Quick Summary
DSIJ Wealth Advisory holds two active SEBI registrations. Research Analyst INH000006396 since 2018 and Investment Adviser INA000001142 since 2019. Both are perpetual validity, non-individual registrations. The firm’s Disclosures page states there is no conflict of interest because it does not distribute products. That claim overstates the position. Dual RA and IA registration is itself a structural overlap SEBI requires proactive, granular disclosure for. Several other required disclosures are also missing from the site. This page covers what is confirmed, what is missing, and what each gap means for a paying investor.
If you are verifying is DSIJ Wealth Advisory SEBI registered before paying, the short answer is yes.
DSIJ Wealth Advisory Private Limited holds two active SEBI registrations. One as a Research Analyst. One as an Investment Adviser.
Both are real. Both are verifiable.
What the registration confirms and what the firm’s own disclosures currently say about it are two different things. This blog covers both.
Is DSIJ Wealth Advisory SEBI Registered or Not?
Yes. DSIJ Wealth Advisory Private Limited holds two active SEBI registrations.
- Research Analyst: INH000006396: Granted October 5, 2018. Non-individual. Perpetual validity. Authorises the firm to publish research reports and issue buy, sell, or hold recommendations to subscribers.
- Investment Adviser: INA000001142: Granted August 19, 2019. Non-individual. Perpetual validity. Authorises the firm to provide personalised investment advice tailored to individual client risk profiles and financial goals.
To verify independently, go to sebi.gov.in, click Intermediaries, select Registered Intermediaries, and search each number separately under its respective category.
Both should show Active status.
The firm is incorporated under CIN U66190PN2003PTC239888, registered at Office No 409, Solitaire Business Hub, Kalyani Nagar, Pune 411006, with GST number 27AACCR4303G1ZP.
What the DSIJ Wealth Advisory Research Analyst Registration Covers?
INH000006396 authorises DSIJ to publish research on securities and issue recommendations to subscribers.
Services like Micro Marvel, Multibagger Pick, Penny Pick, Pop Options, TAS, and the FNI Newsletter operate under this registration.
Three specific limits matter for subscribers:
1. An RA Cannot Promise or Imply Guaranteed Returns
Any claim in marketing material suggesting a specific return outcome violates SEBI’s Advertisement Code.
Several investor reviews describe performance representations made before subscription that were not borne out. Those representations are the complaint basis, not the loss itself.
2. An RA Cannot Collect More Than Rs. 1,51,000 Per Year Per Client Family Across All RA Services Combined
DSIJ offers 17 separately-priced services. Combining three or four of them can breach this cap easily.
DSIJ does not disclose this limit anywhere on its pricing pages or at checkout.
3. An RA Cannot Collect More Than One Year’s Fee in Advance
DSIJ’s Terms and Conditions describe a 25-year magazine plan. If the magazine carries stock recommendations, collecting 25 years of fees upfront violates SEBI’s advance fee cap.
This is the most significant pricing-related compliance gap identified in the document review.
What the DSIJ Wealth Advisory Investment Adviser Registration Covers?
INA000001142 authorises DSIJ to provide personalised investment advice to individual clients under SEBI’s Investment Adviser Regulations 2013.
Under this registration the firm must conduct a risk profiling assessment before advising, maintain a written advisory agreement before collecting any fee, base advice on the client’s individual goals and risk appetite, and act in the client’s best interest without undisclosed conflicts.
Several Google Play and Mouthshut reviews describe the Portfolio Advisory Service, which operates under this registration, as promising market-beating returns while delivering losses.
If any representative made performance promises without adequate risk disclosure or without a basis in the client’s individual profile, those situations have specific complaint grounds under the IA regulations.
The Dual Registration Conflict that DSIJ Overstates
This is the most important regulatory nuance on the site.
DSIJ’s Disclosures page states: “As the Company does not provide any distribution services, there is no conflict of interest.”
That claim overstates the position. Dual registration as both RA and IA is itself a structural overlap.
SEBI’s regulations, tightened in the December 2024 amendments, require entities holding both registrations to maintain clear segregation of research and advisory client servicing and teams.
They must also disclose that recommendations under one licence may differ from the other.
DSIJ does state the second part, which is good.
But asserting “no conflict of interest” with a single sentence because it does not distribute products is not the same as the granular, specific disclosure SEBI now requires for dual-registered entities.
A client who is both a research subscriber and a portfolio advisory client of the same firm is receiving content from two regulatory frameworks simultaneously.
That overlap requires active management and disclosure, not a blanket reassurance that no conflict exists.
The Principal Officer Problem with DSIJ
DSIJ’s compliance disclosures list two names simultaneously as Principal Officers: Mr. Gyanesh Patodiya and Mrs. Kaamini Padode, for the same designation.
SEBI’s regulations require a registered entity to designate a single Principal Officer who is accountable for regulatory compliance.
Two names listed simultaneously for the same role creates accountability ambiguity.
If you need to raise a formal escalation above the compliance officer level, it is not clear from the firm’s own disclosures who that escalation goes to.
The designated Compliance and Grievance Officer is Mr. Abhishek H Chitre, and his contact details are listed separately. For complaint purposes, address your internal grievance to him.
