Quick Summary
DG Share Market Research is SEBI registered under INH000015534, granted March 2024. But the CIN on its website returns a different company, its complaint disclosures stop after 2023-24, and the analyst it names holds no registration of his own. Registration confirms eligibility on one date, nothing after. This page shows you what the number proves, what it does not, and how to check the rest yourself before you pay.
Someone gave you INH000015534 and told you DG Share Market Research is SEBI registered.
That part checks out. The registration was granted on March 19, 2024, and it is active today.
But a registration number is a narrow thing.
It doesn’t tell you whether the person who quoted it works there, whether what they did with you stays within what that registration permits, or why the firm’s own CIN returns a different company name in MCA records.
Those are three separate questions, and each one has its own record to check.
Is DG Share Market Research SEBI Registered or Not?
Yes. DG Share Market Research Pvt Ltd holds an active SEBI Research Analyst registration.
The registration details as they appear on SEBI’s intermediary portal are as follows.
Registration number: INH000015534
Registration date: March 19, 2024
Entity type: Research Analyst
Category: Corporate
Registered address: Pune, Maharashtra
Incorporation date: July 31, 2023
Source: SEBI Intermediary Portal (sebi.gov.in), Registered Research Analysts List under Registration No. INH000015534 (Status: Active).
To verify this independently, go to sebi.gov.in, click on Intermediaries, select Registered Intermediaries, choose Research Analyst from the category dropdown, and search by the registration number INH000015534.
The result shows the firm’s name, registration date, and current status.
Confirm the status shows Active, not Suspended or Cancelled.
That verification takes under two minutes and should be done before any payment is made to anyone claiming to represent this firm.
What the CIN Mismatch Actually Means?
This is the most specific and unusual finding about DG Share Market Research’s regulatory paperwork, and it is worth understanding before you engage with the firm.
DG Share Market Research displays CIN U66190PN2023PTC222786 on its own website and in its regulatory filings.
A CIN, or Corporate Identity Number, is the unique identifier assigned by the Ministry of Corporate Affairs to every registered company in India.
No two companies can share the same CIN.
Searching that CIN on the MCA portal at mca.gov.in returns a different entity: Mahadev Research and Publications Private Limited, with an active status and no recorded name change to DG Share Market Research anywhere in its filings.
Both entities share the same registered address in Pune.
No MCA record shows a name change, merger, or association between the two entities that would explain why the same CIN appears in both places under different names.
What this means practically is that an investor trying to verify the firm through the CIN route, which is a standard verification step, arrives at a different company name than the one they were contacted by.
The SEBI registration for INH000015534 exists separately and does confirm DG Share Market Research.
But the CIN discrepancy means the two most basic verification routes, the SEBI portal and the MCA portal, return two different pictures.
This is not automatically evidence of wrongdoing.
An associated entity, a former operating name, or a data entry error in early filings could explain the situation. But the firm’s own website and disclosures carry no explanation for the mismatch.
An investor who notices it and asks for clarification before paying is doing exactly the right thing.
What SEBI Registration Actually Requires From DG Share Market Research?
The registration number confirms the firm cleared SEBI’s eligibility check at the time of application.
That check covered the firm’s minimum net worth, the educational qualifications and NISM certifications of individuals designated as analysts, a fit and proper declaration by directors, and the firm’s proposed compliance framework.
What it requires on an ongoing basis is different, and this is where registration becomes relevant to how the firm behaves with you after you subscribe.
Three obligations run continuously for every registered RA.
Each one has a documented gap at this firm, which is why they are worth reading in order rather than as a checklist.
1. The Disclosure Obligation
Every SEBI-registered Research Analyst must maintain an investor charter on its website covering investor rights and the complaint escalation process.
DG Share Market Research published its mandatory investor complaint disclosure for 2022-23 and 2023-24, both showing zero complaints.
After that period, the firm’s disclosure page shows a “Coming Soon” placeholder rather than updated data for 2024-25 or 2025-26.
Mandatory disclosures that stop updating while the firm continues operating is a specific compliance gap under SEBI’s RA regulations.
2. The Payment Account Obligation
Every registered RA must ensure fees are collected through the firm’s official registered bank account, not personal accounts.
A documented SMART ODR conciliation case against this firm found that employees collected investor payments into personal accounts rather than the corporate account, which the firm itself admitted to in part during the proceedings.
3. The Scope Obligation
Every registered RA is restricted to providing research recommendations in written format.
Personalised investment advice built around an individual investor’s financial profile, risk assessment, and specific portfolio falls under the Investment Adviser category under SEBI regulations, which requires a separate INA registration.
The conciliation case found that representatives gave specific trade instructions and quantity calls that crossed into personalised advice territory.
The gap between what registration requires and what a firm actually does after registration is where investor harm occurs.
The registration number did not prevent the violations documented in that conciliation case.
It did, however, give the investor a formal channel to seek recovery through, which ultimately produced Rs. 1,35,000 in settlement.
What those proceedings found and what specific violations were documented are set out in full in our DG Share Market Research reviews.
Four Things SEBI Registration Does Not Guarantee
Each of these is a common assumption investors make about registered firms that the regulatory framework does not actually support.
They run from the least obvious to the most costly.
