Every day, thousands of retail investors in India search for one thing: a reliable advisory service that can give them an edge in a fast-moving market.
The promise of accurate stock tips, intraday calls, and commodity recommendations sounds appealing, especially when you’re new to trading or short on time to do your own research.
The Equal Research, based in Indore, Madhya Pradesh, is one such service that has built a visible presence in this space.
If you’ve come across their website, seen their promotional material, or received a referral from a fellow trader, it’s natural to want more clarity before you part with your money.
This blog walks you through what’s publicly known, registration status, services, regulatory rules, and what to do if something goes wrong.
Equal Research SEBI Registered or Not?
This is the most important question, and the answer is yes.
The Equal Research operates as an investment advisory firm offering paid trading recommendations.
It is operated by Raju Satpute and is registered under the name Raju Satpute, Proprietor of The Equal Research Investment Advisor.
The Equal Research holds an active SEBI Investment Adviser license with registration number INA000004377.
The firm offers a variety of services primarily aimed at active traders rather than long-term investors.
These include intraday stock cash recommendations, stock futures trading tips, Nifty futures calls, options trading suggestions, and specialised MCX trading packages tailored for high-net-worth individuals (HNIs).
It also provides BTST (Buy Today Sell Tomorrow) equity tips designed to capture short-term market movements.
However, an active registration means the entity is legally permitted to provide investment advisory services, subject to SEBI regulations.
These regulations typically include requirements around client risk profiling, fee transparency, segregation of advisory and execution, and maintenance of records.
Being SEBI-registered means the firm is authorised and regulated. It does not mean SEBI endorses the service quality or guarantees results.
Is Equal Research Legit?
The Equal Research is a legitimately registered investment advisory entity under SEBI.
It is not an unauthorised or unregistered operator.
Their website carries the standard regulatory disclaimers: that investment in stock or commodity markets is subject to market risk, that past performance is not a guarantee of future performance, and that the firm does not claim or give any assured returns.
The website highlights certain engagement indicators such as customer numbers and social media following. However, there is no independent verification of these figures.
The platform positions itself as a provider of short-term trading opportunities rather than a comprehensive investment advisory for long-term wealth creation.
If you’re looking for personalised financial planning or long-term wealth management, this may not be the right fit.
User testimonials are featured on their website, but these are self-published and cannot be independently verified.
What you can verify is the registration, the disclosed fee structure, and the regulatory compliance disclosures, and those appear to be in order.
How to File a Complaint Against RIA in India?
A SEBI-registered Investment Adviser can give personalised recommendations on stocks, derivatives, mutual funds, and other securities, but only after properly assessing your risk profile.
They are required to act in your best interest, follow transparent fee structures, disclose all charges upfront, and maintain records of client interactions.
Their advice must be research-based and aligned with your financial situation.
At the same time, there are strict boundaries. They cannot promise guaranteed returns, offer fixed profit schemes, or protect you from losses.
They are not allowed to trade on your behalf without clear authorisation, handle your funds, or earn through profit-sharing models. Skipping risk assessment or using misleading promotions is also a violation.
If you notice any of these red flags, such as return guarantees, requests for direct money transfers, or unauthorised trades, it indicates a breach of SEBI rules, and you should take action immediately.
Here are the steps you should follow to file a complaint:
Step 1: Approach the Company First
Investors must first raise their complaints directly with the company concerned. If there is no response within 30 days, or if the resolution is unsatisfactory, they may then escalate to SEBI.
The Equal Research lists a Grievance Redressal Mechanism on their website for this purpose.
Step 2: File a Complaint in SCORES
SCORES is the SEBI Complaints Redress System.
It is an online grievance redressal facilitation platform where you can lodge complaints pertaining to the securities market against SEBI-regulated entities, including registered intermediaries.
To file a complaint, visit the portal, click on ‘Investor Corner’, and create an account using your email ID and mobile number.
Step 3: Lodge an issue in SMART ODR
If SEBI SCORES does not resolve the matter within the stipulated period, escalate to Smart ODR, SEBI’s Online Dispute Resolution platform.
Register your case, upload your documentation, and request a conciliation session.
Step 4: Escalate Stock Market Arbitration
If you remain unsatisfied, you can seek a first-level review from designated bodies within 15 days of receiving the Action Taken Report (ATR).
If still unresolved, a second-level review can be sought from SEBI directly within 15 days of receiving the ATR from the designated bodies.
Need Help?
Filing a complaint that correctly cites SEBI Advertisement Code Clause C(x) and follows the right escalation sequence can feel complex for most investors.
You can register with us, and our expert team will guide you through the process of raising the complaint to the authorities.
Moreover, we will track the SEBI complaint status for you.
Conclusion
The Equal Research Investment Advisor is a SEBI-registered entity with an active licence (INA000004377), legally permitted to provide investment advisory services in India.
The registration has been in place since 2016 and remains valid as of the time of writing. No SEBI enforcement actions or penalties were found in publicly available records.
However, that said, registration is a starting point, not a finish line. It tells you the firm has crossed a regulatory threshold.
It does not tell you whether the advisory quality, accuracy, or customer experience will meet your expectations.
Before subscribing to any paid advisory service, do your own checks. Verify the registration on SEBI’s portal. Read the terms and conditions carefully. Understand the refund policy.
Make sure you’re aware of the risks involved in the market segments being advised upon.
