Quick Summary
Inspire Algo Research sits on SEBI’s official watchlist with 3 complaints pending for more than three months, a fact that directly contradicts the zero-complaint figure the firm shows on its own website. Beyond that regulatory record, at least seven named users across Reddit and other public forums describe a consistent pattern, pay-after-earn promises that turn into full payment demands, API access followed by same-day account wipeouts, and refund requests met with silence or a partial offer. This blog lays out every account in full, and explains why the gap between SEBI’s official numbers and the volume of public complaints is wider than it looks.
If you’re trying to separate marketing from reality in Inspire Algo Research reviews, the honest starting point is a number that should worry you more than any single user story.
SEBI’s own published watchlist shows 3 complaints pending against Devendra Sahu for more than three months, at the exact same time the firm’s own website claims zero complaints received.
That contradiction is the frame for everything below. What follows are the actual accounts users have posted, in full, plus the reason official numbers and public anger don’t match.
Inspire Algo Research Complaints
Before getting into individual reviews, it helps to know what the official record actually says, because it’s very different from what the firm tells its own customers.
Devendra Sahu holds SEBI Research Analyst registration number INH000017824, granted July 24, 2024, listed with perpetual validity.
His registered address on file is 127, Kolukhedi, Bhonri, Bhopal, Madhya Pradesh, 462030, with a registered contact email tied to the same certificate.
That registration is real. What’s also real is a separate table SEBI publishes specifically for entities whose complaints have gone unresolved past the regulator’s own deadline.
| Sr. No. | Name of the Entity | Category | Complaints Pending Over 3 Months on SCORES (as on Feb 28, 2026) |
|---|---|---|---|
| 1 | Devendra Sahu | Research Analyst | 3 |
Three complaints pending for over three months means the firm has actively failed to resolve official investor grievances within SEBI’s mandatory 90-day window.
This is not a number the firm self-reports; it comes straight from SEBI’s own published watchlist, and it sits in direct contradiction to the zero-complaint figure Inspire Algo Research displays on its own site.
When a firm’s self-reported number and SEBI’s independently published number disagree, SEBI’s figure is the one that carries weight.
That gap alone is worth pausing on before you look at a single user account, and it’s exactly why the reviews below matter as much as the watchlist entry itself.
Why the Gap Between Public Complaints and Official Numbers Exists?
That gap has four straightforward reasons behind it, each one worth understanding before you assume a low official number means a small problem.
1. Users Get Isolated in Private Channels
Much of the sales and support communication happens over WhatsApp rather than any recorded, searchable channel.
When a user complains after a loss, the pattern reported repeatedly is getting blocked, which cuts off contact before that user can compare notes with anyone else affected.
2. The “Recovery” Offer Acts as a Delay Tactic
Support agents reportedly promise a better, premium version of the algorithm as a way to win back lost money.
By the time it’s clear no recovery is coming, months have passed, and many users simply give up rather than start a formal complaint from scratch.
3. Most Traders Don’t Know SCORES or SMART ODR Exist
A meaningful share of retail investors have never heard of SEBI’s official complaint portals.
They write the loss off as bad luck instead of a reportable grievance, which means the real number of people affected almost certainly runs well past what any official count shows.
4. Three Complaints Still Carry Real Regulatory Weight
Three complaints on a SEBI watchlist is still a meaningful signal, even next to a much larger volume of public reviews.
It confirms that when users do push a complaint through to SEBI, the firm has failed to resolve it inside the mandated window, and that’s a fact with real regulatory weight behind it, unlike an unverified review.
Inspire Algo Research Reviews
The watchlist tells you three complaints sat unresolved past SEBI’s deadline. It doesn’t tell you what actually happened to the people behind them, or to the many more who never got as far as filing an official complaint.
What follows are eight separate, named accounts pulled from Reddit and public review platforms, grouped by the pattern each one describes.
Read them together, and a shape starts to emerge that no single review shows on its own.
We are reporting what these users said on public platforms.
We are not independently verifying every account, and beyond the confirmed SEBI watchlist entry, no further SEBI order has been issued confirming this specific conduct as of the date of this blog.
1. False Promises of No Loss and Automated Profits
A user named Fun_Professor5374 posted the original account of this pattern on r/StockMarketIndia, in a thread titled “Inspire algo tech fraud company” that drew 90 comments and 5 upvotes.
The post names the firm’s website directly, inspirealgo.com/pricing, and states that two sales executives, reachable at 09669019899 and 9111093636, committed to a three-month plan priced at ₹31,000, with ₹10,000 payable upfront as a token to “start and earn first.”
After paying the ₹10,000, the user says they were asked for the full remaining balance, with no earnings having materialised at all.
Once the total reached ₹31,500 for what the firm described as “90 working days” of work, contacted through a third number, 6262680909, the demand escalated further to ₹90,000.
The post’s core accusation is specific: that the profit screenshots shown during the sales pitch were used purely to justify collecting subscription fees, not as evidence of anything the software actually delivered.
2. API Access Followed by Same-Day Heavy Losses
A user named Disastrous-Newt-1371 describes paying ₹10,000 upfront with the same pay-after-earning structure, then being asked for an additional ₹12,500 just to activate the service.
After a seven-day wait, the first trade the software placed wiped out a ₹60,000 account, a loss of ₹49,000 in a single day.
When asked why the stop-loss failed, the firm reportedly blamed FII activity in the market, a response the reviewer explicitly rejects, arguing the trades were being placed manually rather than by any real algorithm.
