Are you looking for information on how to file a complaint against Research Factory?
Many traders start searching for this only when something goes wrong.
It could be losses that were never properly explained, trading calls that didn’t match what was promised, or a lack of support when things started going downhill.
Today, many retail traders rely on advisory firms for stock recommendations and trading guidance. Research Factory is one such name that traders often come across.
However, some traders have raised concerns about unrealistic profit claims, pressure to take high-risk trades, and difficulty getting assistance after suffering losses.
If you’ve had a similar experience, you’re probably wondering what options are available and where you can raise your complaint.
Understanding the complaint process is often the first step towards getting your concerns heard.
When To File a Complaint Against a Research Factory Firm?
Not every trading loss means a violation has happened. Stock markets are naturally risky, and even professional research calls can fail.
However, there are situations where traders may genuinely feel they were misled or exposed to unfair practices.
In such cases, filing a formal complaint may become necessary.
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Guaranteed Profit or Fixed Return Claims
One of the biggest warning signs is when someone promises guaranteed profits or fixed monthly returns from trading.
SEBI regulations do not allow research analysts or advisory firms to assure profits in the stock market.
So if any platform uses phrases like “sure-shot calls,” “100% accuracy,” or “fixed income from trading,” traders should become extremely cautious.
Many retail traders later realise that such claims were mainly used as sales tactics to attract subscriptions.
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Demo Trades or Misleading Performance
Another common concern in the advisory industry is selective performance sharing.
Some platforms heavily promote profitable trades, edited screenshots, or demo profits while hiding losing trades completely. This creates an impression that almost every recommendation works successfully.
In reality, traders may later experience frequent stop-loss hits or inconsistent results that were never properly disclosed during onboarding.
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Pressure to Trade in High-Risk Segments
Many retail traders with limited capital complain about being pushed toward risky trading segments like Bank Nifty options, futures trading, or leveraged intraday setups.
The problem becomes more serious when traders are encouraged to increase capital repeatedly after losses.
High-risk F&O trading may not be suitable for everyone, especially beginners who do not fully understand volatility and leverage risks.
A genuine advisory service should explain risks clearly instead of only focusing on potential profits.
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Loss Recovery Promises
Some traders report being encouraged to purchase higher-priced packages after facing losses, with assurances that future trades will help recover earlier losses quickly.
This kind of recovery-based selling creates emotional pressure on traders who are already under financial stress.
Retail investors should always remember that no advisory service can legally guarantee recovery of trading losses.
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Poor Support After Payment
Another major complaint seen across the advisory industry is poor customer support after subscription fees are paid.
Traders often complain about unanswered calls, delayed trade updates, disappearing relationship managers, or a lack of proper guidance during losses.
In many cases, communication remains very active before payment but becomes weak once the subscription amount is received.
How to Report a Complaint Against a Research Advisory?
Many traders lose money but never file a proper complaint because they do not know where to start.
Some only argue over calls or post angry comments online, which usually does not help much later.
The correct approach is to build a proper evidence trail and follow the complaint process step by step.
Step 1: Collect and Organise All Evidence
This is the most important step.
Start collecting every document and communication connected to the service.
Keep payment receipts, UPI records, bank statements, WhatsApp chats, Telegram messages, call recordings if available, screenshots of advertisements, and trade recommendations safely stored.
You should also prepare a simple timeline explaining:
- When you joined
- What package was sold
- What promises were made
- How much money did you pay
- And what issues happened later
A properly documented complaint always carries more weight than emotional allegations without proof.
Step 2: Send a Written Complaint to the Firm
Before approaching regulators, first send a formal written complaint directly to the company or compliance department.
Clearly explain:
- The issue faced
- dates of communication
- subscription details
- and the resolution you are expecting
Avoid relying only on phone calls because verbal conversations are difficult to prove later.
Email communication creates a proper complaint record and shows that you attempted direct resolution first.
Give a reasonable time for a response before escalating the matter further.
Step 3: Verify Whether the Entity is SEBI-registered
This step changes the complaint route completely.
If the advisory entity is registered with SEBI as a Research Analyst (RA) or Investment Adviser (IA), then investors can escalate complaints through official SEBI grievance mechanisms.
