Is Eqwires Research Analyst SEBI registered? Many investors search for this question before paying for trading recommendations, advisory packages, or stock market research services.
However, checking whether a firm appears on SEBI’s intermediary database is only the first step. Investors must also verify the type of registration, the scope of permitted activities, and whether the entity has faced any regulatory action.
Understanding these details helps investors evaluate credibility more carefully before relying on any research analyst or stock advisory platform.
Eqwires Research Analyst
At its core, Eqwires Research Analyst is a stock market advisory and research firm based in Ahmedabad, Gujarat, offering equity research, trading recommendations, and investment-related services to retail market participants.
The firm operates as a partnership entity and is managed by Ms. Bansri Pankajbhai Thakkar and Mr. Pranay Dineshbhai Morakhiya, with its registered office located in Ahmedabad.
Eqwires presents itself as a SEBI-registered Research Analyst firm providing stock recommendations across segments such as intraday trading, options, equity delivery, and other research-based advisory services.
Like many firms in the advisory space, Eqwires primarily targets retail investors looking for market guidance, stock calls, and structured research support.
Its digital presence, online ratings, and promotional materials often position the company as a research-focused platform for traders and investors seeking market insights.
Eqwires Research Analyst SEBI Registered or Not?
Eqwires Research Analyst offers stock market research and trading recommendation services to retail investors through subscription-based packages and advisory-style promotions.
Is Eqwires Research Analyst SEBI registered? Yes, as a Research Analyst under registration number INH000007465, granted on November 11, 2019.
The firm publicly discloses this registration on its official website and compliance pages.
However, investors should remember that SEBI registration only confirms regulatory enrolment; it does not automatically guarantee service quality, profitability, or absence of future compliance concerns.
Its registration category is Research Analyst, not Investment Adviser, and that distinction became central to the violations SEBI later established against it.
For investors, this case highlights why verifying the scope of a SEBI registration matters just as much as checking whether a registration exists.
SEBI Order Against Eqwires Research Analyst
SEBI conducted an inspection of Eqwires Research Analyst and examined its records, communications, and client data before passing the order.
Eqwires filed a settlement application in March 2025, SEBI rejected it, and Adjudicating Officer Amit Kapoor passed the final order on August 13, 2025, establishing three violations.
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Violations
Asking “Is Eqwires Research Analyst SEBI registered?” is not enough; what matters equally is what SEBI found it was doing under that registration.
1. RA Acting as Investment Adviser
Eqwires carried an RA licence but operated like an investment adviser in every visible way.
Its website declared it the “Most successful stock advisory company in India” and its Telegram channel (10,000+ subscribers) signed off every post as “best investment advisor in India.”
Its trading tips carried no mandatory disclosures under Regulation 19 and failed to define terms as required under Regulation 20(1).
2. Running Clients’ Trading Accounts
When a client said she lacked time to trade, Eqwires drafted an authorization letter, collected her credentials, and operated her account for 9 continuous months.
Moreover, Eqwires admitted in an email dated May 10, 2023 that it provided “trade assistance,” even though a Research Analyst licence only permits research activities, not account operation.
3. Fake Testimonials and Paid Agents
Eqwires’ entire reputation was manufactured. Its website carried glowing 4–5 star testimonials, and Eqwires admitted during inspection that every single name was fabricated and none were real clients, including Quora reviews.
Eqwires admitted its full social media presence ran through a paid marketing agency, a knowing misrepresentation designed to influence investor decisions.
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Penalty Imposed by SEBI
SEBI imposed a total penalty of ₹6,00,000: ₹1,00,000 under Section 15EB (RA violations) and ₹5,00,000 under Section 15HA (fraudulent trade practices), payable jointly and severally by all three noticees.
Both partners face personal liability under Section 27 of the SEBI Act. Non-payment within 45 days triggers recovery proceedings under Section 28A, including asset attachment and potential prosecution.
Is Eqwires Research Analyst fake?
At first glance, Eqwires Research Analyst may appear highly credible. A quick search on platforms like Google or Justdial shows strong ratings, often creating the impression of a reliable and well-regarded research firm.
However, ratings alone do not always present the full picture.
Beyond the SEBI order, independent research flags further concerns.
Further scrutiny raised concerns that several positive testimonials and success narratives may not have reflected genuine investor experiences.
The firm collected around ₹30,000 in advance fees and advised clients to carry forward losing trades with promises of recovery.
Moreover, one representative operated under the false name “Shenky,” raising concerns over internal accountability.
Multiple clients independently identified the same pattern: small early profits to build trust, followed by sustained, unrecoverable losses.
