Quick Summary
Five Google reviewers describe paying between ₹1,45,000 and ₹17,80,000 to Wise Global Research. Three independently describe being told to remove stop-losses during losing trades. Two describe upgrade pressure after losses. One fee of ₹3,50,000 exceeds SEBI’s ₹1,51,000 annual cap by more than twice. Fifteen complaints were filed between June 2025 and March 2026, all resolved. The firm holds SEBI registration INH000016719 under proprietor Hemraj Singh Sikarwar, with a second director, Abhishek Mishra, on its corporate record. This page covers every review, the complete complaint tables, the registration and ownership details, five specific red flags, and the exact five-step complaint process.
₹17,80,000 paid. Every trade told me to drop its stop-loss right before it hit. Capital gone, twice.
That’s not a hypothetical; it’s what one reviewer describes after subscribing.
If you’re reading Wise Global Research reviews right now, chances are your own experience didn’t quite match what was promised, or you’re doing the smart thing and checking before you pay anything at all.
The pitch always sounds clean. Expert research. A real SEBI registration. Promises of strong, consistent returns.
Here’s everything: five named reviewer accounts, three years of the firm’s own complaint disclosures, the full ownership record, and exactly what SEBI’s own rules say about each pattern found.
Wise Global Research
Wise Global Research Services Private Limited is a research advisory firm based in Indore, Madhya Pradesh, incorporated on January 1, 2024.
The firm focuses on equity research covering Nifty and Bank Nifty options, delivered through subscription-based plans. Its registered office sits at 18 AB Road, Onam Plaza, Office No. 602, Old Palasiya, Indore, Madhya Pradesh 452001.
The company’s authorised and paid-up capital is listed at ₹25 lakh.
On paper, this presents itself as a structured, regionally based advisory operation, with distinct details worth knowing before looking at the regulatory side, which is covered next.
Is Wise Global Research SEBI Registered or Not?
Yes. Wise Global Research Services Private Limited holds active SEBI Research Analyst registration number INH000016719.
Here’s the complete registration record. The firm’s GST number is 23AADCW7173Q1ZO, and its CIN is U66190MP2024PTC069199.
It carries BSE Enlistment No. 6205, and its registered category is listed as Non-Individual.
The registration shows validity from June 24, 2024, to Perpetual, meaning it carries no fixed expiry date, only the conditions under which SEBI could suspend or cancel it.
To verify this yourself, go to sebi.gov.in. Click Intermediaries, then Registered Intermediaries. Select Research Analyst from the category list. Search INH000016719.
Confirm the result shows Wise Global Research Services Private Limited with Active status. That verification takes under two minutes. Do it before paying anything.
Wise Global Research Owner
Hemraj Singh Sikarwar is the registered proprietor of Wise Global Research Services Private Limited.
He holds SEBI Research Analyst registration number INH000016719 in his personal name as an individual, not through a company. An individual proprietorship means the firm and the owner are, for regulatory purposes, the same entity.
Every recommendation made under INH000016719 is his recommendation, every mandatory monthly complaint disclosure is his obligation, and every complaint filed through SEBI SCORES against the firm is filed against him directly as the licence holder.
A second director, Abhishek Mishra, appears separately on the company’s own corporate filings, though the core SEBI licence itself remains Sikarwar’s personal responsibility, not a shared or corporate one.
Why Wise Global’s “Individual Registration” Matters to Investors?
Most people assume SEBI-registered firms are companies with compliance teams and separate directors.
Wise Global Research is not structured that way, even with a second director on file, since the core SEBI licence itself sits with Sikarwar personally.
When you subscribed to Wise Global Research, you were transacting with an individual’s licensed operation, not a company with a board of directors and a separate compliance function.
This has three specific implications.
First, the accountability is direct. There is no corporate intermediary to route through when filing a complaint.
The complaint targets Hemraj Singh Sikarwar personally under his registration number.
Second, the compliance obligations are personal.
Mandatory monthly complaint disclosures, the annual fee cap compliance, and the conduct requirements under SEBI’s Code of Conduct all rest with him individually.
Third, if the firm received complaints that were not accurately disclosed, or if fees were collected above the SEBI annual cap, or if conduct described by reviewers crossed regulatory lines, the regulatory record of those violations attaches to his individual licence.
A registered individual research analyst is responsible for the conduct of everyone operating under their registration.
