Quick Summary
Inspire Algo Research is an algo trading software firm run by Devendra Sahu, who holds a valid SEBI Research Analyst registration. That registration covers publishing research recommendations, not connecting to a client’s broker account and executing trades automatically, which is the firm’s actual core product. Pricing on the premium plan nearly doubles SEBI’s annual fee cap, the registered address doesn’t match where the business actually operates, and no exchange empanelment for algo trading has been disclosed anywhere. Both of the firm’s websites are currently down. This blog covers exactly what the registration does and doesn’t permit, and what to check before you pay.
Someone approached you about Inspire Algo Research, probably with a screenshot of impressive profits, a SEBI registration number to make it sound official, and an algo trading software that promises to run automatically while you do nothing.
Before you pay ₹11,499 or ₹1,40,000 or anything in between, the registration number alone won’t tell you what you need to know.
This page covers who actually runs the firm, what their SEBI licence permits and doesn’t, and the specific operational red flags worth checking before you connect your broker account to anything.
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 pricing tiers, markets itself as a SEBI-registered entity, and acquires clients primarily through phone calls, WhatsApp outreach, and profit screenshots shared through sales representatives.
The firm runs two domains, inspirealgoresearch and software.inspirealgoresearch.
As of writing, one shows a 503 Service Inactive error, and the other displays a Technical Error notice specifically instructing visitors not to make payments.
Both errors have sat unresolved long enough that they’re worth treating as a current, ongoing state of the business rather than a temporary glitch, which matters if you’re deciding whether to trust this firm with a payment right now.
Inspire Algo Research Owner Name
The contact person and proprietor across all public records is Devendra Sahu, Research Analyst.
The user agreement published by Inspire Algo Research identifies the firm’s operational office as being in Indore, a detail worth remembering once you see the address listed on the actual SEBI registration further down this page.
As a sole proprietorship, there’s no separate corporate entity shielding decisions made under this business.
Whatever the firm does, from pricing to platform uptime to how a complaint gets handled, traces back to Devendra Sahu directly, not to a board or a management layer he can point to instead.
Inspire Algo Research Pricing
Before looking at the actual numbers, it helps to understand why pricing matters here more than it would for a typical subscription service.
SEBI caps what a Research Analyst can legally charge, so a firm’s pricing structure isn’t just a business decision, it’s a compliance question with a clear right and wrong answer.
Inspire Algo Research doesn’t sell a single flat-rate plan.
Pricing is spread across four separate tiers, each aimed at a different level of commitment, and the gap between the cheapest and most expensive option is wide enough that it’s worth understanding what each one actually includes before comparing them to the regulatory limit.
1. Basic Plan: ₹11,499 per month
This is the entry-level tier, typically the plan a new client is first offered on a sales call.
Annualised across twelve months, this comes to ₹1,37,988, which sits just under SEBI’s fee cap, though still close enough to the line that it leaves almost no room for any additional charge.
2. Premium Plan: ₹24,999 per month
This is where the numbers stop being borderline.
Annualised, this plan comes to ₹2,99,988, nearly double the ₹1,51,000 annual limit SEBI sets per client family for Research Analysts.
Sales representatives reportedly present this as the tier that unlocks better strategies or faster support, without any mention of where it sits relative to the regulatory cap.
3. Longer Plans: ₹70,000 to ₹1,40,000
These are extended multi-month commitments, priced as a lump sum rather than a monthly rate.
Several user reviews describe being pushed toward this tier specifically after an initial loss, framed as the option that finally delivers results.
Multi-month lump-sum pricing like this makes the fee-cap math harder for a client to check in the moment, since it isn’t presented as a simple monthly figure.
4. API Bridge Add-on: ₹1,180 per month
This is a separate, smaller charge layered on top of whichever core plan a client has already paid for, specifically covering the connection between the software and a client’s broker account.
It’s easy to overlook next to the larger plan prices, but it’s also the fee tied directly to the part of the service that carries the most risk: live API access to a trading account.
Pricing at a glance:
- Basic Plan: ₹11,499 per month
- Premium Plan: ₹24,999 per month
- Longer Plans: ₹70,000 to ₹1,40,000
- API Bridge Add-on: ₹1,180 per month
None of these four tiers disclose SEBI’s annual fee cap anywhere on the pricing page, and there’s no explanation offered for how the Premium or Longer plans are meant to stay compliant with a ₹1,51,000 limit that the Premium tier alone breaches by nearly double.
Also Read: Omkar Thakur has monthly plans which exceed the SEBI fee cap when annualised, along with a WhatsApp-associated payment route.
Is Inspire Algo Research SEBI Registered?
Yes, Devendra Sahu holds a valid SEBI Research Analyst registration, number INH000017824, granted on July 24, 2024, listed with perpetual validity.
That said, the website doesn’t display this registration number clearly upfront the way a fully transparent firm typically would.