Eqwires Research Analyst Complaint
Investor experiences on Google confirm what SEBI’s inspection found consistently and in detail.
1. Advance Fees, Zero Results, No Risk Management
User Sanjay Agrawal (a month ago) paid approximately ₹30,000 upfront and followed Eqwires’ calls for 15 months, ending in significant losses.
Trades were executed with no stop-loss discipline, no clear strategy, and no professional logic, decisions that felt entirely random.
2. Fake Operator Names and Account Handling
A user lost ₹1.5 lakh in one week, with the account operated by someone using the false name “Shenky.”
The user also confirmed that Eqwires pressures clients to post positive reviews after any single profitable day, directly corroborating SEBI’s finding on fabricated testimonials.
3. Misled by Positive Reviews, Upsold, Then Left with Losses
User Kunal Shenoy (6 months ago) was drawn in by Quora reviews, the same platform SEBI found was run by a paid agent and upsold from equity to futures by a representative named Prithvi.
An early profit of ₹85,000 gave way to losses of nearly ₹3 lakh as the firm kept advising carry-forward on losing positions with false promises of market recovery.
4. Four Years, No Profit, Losses Exceeding ₹6 Lakh
User D S (a year ago) spent four years as a client and made zero profit. The strategy showed gains in the first 1–2 trades, then generated continuous losses while promising recovery was consistent throughout.
Total losses exceeded ₹6 lakh, and the user called the firm a deliberate, well-crafted trap.
What Investors Must Keep in Mind?
Is Eqwires Research Analyst SEBI registered? Yes. Is that enough to trust a firm with your money? This case answers that clearly, no.
A SEBI registration confirms only that the firm met entry requirements on day one. It does not guarantee honest conduct, ongoing compliance, or protection for your investments.
- Check the exact registration type. RA licence does not permit personalised advice or account management.
- Never pay fees before signing an agreement. Advance payment without a signed agreement violates SEBI regulations.
- Reject guaranteed profit claims immediately. No RA or IA can legally promise returns or accuracy percentages.
- Verify reviews on independent platforms. Multiple consistent complaints are the most reliable signal available.
When different users, at different times, report the same pattern of early profits followed by sustained losses, that is not coincidence, that is a system. Recognise it before you invest.
How To File A Complaint Against Research Analyst?
If you have lost money due to a registered RA or IA’s violations, act quickly. Delays reduce your options and make evidence harder to recover.
Step 1 : Document Everything
Save every agreement, receipt, bank record, chat, call recording, screenshot, and authorization letter you have.
Even content that seems unimportant could matter in proceedings. Strong documentation builds the foundation of your entire case.
Step 2 : Reach Out to the Firm First
Send a formal written complaint before approaching any regulator. This establishes a grievance record and is often a prerequisite for ODR and arbitration proceedings.
Clear communication at this stage often helps resolve disputes faster.
Step 3: Lodge a Complaint in SCORES
Register your complaint on SEBI’s official investor portal with all documents attached. A well-filed SCORES complaint can directly trigger a SEBI inspection of the firm.
This step formally brings the issue under regulatory review.
Step 4: Register a Complaint with SMART ODR
Approach SEBI’s SMART ODR platform for a structured, time-bound resolution.
It is faster than adjudication and designed specifically for disputes between investors and registered intermediaries. It helps resolve disputes without long legal delays.
Step 5: Initiate Stock Market Arbitration
If ODR fails, arbitration through BASL or the relevant exchange delivers a legally binding outcome and is typically the most effective path to recovering quantified losses.
This stage finalises the dispute through an enforceable legal resolution.
Need Help?
If Eqwires or a similar firm has cost you money, you do not have to navigate the recovery process alone.
We work directly with affected investors and focus on helping them evaluate their options and pursue an appropriate resolution.
What we do for you: We assess your case, identify the strongest recovery grounds, and file your complaint on SEBI SCORES with proper legal framing from day one.
How we support you through the process: We handle ODR submissions, arbitration hearings, and all written responses on your behalf, you stay informed at every step without carrying the procedural burden yourself.
Every case we take is handled with complete confidentiality. Register with us.
Conclusion
Is Eqwires Research Analyst SEBI registered? Yes and SEBI used that registration to inspect, investigate, and penalise it ₹6 lakh for three serious violations.
Real investors lost lakhs, trusted fake reviews built by paid agents, and handed over account credentials to staff using false names. Registration is an entry ticket, not a clean chit.
Always verify the licence type, check independent reviews, and demand a signed agreement before paying anything. If you have already been affected, the time to act is now.