Vicarious liability for the conduct of employees and representatives is part of the individual registration framework.
Wise Global Research Services Private Limited Reviews
Now, this brings us to the heart of what most people searching for Wise Global Research Services reviews truly want to know.
Reviews from real subscribers reveal patterns money alone cannot hide.
Below are five user experiences shared publicly on Google, each pointing to a different concern.
1. The Danger of Mid-Trade Stop-Loss Removals
User Afser Ali shared a 1-star review describing how he paid ₹17,80,000 for a premium service, expecting professional guidance.
He explained that nearly every trade resulted in a loss, and that whenever the stop-loss level approached, he was told to remove it instead of honouring it.
According to him, this pattern repeated until his capital was significantly eroded, with a loss of around ₹2 lakh from just one or two trades alone.
He also mentioned that after the service period ended, he was asked to pay an additional ₹1,50,000 to continue, with a warning that previously promised benefits would be lost if he did not comply.
What went wrong here: SEBI’s regulations require Research Analysts to provide research and recommendations based on sound risk management, not strategies that remove safety mechanisms mid-trade.
Advising a client to discard a stop-loss once it nears the trigger level conflicts directly with responsible advisory conduct and proper risk disclosure standards.
2. No-Stop-Loss Trades Sold as “Support”
Another user left a 1-star review describing how certain employees offered what they called “support,” lump-sum trades with no stop-loss attached at all.
According to him, this pattern wiped out his capital within just one month, resulting in a loss of around ₹2 lakh. He specifically named two individuals associated with the firm and urged other traders to stay cautious.
What went wrong here: Presenting high-risk, no-stop-loss trades as a value-added “support” service is a serious misrepresentation concern.
SEBI requires research recommendations to be transparent about risk, not packaged in a way that downplays the danger involved.
Trades without any defined exit point expose investors to unlimited downside, which goes against basic investor protection principles.
3. Trust Issues Around Stop-Loss Practices
User Shekh Mohsin shared a similar concern in a separate 1-star review, stating that the concept of a stop-loss did not seem to genuinely exist in how the firm operated.
He described his own losses as a direct result of this approach and specifically cautioned other traders against registering with the firm.
What went wrong here: When multiple, unrelated reviewers independently describe the same stop-loss-related concern, the pattern becomes harder to dismiss as a one-off experience.
SEBI’s research analyst guidelines place strong emphasis on documented, risk-aware recommendations.
A repeated absence of stop-loss discipline across several user accounts is the kind of pattern every prospective investor should weigh carefully.
4. High Fees Paired With Profit Guarantee Promises
A reviewer using the handle “Audio Library No Copyright” shared a 1-star review describing a payment of ₹3,50,000 for the service.
Within three months, the reviewer reported a loss of ₹54,000. The review also describes being repeatedly asked for more money toward a “profile upgrade,” with claims that doing so would bring three times the return.
What went wrong here: SEBI has prescribed a strict maximum advisory fee cap for Research Analysts, set at ₹1,51,000 per annum per family for individual clients.
The amount alleged by the investor is more than double this legal threshold.
Additionally, any promise of guaranteed or multiplied returns, such as “3x returns,” directly conflicts with SEBI’s clear prohibition on assured-return claims, since markets can never guarantee specific outcomes.
5. Capital Wiped Out Twice via High-Risk “Nifty Club” Trades
User Mohammad Obaidur Rahman shared a scathing 1-star review, calling the firm a huge disappointment after losing his entire trading capital.
He explained that after watching a demo of Wise Global Research Services, he subscribed to their “Nifty Club” service for a steep fee of ₹1,45,000.
According to his review, the very first trade recommendations provided by the firm completely wiped out his capital.
Even after he managed to arrange additional funds to try to recover, the subsequent trades similarly ran down his account to zero a second time.
What went wrong here: SEBI’s Code of Conduct for Research Analysts explicitly mandates that advisory services must suit the risk profile of the client.
Recommending aggressive, high-risk trades that completely deplete a subscriber’s capital, not once but twice, demonstrates a severe failure in risk management and portfolio protection.
Furthermore, aggressive marketing via “demos” that lure retail investors into expensive premium segments without proper risk warnings violates basic investor protection guidelines.
Also Read: Eqwires Reviews, detailing losses ranging from thirty thousand rupees to eight lakh rupees across six subscribers.
