Someone approached you about Inspire Algo Research. They probably showed you screenshots of impressive profits, mentioned their SEBI registration number, and offered you an algo trading software that runs automatically.
Before you pay ₹11,499 or ₹1,40,000 or anything in between, read everything on this page first.
The public record on this entity is extensive, and it tells a story worth understanding in full.
Inspire Algo Research Review
Inspire Algo Research is an algo trading software and research firm operating out of Indore, Madhya Pradesh.
The firm sells subscription-based automated trading software across multiple plans, markets itself as a SEBI-registered entity, and acquires clients primarily through phone calls, WhatsApp outreach, and profit screenshots.
The firm runs two domains, inspirealgoresearch and software.inspirealgoresearch; one shows a 503 Service Inactive error, and the other displays a Technical Error notice instructing users not to make payments.
The user agreement published by Inspire Algo Research identifies the firm’s office as being in Indore, Madhya Pradesh, a different city from the Bhopal address on the SEBI registration.
The contact person and proprietor across all public records is Devendra Sahu.
Inspire Algo Research Pricing
The pricing structure visible in publicly available records shows the following:
- Basic Plans: ₹11,499 per month
- Premium Plans: ₹24,999 per month
- Longer Plans: ₹70,000 to ₹1,40,000
- API Bridge: ₹1,180 per month
The premium monthly rate of ₹24,999 alone annualises to ₹2,99,988, nearly double SEBI’s prescribed annual fee cap of ₹1,51,000 per family for Research Analysts.
The firm does not disclose how it structures these fees within the regulatory cap, and the pricing page carries no disclosure about the SEBI annual limit.
Is Inspire Algo Research SEBI Registered?
The website fails to clearly display its SEBI registration number (INH000017824) upfront, but user complaints and the legal agreement confirm that the registered Research Analyst behind Inspire Algo Research is Devendra Sahu.
Devendra Sahu holds a valid SEBI Research Analyst registration (INH000017824), granted on July 24, 2024, with perpetual validity.
However, holding a SEBI Research Analyst registration does not automatically authorise every service Inspire Algo Research markets.
Specifically, a Research Analyst licence covers the publication of research recommendations; it does not cover providing access to automated trading systems that connect to a client’s broker API and execute trades in their account.
Inspire Algo Research Complaints Data
This is the most important regulatory fact about Inspire Algo Research at the time of writing.
SEBI publishes a monthly list of entities whose complaints remain pending on the SCORES platform for more than three months.
As of February 28, 2026, Devendra Sahu (INH000017824), appears on this SEBI watchlist with 3 complaints pending for more than 3 months.
This is not a self-reported figure. This comes directly from SEBI’s own published records.
This finding directly contradicts the complaint data Inspire Algo Research displays on its own website, which claims 0 complaints received and 0 pending.
The entity’s self-reported data and SEBI’s independently published watchlist tell completely different stories. When these two figures conflict, SEBI’s published data is the authoritative one.
Three complaints pending for over three months on SEBI’s watchlist indicate failure to resolve SCORES grievances on time.
Inspire Algo Research User Reviews
The r/StockMarketIndia subreddit contains a thread about Inspire Algo Research with over 90 comments.
The following accounts are drawn from publicly visible Reddit posts. These are individual user experiences, and no legal conclusions are drawn from them.
1. False Promises of No Loss and Automated Profits
The company promises no loss trading and pay after earnings plans, but after payment, it demands full fees without delivering profits.
- User Fun_Professor5374 was promised a three-month plan for ₹31k with a ₹10k token to start and earn first, but after paying, they demanded the remaining amount without any earnings.
- User Disastrous Newt 1371 was assured they could pay after earning, but was later asked for ₹12.5k to enable service and lost ₹49k in a single trade.
2. Unauthorized API Trading and Immediate Heavy Losses
After connecting the broker API, the company executes reckless trades that wipe out large sums in a single day.
- User from software. inspirealgoresearch paid ₹5,500, connected API, and lost ₹7,000 the next day through automatic trades with no refund.
- User IntelligentBuddy2795 lost ₹9.8 lakh in one day after giving account access and claims trades were placed blindly on expiry day.
3. Upgrade Fraud and Repeated Payment Demands
After losses, users are pushed to upgrade plans with promises of recovery, leading to further losses.
- User No Wonder 8209 lost money on a small plan, was pushed to upgrade for ₹90k, paid ₹19,500, lost ₹1 lakh more, and was then ignored.