3. Reverse Trades Wiping the Account to Zero
A user named mrgillb reports a similar outcome on a faster timeline, a ₹2.5 lakh loss across just two days after connecting the system, and directly questions why a genuinely profitable algorithm would be sold to retail subscribers instead of used by its own developers.
A reply beneath that post, from a user named IntelligentBuddy2795, confirms the same pattern happened to them the same day, writing that their account was emptied, with not a single trade landing in profit, before the software placed reverse trades that brought the balance down to zero.
That detail, reverse trades used specifically to erase whatever balance remained, is one of the more serious mechanical claims across all these reviews, since it describes deliberate action rather than a failed stop-loss.
4. Upgrade Fraud and Repeated Payment Demands
A user named No-Wonder8209 describes a pattern that starts with a smaller plan and escalates once losses begin.
After an initial loss, the reviewer says a senior representative offered to “recover” the money through an upgraded plan priced at ₹90,000.
When that amount was refused, the ask dropped to ₹19,500, framed as covering a better strategy inside the software.
The user paid it, continued losing money regardless, and states the total loss reached approximately ₹1 lakh before the firm stopped responding to requests for a refund.
The post ends with a direct call for other affected users to unite and file a collective complaint, a detail that speaks to how widespread the reviewer believes this pattern is.
5. No Service Provided After Payment
A user named SRIHARI NAIDU PELLURU filed a formal written complaint stating that ₹4,100 was collected for one full month of algo services, and that not a single service was delivered in return.
The complaint states that calls and messages went entirely unanswered after payment cleared, and that the user intended to escalate the matter to SEBI directly.
6. Fake Profit Proof and Misleading SEBI Claims
A user named Ok_Worry5250 describes being drawn in specifically because the firm displayed its SEBI registration prominently on its website alongside screenshots the reviewer characterises as fabricated.
As a newer market participant, the reviewer states they were persuaded by that combination of a visible registration number and polished profit imagery, only to face consistent losses.
When they asked about a refund, they say they were blocked and unreachable through any other number.
7. Communication Block and No Refund Policy
A user named WatchNo8027 provides the most detailed account of what happens when a user actually escalates to SEBI rather than stopping at a bad review.
After registering a formal SEBI complaint naming Devendra Sahu, the reviewer says the first response received, through the SEBI complaint portal itself, was a denial that they were even a client.
Once the reviewer shared proof, screenshots of the SEBI registration number as displayed on Inspire Algo’s own website, along with payment records, Inspire Algo representatives called directly and asked that the complaint be withdrawn, offering a refund.
That refund offer covered only 50% of what was paid. The reviewer declined it and held out for the full amount. As of the review, the complaint remained pending with SEBI, unresolved.
How to Report Inspire Algo Research?
Reading eight accounts describing the same pattern raises an obvious next question: what do you actually do about it if you’re in the same position right now.
The good news is you’re not limited to arguing with a support team that has already gone quiet on other users.
SEBI provides a formal escalation path built for exactly this kind of dispute, and knowing which channel to use, and in what order, matters more than most people realise when they’re dealing with this for the first time.
Here’s what’s actually available to you, and why each one exists.
A SEBI SCORES complaint creates a formal, trackable record the firm is legally required to respond to, unlike a message on WhatsApp that can simply go unanswered.
If a direct complaint doesn’t resolve things, or the refund offered doesn’t cover what you actually lost, the SMART ODR portal provides a structured mediation route.
And if that still doesn’t settle it, formal share market arbitration is the final, binding step available to you.
If you want the full process laid out in detail, exactly what to file, in what order, and what evidence each stage needs, that’s covered step by step in our guide on how to complaint against Inspire Algo Research.
Already Facing This With Inspire Algo Research?
This isn’t a hypothetical process.
One investor who paid Inspire Algo Research and lost money recovered ₹1,79,000 through arbitration with our help, and the full recovery from Inspire Algo Research case study walks through exactly how that played out.
We help you organise your payment records and communication history into a complaint SEBI can actually act on, and guide you through SCORES and SMART ODR without the procedural mistakes that get complaints delayed.
Conclusion
The gap between Inspire Algo Research’s self-reported zero complaints and SEBI’s confirmed three-complaint watchlist entry was already a red flag on its own.
Reading through eight separate, named user accounts, all describing variations of the same pattern, pay-after-earn promises, API access followed by same-day losses, upgrade pressure after the first loss, and silence once a refund is requested, makes that red flag considerably harder to explain away.
None of this means every algo trading service operates this way. It does mean that a valid SEBI registration alone tells you almost nothing about what actually happens once you connect your broker account.
If you’ve already paid Inspire Algo Research and are facing something similar, document everything now, while it’s fresh, and don’t assume a small number on a watchlist means your case doesn’t matter.
Report. Recover. Stay Fraud Free.
Frequently Asked Questions
Not individually. They're user accounts posted on public platforms. Only the 3 complaints on SEBI's own watchlist carry direct regulatory confirmation; the rest are unverified but consistent public reports.
You're not obligated to accept a partial refund to close a SEBI complaint. You can decline and keep the complaint active until the full amount owed is resolved, as one reviewer above did.
Being blocked doesn't end your options. Document the block with screenshots, then move your complaint directly to SEBI SCORES rather than continuing to attempt contact through the same blocked channel.
Not on its own, SEBI needs your own payment proof, agreements, and communication records. But a thread like this is useful context showing you're not describing an isolated incident.
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