If you searched for Invesia Research, you are probably either thinking about paying for their services or you have already paid, and something does not feel right.
Invesia Research is run by Himanshu Vyas under SEBI Research Analyst registration number INH000022941.
The registration is real and currently active. As of June 2026, no SEBI adjudication orders or penalty notices have been recorded against the firm.
But registration tells you only that the firm is authorised to operate.
It says nothing about whether the firm stays within the boundaries of that authorisation in practice.
This page gives you what you need to evaluate both.
Is Invesia Research a Legitimate Company or Not?
The question most people actually want answered is not whether the company is registered. They want to know if they can trust it with their money.
On the registration side, Invesia Research is legitimate. Himanshu Vyas holds a valid SEBI Research Analyst registration under number INH000022941, granted on August 22, 2025.
The firm has not been penalised, debarred, or issued any adjudication order by SEBI as of this update. That is the factual picture.
But registration and trustworthiness are different things. Several SEBI-registered research analysts have faced enforcement action after registration because they crossed lines that the registration specifically prohibits.
The registration gives investors a formal complaint mechanism when the firm steps outside those lines. Whether this firm has stepped outside of them depends on what happened during your specific interaction with them.
The sections below give you the exact framework to assess that for your own situation.
What Invesia Research Is Allowed to Do Under Its SEBI Licence?
Understanding the scope of a research analyst licence is one of the most important checks an investor can make before paying for any advisory service.
Many people only look at the registration number and assume that it answers every question.
In reality, the licence authorises certain activities while placing clear limits on others.
Under its SEBI Research Analyst registration, Invesia Research is permitted to:
- Publish research reports containing buy, sell, or hold recommendations supported by documented analysis.
- Share market views, sector research, and commentary on investment strategies.
- Charge a fixed subscription fee that is agreed upon in writing before the service begins.
- Offer research services within SEBI’s fee cap of Rs. 1,51,000 per year per client family across all Research Analyst subscriptions combined.
The firm’s role is limited to research and recommendations.
It is not authorised to execute trades on your behalf, manage your portfolio, collect money for investment, or provide personalised investment advice tailored to your financial circumstances, which requires a separate SEBI Investment Adviser registration.
What Invesia Research Is Not Allowed to Do?
For investors evaluating the firm or dealing with a dispute, understanding these restrictions is just as important as understanding what the licence permits.
The following are examples of conduct that SEBI’s Research Analyst Regulations prohibit for any registered research analyst.
We are not alleging that Invesia Research has engaged in any of these practices.
They are included so that investors know what falls outside the scope of an RA licence.
- Promise guaranteed or assured returns, whether verbally, through WhatsApp messages, or in written communications. SEBI Regulation 16(b) prohibits such promises without exception.
- Send live execution instructions during market hours, such as directing subscribers to buy or sell a security immediately at the prevailing market price.
- Claim that future recommendations will recover previous trading losses.
- Charge fees linked to profits or take a share of a subscriber’s trading gains. Research analyst fees must be fixed and disclosed in advance.
- Request access to a subscriber’s trading account, login credentials, passwords, or OTPs, as a research analyst has no legitimate reason to require them.
What Happens When a Registered RA Crosses the Line: A Real Case
To understand what RA violations look like in practice and what recovery actually looks like, here’s a documented SEBI case involving a registered research analyst firm.
Supreme Investrade Complaints
Supreme Investrade, a SEBI-registered RA (Registration No. INH000008747), was penalised ₹5,00,000 by SEBI’s Adjudicating Officer for the following violations:
- Sharing screenshots of other clients’ profits to promise similar returns (“aap bhi isi tarah se profit earn kar sakte ho… daily basis pe”)
- Pressuring a client to add more capital after incurring losses
- Sending messages like “jaldi buy karo… maximum quantity buy karo”, direct execution instructions beyond the permitted scope of research
The key finding: WhatsApp messages showing profit screenshots and pushing clients toward specific trades were treated as guaranteed return assurances and unauthorised execution guidance, both direct SEBI RA violations.
In a parallel BSE arbitration case involving the same firm, an investor who was pressured not to exit a losing trade received a ₹25,000 award despite having signed a no-refund agreement.
What this means for you: If an RA you’ve paid has done any of the above, you have a documentable complaint, regardless of what their terms and conditions say.
The Red Flags to Check Before Paying Any Research Analyst
No SEBI order exists against Invesia Research as of June 2026.
However, the pattern of how investors get misled by registered RAs is consistent across the industry.
Before paying any RA firm, including Invesia Research, run through this checklist:
1. Is the fee structure in writing?
Any RA must provide a clear, written fee agreement before service begins.
If fees are communicated only verbally or via WhatsApp, that is a compliance failure at account opening.
