Have you ever googled a stock analyst before paying their fee?
Let’s be honest, most traders don’t.
You come across a flashy website, see some jaw-dropping “multibagger” stock returns, watch a few testimonials and think, “This person seems legit.”
And before you know it, you’re filling in your KYC and wiring a subscription fee.
The Indian stock market is flooded with self-styled “experts,” Telegram-channel gurus, and WhatsApp group admins who promise 10x returns without ever telling you they’re not even authorised to give investment advice.
SEBI exists precisely to protect you from that.
So when the name Manish Goel keeps coming up in investor circles, sometimes with praise, sometimes with questions, the smart thing to do is exactly what you’re doing right now: asking, is Manish Goel SEBI registered?
In this blog, we go through everything: his registration status, how you can verify and complain if needed and the SEBI Order against him.
Is Manish Goel SEBI Registered or Not?
Yes, Manish Goel, also known as Manish Kr. Goyal was a SEBI-registered Research Analyst associated with Multibagger Securities Research and Advisory Pvt. Ltd., operating from Chandigarh.
His SEBI registration number as a Research Analyst was INH000007736.
His firm is also registered as a SEBI Investment Adviser with registration number INA100007736.
Manish Goel started his Telegram Broadcast Channel in 2016 to guide investors at scale. In 2017, he formally incorporated Multibagger Securities Research and Advisory Pvt. Ltd. to offer structured advisory services.
His focus has always been on long-term, small-cap and mid-cap “multibagger” stock picks, inspired by the Warren Buffett style of patient, fundamental investing.
Key Claims by Manish Goel:
- Recommends only long-term stocks, no intraday, no F&O.
- Claims picks like Roxy Exports (now Remedium Lifecare) multiplied 300x in 5 years.
- Sangam Advisors (now Waaree Renewables) reportedly multiplied 450x in 5 years.
- Hazoor Multiprojects reportedly rose 21x in 2 years.
- Subscription fee: Rs 11,80,000 for 5 years (including GST).
- Clients get 5 fresh long-term picks on subscription + exit calls + updates.
His website showcases glowing testimonials, a track record page with past recommendations, and a strong presence on Twitter (now X) under the handle @StockGoel with 33K+ followers.
He has also received the Economic Times Industry Leaders Award.
On paper, this profile seems impressive. But in the world of SEBI regulation, what matters is not just what you do, it’s how you do it. And that’s where things got complicated.
How to Verify a SEBI Registered Research Analyst?
Now that you know how to read SEBI orders and what the regulatory story is, here’s how you can independently verify any research analyst’s credentials before investing:
- Visit the Official SEBI Website: Go to sebi.gov.in and navigate to the “Registered Intermediaries” section. Choose “Research Analyst” from the dropdown and search by name or registration number. This gives you the official, real-time registration status.
- Check SEBI Enforcement Orders: Visit sebi.gov.in/enforcement/orders and search the analyst’s name. If any orders have been passed, penalty, suspension, or cancellation, they will appear here. This is public information and takes two minutes to check.
- Verify the NISM Certification: Every SEBI-registered Research Analyst must pass the NISM Series XV Research Analyst Certification Examination. You can verify the certification status on the NISM website to confirm it is valid and not expired.
- Check the SEBI SCORES Portal: The SCORES portal (scores.sebi.gov.in) shows complaint history against registered intermediaries. A high number of unresolved complaints is a red flag, even if the analyst is registered.
- Ask for the Registration Certificate Directly: Any genuine SEBI-registered analyst should be able to show you their registration certificate upon request. Cross-check the registration number, validity dates, and analyst’s name against the official SEBI database.
Be wary of certificates that cannot be verified online.
Registration is not a permanent green signal. Certificates can expire, get suspended, or get cancelled. Always verify the current status, not just whether a certificate was ever issued.
However, investors should understand that SEBI registration alone does not automatically guarantee safety or positive outcomes.
Registration only means the person or firm is authorised to operate under SEBI regulations. Even in the case of Manish Goel’s advisory services, SEBI proceedings and regulatory actions were reported despite the existence of registration-related credentials.
That is why investors should regularly verify not just the registration status, but also check for enforcement orders, complaint history, and overall transparency before trusting any advisory service.
Manish Goel SEBI Order
On August 11, 2023, SEBI’s Adjudicating Officer (AO) Soma Majumder passed a 46-page adjudication order against Manish Goel, imposing a total monetary penalty of Rs 60 lakhs.
The penalty was to be paid within 45 days.
| SEBI Act Section | Violation | Penalty |
|---|---|---|
| Section 15A(c) | Not maintaining proper records of research recommendations | Rs 5 Lakhs |
| Section 15EB | Violations of RA Regulations (code of conduct, AML, KYC non-compliance) | Rs 40 Lakhs |
| Section 15HA | Promising assured returns, amounting to the dissemination of misleading information (PFUTP violation) | Rs 15 Lakhs |
Violation 1: Not Maintaining Research Records
Out of 19 stock recommendations, the rationale for 9 was not produced during inspection. In 4 instances, research reports were found unsigned and undated, which were allegedly signed and dated only after the inspection began.
