Quick Summary
Fundtrack Research operates as a sole proprietorship under Shubham Sewarik, holding SEBI Research Analyst registration INH000023658, valid October 15 2025 through October 14 2030. The registered and correspondence addresses are identical, a residential flat in Indore. No publicly listed website, no published pricing, and no social media presence exist for the entity. A Reddit thread titled “Am I getting scammed?” raised concerns about a guaranteed-returns pitch. No SEBI orders, penalties, or complaint data have been recorded in the public domain, likely due to how recently the registration was granted.
Someone has approached you representing Fundtrack Research, through a call, a WhatsApp message, or maybe a cold call you did not expect.
Now you are searching for them online, trying to work out whether this is legitimate.
That instinct is the right one. Genuine firms and questionable operators both use exactly the same outreach methods, so checking before paying is never wasted effort.
At the outset, Fundtrack Research is a SEBI-registered Research Analyst entity based in Indore, Madhya Pradesh. Its registration is recent, and its digital footprint is almost non-existent.
This page compiles every factually verifiable detail and flags what remains unknown.
Fundtrack Research Review
Fundtrack Research operates as a sole proprietorship, meaning one individual, Shubham Sewarik, holds full accountability for every regulatory obligation attached to the registration.
Notably, the registered and correspondence addresses are identical: a residential flat address in Indore.
The entity does not maintain a publicly listed website, and no pricing is published anywhere.
This limits independent verification significantly before you engage.
Is Fundtrack Research SEBI Registered?
Yes. Fundtrack Research holds a valid SEBI Research Analyst registration (INH000023658) in the name of Shubham Sewarik.
The registration runs from October 15 2025 through October 14 2030, a five-year fixed-term registration, unlike the perpetual registrations seen under some other SEBI frameworks.
- Legal Name / Proprietor: Shubham Sewarik, Proprietor of Fundtrack Research
- SEBI Registration No.: INH000023658
- Registration Type: Research Analyst (Proprietorship)
- Address: Flat No. 205, 14/1, North Harsiddhi, Indore, Madhya Pradesh 452001
- Validity: October 15 2025 to October 14 2030
We found no SEBI orders, penalties, show-cause notices, or arbitration proceedings in the public record. Complaint data is not yet available, most likely because the registration is too recent for SEBI to have required disclosure.
Registration alone answers only one question. It confirms Shubham Sewarik passed the NISM Series XV Research Analyst exam, met minimum qualification criteria, and cleared SEBI’s fit-and-proper assessment.
It does not confirm whether the risks were explained properly, whether charges were disclosed clearly, whether service terms were provided in writing, or whether communication stayed responsive after payment.
Ask yourself a simple question before subscribing: are you trusting the registration number, or have you verified everything that actually matters beyond it?
Fund Track Research Indore: Why the Location Matters
Both the registered and correspondence addresses point to a residential flat in Indore, not a commercial office.
Public records show no disclosed office, team, or compliance infrastructure. It is not unusual for a sole-proprietorship Research Analyst to work from home, and many legitimate individual analysts do exactly this.
But it remains relevant context for any prospective client.
You cannot visit an office or speak to anyone beyond the proprietor himself. The entire service, from research generation to client communication, rests on a single individual with no operational infrastructure that can be independently assessed.
Also Read: Growth Vista Research, another RA where the website is public but disagrees with itself across two compliance officers and a mismatched registered address.
Fund Track Research Company: What Makes This Entity Hard to Verify?
Four specific gaps make independent verification difficult before you engage with Fundtrack Research. Each one is covered below.
1. No Website, No Pricing, No Published Terms
Fundtrack Research has no publicly accessible website, no pricing page, no service package descriptions, no published terms and conditions, no refund policy, and no investor charter visible before you engage.
You must obtain every service detail directly from the proprietor, including cost, research type, delivery method, and cancellation terms.
SEBI regulations require entities to publish an investor charter and a grievance redressal mechanism precisely to prevent this kind of information gap.