2. What exactly are you paying for?
A research report is a document. If what you’re receiving is a daily WhatsApp message saying “buy X at Y”, you’re not receiving research; you’re receiving live trade execution guidance.
These are fundamentally different services under SEBI law.
3. Has anyone used the words “guaranteed” or “assured”?
The moment an RA representative uses either word in any context, call, message, email, or pitch, they have violated SEBI Regulation 16(b). Document it immediately.
4. Are they asking you to share login credentials or OTPs?
A research analyst has no business reason to access your trading account.
Any request for login details, OTPs, or account access is a serious red flag and potentially criminal.
5. Are they pressuring you to upgrade to a higher package after a loss?
“Pay more, and we’ll recover your losses” is a documented pattern in RA misconduct cases. It is both an SEBI violation and predatory conduct.
Who Is Himanshu Vyas and What Does His Role Mean?
Himanshu Vyas is the registered proprietor and contact person for Invesia Research on SEBI’s intermediary register.
He does not hold a separate individual SEBI Research Analyst registration.
The licence INH000022941 belongs to the firm entity.
For a full breakdown of his background, what his individual accountability means for complaint filing, and how to correctly name the right party in a SEBI SCORES complaint, read: Himanshu Vyas Research Analyst.
What Do Investor Complaints & User Reviews Show?
Invesia Research was registered with SEBI in August 2025.
At the time of this update, no formal SEBI adjudication order or arbitration award exists against the firm.
However, users have left public feedback about Invesia Research.
The feedback comes from the firm’s own Facebook page, where two separate comments, one from a user identified as a Top Fan, raise concerns about losses and the quality of the service. Screenshots of both comments are included within this blog for reference.
We are reporting what these users said on public platforms.
We are not independently verifying the accuracy of each account, and no SEBI order confirming any specific conduct has been issued as of June 2026.
For a closer look at these public comments, the firm’s registration status, and what SEBI’s Research Analyst licence does and does not permit, see our detailed guide, is Invesia Research SEBI Registered?.
What to Do If You Encounter Regulatory Violations?
If your experience with Invesia Research included any of the conduct described on this page, the formal complaint process is open to you.
Because the firm is SEBI registered, you have access to SEBI SCORES, SMART ODR, and exchange arbitration.
These are real channels, and they work when the violations are correctly identified and the evidence is properly organised.
For the complete step-by-step complaint guide covering when to file, what evidence to gather, and how to escalate from SCORES through to stock exchange arbitration, read: how to complaint against Invesia Research.
Facing issues with Invesia Research?
Register for a free consultation today.
Our team can help prepare your complaint and guide you through the resolution process.
Conclusion
Invesia Research holds a valid SEBI Research Analyst registration under Himanshu Vyas (INH000022941), granted in August 2025. No SEBI orders have been recorded against the firm as of June 2026.
Registration is the regulatory minimum. It tells you the firm cleared a compliance threshold. It does not tell you whether the firm delivers services within the boundaries of that registration in practice.
The framework on this page gives you the tools to assess that for your own situation.
If something has already gone wrong, the complaint process exists, and it works when used correctly.
Frequently Asked Questions
1. Is Invesia Research SEBI registered?
Yes. Invesia Research is operated by Himanshu Vyas under SEBI Research Analyst registration number INH000022941, granted on August 22, 2025.
The registration is active and verifiable on SEBI’s intermediary portal at sebi.gov.in.
2. Has SEBI taken any action against Invesia Research?
No SEBI adjudication orders, penalty notices, or arbitration awards have been publicly recorded against Invesia Research as of June 2026.
This page will be updated if any regulatory action is taken.
3. Can Invesia Research send live trade tips on WhatsApp?
No SEBI-registered RA is permitted to send live execution calls during market hours. A research report with a recommendation is the permitted format.
Real-time messages directing a subscriber to buy or sell at the current price go beyond what an RA licence covers. We are not stating that Invesia Research sends such messages.
This is a general regulatory boundary all RAs must stay within.
4. Can Invesia Research promise guaranteed returns?
No. SEBI Regulation 16(b) explicitly prohibits guaranteed or assured return promises in any form. This violation can be the basis of a SCORES complaint regardless of what the subscription agreement says.
5. I signed a no-refund agreement. Can I still file a complaint?
Yes. A no-refund clause cannot override SEBI’s regulatory obligations.
If the firm violated its RA scope through guaranteed return promises, live execution guidance, or undisclosed fee structures, the clause does not protect it.
6. What is the fee cap for Invesia Research services?
SEBI has set a fee cap of Rs. 1,51,000 per year per client family for all research analyst subscriptions combined.
If fees charged by Invesia Research exceeded this limit, that is a compliance violation.
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