Every day, thousands of investors in India search for the right research analyst. The choices are overwhelming, and not all of them are safe.
You might have come across Research Mart Services Private Limited in your search, and naturally, your first question is: is Research Mart SEBI registered?
That question is the smartest place to start. Choosing an unregistered advisor can cost you more than just money. It can shake your confidence in markets entirely.
Before you trust any advisory firm with your hard-earned capital, you deserve a clear and honest picture. This blog gives you exactly that.
Is Research Mart SEBI Registered or Not?
Let us answer this directly. Yes, Research Mart Services Private Limited is indeed SEBI registered. The company is incorporated under the provisions of the Companies Act, 2013.
It holds a valid SEBI Research Analyst license with Registration Number INH000009694.
This is a verifiable, official credential that you can cross-check on the SEBI website anytime.
The firm caters to a diverse audience, including HNIs, retail traders, and long-term investors. Research Mart positions itself as a company driven by meticulous research and smart market insights.
Their service lineup includes offerings like:
- Nivesh Shakti
- Stocks Unnati
- Option Labh
- Future Pragati
- Suchkank Munafa
- Option Premium Sanket
- Positional Vriddhi
- Premium Option Commodity Sanket
They describe their approach as a blend of creative thinking, deep research, and technology. Their stated goal is to help clients maximize investment opportunities while keeping risk factors in view.
The foundation of their client relationship, they say, is understanding and achieving investor goals.
One thing worth paying attention to is their pricing model.
Unlike most SEBI-registered research analysts, Research Mart does not charge on a yearly or monthly basis. Their fee structure is based on the number of calls or recommendations, ranging from approximately Rs. 12,000 to Rs. 1,75,000.
Here is where it gets important. SEBI guidelines permit a maximum charge of Rs. 1,51,000 per year from any client.
The maximum pricing here appears to exceed that limit, which raises a valid concern. Investors should clarify this directly with the company before committing to any package.
SEBI registration is a necessary starting point, but it is not a guarantee of full compliance or service quality. Regulatory status tells you a firm is allowed to operate. It does not tell you how well it operates.
Every investor must go beyond the registration certificate.
Research Mart Impersonation Scam
Research Mart themselves have issued an important warning on their website.
They have alerted users that fraudsters are misusing the Research Mart name on social media platforms like Telegram, WhatsApp, and Instagram to solicit funds.
If you are ever approached through these platforms in their name, verify the communication directly through their official website. Do not transfer any funds based on social media messages alone.
Research Mart Complaints
Marketing material always shows the best version of a company. The real picture often lives in the complaint data. When you look at how many users have raised grievances, you start to understand patterns that brochures will never reveal.
One complaint might be a misunderstanding. A cluster of complaints over time is a signal worth studying carefully.
Research Mart does disclose its complaint data on its website, which is in line with SEBI guidelines for registered research analysts. That is a positive sign of basic transparency.
Looking at the numbers, complaints were notably higher from 2023 to 2024.
However, there is a visible decline from 2025 to 2026, with complaints dropping to roughly half of what they were before.
That trend could reflect service improvements, or it could reflect other factors. Only time will confirm the direction.
What should you take from this? Even a single complaint carries weight when real money is at stake. If one investor lost funds or faced distress due to advice from any research analyst, that experience deserves acknowledgment.
You are not just looking at numbers. You are looking at people who trusted someone with their savings.
Evaluate the patterns carefully, and do not brush past complaints as routine statistics.
How to Register a Complaint Against a Research Analyst?
If you have had a negative experience with Research Mart or any SEBI-registered entity, you have a formal channel available to you.
Here is how you can raise a complaint:
Step 1: You need to collect all the evidence so that you can prove that you have been scammed. This can include screenshots of payments, chats, transfers, etc.
Step 2: Before escalating further, try reaching out to the analyst themselves. Brief your issue and give them a chance to solve your complaint.
Step 3: If they do not provide a desired solution or don’t respond to your complaint, you can escalate it further by registering your complaint in SCORES.
SEBI takes complaints against registered intermediaries seriously. The SCORES system ensures that complaints are directed to the right entity and given a formal response window.
Step 4: If you still don’t get the desired solution to your complaint, you can choose another platform to register your complaint. This time, you need to register your complaint in SMART ODR.
Step 5: Although most of the complaints get solved in step three only, if you are still unsatisfied, you can go for the Stock market arbitration or counselling. Here, your issue will be resolved, one-on-one with the analyst.
Step 6: Track the status of your complaint and do not forget to follow up whenever required.
Need Help?
The process of filing a complaint is not easy at all. You need to be careful about how you draft your complaint if you want a good resolution.
But the process becomes easy if you have a good team by your side. We are a team of experts who have helped many investors and represented them in arbitrations.
If you are facing any challenge, you can register your complaint with us.
We will make sure that your complaint is heard properly and that good guidance is provided to you.
Conclusion
So where does this leave you?
Research Mart Services Private Limited is a SEBI-registered research analyst with a verifiable license number. That answers the question many investors start with.
However, registration is only the first filter. The pricing structure that appears to exceed SEBI’s annual fee cap deserves direct clarification before you sign up.
The complaint trends, while improving, are worth reviewing carefully on their official website.
The company’s own warning about social media fraud is something every potential client should take seriously. Investing wisely means asking the right questions at the right time.
Stay informed, verify everything, and never let urgency replace due diligence.
