Thinking about joining Vishal Malkan’s stock market training? Hold on. There’s something you need to check first. Is he even authorized to teach you?
Let’s dig into the facts.
Who is Vishal Malkan?
Vishal Malkan presents himself as a stock market trainer. He claims 15 years of teaching experience. His pitch? Turn anyone into a trader through his programs.
His Business Structure:
He operates through two companies with his wife:
Malkan Training
- Registered for stock market education
- Primary revenue: Course fees
Malkan View
- Handles trading operations
- Runs alongside the training business
- Started around 2018-19
According to the Ministry of Corporate Affairs records, both entities are linked to him.
His wife, Meghana Vishal Malkan, is also involved in managing these operations.
Here’s the interesting part. While Vishal Malkan is the face of these training programs, his wife does hold a SEBI registration.
More on that below.
Is Vishal Malkan SEBI Registered Analyst?
Now comes the critical question.
Is Vishal Malkan SEBI-registered as an Investment Advisor?
No clear evidence suggests he holds a valid SEBI Registration Advisor (RA) license.
But it gets more complex.
He Applied But Got Rejected
According to available information, Malkan did attempt to register with SEBI as an RA. However, his application was rejected by SEBI.
Why was it rejected?
Incomplete information and documentation were provided during the application process.
This means he tried to get authorized. But couldn’t complete the requirements. Yet the training business continued.
There’s no information about any retrial or confirmation of the registration.
Concerning, right?
Here’s what we verified.
According to SEBI’s official registered advisors list, Meghana Vishal Malkan holds a SEBI RA registration.
This registration is legitimate and verifiable on SEBI’s official website.
So yes, his wife is a registered investment advisor and may conduct some courses or webinars herself.
But here’s the critical issue:
Vishal Malkan Complaints
According to complaints from students and industry observers, here’s what’s reportedly happening:
While Meghana Vishal Malkan holds the registration and may conduct some sessions, Vishal Malkan also independently operates training programs and provides advice.
The issue is:
- He delivers substantial training content
- He provides market tips and strategies
- He signs up students for the business
- He conducts his own webinars and courses
- He positions himself as the primary trainer
Here’s what matters:
Even if his wife is registered and conducts some training, this does not authorize Vishal Malkan to provide investment advisory services.
Each person providing such services must have their own registration.
Is this allowed?
Absolutely not. SEBI regulations are crystal clear. A registration is personal and non-transferable.
Vishal Malkan’s Legal Violations
Let’s be clear about what the law says.
If Vishal Malkan provides investment advice without proper SEBI registration, he violates
SEBI (Investment Advisers) Regulations, 2013
- Requirement: Anyone providing investment advice for fees must register
- Violation: Operating without registration
Section 12(1) of the SEBI Act, 1992
- Offense: Providing securities advice without a certificate
If misusing the spouse’s registration:
- Fraudulent misrepresentation under the SEBI Act
- Registration can be permanently cancelled
SEBI Circular SEBI/HO/IMD/DF2/CIR/P/2019/115
- Clearly states RA registration is personal
- Cannot be transferred or operated by proxy
- Family members cannot use it interchangeably
- The registered person must be the one providing services
Even if his wife is registered, if Vishal Malkan is the one conducting training, providing tips, and operating the business, that’s a clear violation.
The registration holder must be the service provider.
Why Is It Risky to Join Vishal Malkan’s Courses?
Let’s organize the warning signs:
1. Registration Issues
- Vishal Malkan has no personal SEBI RA registration
- His application was rejected for incomplete documentation
- He operates independently without his own registration
- This violates SEBI’s non-transferability clause
2. Losses in Trading
According to MCA financial records analyzed in consumer watchdog investigations, his two companies generated over ₹100 crore in training revenue between 2015-2023.
However, their actual trading activities tell a different story. Malkan Training accumulated ₹2.9 crore in trading losses over 5 years, while Malkan View lost ₹53 lakh over 4 years.
Combined, that’s ₹3.43 crore in trading losses despite massive training income, raising serious questions about trading proficiency.
Think about it. If someone cannot trade themselves profitably, how can they teach you to do it?
3. Ethical Issues
According to ethical education principles, a trainer must be consistently profitable to teach trading. His companies show he’s not consistently profitable.
Yet continues to charge premium fees for trading education. Students’ money is at risk based on strategies from someone with documented losses.
How to Report a Complaint Against Vishal Malkan?
If you have enrolled in Vishal Malkan’s stock market training programs and feel that your experience, outcomes, or representations did not align with what was promised, you are not alone.
Many students across India report confusion, dissatisfaction, or financial stress after participating in similar trading education programs.
You may consider registering your concern with us. We help individuals document their experience and understand the appropriate grievance and reporting options available under Indian law.
Register with Us
Our team assists by helping you:
- Organize and review course-related documentation (receipts, promotional material, communications)
- Understand which grievance channels may be relevant to your situation
- Navigate consumer rights and regulatory reporting processes
- Prepare structured complaint drafts based on facts and evidence
By speaking up, you not only seek clarity for yourself but also contribute to greater transparency in the stock market education space.
Well-documented complaints help other prospective students make more informed decisions.
You do not have to navigate this process alone. Taking informed and responsible action is the first step toward addressing your concerns.
Conclusion
The evidence paints a concerning picture. Vishal Malkan does not have a personal SEBI registration for investment advisory services.
His application was rejected due to incomplete documentation.
However, he is gaining enrollment in the name of his wife, who is SEBI registered.
This creates a significant legal and ethical problem.
SEBI regulations are explicit; a registration is personal and non-transferable.
If Vishal Malkan is operating using his wife’s registration while being the primary service provider, that’s a direct violation of SEBI rules.
Students may believe they’re working with a registered advisor, but if the actual trainer isn’t registered, that’s misrepresentation.
Education should empower you, not drain your savings while enriching someone who hasn’t mastered what they’re teaching. Trust verification over claims.
Stay alert. Stay informed. Stay protected.