2. No Social Media Presence of Any Kind
Fundtrack Research has no verified presence on Instagram, X, YouTube, Facebook, LinkedIn, Telegram, or any other publicly accessible platform.
Without any verifiable online identity, a prospective client has nothing independent to assess.
You cannot review call history, analytical style, communication approach, or track record through any channel not controlled by the entity itself.
3. The SEBI-Registered Email Is a Personal Gmail Address
Fundtrack Research’s SEBI registration lists a personal Gmail account as the contact email, rather than a corporate domain. This is not a regulatory violation.
SEBI does not mandate domain-based email for individual proprietorships.
However, practically speaking, every research report, call confirmation, subscription receipt, or complaint acknowledgement you receive will come from a personal inbox rather than a monitored business system.
4. A Reddit Thread Raising Concerns
A user posted a thread on r/FinancialAnalyst titled “Am I getting scammed?” The post received 1 upvote and 5 comments.
One comment reportedly described Fundtrack Research approaching the user with assurances of no losses and guaranteed returns. The comment was later deleted, reportedly for privacy reasons.
This is not a filed complaint, a verified account, or a regulatory finding. But it is a publicly visible signal that at least one person felt uncertain enough about the engagement to seek outside input.
This leaves two possibilities. Either the representative made those statements without the firm’s knowledge, which points to an internal compliance gap.
Or the statements reflect the firm’s actual sales approach, which points to a regulatory compliance problem. Neither possibility is reassuring, and both are worth knowing before you pay.
Is Fundtrack Research Genuine?
There is a meaningful difference between a new, low-footprint but legitimate Research Analyst and someone using a SEBI registration as cover for prohibited activity.
If even one of the following applies to your interaction, treat it as a serious warning sign, not a minor inconsistency:
- Anyone from the entity made a verbal or written guarantee of returns, promised you would not lose money, or assured a specific profit percentage.
- You were asked to pay into a personal bank account or a UPI handle not registered to the entity.
- You were shown a WhatsApp group with trade screenshots presented as a live, verified track record.
- You received pressure to pay quickly, or were told a slot is closing or an offer expires soon.
- You were asked to share your Demat account login, trading credentials, or any account access.
- Service terms, fees, or refund conditions were refused in writing and given only verbally.
Fundtrack Research Cold Call: What to Do If You Are Approached?
If your first contact with Fundtrack Research came through an unsolicited cold call, apply extra scrutiny before anything else happens.
Cold outreach on its own is not prohibited for a SEBI-registered Research Analyst.
But it removes the natural vetting that comes from finding a firm through its own published material, since you have no website, no reviews, and no public track record to check the caller’s claims against.
Ask for the registration number verbally, then verify it independently at sebi.gov.in before agreeing to anything further. Never let the caller rush you into an immediate decision.
Does SEBI Registration Mean You Can Trust the Service?
This is where many investors make a mistake. They verify the registration number, see it appears valid, and immediately assume the service is safe.
Consider a common situation. An investor receives a call claiming to be from a SEBI-registered research firm. The registration number checks out.
The explanation sounds convincing. At that moment, the investor feels reassured, thinking: “If SEBI has registered them, everything should be fine.”
Weeks later, the investor realises the registration number never answered the questions that actually mattered.
- Were the risks explained properly before you paid?
- Were all charges disclosed clearly, in writing?
- Did communication stay professional and responsive after payment cleared?
- Did the recommendations match your actual financial situation and risk tolerance?
A recommendation appropriate for one investor could be entirely unsuitable for another.
This is exactly why investor responsibility remains one of the strongest forms of protection available in the securities market, alongside the formal registration itself.
