You searched for a specific question: Is DG Share Market Research SEBI registered?
But even if it is a yes-or-no, does that make the firm safe to pay?
SEBI registration sets a floor, not a standard. What happens above that floor is what investors actually need to examine.
This blog breaks it all down before you make any payment decision with DG Share Market Research.
Is DG Share Market Research SEBI Registered or Not?
Yes. DG Share Market Research Private Limited is a SEBI-registered Research Analyst under registration number INH000015534, with the registration granted on March 19, 2024.
The firm started in July 2023 and operates out of Pune, Maharashtra.
As the DG Share Market Research owner name is listed in MCA records, the company runs under two directors: Chandra Kumar Dubey and Bhagyashree Dilip Malagavi.
However, the firm’s own website lists three different individuals as compliance officers across three separate pages: Bhagyashree Malgavi, Chandra Kumar Dubey, and Radha Krishna Pandey, a role a company can only assign to one person at a time.
The site also names Karan Malani as the Research Analyst, a person who does not appear in any MCA or SEBI record associated with the firm and holds no separate SEBI registration in that capacity.
Some third-party sites claim Karan Kundanmal Malani and Ankit Ashish Singh as additional directors, but that too is nowhere on the official MCA website, or maybe not updated till now.
For a SEBI-registered entity, this level of inconsistency across its own official pages raises serious questions about who is actually accountable and in what role.
Getting SEBI registered is a one-time baseline check.
Even the firm’s own website admits it: registration does not guarantee performance or returns to investors. So yes, the registration is real.
But it only tells you the firm cleared entry-level requirements. It says nothing about how the firm actually behaves after that.
That’s exactly what we need to look at next.
Is SEBI Registration Enough to Trust DG Share Market Research?
Let’s look at what the firm actually does, not just what it claims.
SEBI requires every registered Research Analyst to publish annual investor complaint data on its website.
DG Share Market Research published this for 2022-23 and 2023-24, both showing zero complaints.
But after that, nothing. No data for 2024-25 or 2025-26. The firm kept running and kept acquiring clients through social media. The disclosures just stopped.
A firm that goes quiet on mandatory disclosures makes it harder for you to make an informed decision. That directly affects whether it deserves your trust.
There is another concern worth flagging. DG Share Market Research displays CIN U66190PN2023PTC222786 on its own website.
But searching this CIN on MCA returns a completely different entity: Mahadev Research and Publications Private Limited with an active status and no recorded name change.
No records found under the name DG Share Market Research. No SEBI registration exists under the Mahadev Research and Publications name.
Yet both entities share the same CIN, the same address, and the same contact details. This mismatch between MCA records and SEBI records raises a legitimate question about which legal entity is actually operating under this registration.
Disclosure is just one of the things SEBI requires a Research Analyst to do. Let’s look at the full list.
Every SEBI-registered Research Analyst must:
- Publish an investor charter covering investor rights and the complaint process.
- Keep a live, disclosure-compliant website at all times.
- Only share research, not personalised trade advice built around an individual investor’s portfolio.
These rules exist specifically to protect you. A firm that skips any of them removes protections you’re legally entitled to.
The Hard Truth: Why SEBI Status Doesn’t Guarantee Honest Conduct
Think of a SEBI registration number exactly like a driving license.
It proves that a firm managed to pass a basic compliance test at some point in the past, but it says absolutely nothing about how dangerously they are driving on the road today.
For a Research Analyst like DG Share Market Research, registration confirms legal eligibility, not daily honest conduct.
So what actually keeps investors safe? Consistent compliance.
Before paying any Research Analyst, these are the things worth checking:
- Verify SEBI registration directly on SEBI’s intermediary portal, not on the firm’s own website.
- Confirm the firm’s website is live and shows all mandated disclosures, including the investor charter and updated complaint data.
- Make sure every payment goes to the firm’s officially registered bank account, not a personal UPI or individual account.
- Ask for written, time-stamped research reports instead of trade calls over WhatsApp or phone.
A firm with nothing to hide makes these checks easy.
If any of these questions are met with deflection or excuses, that in itself is the answer. Walk away before you pay, not after.
When Should You Take a Step Back?
Some things go beyond caution and become clear warning signs.
Stop and reconsider if the firm:
- Promises specific profit percentages or guaranteed returns on trades.
- Asks for fees through a personal bank account or UPI not linked to the firm.
- Pushes you to upgrade quickly through urgency or pressure tactics.
- Sends a new representative offering to recover your earlier losses for an additional fee.
Each of these either directly violates SEBI’s RA regulations or points to something deeper going wrong. Neither is something to overlook.
If you’ve already paid and something feels wrong, the next section tells you exactly what to do.
SEBI Registered, But Service Falling Short? Here’s Your Move
A SEBI registration isn’t just a badge; it comes with real obligations around pricing, disclosures, risk warnings, and how the firm conducts itself with clients.
If DG Share Market Research’s actual service falls short of these obligations, you’re not just dealing with a service complaint anymore.
You may have grounds to report an actual regulatory violation.
This distinction matters more than it seems.
A complaint that points to a regulatory violation carries far more weight with SEBI SCORES than a complaint that simply says “I wasn’t happy with the service.”
Knowing the difference can change how seriously your complaint is taken.
Before you file, check your own experience against these obligation areas:
- Were risk warnings clearly disclosed to you before you subscribed?
- Was your risk profile assessed before any recommendations were given?
- Were you shown past performance numbers without the required disclaimers?
- Did anyone promise or hint at guaranteed returns during the sales process?
If your answer is yes to even one of these, your complaint likely has a regulatory angle, not just a service one, and that matters when you file.
For the complete step-by-step process on filing a complaint, check out: how to file a complaint against DG Share Market Research.
Need Help?
Most investors know they have a complaint, but don’t know where to begin.
What evidence is strong enough? How do you write a complaint that SEBI actually acts on?
If you’re dealing with a Research Analyst dispute, whether it involves fee collection issues, unauthorised trade advice, or unresolved losses, we can help you.
Our team will help you identify the right route for your specific situation, build your evidence file, draft the complaint, and represent you through conciliation and arbitration if it comes to that.
Register with us to get assistance.
Conclusion
DG Share Market Research is a SEBI-registered firm. That part is straightforward.
But registration is where the easy answers stop.
The firm’s missing disclosures and compliance gaps are things every investor should weigh carefully before paying.
Check the basics, ask the hard questions, and do not hesitate to report when needed, as now you know your options if something goes wrong.
Frequently Asked Questions
1. Who are the owners of DG Share Market Research?
MCA records list Chandra Kumar Dubey and Bhagyashree Dilip Malagavi as directors of the company.
2. Can a SEBI-registered Research Analyst manage my trading account or trade on my behalf?
Strictly no. A Research Analyst is never permitted to ask for your trading account login credentials, execute trades for you, or operate a “pamm/managed account” service.
3. If a firm has a valid SEBI registration number, could it still be a scam?
A SEBI registration number proves the firm passed a compliance background check at a specific point in time; it doesn’t guarantee they will act honestly forever.
Furthermore, impersonation is a massive issue where scammers frequently steal the registration numbers of legitimate firms and use them for scams.