Wise Global Research’s Stop-Loss Pattern Across Five Reviews
This is the most specific finding across the cluster and the one that has the clearest regulatory angle.
Three separate, unrelated reviewers describe a similar experience.
The firm’s representatives advised them to remove or ignore the stop-loss when the trade moved against them and neared the stop-loss level.
The trades continued to move against them, and the losses grew.
SEBI’s Code of Conduct for Research Analysts requires recommendations to be based on sound research methodology.
Advising a client to remove a risk management mechanism during an active losing trade is the opposite of sound risk management.
This is not a one-reviewer account.
Three independent reviewers describe the same specific conduct. That pattern is the strongest single concern this cluster documents.
Dealing with investment losses can feel overwhelming, especially when you are unsure where to start or what to do next.
Our team files your SEBI SCORES complaint, prepares the documentation, and represents you through SMART ODR and arbitration.
Is Wise Global Pvt Ltd Real or Fake?
Yes, Wise Global Research Services Private Limited is a real company, registered with SEBI as a Research Analyst under Registration Number INH000016719.
So, can you trust the SEBI-registered research analyst without a second thought?
Not so fast. Many investors stop their research the moment they see a SEBI registration. But the smartest investors know that a licence is only the beginning, not the whole story.
Before you make any decision, here are the risks that deserve your attention.
- Low online rating: The company’s app has carried a Google rating of around 3 stars, quite low for a financial advisory business. A few negative reviews can happen with any company, but when similar concerns appear repeatedly, they should not be ignored.
- High advisory fees: SEBI has prescribed a maximum annual fee of ₹1,51,000 per client for Research Analysts. But several investors have alleged online that they paid more than ₹3 lakh, and up to ₹17,80,000, for advisory services.
- Risky trading recommendations: The most worrying concern comes from investors who claim they suffered heavy losses after following the company’s recommendations, with stop losses reportedly removed on advice.
- Customer support conduct: One investor alleged that a significant amount was deducted while processing a refund after only a few days of service. The investor also claimed the response received from the support team was unprofessional, making the experience even more disappointing.
- The company may be real, but every investor should decide whether it is the right company to trust: Looking beyond the licence, asking the right questions, and checking the warning signs can help you make a more informed decision.
Wise Global Research’s Complaint Data
Individual reviews can offer useful insights, but they never tell the complete story.
To make an informed decision, you should also examine the company’s official complaint disclosures. Regulatory complaint data often provides a clearer picture than marketing claims or promotional testimonials.
Wise Global Research Complaints for June 2026
The latest complaint disclosure for June 2026 reports zero complaints across every category. No complaints were received directly from investors.
No complaints were filed through the SEBI SCORES portal. Other sources also reported no complaints.
| Sr. No. | Received From | Previous Pending | Received | Resolved | Pending |
|---|---|---|---|---|---|
| 1 | Directly from Investors | 0 | 0 | 0 | 0 |
| 2 | SEBI (SCORES) | 0 | 0 | 0 | 0 |
| 3 | Other Sources | 0 | 0 | 0 | 0 |
| Grand Total | 0 | 0 | 0 | 0 |
The disclosure also reports no complaints pending for more than three months and an average resolution time of 0 days, as no complaints were resolved during the month.
Wise Global Research Yearly Complaint Trend
The broader complaint trend also remains relatively limited. The annual disclosure records 8 complaints, of which 7 were resolved, and 1 remained pending.
| Year | Complaints Received | Complaints Resolved | Complaints Pending |
|---|---|---|---|
| 2024-2025 | 8 | 7 | 1 |
The month-wise figures also appear largely consistent.
Between June 2025 and March 2026, the company received 15 complaints, resolved 15, and carried forward 2 complaints during the reporting period.
| Month | Carried Forward | Received | Resolved | Pending |
|---|---|---|---|---|
| Jun 2025 | 0 | 2 | 2 | 0 |
| Jul 2025 | 0 | 2 | 2 | 0 |
| Aug 2025 | 0 | 2 | 2 | 0 |
| Sep 2025 | 0 | 1 | 1 | 0 |
| Oct 2025 | 0 | 0 | 0 | 0 |
| Nov 2025 | 0 | 3 | 3 | 0 |
| Dec 2025 | 0 | 2 | 2 | 0 |
| Jan 2026 | 0 | 1 | 0 | 1 |
| Feb 2026 | 1 | 2 | 2 | 1 |
| Mar 2026 | 1 | 0 | 1 | 0 |
| Total | 2 | 15 | 15 | 2 |
Overall, the published complaint data do not indicate a large backlog of unresolved grievances.
