Have you ever paid a hefty fee to a stock market advisory service, followed their tips religiously, and still watched your capital bleed out, trade after trade?
If you have, you are not alone. Thousands of retail traders across India have been in that exact position. The promise is always the same: high accuracy, consistent profits, and a team that supposedly “knows the market.”
But when the losses pile up, and you start asking questions, the answers either stop coming or the narrative changes completely.
This is the story behind many trading advisory services in India. And it is also the story behind Niftypro Trading Research, operated by Nagpur-based SEBI-registered Research Analyst Sameer Pande.
Is Niftypro Trading Research SEBI registered? That is the starting question.
But as you will see in this blog, that answer opens a much bigger conversation, one about SEBI orders, misleading marketing, illegal profit-sharing, investor arbitration, and what all of this means for traders who have already paid.
In this blog, we cover Niftypro’s registration status, the violations SEBI documented, the adjudication order and final censure, a real investor’s arbitration case, and the exact steps you can take if you have faced issues with this firm.
Is Niftypro Trading Research SEBI Registered or Not?
Yes, Niftypro Trading Research is SEBI registered. The firm is operated by Sameer Pande, who holds an active SEBI Research Analyst (RA) registration under Registration No. INH000009649.
He is based in Nagpur, Maharashtra, and has been operating as a registered RA, offering subscription-based stock recommendations and intraday calls to retail investors primarily through Telegram, email, and his website niftypro.in.
His services include equity research alerts, intraday tips, and package-based advisory products. Packages range from basic to premium, going up to ₹15,000 annually.
His investor charter on the website mentions research objectivity and includes standard disclaimers about market risk, as required by SEBI regulations.
The registration is real and verifiable on SEBI’s official intermediary registry at sebi.gov.in.
But here is what every trader needs to understand before going any further.
SEBI registration confirms that an entity is authorised to operate as a Research Analyst. It does not tell you how they have operated and in Niftypro’s case, that distinction matters enormously.
Now that we know Niftypro is registered, the real story begins. Let us look at what SEBI actually found when it went and inspected this firm.
Niftypro Trading Research SEBI Order
SEBI conducted a thematic inspection of Niftypro Trading Research covering the period from 24 May 2022 to 31 January 2024.
The inspection found multiple violations of key SEBI regulations, violations that directly affected how investors were being marketed to, promised returns, and ultimately misled.
Major Violations by Niftypro Trading Research:
- False Accuracy Claims: Niftypro claimed “90% accuracy” in trading calls, which SEBI prohibits because it creates unrealistic profit expectations.
- Profit Guarantees: Sales staff allegedly promised fixed daily profits and quick recovery of subscription fees, which SEBI treated as misleading and unlawful.
- Misleading Marketing Terms: Words like “Best” and “accurate” were used to imply superior results, violating SEBI’s advertising rules.
- Profit-Focused Testimonials: Client testimonials highlighted strong returns in a way that could mislead investors into expecting guaranteed profits.
Total Monetary Penalty: ₹2,00,000
SEBI applied the principle of proportionality in the Final Order, choosing a regulatory censure rather than cancellation of registration, noting that Sameer Pande had already paid the monetary penalty, removed the violative content from his website, and instructed his staff to stop using return-based marketing language.
However, the regulatory censure is now on public record, permanently. It forms part of SEBI’s enforcement database and is accessible to any investor who chooses to verify.
How to File a Complaint Against Sameer Pande?
Since Niftypro Trading Research is a SEBI-registered Research Analyst, investors who have had issues with their services have a clear, structured process available to them.
Here is how to use it:
Step 1: Gather Your Documentation
Before doing anything, collect everything: payment receipts, subscription agreements, all communications via Telegram, WhatsApp, email, or phone calls, and wherever possible, recordings or screenshots of any tips or promises made.
Arrange everything in chronological order.
Step 2: Write to the Firm’s Compliance Officer First
Send a formal written complaint to Niftypro Trading Research directly. Give them a reasonable opportunity to respond, typically 10 business days. Keep records of everything you send and receive.
Step 3: Lodge a Complaint with SCORES
If the firm does not respond or the response is unsatisfactory, file a formal complaint at SEBI’s SCORES portal. Select “Research Analyst” as the intermediary category, enter the registration number, and clearly describe what happened, attaching all supporting documents.
Step 4: Register a Complaint with SMART ODR
If SCORES does not resolve the matter adequately, move your case to SEBI’s SMART ODR (Online Dispute Resolution) platform.
This provides a structured conciliation and mediation pathway that is faster than conventional proceedings and accessible without a lawyer.
Step 5: Stock Market Arbitration
If conciliation under SMART ODR does not succeed, formal arbitration is available. An independent arbitrator reviews all evidence and delivers a binding decision.
The process is particularly relevant when there is a documentable financial loss.
The earlier you act, the stronger your evidence trail. Do not wait.
If you need help navigating any of these steps, professional support can make a real difference, from organising your documentation to formally presenting your case.
Register with us, and we can walk you through every stage.
Conclusion
To answer the central question directly: Yes, Niftypro Trading Research is SEBI registered. But that registration exists alongside a documented regulatory history that every trader must know about.
SEBI’s inspection uncovered misleading accuracy claims, illegal profit guarantees by sales staff, prohibited superlative language, deceptive testimonials, and an unlawful profit-sharing arrangement with a client.
The Adjudication Order resulted in a monetary penalty of ₹2 lakh. The Final Order in May 2025 issued a formal regulatory censure, a permanent mark on the public record.
Beyond the regulatory orders, a real investor named Muhammad Chand Ansari lost ₹4.65 lakhs following Niftypro’s advice.
He fought back through the SEBI arbitration mechanism, presented audio recordings as evidence, and won a full award with 15% interest, a result that speaks for itself.
The lesson this story carries applies to every trading service you consider. SEBI registration is the starting point of your due diligence, not the end of it. A registration tells you that an entity is authorised.
It does not tell you how they have conducted themselves.
Your capital deserves that level of care. Verify independently. Document everything. And know that you are never without recourse.