The first affects whether you are even talking to the firm. The last affects whether you can get your money back.
1. It Does Not Guarantee the Caller Works There
Registration does not guarantee that the person calling you is actually employed by the registered entity.
In March 2026, Navi Mumbai Police raided a call centre in Mahape operating under the DG Share Market Research name and arrested two people.
Whether those individuals were verified employees of the SEBI-registered firm was not confirmed in available reporting.
[Citation: News reports on the March 2026 Navi Mumbai Police raid]
A registration number can be displayed by anyone.
The only way to confirm you are dealing with an authorised representative is to contact the firm through the contact details on sebi.gov.in or the firm’s registered email address, not through a number that called you.
2. It Does Not Guarantee Accurate Complaint Data
SEBI requires registered RAs to publish complaint statistics annually.
The firm’s disclosed data shows zero complaints for the two years covered and then stops.
This does not mean zero complaints occurred in subsequent years.
It means the firm stopped publishing the data.
3. It Does Not Mean the Named Analyst is Registered
Registration does not mean the research analyst named on the firm’s website holds an individual SEBI registration.
DG Share Market Research names Karan Malani as its Research Analyst on its website.
No independent SEBI registration exists under that name, and no MCA record ties him to the company as a director or key managerial person.
What can and cannot be confirmed about who works in what capacity here is covered on our page on the DG Share Market Research owner name.
4. It Does Not Protect You From Paying the Wrong Account
SEBI registration has no bearing on what happens to your money once you transfer it to a personal UPI ID or individual bank account rather than the firm’s corporate account.
Recovery through formal channels is significantly harder when payment went to an unregistered personal account rather than the firm’s official account.
Always confirm the account is in the firm’s registered corporate name before paying anything.
Before You Pay: Three Independent Verification Steps
These three steps take under ten minutes and remove the most common risks investors face when evaluating a SEBI-registered Research Analyst.
Run them in this order.
Each one checks a different record, and the third one only makes sense once the first two have given you something to compare against.
Step 1: Confirm the Registration on SEBI
Go to sebi.gov.in and confirm that the registration number INH000015534 returns DG Share Market Research as an active registered entity.
Note the registration date and address that appear on the portal.
Step 2: Search MCA by Name, Not by CIN
Go to mca.gov.in and search for DG Share Market Research by name, not by the CIN displayed on their website.
Note the directors listed in the MCA record and compare them to who the firm tells you is running it.
Step 3: Write to the Compliance Officer
Ask the firm’s representative for the compliance officer’s name and email address before you pay.
Write to that email from your own account to confirm the representative you spoke to is authorised to collect fees on behalf of the firm.
If the compliance officer name the firm provides does not match the one on the firm’s regulatory disclosures page, that inconsistency is worth raising before any money moves.
Already Lost Money? Here’s Your Battle Plan to Get It Back
If you subscribed to DG Share Market Research, paid fees, and experienced guaranteed return promises, payment requests to personal accounts, personalised trade calls, or recovery agent pressure after losses, these situations have specific complaint grounds under SEBI’s RA regulations.
The formal complaint process runs from internal grievance through SEBI SCORES through SMART ODR conciliation to arbitration if needed.
The process has already produced a documented outcome against this firm.
The step-by-step filing route, the evidence checklist, and the correct SCORES category are set out in our guide on how to file a complaint against DG Share Market Research.
The harder part is proving the payment reached the registered entity rather than an individual, which is exactly where the documented case lost ground.
Not sure how to file this complaint on your own?
We will help you organise your payment trail, draft the complaint, and file it under the right SCORES category.
Conclusion
DG Share Market Research is SEBI-registered as a Research Analyst under INH000015534. That registration is real and verifiable on SEBI’s own portal.
The CIN displayed on the firm’s website returns a different entity on MCA, which is a discrepancy worth asking about before paying.
Registration confirms eligibility at one point in time. It does not confirm daily compliance, accurate disclosures, or that the person calling you is authorised to collect fees on the firm’s behalf.
Verify independently, confirm the payment account, and treat any guaranteed return promise as a reason to stop, not to proceed.
Frequently Asked Questions
Go to sebi.gov.in, click Intermediaries, select Registered Intermediaries, choose Research Analyst, and search INH000015534. Confirm the status reads Active rather than Suspended or Cancelled. The date and address shown should match what the representative told you.
The CIN on the firm's website returns Mahadev Research and Publications Private Limited on mca.gov.in, with no recorded name change. An investor verifying by CIN arrives at a different company name. The SEBI registration exists separately and does confirm DG Share Market Research. The mismatch is unexplained in any public disclosure.
No. An RA can issue written buy, sell, or hold recommendations on securities. Advice tailored to your financial profile, risk tolerance, and portfolio requires a separate INA registration as an Investment Adviser. Specific quantity and execution calls sit outside RA scope entirely.
The firm published complaint statistics for 2022-23 and 2023-24, both showing zero, then replaced later years with a placeholder. SEBI requires this data annually. Failure to maintain it is a compliance gap regardless of what the underlying numbers would have shown.
No independent SEBI registration exists under that name at the time of writing, and he appears in no MCA record as a director or key managerial person. The firm names him as its Research Analyst on its website. No regulatory record confirms the role.
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