Even so, complaint statistics represent only one aspect of due diligence.
What is relevant is that 15 complaints in 10 months for a firm offering two-plan index options research is a complaint rate worth noting, particularly when the reviewer pattern describes a consistent conduct issue.
Also read: Aakanksha Gupta complaints, where disclaimers don’t match how calls are delivered.
Wise Global Research Fee Structure vs SEBI’s ₹1.51 Lakh Cap
SEBI caps the total fees a single client can pay to one registered Research Analyst at ₹1,51,000 per financial year across all plans combined.
One reviewer paid ₹3,50,000. Another paid ₹17,80,000. A third reviewer paid ₹1,45,000 for a service called the Nifty Club.
Both the ₹3,50,000 and ₹17,80,000 payments exceed SEBI’s annual fee cap by more than two times.
The payment structure does not affect the fee limit. Whether the firm collected the amount as a lump sum or through multiple plans, SEBI calculates the combined annual fee per client family.
Any registered Research Analyst who charges more than ₹1,51,000 per client family in a year exceeds the prescribed regulatory limit.
Although the firm does not publicly disclose detailed pricing, reviewers consistently mention specific fees under named services. These reported amounts appear difficult to reconcile with SEBI’s prescribed fee cap.
If your total payments to Wise Global Research in any financial year exceeded ₹1,51,000, the excess may be recoverable through a formal SEBI SCORES complaint.
Does Wise Global Research Push Profile Upgrades?
Two reviewers describe a secondary pattern that appears after initial losses.
After losses accumulated, representatives contacted them to purchase a more expensive tier or “profile upgrade,” with promises that this would recover previous losses or produce multiplied returns.
One reviewer describes being told that upgrading the profile would produce three times the returns. Another describes being warned that previously promised benefits would be forfeited if they did not pay ₹1,50,000 to continue.
SEBI prohibits any Research Analyst from promising guaranteed or multiplied returns. The “3x returns” claim is directly prohibited under SEBI’s Schedule III.
Loss recovery promises are prohibited under Regulation 15.
The combination of initial loss followed by an upgrade pressure call is also the specific escalating pattern that has appeared in the complaint data above.
Wise Global Research Red Flags
Based on the detailed user reviews and patterns highlighted, here are the critical warning signs to watch out for.
When dealing with Wise Global Research, it is crucial to look past their legal SEBI registration and scrutinize their actual advisory practices.
- Mid-Trade Stop-Loss Removal: Advising clients to delete or ignore their stop-loss levels when a trade goes south, leading to massive, uncontrolled losses.
- No-Stop-Loss Trades as “Support”: Marketing highly aggressive, completely unprotected lump-sum trades under the guise of premium customer support.
- Exorbitant Fees: Charging hefty service and subscription fees, ranging up to ₹17,80,000, that allegedly breach SEBI’s prescribed regulatory caps.
- Guaranteed Return Claims: Promoting aggressive “profile upgrades” with verbal or written promises of risk-free, tripled (3x) returns.
- A Low App Rating: A roughly 3-star Google rating on the firm’s app, low for a financial advisory business.
- Inconsistent Complaint Data Visibility: Complaint history not always clearly available on the company’s own website.
Protecting your trading portfolio requires constant vigilance against such aggressive, non-compliant advisory tactics.
If you have already fallen victim to these practices, document your evidence immediately and escalate your grievance through official regulatory channels.
How to Name the Right Party in a Formal Complaint Against Wise Global Research?
Because the registration is in an individual’s name, the SCORES complaint is straightforward to file.
On SEBI SCORES, select Research Analyst as the intermediary type. Enter Wise Global Research Services Private Limited as the firm name. Enter INH000016719 as the registration number.
In the complaint description, name Hemraj Singh Sikarwar as the proprietor and individual licence holder.
Since all regulatory accountability rests with him personally, naming him directly is both accurate and appropriate.
If the complaint involves conduct by firm representatives rather than Hemraj Singh Sikarwar personally, state that the conduct was by employees or representatives operating under registration INH000016719.