If the entity is unregistered, the process becomes more difficult and may involve cyber complaints, consumer disputes, or police complaints, depending on the facts involved.
Always verify registrations directly on SEBI’s official intermediary database instead of trusting screenshots or sales claims.
Step 4: File a Complaint Through SCORES
If a SEBI-registered intermediary is involved and your complaint remains unresolved, you can file a complaint through the SEBI Complaints Redress System (SCORES).
While filing the complaint, attach all supporting evidence properly, including payment proof, screenshots, communication records, and details of losses or misleading claims.
A detailed and well-structured complaint generally works much better than a short emotional submission without supporting documents.
Step 5: Lodge a Complaint in SMART ODR
If the dispute still does not get resolved, investors can move to the SMART ODR platform.
SMART ODR helps investors and intermediaries resolve disputes through online conciliation and mediation processes.
It is designed to make dispute resolution faster and more structured compared to traditional legal proceedings.
This mechanism is especially useful in securities market disputes involving registered intermediaries.
Step 6: Stock Market Arbitration
If major financial losses are involved and the matter still remains unresolved, arbitration may become necessary.
Arbitration is a formal dispute resolution process where an independent arbitrator reviews evidence from both sides and passes a legally binding decision.
This process is commonly used in securities market disputes and may help investors pursue compensation or recovery depending on the facts of the case.
Need Help?
Many traders come to us after spending weeks trying to resolve the issue on their own. They usually have screenshots, payment records, chat messages, and trade recommendations, but are unsure what to do next.
If you believe you were misled through trading recommendations, subscription upgrades, recovery promises, or marketing representations, it is important to preserve evidence immediately.
Early documentation often strengthens your position if a dispute later needs to be escalated.
We help you organise evidence, prepare structured complaints, and navigate complaint mechanisms such as SEBI SCORES, SMART ODR, and arbitration proceedings.
If you believe you were misled by Research Factory and are not sure about how to file a complaint against an RA, you can register with us for assistance.
Conclusion
The stock market already carries enough risk on its own. Misleading sales pitches, unrealistic promises, and aggressive trading pressure can make the situation even worse for retail traders.
That is why you should never blindly trust profit screenshots, “guaranteed return” claims, or pressure-filled sales calls before paying for any advisory service.
Always verify registrations, understand the risks involved, and maintain records of every communication and payment. And if you genuinely feel you were misled, take proper documented action instead of silently absorbing the losses.
Frequently Asked Questions
1. Can Research Factory guarantee profits or fixed monthly returns?
No. No research advisory or research analyst can legally guarantee profits in the stock market.
If you were promised assured returns, fixed income, or “sure-shot” profits, you should preserve screenshots, messages, and recordings of those claims.
2. Research Factory asked me to buy a costlier package to recover my losses. Is that normal?
Some traders report concerns relating to an upgrade after suffering losses.
However, no advisory service can guarantee that future trades will recover past losses. Always be cautious when recovery promises are used to sell additional subscriptions.
3. What proof should I collect before filing a complaint against Research Factory?
Save everything related to the service. This includes payment receipts, WhatsApp chats, Telegram messages, emails, trade recommendations, advertisements, and call recordings if available.
The more evidence you have, the stronger your complaint becomes.
4. Research Factory stopped responding after I paid the subscription fee. What can I do?
Start by sending a written complaint through email and keep a copy of it. If you do not receive a satisfactory response, you can explore further complaint mechanisms depending on the facts of your case.
Avoid relying only on phone calls or verbal conversations.
5. How can I check whether Research Factory is SEBI-registered?
Do not rely on sales claims or screenshots. Always verify the registration directly through SEBI’s official intermediary database.
This will help you understand whether the entity is registered as a Research Analyst (RA) or Investment Adviser (IA).
6. Who is the proprietor of Research Factory?
Rakesh Pandeet serves as the proprietor of Research Factory.
7. Is Rakesh Pandeet SEBI Registered?
Yes. Rakesh Pandeet is listed as a SEBI-registered Research Analyst (RA) under registration number INH000017028.