SEBI also noted that Manish Goel never used the words “Research Analyst” in his recommendations and never disclosed his SEBI credentials to clients.
Violation 2: Assured Returns in Chats
SEBI reviewed Manish Goel’s WhatsApp and Telegram group messages carefully. His recommendations were described as “sensationalistic”, assuring clients that specific stocks would definitely rise and deliver high returns.
Crucially, there were no risk disclaimers accompanying these messages. When a client suffered a loss on any recommended stock, he reportedly promised a free replacement stock, which SEBI viewed as a direct assurance of returns, a serious regulatory violation.
Violation 3: KYC, AML and Compliance Failures
Manish Goel admitted during the hearing that he had not maintained KYC records for clients, had not done proper client due diligence, and had not followed Anti-Money Laundering guidelines.
SEBI took a very serious view of this admission.
Violation 4: Dual Role Conflict
Being an individual Research Analyst, he was simultaneously serving as the Principal Officer of a SEBI-registered Investment Adviser entity (his own company). SEBI regulations require separate teams and separate accounts for RA and IA businesses.
This mixing of roles was flagged as a compliance failure.
The Adjudicating Officer concluded that Manish Goel had acted with “blatant disregard” for his clients’ interests, and that the fees collected, Rs 4.16 crore from 583 clients, amounted to a “disproportionate gain or unfair advantage” obtained through the said violations.
But SEBI wasn’t done. Two months after the penalty order, a second and arguably more severe order was passed.
SEBI Enquiry Order Against Manish Goel
On October 30, 2023, SEBI passed a second order, this time an Enquiry Order under Section 12(3) of the SEBI Act read with Regulation 31 of the SEBI (Research Analyst) Regulations, 2014.
This order went a significant step further: it directed the suspension of Manish Goel’s Research Analyst certificate for six months.
The October 2023 order reinforced the same set of findings, repeated violations of the RA code of conduct, failure to act with due diligence, and non-compliance with regulatory norms.
Together, the two SEBI orders from 2023 painted a picture of a registered analyst who had, in the regulator’s view, consistently failed to follow the rules while collecting crores in fees.
How to Lodge a Complaint Against a Research Analyst?
If you or your family have already paid for stock tips from a Research Analyst or Manish Goel, or joined WhatsApp / Telegram groups that look like this case, you do have some options.
Check the step-by-step process to file a complaint:
Step 1: File a Formal Complaint With the RA
If your order was rejected without a clear explanation, submit a written complaint to RA’s customer support. Include key details such as the order ID, time of placement, script name, and the exact rejection message.
Maintain a record of all correspondence and supporting documents.
Step 2: File a Complaint in SCORES
If the broker’s response is delayed or unsatisfactory, escalate the issue through SEBI’s SCORES platform.
This formally brings the regulator into the process and requires the broker to address your complaint within a defined framework.
Step 3: Lodge a Complaint in SMART ODR
If the issue remains unresolved, you can take it further through SEBI’s SMART ODR system.
This digital dispute resolution mechanism begins with conciliation, where a neutral facilitator works with both you and the broker to reach a mutually agreeable solution.
Step 4: File Stock Market Arbitration
If conciliation does not lead to a resolution, the case can move to arbitration. An independent arbitrator will evaluate all submitted evidence, such as trade logs, account statements, and communication records, and issue a binding decision.
This route is especially relevant in cases involving significant financial loss due to order rejection.
Need Help?
If you’ve faced an order rejection that caused a loss, a support team that isn’t responding, or unexplained charges on your account, you don’t have to figure it out alone.
You can register with us, and our team will help you understand the next steps, possible resolution options, and how to properly raise the issue with the concerned platform or regulatory authorities if required.
Conclusion
When evaluating any market analyst or advisory platform, investors must look beyond marketing claims and focus on credibility, transparency, and regulatory history.
While Manish Goel holds SEBI registration, registration alone should not be treated as a guarantee of trustworthiness or investment success.
The existence of major SEBI orders and a confirmed SAT verdict highlights the importance of carefully reviewing an advisor’s compliance track record before making any financial commitment.
For investors, due diligence is essential.
This includes checking the current SEBI registration status, reading regulatory orders thoroughly, understanding the nature of the services being offered, and evaluating whether the associated risks align with your financial goals.
Most importantly, investors should avoid committing funds they cannot afford to keep tied up for extended periods.
The Indian stock market offers significant opportunities, but it also demands caution and informed decision-making.
Whether considering Manish Goel or any other analyst, the safest approach remains the same: verify facts independently, assess credibility carefully, and place trust only after proper research.
In the end, informed investing is always stronger than blind reliance.