What Is Missing From the Disclosures?
SEBI introduced several new mandatory disclosure requirements between December 2024 and February 2025. Multiple items that are now required do not appear on dsij.in.
1. No MITC Document
SEBI mandated a specific Most Important Terms and Conditions document in a prescribed format effective February 17, 2025.
It must cover the fee cap statement, refund and termination terms, KYC, CeFCoM status, dispute resolution, and AI tool use disclosure.
DSIJ’s general Terms and Conditions page substitutes partially but does not appear as the specifically formatted MITC document SEBI requires to be published and provided to each client before onboarding.
2. No Fee Cap Disclosure
The Rs. 1,51,000 per family per year cap must be disclosed in the MITC and on the client agreement.
It appears nowhere on DSIJ’s pricing pages, cart, or Terms and Conditions despite the site advertising 17 services that can breach it in combination.
3. No CeFCoM Status
SEBI requires RAs to disclose whether they have opted into the Centralised Fee Collection Mechanism. This disclosure is absent from the site.
4. No AI Tool Use Disclosure
DSIJ’s About Us page mentions that the firm uses AI and data analytics internally.
A formal client-facing disclosure of AI tool use in the research process, now required by SEBI, does not appear on the reviewed pages.
5. Refund Policy Conflict
The Terms and Conditions state a blanket no-refund policy.
SEBI’s December 2024 amendment and January 2025 Guidelines require mandatory pro-rata refund on early exit with no breakage fee.
The T&C language needs revision to reflect current regulatory requirements.
How to Verify Both Registrations Before Paying?
These steps take under five minutes.
- Go to sebi.gov.in. Search for INH000006396 under Research Analyst. Confirm it returns DSIJ Wealth Advisory Private Limited with Active status.
- Search separately for INA000001142 under Investment Adviser. Confirm the same entity name and Active status.
- Go to mca.gov.in. Search for CIN U66190PN2003PTC239888. Confirm the current registered name, directors, and registered address match what the firm tells you.
Ask for the MITC document before paying anything. SEBI requires it to be provided to every client before onboarding.
If DSIJ cannot produce it in the prescribed format, that absence itself is a compliance gap worth raising before any money moves.
What to Do If Something Has Already Gone Wrong?
If you subscribed to any DSIJ service and your experience involved a refund refusal, fees that exceeded Rs. 1,51,000 in a year, or service delivery that did not match what was shown before payment, the formal complaint path exists and applies to this firm.
The complete step-by-step complaint guide with evidence checklist and SCORES filing instructions is on the complaint page.
Read the complete guide on how to file a complaint against DSIJ Wealth Advisory with the correct registration category.
For the full analysis of investor reviews across Trustpilot, Mouthshut, and Google Play, the reviews page covers every documented account.
Read the DSIJ Wealth Advisory reviews including what subscribers reported publicly.
Our team files your SEBI SCORES complaint, prepares the documentation, and represents you through SMART ODR and arbitration.
Conclusion
DSIJ Wealth Advisory holds two active SEBI registrations. Both are genuine, both are perpetual, and both are independently verifiable.
The firm has operated under these registrations since 2018 and 2019 respectively.
What the document review shows is that several compliance requirements introduced in late 2024 and early 2025 are not yet reflected on the site.
The dual registration conflict of interest disclosure overstates the position. The MITC document is absent. The fee cap is not disclosed.
The refund policy conflicts with current regulations. The 25-year magazine plan conflicts with the one-year advance fee cap.
These are present gaps on a live regulated website, not historical concerns. Knowing them before subscribing is what actually protects you, not the registration number alone.
Frequently Asked Questions
Research Analyst registration INH000006396, granted October 5, 2018. Investment Adviser registration INA000001142, granted August 19, 2019. Both are non-individual, perpetual validity registrations, verifiable on sebi.gov.in under their respective intermediary categories.
The Research Analyst registration INH000006396 covers subscription research services delivering recommendations to all subscribers simultaneously. The Investment Adviser registration INA000001142 covers personalised advice tailored to each individual client's risk profile and financial goals. Different SEBI regulations, different fee structures, and different SCORES complaint categories apply to each.
SEBI considers dual registration a structural overlap requiring active management and specific disclosure. DSIJ's Disclosures page states there is no conflict of interest because the firm does not distribute products. This overstates the position. Holding both registrations simultaneously requires granular segregation of client servicing teams and disclosure that recommendations under one licence may differ from the other.
MITC stands for Most Important Terms and Conditions. SEBI mandated a specific prescribed-format document effective February 17, 2025, covering the fee cap, refund and termination terms, KYC, CeFCoM status, dispute resolution, and AI tool use disclosure. DSIJ's general Terms and Conditions page covers some of these partially but does not appear to exist as the standalone MITC-format document SEBI requires to be provided to each client before onboarding. Ask for it before paying.
No. SEBI's December 2024 RA Regulations amendment and January 2025 Guidelines require registered Research Analysts to refund the pro-rata unused portion of any advance fee on early exit with no breakage fee or penalty. A firm's own T&C cannot override a statutory regulatory requirement. If DSIJ refused a refund for unused subscription time, that refusal is actionable through a formal SCORES complaint.
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