Quick Summary
Deepak Pal, proprietor of Investogainer Research, holds a genuine SEBI registration, INH000012856, but his own pricing page breaches the ₹1,51,000 per family fee cap on five of six plans. If you paid Investogainer Research, or were quoted one of these plans, you can act. File first on SEBI SCORES, escalate to SMART ODR if the reply falls short, and move to NSE or BSE arbitration if that stage also fails. This blog walks through exactly how, when, and in what order to do it.
If you are trying to file a complaint against Deepak Pal, one number should already concern you.
Five of his six subscription plans cross the SEBI fee cap once annualised.
Maybe you already paid Investogainer Research, and the bill never matched what you expected.
Maybe you are still deciding whether a formal complaint is worth the effort.
Either way, the path forward is fixed, and it starts before you ever open SCORES.
What to Gather Before You File a Complaint Against Deepak Pal?
A complaint without proof rarely moves fast through SEBI’s system. Before opening any portal, pull together everything that shows what you were promised and what you actually paid to Deepak Pal.
- Your subscription invoice and the exact plan name you were sold.
- Payment proof showing the amount and the billing cycle you were charged on.
- Screenshots of the pricing and terms pages as they stood when you subscribed.
- Any call recording, chat, or email where fees or refunds were discussed.
Once this file is ready, the actual filing process moves faster than most investors expect.
How to File a Complaint Against Deepak Pal?
This is the exact sequence to follow once your documentation is ready. Each stage has its own portal and its own timeline, and skipping one weakens every stage after it.
Step 1: File on SEBI SCORES
SCORES is the mandatory starting point for a complaint against any SEBI registered entity. Register using your PAN and mobile number, then select research analyst as the complaint category.
Describe the fee cap breach, the advance payment issue, or the refund contradiction in specific detail, and attach your documentation.
You can find a full walkthrough of the portal registration and category selection process in our detailed breakdown of SEBI SCORES complaint documents required.
Filing is only the beginning. What happens after submission matters just as much.
Step 2: Track the Response
SEBI forwards your complaint to Investogainer Research and expects a reply within its regulatory window. A vague reply, or no reply at all, is itself a reason to escalate rather than wait indefinitely.
A stalled reply is not the end of the road. It is the cue to move up a level.
Step 3: Escalate to SMART ODR
If SCORES does not resolve the matter, SMART ODR is the next formal stage. It is an online platform built specifically for conciliation between investors and SEBI regulated intermediaries.
For a closer look at the process, our guide on how SMART ODR conciliation works breaks down exactly what happens during the conciliation and arbitration stages inside the portal.
Conciliation resolves most cases. The rare ones that do not still have one stage left.
Step 4: NSE or BSE Arbitration
If conciliation also fails, NSE or BSE arbitration is the final formal stage. An independent arbitrator reviews your evidence directly and issues a decision that binds both sides.
Four stages, one sequence, and a paper trail that grows stronger at every step. Reaching that point alone can still feel like a lot to manage.
Can You File a Complaint Against Deepak Pal?
Every SEBI registered research analyst answers to the same grievance system, and Deepak Pal is no exception.
His active registration confirms he falls squarely under SEBI’s jurisdiction, not outside it.
Yes, you can file a complaint against Deepak Pal directly through SEBI’s official channels. The process runs through three stages in a fixed order.
SEBI SCORES comes first, SMART ODR comes second, and NSE or BSE arbitration comes third if neither resolves things.
Skipping ahead rarely helps, since SCORES creates the official record every later stage depends on.
When Should You File a Complaint Against Deepak Pal?
Not every disappointment needs a formal complaint.
But certain patterns on Investogainer Research’s own website move past disappointing into legally questionable, and these are the ones worth acting on.
Pricing That Breaches the SEBI Fee Cap
According to Investogainer Research’s own pricing page, five of its six plans cross ₹1,51,000 a year once annualised. The Option Combo plan alone runs close to ₹4,20,000 annually, nearly three times the legal ceiling.
That number alone justifies a closer look at how these plans are actually sold.
Six Month Advance Payments
Every plan on the site also sells a six month package paid upfront. SEBI’s rule caps advance collection at one quarter of service. This structure breaches that rule regardless of the annual total.
That is one violation. The next one concerns where a complaint would even land.
A Broken SCORES Link and Contradicting Refund Terms
The homepage promises a pro rata refund. The Terms and Conditions page calls the same service non refundable.
On top of that, the grievance clause on the Terms page still points to scores.gov.in, an address that no longer accepts complaints, instead of the correct scores.sebi.gov.in.
Pricing and broken links aside, a few disclosures are simply missing altogether.
Missing Disclosures Before You Pay
A few mandatory disclosures do not appear anywhere on the site. Each one matters for a different reason once real money is involved.
- No standalone MITC document, the Most Important Terms and Conditions, mandatory since 17 February 2025.
- No affirmative statement on disciplinary history, even a Nil declaration.
- No conflict of interest disclosure covering Deepak Pal’s own security holdings.
- No visible risk profiling step before the payment widget loads.
The fee cap and advance payment rules that apply to every SEBI registered research analyst, not just Deepak Pal, are explained in full in our guide on SEBI registered research analyst fees.
Recognising these patterns is the easy part. Building a complaint that actually holds up is the next one.
SCORES registrations, fee cap arithmetic, and conciliation timelines are not something most investors handle often.
If any step here feels unclear, reach out and describe your specific plan, payment date, and whatever response you received from Deepak Pal.
That is enough detail for our team to tell you exactly which stage to start at, and what to prepare before you do.
Conclusion
Deepak Pal’s SEBI registration is not the problem here.
His pricing and disclosure practices are what create real grounds for a complaint.
Filing this correctly means starting with SCORES, escalating only when needed, and treating arbitration as the final word, not the first move.
The consultation offer above stays open whenever you are ready to hand this off instead of managing it alone.
Frequently Asked Questions
Yes. SCORES accepts complaints about misleading marketing or missing disclosures even before money changes hands. If a claim on Investogainer Research's site concerns you, you do not need to subscribe first to flag it.
No. A SCORES complaint does not cancel or pause an active subscription by itself. If you want the service stopped while your complaint is under review, send that cancellation request separately and keep it in writing.
A missing response is itself grounds to escalate. Once the regulatory response window passes without a reply, you can move the same complaint into SMART ODR without waiting further.
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