RA SEBI Guidelines in India: What Fundtrack Research Can and Cannot Do
A SEBI Research Analyst registration is a legal requirement for anyone providing research recommendations or issuing buy, sell, or hold calls in exchange for compensation.
| What an RA Is Allowed to Do | What an RA Is Not Allowed to Do |
|---|---|
| Publish research reports with buy, sell, or hold recommendations | Provide personalised advice tailored to an individual’s financial situation |
| Charge fees up to the SEBI-prescribed limit per family per year | Guarantee returns, profits, or any specific financial outcome |
| Deliver research via reports, email, WhatsApp, or other channels | Assure “no loss” or promise capital protection under any circumstances |
| Analyse companies and markets using technical and fundamental methods | Trade in the same securities being actively recommended to clients |
| Disclose conflicts of interest as required under SEBI regulations | Collect fees in personal bank accounts |
| Respond to investor complaints within 21 days under SCORES | Operate without a grievance redressal mechanism and investor charter |
For the full regulatory framework governing every registered Research Analyst in India, the complete guide is on the SEBI guidelines for Research Analyst page on this site.
What Should Investors Verify Before Paying Fundtrack Company?
Do these four things before transferring any amount, none of which take more than a few minutes:
- Verify SEBI registration independently. Search INH000023658 directly on sebi.gov.in, and confirm the name, address, and validity period match exactly what you were told.
- Get all service terms in writing. The exact fee, what is delivered and how often, the cancellation process, and refund conditions. If this request is evaded, do not pay.
- Confirm the payment destination. The receiving account must be in the name of Fundtrack Research or Shubham Sewarik as the registered proprietor. Ask for a receipt with the entity name and registration number.
- Screenshot everything. Every message, every promise, every claim about returns or accuracy, with dates noted.
This documentation becomes the foundation of any complaint if things go wrong.
Why the Five-Year Validity Period Matters?
Unlike some newer SEBI registrations issued on a perpetual basis, Fundtrack Research’s registration is fixed-term, running exactly five years from October 15 2025 to October 14 2030.
This means the registration will require renewal before expiry.
If you are subscribing to a long-term service plan, factor this validity window into your decision, and confirm with the firm directly what happens to ongoing subscriptions if the registration lapses or is not renewed on time.
Did anyone approach you with promises of guaranteed returns or no-loss trading before you paid?
Our team reviews your documents and tells you honestly whether you have a valid regulatory grievance and what your realistic options look like.
Facing an Issue With Fundtrack Research? Here Is How to File a Complaint
If you have already engaged with Fundtrack Research and feel your concerns are not being addressed, a structured, SEBI-backed process is available.
The complete step-by-step guide, covering exactly what evidence to collect, how to write the internal complaint, and how to escalate through SCORES, SMART ODR, and arbitration, is on the complain against Fundtrack Research page on this site.
For the general SEBI SCORES filing process applicable to any Research Analyst complaint, the guide is on the SEBI SCORES complaint portal page on this site.
For SMART ODR escalation after SCORES, the process is on the SMART ODR portal page on this site.
If the matter proceeds to a formal hearing, the process is on the arbitration in stock market page on this site.
Conclusion
Fundtrack Research holds a valid SEBI Research Analyst registration in the name of Shubham Sewarik, active from October 2025 through October 2030.
No regulatory action has been taken against this entity, and no complaint history exists in the public record. These are facts, and they matter.
At the same time, the complete absence of a website, social media presence, pricing, and published terms creates a significant information gap when you are asked to pay.
Registration is genuine. Trustworthiness requires deeper verification, and that verification is entirely within your control before any money changes hands.
Report. Recover. Stay Fraud Free.
Yes. Fundtrack Research holds SEBI Research Analyst registration INH000023658 in the name of Shubham Sewarik, valid from October 15 2025 to October 14 2030. Verify current status independently at sebi.gov.in. No. At the time of this review, Fundtrack Research has no publicly accessible website and no verified presence on any social media platform. All engagement appears to happen through direct outreach, such as calls or WhatsApp messages. No. SEBI's Research Analyst Regulations explicitly prohibit guaranteed return promises, assured profit language, and no-loss representations for every registered entity, without exception. Sole-proprietorship Research Analysts commonly work from home, and this alone is not a violation. It does mean, however, that there is no office to visit and no team beyond the proprietor to independently assess. Preserve every payment receipt, message, and promise made to you immediately. Write to the firm formally first, then escalate through SEBI SCORES if unresolved, followed by SMART ODR and arbitration if needed.Frequently Asked Questions
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