When investors ask whether Fusiontech Research is legit, they are usually asking one of two different questions.
The first is whether the firm is a real, legally registered entity that is authorised to provide paid research services.
The second is whether the service is worth paying for and whether the firm can be trusted to operate ethically within its regulatory scope.
Fusiontech Research is a SEBI-registered Research Analyst under registration number INH000019488, held by Kapil Verma in Indore, Madhya Pradesh.
On the first question, it is legit.
Regarding the second question, there are specific details visible on the firm’s website and in publicly documented subscriber accounts that are worth understanding before you pay.
Is Fusiontech Research Legit or Not?
By the standard definition of legitimacy, yes. Fusiontech Research is a legally registered entity in India.
SEBI granted registration INH000019488 to Kapil Verma on December 16, 2024, authorising the firm to provide research analyst services under SEBI’s Research Analyst Regulations 2014.
The firm is not an anonymous Telegram channel, not an unregistered WhatsApp tip group, and not a ghost entity.
It has a disclosed proprietor, a registered address in Indore, a verifiable SEBI registration, and published regulatory documents on its website, including a Disclosure Document, Investor Charter, and Grievance Redressal Policy.
On those grounds alone, Fusiontech Research is legitimate. The more useful question for someone about to pay is whether being legitimate means being safe, and that question has a different answer.
For the basic facts on the firm, what it offers, and the Google rating, the complete overview is covered on the hub page.
Read the full Fusiontech Research covering services, the documented complaint pattern, and what the 3.0 Google rating reflects.
Legit Does Not Mean Safe: The Four Red Flags Worth Knowing
These four concerns are visible in the firm’s own marketing content or in publicly documented subscriber accounts.
We are not making allegations.
We are presenting what is publicly observable and what it means under SEBI’s regulatory framework.
Red Flag 1: Performance claims that SEBI does not independently verify
Fusiontech Research’s website states a 78 percent client portfolio growth figure and a plus 67 percent success rate with backtested methods.
[Source: Screenshot of Fusiontech Research performance claims on website]
SEBI does not independently audit or certify these figures. Backtested performance is a historical simulation, not forward-tested live trading.
SEBI’s Research Analyst Regulations restrict how RAs can use performance data in marketing.
Displaying specific percentage success rates without complete, audited, and time-stamped records that include all recommendations (not just the profitable ones) raises a concern under SEBI’s advertising guidelines for research analysts.
Before subscribing, ask the firm specifically for a complete, time-stamped performance record from their live trading history covering all recommendations.
If they can only provide backtested data, understand that this reflects how a strategy would have performed in the past under ideal conditions, not how it has actually performed with real client money.
Red Flag 2: A trust-building pattern before large payments
Publicly documented accounts from investors describe a pattern of receiving small, successful tips over an initial period, which builds confidence, followed by an approach to committing to a larger payment.
We are reporting these as described by individual investors on public platforms.
No SEBI order confirming this as Fusiontech Research’s conduct has been issued as of July 2026.
[Source: Google Review]
This pattern is worth knowing about because SEBI has specifically penalised other SEBI-registered research analysts for the same approach.
The conduct itself, regardless of which firm uses it, falls outside what the RA scope permits when it involves guaranteed return assurances or misrepresentation of service quality to induce payment.
Red Flag 3: Performance claims under a new registration
Fusiontech Research received its SEBI registration in December 2024.
At the time of writing in July 2026, the firm has been registered for approximately 19 months.
Performance claims that reference client portfolio growth or success rates across a period longer than the firm’s registered operating history cannot be verified against the firm’s SEBI-covered track record.
If any performance figures predate December 2024, they were generated outside the registered operating period.
Red Flag 4: Subscribers reporting unsolicited contact
Some investor accounts describe being contacted by Fusiontech Research without prior consent or a prior relationship.
Unsolicited advisory calls from SEBI-registered RAs raise a question about the firm’s client acquisition practices and whether the initial contact complies with SEBI’s conduct requirements for registered intermediaries.
Some accounts also describe contacts from people impersonating Fusiontech Research.
If you were contacted by someone using the Fusiontech Research name and the payment channels or communication felt unusual, verify directly with the firm’s official published channels before engaging further.
What Fusiontech Research Is Authorised to Do Under INH000019488?