Also explain the vicarious liability basis.
How to File a Complaint Against Wise Global Research?
Reading through everything above is one thing. Knowing exactly what to do if your own experience matches it is different.
If your situation involves any of the patterns described, stop-loss removal, upgrade pressure, fees above the cap, a defined, structured process exists to raise it formally.
Here’s the complete route, one stage at a time.
Step 1: Collect All the Evidence
Before taking any action, make sure you have enough evidence to support your complaint.
Save everything related to your dealings with the company, including payment receipts, WhatsApp chats, emails, bank transactions, trading statements, screenshots, and advisory messages.
These documents can play a crucial role if the matter is taken further.
Step 2: Register Your Complaint With the Company
Once your documents are ready, file a written complaint with the company.
Clearly explain what happened, mention the amount involved, and state the resolution you’re expecting.
Keep a copy of the complaint and any acknowledgement you receive, as these may be required if you need to escalate the matter later.
Step 3: Escalate the Complaint to SEBI SCORES
If the company fails to resolve your issue within 21 days, file a formal dispute on the SEBI SCORES 2.0 portal within one year of the incident.
Upload a clear summary along with all your collected PDF evidence to initiate SEBI’s automated compliance tracking.
If the firm’s mandatory response is unsatisfactory, the portal allows you to escalate the case through two higher levels of official review.
You can SEBI SCORES complaint directly through SEBI’s own official portal, and the process itself is free.
Step 4: Raise a Complaint to SMART ODR
If your grievance is still not resolved, you can move the dispute to SMART ODR.
This platform is designed to help investors and market intermediaries resolve disputes through mediation or conciliation before taking legal action.
It’s often the next logical step when a complaint remains unresolved.
Register through the SMART ODR login directly, carrying your existing SCORES complaint number forward.
Step 5: Arbitration in Stock Market
If all previous steps fail to provide a solution, arbitration is the final option available.
During arbitration, the dispute is examined based on the evidence and applicable regulations, and a decision is made accordingly.
This process can help investors seek a formal resolution to their grievance.
The full mechanics of how share market arbitration actually works, timelines, costs, and what evidence carries the most weight, is covered separately in complete detail on that page.
Disclaimer: This page draws on publicly available Google reviews, the firm’s own SEBI-mandated disclosures, and verifiable corporate records; no SEBI enforcement order has been identified against Wise Global Research or Hemraj Singh Sikarwar as of this writing.
The reviewer accounts referenced are individual allegations shared on public platforms, not independently verified claims, and are presented here for informational purposes only.
Conclusion
If you arrived at this blog while searching for Wise Global Research reviews, chances are something about your own experience did not sit right.
Wise Global Research holds a valid SEBI registration under Mr. Hemraj Singh Sikarwar, and that is a fact worth acknowledging.
The company is legally real, not a shadow entity operating outside the system.
But the user experiences shared in this blog, spanning stop-loss concerns, high fees, and assured-return language, point to patterns that deserve careful attention before any investor commits their capital.
Stay informed, document everything, and use the formal channels available to you if your experience did not match what was promised.
Report. Recover. Stay Fraud Free.
Yes, Wise Global Research Services Private Limited is a SEBI-registered Research Analyst firm operating under proprietor Mr. Hemraj Singh Sikarwar. It holds the official SEBI registration number INH000016719. Reviews report mid-trade stop-loss removals, high-risk trades offered without stop-losses, and pressure to pay for expensive "profile upgrades." Clients also alleged promises of guaranteed 3x returns and advisory fees that exceed legal limits. SEBI mandates a strict advisory fee cap of ₹1,51,000 per annum per family for individual clients. Any fee charged above this limit, such as the ₹3,50,000 or ₹17,80,000 alleged in user reviews, violates regulatory guidelines. Official disclosures report zero complaints for June 2026, 8 complaints for 2024-2025 (7 resolved, 1 pending), and 15 complaints between June 2025 and March 2026 (all 15 resolved). Trust should be built on more than just a SEBI registration. Before choosing Wise Global, take time to check its complaint history, online reviews, advisory practices, customer support, and fee structure so you can make an informed investment decision. Investors should document all trade communications and payment receipts, then submit a formal grievance on the SEBI SCORES portal using registration number INH000016719. If unresolved, the matter can be escalated through SMART ODR or arbitration.Frequently Asked Questions
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