User complaints and the firm’s own legal agreement are what confirm Devendra Sahu as the registered individual behind the operation.
His registered address on file is 127, Kolukhedi, Bhonri, Bhopal, Madhya Pradesh, 462030, a detail that becomes important once you compare it against where the firm’s actual sales operations run, covered further down this page.
Holding a valid registration doesn’t automatically authorise every service being marketed under it.
A Research Analyst licence covers publishing research recommendations. It does not, on its own, cover providing an automated trading system that connects to a client’s broker API and places trades directly in their account.
How Inspire Algo Research Operates?
Based on the firm’s user agreement and the pattern described across multiple public complaints, the operation follows a fairly consistent structure from first contact to eventual silence.
- Attract with strong promises: Sales outreach through calls and WhatsApp typically includes claims of no-loss trading, profit screenshots, and flexible payment plans like paying only after the software earns you money.
- Collect fees framed as non-refundable: Once trust is built, subscription fees are charged under terms that state payments are non-refundable regardless of how the software actually performs.
- Obtain API access to the trading account: Clients are asked to connect their broker API, which hands the firm direct authority to place trades on the client’s behalf.
- Execute trades without visible risk control. Multiple users report trades placed aggressively, without any apparent stop-loss discipline, particularly around volatile periods like expiry day.
- Push paid upgrades after losses appear: Once a client has lost money, the pattern shifts toward offering a higher-priced plan framed as the way to recover it.
- Block communication once losses accumulate: Following a loss, support contact frequently stops entirely, and refund requests go unanswered under the firm’s stated no-refund terms.
Is Inspire Algo Research Genuine?
The question “is Inspire Algo Research fake or real” comes up when checking whether the firm’s claims, regulatory status, pricing, and trading services hold up against publicly available information.
Inspire Algo Research presents itself as a technology-driven trading solution, but its credibility needs to be assessed through independent regulatory records and the firm’s own disclosures rather than its marketing claims alone.
Five separate issues stand out when the available information is examined closely.
1. SEBI Watchlist, 3 Complaints Pending Over 3 Months
SEBI publishes a monthly list of entities with complaints unresolved on SCORES for more than three months, and Devendra Sahu appears on that list with 3 complaints pending as of February 28, 2026.
This figure comes directly from SEBI’s own published record, not from anything the firm self-reports, and it stands in direct contradiction to the zero-complaint figure the firm shows on its own website.
A three-month unresolved window isn’t a minor administrative delay either; it means SEBI’s own 90-day resolution requirement has already been missed by the time a complaint reaches this list.
For the full breakdown of what those three complaints actually describe, along with eight named user accounts describing similar unresolved disputes, that ground is covered in complete detail on our Inspire Algo Research reviews page.
2. Pricing Exceeds SEBI’s Annual Fee Cap
As covered above, the Premium plan’s annualised cost of ₹2,99,988 sits at nearly double SEBI’s ₹1,51,000 annual limit per client family.
What makes this more than a pricing quirk is the complete absence of disclosure. A compliant firm operating near a regulatory boundary would typically flag that boundary clearly to the client.
Here, there’s no mention of the cap anywhere on the pricing page, and no explanation for how a Premium or Longer-plan subscriber’s payments are meant to remain within it.
3. Registered Address Is Bhopal, Operations Are in Indore
The SEBI registration lists Devendra Sahu’s address as Bhopal, Madhya Pradesh. The firm’s own user agreement identifies its operational office as being in Indore instead.
This isn’t a stray inconsistency either.
Public job listings confirm the firm actively recruits “Algo Software Sales Managers” from Scheme 140, Indore, meaning the sales team, and by extension the actual point of client contact, runs entirely out of a city different from the one on file with the regulator.
4. API-Based Algo Trading Without Disclosed Exchange Empanelment
Inspire Algo Research connects to client broker accounts via API to execute trades automatically.
Under SEBI’s algorithmic trading framework, effective August 1, 2025, any provider offering this kind of automated execution must hold exchange empanelment from NSE or BSE, in addition to RA registration.
The framework introduced alongside this requirement is specific: client-specific API keys, static IPs whitelisted by the broker, OAuth-based authentication, and two-factor authentication, all intended to prevent exactly the kind of unauthorised, unverified API-based trading this firm’s core product depends on.
No such empanelment appears anywhere on the firm’s website or in any publicly accessible record.
A client connecting their broker API here has no independent way to confirm the service is operating inside this legally required framework, which means the risk sits entirely on the client’s side of the arrangement.
5. Both Websites Currently Down With No Clarity for Existing Subscribers
The firm’s main website currently shows a technical error warning visitors not to make payments. The separate 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 visible anywhere is a phone number and email listed on the error page itself.
Not sure which of these red flags actually applies to what you signed up for?
