If you’re evaluating Research Mart before paying for their advisory services, checking SEBI registration is the right first step.
But registration alone tells you less than most investors think. This page answers the registration question directly, and then goes further, explaining what INH000009694 actually authorises, what it doesn’t, and one specific pricing concern that deserves your attention before you commit any money.
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.
While the SEBI registration provides a layer of regulatory oversight, there are specific aspects, such as their pricing model and past complaint history, that require a closer look to ensure their services align with your financial safety.
Investors must therefore dig deeper to determine is Research Mart genuine in its operations and fee structures.
If any detail or service raises doubt, then that’s a red flag worth escalating immediately.
What Does Research Mart’s SEBI Registration Actually Cover?
This is the question most investors don’t ask, and it matters more than the registration itself.
A SEBI Research Analyst registration authorises Research Mart to:
- Publish stock research reports and market insights
- Share buy/sell/hold recommendations on listed securities
- Provide educational content and market analysis
- Charge fees for research and advisory services
What INH000009694 does NOT authorise:
- Managing or operating client trading accounts on their behalf
- Collecting client funds directly into company or personal accounts
- Guaranteeing returns on any recommendation, fixed, assured, or otherwise
- Charging fees that exceed SEBI’s prescribed annual cap per client
- Engaging in portfolio management activities without a separate PMS license
Understanding this scope matters practically.
If a Research Mart representative offered to manage your account, promised a guaranteed monthly return, or collected money into a personal account, those specific actions fall outside what their SEBI registration permits, regardless of the registration being valid.
For individual user experiences and complaint patterns: Research Mart Reviews →
Research Mart Pricing
This is the most specific and important finding on this page, one that directly affects investors at the premium subscription tier.
SEBI prescribes a maximum annual fee that a registered Research Analyst can charge per client. Research Mart’s pricing structure ranges from ₹12,000 to ₹1,75,000 depending on the number of calls included in the package.
The maximum tier at ₹1,75,000 appears to exceed SEBI’s prescribed annual fee cap of ₹1,51,000 per client.
If this is accurate, it raises a direct compliance question — not about the quality of research, but about whether the pricing structure itself falls within SEBI’s regulatory framework for Research Analysts.
Before paying any premium tier subscription to Research Mart, ask for written clarification on two things:
- Confirmation that the fee structure is compliant with SEBI’s current prescribed limits for Research Analysts.
- A proper invoice or receipt showing the registered entity name (Research Mart Services Private Limited) and their SEBI registration number.
If either isn’t provided clearly and in writing, that itself is worth documenting before you proceed.
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.
If Research Mart’s Services Don’t Match Their SEBI-Regulated Obligations
A SEBI registration creates specific legal obligations — on pricing, disclosures, risk warnings, and conduct.
If Research Mart’s actual service delivery falls short of those obligations, you don’t just have a service complaint; you may have grounds for a regulatory violation report.
This distinction matters because a violation-based complaint to SEBI SCORES carries more regulatory weight than a general service dissatisfaction complaint. The difference is worth understanding before you file.
The key obligation areas to check against your own experience:
- Were risk warnings clearly disclosed before you subscribed?
- Was your risk profile assessed before recommendations were made?
- Were you shown past performance data without the required disclaimers?
- Was a guaranteed return figure mentioned at any point during the sales process?
If yes to any of these, your complaint has a regulatory dimension, not just a service dimension.
For the complete step-by-step complaint filing process: How to Complaint Against Research Mart →
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.
Frequently Asked Questions
1. Is Research Mart SEBI registered?
Yes. Research Mart Services Private Limited holds SEBI Research Analyst registration INH000009694. You can verify this directly on SEBI’s Intermediary Search portal.
2. What does Research Mart’s SEBI registration permit them to do?
It authorises Research Mart to publish research reports and share stock recommendations. It does not permit fund management, guaranteed return promises, or fees exceeding SEBI’s prescribed annual cap per client.
3. Does Research Mart’s pricing exceed SEBI’s fee cap?
Research Mart’s maximum subscription tier is priced at ₹1,75,000, which appears to exceed SEBI’s prescribed annual fee cap of ₹1,51,000 per Research Analyst client. Investors should seek written clarification on this before subscribing to premium tiers.
4. How do I verify Research Mart’s SEBI registration myself?
Search for INH000009694 on SEBI’s official Intermediary Search portal at sebi.gov.in. Cross-check the firm name, registration date, validity, and compliance officer name against what Research Mart shows on their website.
5. Can Research Mart guarantee stock market returns?
No. SEBI regulations explicitly prohibit registered Research Analysts from guaranteeing returns on any recommendation. If Research Mart or any representative promised fixed or assured returns, that is a potential SEBI violation worth documenting and reporting.
6. What should I do if Research Mart’s service didn’t match their SEBI obligations?
Document all communications, promises made, and payments. File a complaint with Research Mart’s grievance officer first, then escalate to SEBI SCORES with a focus on the regulatory obligation violation, not just service dissatisfaction.
