Is Sagar Goel SEBI Registered: Regulatory Status & Investor Risk

As a registered Research Analyst, the firm is required to follow SEBI rules related to research documentation, disclosures, record keeping, and client communication. Money Bells is also registered with BASL and holds the required NISM certifications.

The firm primarily provides technical-analysis-based stock recommendations, index option research, market updates, and model portfolios through SMS and WhatsApp broadcasts.

However, it clearly states that it does not provide PMS services, algo trading, account handling, or trade execution on behalf of clients.

SEBI Order Against Money Bells

Here is where the story gets more nuanced, and where every potential client needs to pay close attention.

Despite being SEBI-registered, Money Bells Global Research Services Private Limited was subjected to a SEBI inspection.

Following the inspection, SEBI’s Adjudicating Officer, Amar Navlani, passed an adjudication order in March 2025, finding the firm guilty of multiple regulatory violations.

Let’s go through each violation in detail:

Violation 1: False Promises of Assured Returns

The most serious finding in SEBI’s order was that Money Bells made false and misleading claims to clients, including promises of guaranteed or assured returns.

Under SEBI’s Code of Conduct for Research Analysts, promising guaranteed profits or assured returns to clients is strictly prohibited. No registered analyst is allowed to make such commitments because markets inherently carry risk.

SEBI classified these communications as fraudulent misrepresentations, designed to mislead potential investors and clients, a direct breach of ethical and regulatory standards.

Violation 2: Misrepresentation of Client Retention and Research Team

SEBI’s investigation also found that the firm misrepresented its client retention rates and overstated the existence of a structured, dedicated research team.

In SEBI’s view, the company was projecting a picture of its capabilities and scale that didn’t match facts on the ground. This was flagged as misleading to clients and potential subscribers.

Violation 3: Failure to Maintain Required Net Worth

Under Regulation 8(2) of the SEBI RA Regulations, every registered research analyst must maintain a minimum net worth.

SEBI found that Money Bells failed to meet this capital adequacy requirement during the inspection period.

The annual audit for 2022-23 specifically identified this non-compliance. The firm later submitted a net worth certificate, but SEBI noted it was based on an unaudited balance sheet.

The company itself admitted that it did not meet the capital adequacy test as of March 2023.

Violation 4: Missing Research Rationale Records

Under SEBI Regulations 25(1) and 25(2), a research analyst must document and maintain the rationale behind every recommendation, whether or not clients acted on it.

There is no exception for “unexecuted” calls.

SEBI found that Money Bells had gaps in its documentation of research rationale, particularly for some recommendations sent via WhatsApp, including calls made by an analyst named Anand in January 2023. The firm’s explanation that records were deleted due to operational errors was rejected by SEBI.

Violation 5: Obstruction of SEBI Inspection

This was among the most concerning findings. A key figure at Money Bells, Ishan Khandelwal, who handled client communication and compliance-related tasks, had never been officially appointed by the company.

This raised serious questions about client data confidentiality and internal governance.

More critically, SEBI found evidence that the firm attempted to obstruct the inspection process. Mr. Khandelwal was allegedly instructed to avoid the office and withhold information from SEBI inspectors.

Proper employment records for this individual were never provided. A belated appointment letter submitted by the firm was dismissed by SEBI as an afterthought.

These acts resulted in violations of RA Regulations 29(2) and 24(2), along with breaches of Clauses 1, 2, 7, and 8 of the Code of Conduct for Research Analysts.

Total Penalty: ₹7 Lakh

Taking into account the cumulative weight of these violations, SEBI imposed a monetary penalty of ₹7 lakh on Money Bells Global Research Services Private Limited.

A SEBI registration confirms that a firm was permitted to operate. It says nothing about how that permission has been used.

Money Bells held valid credentials, SEBI registration, BASL membership, and NISM certifications, and still faced a ₹7 lakh penalty for false return promises, missing records, and obstructing a regulatory inspection.

Before subscribing to any advisory service, check beyond the registration number. Adjudication orders, complaint disclosures, and user feedback tell the story that credentials never will.

How To Report Against a Research Analyst?

Since Sagar Goel is a SEBI-registered Research Analyst, investors who have faced issues with her services have a formal, structured path available to them.

Here is how to use it step by step:

Step 1: Gather All Your Documentation

Start by collecting everything related to your engagement: the signed client agreement, payment receipts, all advisory communications received via SMS, email, WhatsApp, or any other channel, and records of any losses you incurred while following the advice.

Arrange everything in date order.

Step 2: Write to the Firm or Analyst First

Before escalating to SEBI, send a formal written complaint to Sagar Goel’s compliance officer.

You can expect a response within 10 business days as per her disclosed grievance policy. Keep a copy of everything you send and receive.

Step 3: File a Complaint in SCORES

If the firm does not respond satisfactorily within a reasonable time, file a formal complaint at SEBI’s official website.

Select “Research Analyst” as the intermediary category, enter the registration number, and describe your concern clearly with supporting documents attached.

Step 4: Report in Smart ODR

If your SCORES complaint does not result in a satisfactory resolution, move the matter to SEBI’s Online Dispute Resolution (SMART ODR) platform.

This provides a structured mediation pathway that is faster than conventional proceedings and does not require a lawyer to initiate.

Step 5: Arbitration in Stock Market

If all the above steps are exhausted without resolution, formal arbitration is the final option available. An independent arbitrator reviews all the evidence and delivers a binding decision.

This step is especially relevant if you have suffered a documentable financial loss.

Act as early as possible. The more time passes, the more difficult it becomes to establish a clear evidence trail.

If you are unsure how to structure your complaint or navigate any of the above steps, professional guidance can make a real difference.

Register with us, and we will assist you through every stage, from organising your documentation to formally filing your case.

Conclusion

So, Is Sagar Goel SEBI Registered? Yes.

But the story doesn’t end there. The SEBI adjudication order of March 2025, which imposed a penalty of ₹7 lakh on Money Bells, is something any informed investor should factor into their decision.

The violations found, misleading claims of guaranteed returns, documentation gaps, net worth shortfalls, and obstruction of SEBI’s inspection, are serious red flags that cannot be brushed aside.

At the same time, it’s important to note that the penalty was monetary, the registration remains active, and Money Bells continues to operate as a SEBI-registered Research Analyst firm.

Whether you engage with their services is ultimately your call. But let it be an informed call.