4. No Service Provided After Payment
Users receive no signals, no access, or complete silence after payment.
- User SRIHARI NAIDU PELLURU paid ₹4,100 for one month but received no service and no response.
5. Fake Profit Proof and Misleading SEBI Claims
The company uses fake profit screenshots and misrepresents SEBI registration to appear legitimate.
- User Ok Worry5250 was misled using fake screenshots and false SEBI claims and was blocked after asking for a refund.
6. Communication Block and No Refund Policy
After losses, the company stops responding, blocks users, and refuses refunds.
- User WatchNo8027 filed a SEBI complaint against Devendra Sahu and was offered only a partial refund to close it, which they refused.
How Inspire Algo Research Operates?
Based on the user agreement and multiple complaints, the pattern below outlines how the operation is described by affected users:
- Attract with False Promises: They lure users with claims of no-loss trading, fake profit screenshots, and flexible payment plans, such as paying after earning.
- Collect Non-Refundable Fees: After building trust, they charge subscription fees under terms that clearly state payments are non-refundable regardless of performance.
- Obtain API Access to Trading Accounts: Users are asked to connect their broker API, giving the firm direct access to place trades on their behalf.
- Execute High Risk or Uncontrolled Trades: Users report trades being placed without proper risk control, leading to large losses within a short time.
- Push Paid Upgrades After Losses: After losses, users are pressured to pay for higher plans with promises of recovery, resulting in further losses.
- Block Communication and Deny Refunds: Following losses, communication stops, users are blocked, and refunds are denied under strict no-refund policies while complaints remain unresolved.
Is Inspire Algo Research Genuine?
Inspire Algo Research presents itself as a technology-driven trading solution, but claims alone do not determine credibility.
The real assessment depends on whether its practices, red flags, and regulatory standing support those claims.
1. SEBI Watchlist, 3 Complaints Pending Over 3 Months
SEBI’s own published data as of February 28, 2026, places Devendra Sahu on the list of entities with complaints pending for more than three months on SCORES.
This is a confirmed regulatory non-compliance, not a user opinion. The entity’s own website reports zero complaints, which directly contradicts SEBI’s independently published record.
2. Pricing Exceeds SEBI’s Annual Fee Cap
The basic monthly plan at ₹11,499 annualises to ₹1,37,988, just under the cap. The premium monthly plan at ₹24,999 annualises to ₹2,99,988, nearly double the SEBI annual cap of ₹1,51,000 per family.
The website carries no disclosure about this regulatory limit and no explanation of how multi-month subscriptions comply with it.
3. Registered Address Is Bhopal, Operations Are in Indore
The SEBI registration lists Devendra Sahu’s address as Bhopal, Madhya Pradesh. The user agreement identifies the firm’s office as being in Indore.
A job listing confirms Inspire Algo Research recruits “Algo Software Sales Managers” from Scheme 140, Indore. The firm operates from a different city than the one on its SEBI regulatory filing.
4. API-Based Algo Trading Without Disclosed Exchange Empanelment
Inspire Algo Research connects to client broker accounts via API to execute automated trades.
Under SEBI’s April 2026 algo trading framework, providers offering such services must hold exchange empanelment from NSE or BSE in addition to RA registration.
No empanelment is disclosed anywhere on the firm’s website or in any publicly accessible record. Clients who connect their broker API to this system have no independent verification that the service operates within the legally required framework.
5. Both Websites Currently Down With No Clarity for Existing Subscribers
The main website currently shows a technical error warning visitors not to make payments. The software portal is inactive.
Existing subscribers who have already paid have no operational access to the service they subscribed to, and the only contact information available is a phone number and email address on the error page.
One user specifically noted that the website operates only at particular times, raising further concerns about inconsistent access for subscribers.
Research Analyst SEBI Guidelines
A SEBI Research Analyst registration covers a specific and limited scope of activity.
Understanding where that boundary sits is essential when evaluating Inspire Algo Research.
| What an RA Can Do | What an RA Cannot Do | Why It Matters for Inspire Algo Research Clients |
| Issue research recommendations on securities | Guarantee no loss or promise profit recovery | The firm told multiple users there would be no loss, a direct violation of this prohibition |
| Charge fees within SEBI’s ₹1,51,000 annual cap | Charge fees that exceed the annual cap per family | Premium monthly plans annualise to ₹3 lakh, nearly double the regulatory ceiling |
| Deliver research via email, WhatsApp, or SMS | Access or trade in a client’s broker account without appropriate regulatory authorisation | The firm connects to client accounts via API and executes trades, an activity requiring separate exchange empanelment |
| Respond to complaints within 21 days on SEBI SCORES | Ignore or delay SCORES complaints beyond the regulatory deadline | Three complaints have sat unresolved on SEBI’s watchlist for more than three months |
| Show verified, auditable research records | Use fabricated profit screenshots in marketing | Multiple users independently confirm the screenshots shown during sales did not reflect real trading outcomes |
The gap between what a Research Analyst licence legally permits and what Inspire Algo Research appears to do in practice spans every row of the table above.
