losses, without a new written agreement clearly setting out the revised service and charges, the fee arrangement deserves closer scrutiny.
- The service delivered differed significantly from what was marketed. For example, if the subscription was presented as a structured research service with documented reports but consisted only of WhatsApp messages containing stock names and prices, there may be a mismatch between what was promised and what was delivered.
- You were asked to share trading account credentials, login details, or OTPs. A research analyst has no legitimate reason to access your trading account. Any such request falls outside the normal scope of research services and may raise concerns beyond SEBI compliance.
The complaint process exists to address these kinds of situations.
The key is to focus on what was actually said, promised, or delivered in your own interaction with the firm and to preserve any evidence that supports your account.
Not sure whether you have grounds for a complaint?
Conclusion
Filing a complaint against Invesia Research follows five steps in the right order. Evidence first, always.
Write a complaint to the firm next. SCORES filing with the correct entity details and violation references. SMART ODR escalation if SCORES does not resolve.
Arbitration for a legally binding outcome if needed.
The process works when the evidence is complete and the violations are correctly identified. Six specific situations qualify for a formal complaint.
If yours is one of them, act within the 3-year window and start with the evidence step today.
Frequently Asked Questions
1. What is the first step to file a complaint against Invesia Research?
Collect all your evidence before doing anything else.
WhatsApp messages, payment receipts, subscription documents, trading statements, and any documentation of promises made before you subscribed.
Do this before contacting the firm or filing anywhere. Evidence collected before a dispute begins is always stronger than evidence collected after.
2. Which registration number do I use when filing on SEBI SCORES?
Enter Research Analyst as the intermediary type, Invesia Research as the firm name, and INH000022941 as the registration number. All three details must be accurate for the complaint to be routed correctly.
3. Can I file a complaint if Invesia Research promised guaranteed returns?
Yes. SEBI Regulation 16(b) explicitly prohibits guaranteed or assured return promises from any registered research analyst. Any such promise, verbal or written, is a regulatory violation and a specific complaint basis.
Document what was said, who said it, and when.
4. What if Invesia Research does not respond to my complaint on SCORES?
Escalate to SEBI’s SMART ODR platform. Non-response to a SCORES complaint is itself relevant information in the escalation process and strengthens your case when you move to the next stage.
5. Can I complain even if I signed a no-refund agreement?
Yes. A no-refund clause cannot override SEBI regulatory obligations.
If Invesia Research violated the boundaries of its Research Analyst licence, the no-refund clause does not protect the firm from regulatory action.
6. Is there a deadline to file a complaint against Invesia Research?
File within 3 years of the incident. Acting early is significantly better because your evidence is freshest and the sequence of events is easiest to reconstruct.
If issues arose recently, do not wait.
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