The RA registration authorises Fusiontech Research to publish documented research reports across its four service segments.
Each recommendation must include the analysis behind it, the entry range, the target, the stop-loss level, and a risk disclaimer.
This is the product that a Research Analyst registration authorises.
What the registration does not authorise includes guaranteed returns, live execution instructions during market hours, profit-sharing fees, and assurances of loss recovery.
If any of these appeared in how the firm communicated with you, the conduct goes beyond the permitted RA scope.
The complete explanation of what INH000019488 specifically permits and prohibits, including verification steps for confirming the registration yourself, is on the dedicated page: Is Fusiontech Research fake or real?
What to Do If Something Has Already Gone Wrong
If your experience with Fusiontech Research involved guaranteed return promises, pressure to upgrade after losses, payments made based on performance claims that were not matched in practice, or service delivery that differed materially from what was described before you subscribed, the formal complaint process is open to you.
Gather your evidence first.
Payment receipts, subscription documents, all recommendations received, trading records, and any communication where return guarantees or upgrade pressure appeared.
Organise everything before raising a dispute.
Write to the firm’s grievance contact by email first and give 30 days for a written response.
If unresolved, file a SCORES SEBI complaint at scores.gov.in using Research Analyst as the intermediary type and INH000019488 as the registration number.
If you are still dissatisfied with the outcome, you can escalate the matter by filing a dispute on the SMART ODR complaint portal.
Stock Exchange arbitration is the final step and produces a legally binding award.
Unsure how to proceed with your complaint against Fusiontech Research?
Our team can help you compile the evidence and take the matter through SCORES, SMART ODR, and arbitration.
Conclusion
Fusiontech Research is legitimate by the legal definition. SEBI registration INH000019488 under Kapil Verma in Indore is real, verifiable, and currently active.
Four specific concerns visible from the firm’s own marketing content and from publicly documented subscriber accounts deserve attention before subscribing: unverified performance claims, a trust-building pattern followed by larger payment requests, a registration that is less than two years old, making long-term performance claims unverifiable, and subscriber accounts describing unsolicited contact.
These are documented observations, not SEBI findings.
Legitimate registration is where due diligence begins, not where it ends.
Frequently Asked Questions
1. Is Fusiontech Research legal?
Yes, by legal definition. Fusiontech Research holds SEBI Research Analyst registration INH000019488 under Kapil Verma, granted on December 16, 2024.
The firm publishes regulatory documents expected of a SEBI-registered RA.
However, legitimate registration does not automatically mean the service is suitable for every investor or that every aspect of the firm’s conduct falls within the RA’s scope.
2. Who owns Fusiontech Research?
Fusiontech Research is owned and operated by Kapil Verma as a sole proprietor.
The firm is based in Indore, Madhya Pradesh. As a proprietorship, Kapil Verma is personally accountable for all regulatory compliance under INH000019488.
3. Does Fusiontech Research’s SEBI registration guarantee profits?
No. SEBI registration authorises the firm to provide research services. It does not guarantee the accuracy of recommendations, certify any claimed success rate, or eliminate investment risk.
No SEBI-registered Research Analyst can legally guarantee profits or assured returns.
4. Are Fusiontech Research’s performance claims verified by SEBI?
No. SEBI does not independently audit or certify performance claims made by Research Analysts.
The 78 percent client portfolio growth and 67 percent backtested success rate figures on the firm’s website are marketing content.
Ask for complete, time-stamped, forward-tested records before relying on any performance claim.
5. What are the red flags to watch for with Fusiontech Research?
Four specific red flags: performance claims that SEBI does not independently verify, subscriber accounts describing a trust-building phase followed by larger payment requests, a registration that is under two years old, making long-term performance claims unverifiable, and reports of unsolicited contact from firm representatives.
None of these are confirmed as SEBI violations for this specific firm. They are documented concerns worth examining before subscribing.
6. How do I complain against Fusiontech Research?
Write to the firm’s grievance contact by email first, with a 30-day window for a written response.
If unresolved, file on SEBI SCORES at scores.gov.in using Research Analyst as the intermediary type and INH000019488 as the registration number.
Escalate to SMART ODR, then exchange arbitration if needed. File within 3 years of the incident.
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