We will will map your specific payments and API access against the exact SEBI rule each one breaks, then tell you honestly what that means for getting your money back.
What a SEBI Research Analyst Licence Permits Devendra Sahu to Do?
Understanding the boundary of what an RA registration actually covers matters here, because the gap between what’s permitted and what Inspire Algo Research markets is where most of the risk sits.
What Inspire Algo Research Is Allowed to Offer Under INH000017824
A Research Analyst registration permits issuing research recommendations on securities, delivered through channels like email, WhatsApp, or SMS.
It permits charging fees within SEBI’s ₹1,51,000 annual cap per client family, structured transparently and disclosed to the client.
It requires responding to any SCORES complaint within 21 days, as part of the ongoing compliance obligations tied to holding the registration.
What Inspire Algo Research Is Not Allowed to Offer Under This Registration
It does not permit guaranteeing no loss or promising to recover a client’s losses. Multiple users report being told exactly this, which directly violates what an RA licence allows.
It does not permit charging fees that exceed the annual cap. The premium plan’s annualised cost sits at nearly double the legal ceiling.
It does not permit accessing or trading in a client’s broker account without separate exchange empanelment.
The firm’s core product, API-connected automated execution, requires authorisation that an RA licence alone doesn’t provide.
It does not permit using fabricated profit screenshots in marketing. Several independent users describe screenshots shown during the sales process that didn’t reflect real trading outcomes.
The gap between what this registration legally covers and what the business model actually requires runs through nearly every part of how Inspire Algo Research operates.
Can You Get Your Money Back From 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.
Where Can You Report Inspire Algo Research?
If any of the red flags above match what you’re currently facing, you’re not limited to arguing with a support team that has already gone silent on other users, or to a firm whose own websites are currently down.
SEBI provides a formal escalation path for exactly this kind of dispute, and there are several channels worth knowing about, since which one applies depends on where things currently stand for you.
A SEBI SCORES complaint creates a formal, trackable record the firm is legally required to respond to within 21 days.
If that doesn’t resolve things, the SMART ODR portal offers a structured mediation route for financial disputes.
And if mediation still doesn’t settle it, formal share market arbitration remains available as the final, binding step.
If you want the exact process laid out step by step, that’s covered in full in our guide on how to complaint against Inspire Algo Research.
What Investors Must Keep in Mind?
Before taking any action, whether you’re still evaluating this firm or have already paid, a few checks make the difference between an informed decision and a costly one.
- Do not pay right now, the website itself says so. The firm’s own error page currently warns visitors against making payments, which is worth taking seriously before sending money to any representative.
- Check the SEBI watchlist before engaging. SEBI’s published list of entities with unresolved complaints is checkable independently, and confirming a name’s current status takes only a few minutes.
- Never connect your broker API without written clarity. API access gives an external system direct authority to place trades in your account. Confirm exchange empanelment in writing before granting this to anyone.
- Treat any loss recovery offer as a red flag on its own. No SEBI-registered Research Analyst is permitted to promise recovery of prior losses through an upgraded plan or additional payment.
- Document everything from your first interaction. Every message, payment receipt, and promise made during the sales process becomes essential evidence if a dispute arises later.
Conclusion
Devendra Sahu holds a valid SEBI Research Analyst registration, and that fact matters.
But a valid registration was never designed to cover an automated, API-connected trading system charging fees nearly double the regulatory cap, from a registered address that doesn’t match where the business actually operates.
SEBI’s own watchlist confirms unresolved complaints past the mandatory deadline, both of the firm’s websites are currently non-functional, and no exchange empanelment for its core algo trading product has been disclosed anywhere.
If you’re considering subscribing, none of this has a credible public explanation yet, and that alone is reason to wait. If you’ve already paid and lost money, act on the formal complaint route covered earlier on this page, and do it with full documentation.
A SEBI registration is a starting point, not a safety guarantee. Verify independently before you pay, and act quickly with documentation if you already have.
Report. Recover. Stay Fraud Free.
Neither label fits cleanly. Devendra Sahu holds a genuine SEBI registration, so it isn't an outright fake entity. But the pricing, address mismatch, and undisclosed empanelment gaps covered on this page are real, independently verifiable concerns worth weighing before you pay. Yes. Devendra Sahu holds SEBI Research Analyst registration INH000017824, granted July 24, 2024, with perpetual validity. That registration doesn't extend to the automated API trading the firm actually sells, which is the core issue covered above. Not under this registration alone. A Research Analyst licence permits publishing research recommendations, not connecting to your broker account and executing trades. That specific activity requires separate exchange empanelment, which isn't disclosed anywhere in Inspire Algo Research's public records. Both of the firm's domains currently show error pages, one a 503 Service Inactive error, the other a Technical Error notice explicitly telling visitors not to make payments. No public explanation has been provided for either outage.Frequently Asked Questions
Add us as a preferred source on Google »