Every client considering this service carries a meaningful regulatory risk because the firm’s core product, automated API-connected algo trading, is not straightforwardly covered by its RA registration alone.
What Investors Must Keep In Mind?
Before taking any action, verify facts, protect your funds, and ensure you are operating within the framework of the Securities and Exchange Board of India.
1. Do Not Pay Right Now, The Website Itself Says So
The firm’s own communication currently advises users not to make payments, which should be taken seriously before proceeding further.
Avoid transferring money to any representative or account until operations are clear and the entity’s regulatory status is independently verified.
2. Check the SEBI Watchlist Before Engaging
Review SEBI’s published list of entities with complaints pending beyond three months to assess compliance history.
If a name appears on this list, confirm whether the status has changed before making any financial commitment.
3. Never Connect Your Broker API Without Clarity
Connecting your broker API gives external systems the ability to place trades directly in your account, which carries significant risk.
Before doing so, confirm in writing that the provider holds a valid SEBI registration and required exchange empanelment under current regulations.
4. Treat Loss Recovery Offers as a Red Flag
Any promise to recover losses through upgraded plans or additional payments should be treated as an immediate warning sign.
No SEBI-registered Research Analyst is permitted to guarantee recovery, and such claims often lead to further financial loss.
5. Document Everything From the First Contact
Maintain records of all communications, payments, agreements, and any claims made during the sales process.
These documents serve as critical evidence if disputes arise or if the firm later denies any client relationship.
How to File a Complaint Against Inspire Algo Research?
If you have faced losses or misconduct, follow a structured escalation process to protect your rights under the framework of the Securities and Exchange Board of India.
1. Write to the Entity Directly First
Submit a detailed written complaint covering your subscription, amount paid, promises made, actual outcome, and the loss suffered.
Keep proof of delivery, as this step establishes that you attempted direct resolution before escalating further.
2. File a Complaint in SCORES
Register on SCORES and file a complaint against the concerned Research Analyst using their registration details, attaching all supporting evidence.
Include payment proof, chats, agreements, and trade records, as documentation strength directly affects the outcome.
3. File a Cyber crime Complaint if the Account Was Misused
If trades were placed without your consent after API access, treat it as a cyber issue and file a complaint with full evidence.
Submit account statements, access permissions, and trade details to establish unauthorised activity.
4. File a Complaint in Smart ODR
For refund issues or financial claims linked to SEBI-regulated services, initiate a case through the Smart ODR mechanism after SCORES.
This process enables structured dispute resolution through online conciliation without requiring legal representation.
5. Initiate Stock Market Arbitration
If the dispute remains unresolved after all prior steps, proceed with arbitration as the final legal remedy.
Arbitration allows your claim to be evaluated based on evidence and provides a binding resolution outcome.
Need Help?
If you have paid Inspire Algo Research and faced losses, no response, partial refunds, or unauthorised trading, we help you build a strong case and choose the right action.
- Case Review: We analyse your payments, communications, API access, and trades to identify violations and options.
- Complaint Drafting: We prepare a clear SCORES complaint targeting the correct regulatory issues with proper evidence.
- SCORES Support: We guide you through filing and escalation to avoid procedural mistakes.
- ODR and Escalation Guidance: We assist with refund claims, cyber issues, and other escalation routes where applicable.
Register with us now and share whatever records you have, and we will tell you what they prove and your next steps.
Conclusion
Inspire Algo Research is a prominent name in this space, yet while Devendra Sahu holds a valid SEBI Research Analyst registration, multiple public indicators raise serious concerns beyond that fact.
SEBI’s watchlist shows unresolved complaints, contradicting the firm’s zero-complaint claims, while users report a pattern of trust-building, losses, upsells, and silence, along with pricing and regulatory gaps.
A SEBI registration does not guarantee safety; if you are considering subscribing, avoid it, and if you have already lost money, use the formal complaint process with proper evidence.
