Quick Summary
JustResearch is a SEBI Research Analyst business, registration INH000011459, run by Vikas Bagoriya from Dewas, Madhya Pradesh, since February 2023. Its Premium Service plan, billed monthly, costs ₹1,80,000 a year, ₹29,000 over the SEBI limit. Its JR Special plan breaches the limit on every cycle it offers except one. Its own annual complaint table has also miscounted a complaint. One filed in April 2026 has been added to the year before it actually belongs to, and the year it genuinely falls under isn’t shown on the table at all.
Thinking about signing up with JustResearch, or already have and something feels off?
Either way, you’re in the right place. We went through everything JustResearch publishes about itself, the registration, the pricing, the complaint records, line by line, so you don’t have to.
JustResearch is run by Vikas Bagoriya out of Dewas, and his SEBI registration is genuine; that part checks out cleanly.
What we found once we went further is where this page actually gets useful.
JustResearch Review
JustResearch presents itself as a SEBI-registered research analyst firm built to give investors research-based insights for making informed investment decisions, rather than raw tips with no reasoning behind them.
Its research team says it combines fundamental analysis, technical analysis, and real-time market monitoring, with technical calls read off charts, trends, patterns, and other market indicators to gauge where a price might move next.
Beyond individual calls, the site also promotes broader market insights and regular updates, covering macroeconomic trends, regulatory developments, and industry-specific news, positioned as context for the calls themselves rather than a substitute for them.
Its stated risk-management approach is built around controlling market exposure and minimising potential losses, using stated strategies and safeguards to manage portfolio risk more generally, alongside a claim of professional staff, round-the-clock support, and a personalised service for each client.
One thing worth crediting directly.
The firm states plainly that it doesn’t offer guaranteed profit services, profit-and-loss sharing, portfolio management, or demat and trading services, and specifically asks investors to contact the firm if anyone offers these in its name.
A clear, upfront warning against services the firm doesn’t actually provide is a genuinely useful thing to publish.
JustResearch Proprietor
There’s no team page here, no list of analysts, no “meet the founder” story. JustResearch is Vikas Bagoriya, one person, running the whole thing under his own name.
He’s listed as proprietor, and he’s also the sole contact person across every registration and grievance document the firm has published.
Whatever question you have, pricing, a complaint, the research itself, it comes back to him.
That’s not unusual for a small research practice, and it isn’t a red flag by itself. It does mean there’s no second person inside the firm to check his work, or to answer for him if he isn’t reachable.
His office sits on M.R. Road, Dewas, Madhya Pradesh, with a phone number and email address published for anyone who wants to reach him directly, whether that’s about the research, the fees, or anything else covered on this page.
Is JustResearch SEBI Registered or Not?
Yes. Vikas Bagoriya holds SEBI Research Analyst registration INH000011459, valid on a perpetual basis since 20 February 2023.
His registered office is Shop No. 01, Ramchandra Nagar, M.R. Road, Dewas, Madhya Pradesh 455001, with a separate correspondence address at First Floor, Horizon Building, South Tukoganj, Indore, Madhya Pradesh 452001.
He can be reached at [email protected].
An INH number marks him as a Research Analyst, not an Investment Adviser or Portfolio Manager. He can publish research and recommendations to subscribers generally.
He isn’t licensed to build a plan around one client’s own finances, execute trades, or manage a portfolio, which is exactly what his own site’s warning above already makes clear.
Before paying for any research service, check research analyst SEBI registration status yourself, directly against SEBI’s own list, rather than taking a website’s word for it.
JustResearch Pricing
Three plans, and the picture ranges from comfortably fine to seriously over the limit once you check every cycle properly.
SEBI allows a Research Analyst to charge at most ₹1,51,000 a year, per client family.
Here’s what each plan actually costs across a real year:
1. Premium Service Breaches on Its Monthly Cycle
Premium Service, covering cash, futures, and options, costs ₹15,000 a month. Renewed continuously, that comes to ₹1,80,000 a year, over the limit by ₹29,000.
Its quarterly, half-yearly, and yearly prices all stay compliant: ₹1,40,000, ₹1,20,000, and ₹99,999 respectively.
The breach sits specifically on the monthly cycle, and nowhere else on this plan.
2. JR MCX Special Stays Compliant on Every Cycle
Covering bullion, base metal, and energy commodities, JR MCX Special is priced at ₹12,500 monthly, ₹25,000 quarterly, ₹40,000 half-yearly, and ₹75,000 yearly.
Worked out across a full year, every single one of these stays under the ₹1,51,000 ceiling, the monthly cycle by the narrowest of margins, just ₹1,000 to spare.
This is the one plan on the whole page that genuinely doesn’t need a second look on pricing.
3. JR Special Breaches on Three of Its Four Cycles
Two plans down, and the numbers have held up reasonably well. This third one doesn’t.
JR Special, offering 2 to 3 calls a week across cash, futures, and options, is the plan worth the most caution on this whole page.
- Monthly, at ₹30,000, comes to ₹3,60,000 a year, more than double the SEBI limit.
- Quarterly, at ₹75,000, comes to ₹3,00,000 a year, also well over double.
- Half-yearly, at ₹1,11,111, comes to ₹2,22,222 a year, over the limit by more than ₹71,000.
- Only the yearly price, at ₹1,49,999, stays under the ceiling, and only by ₹1,001.
Three cycles out of four breach the limit, some severely. If you’re on JR Special and billed anything shorter than yearly, work out your real annual cost and compare it to ₹1,51,000 directly.
4. JustResearch Doesn’t Explain How Multiple Plans Interact
Nowhere on the site is it explained whether the SEBI fee ceiling applies per plan, per family across all plans combined, or how it’s handled if you switch plans partway through a year.
Given that two of three plans already breach the limit on their own, combining them, or renewing repeatedly, only makes that gap wider.
Ask JustResearch directly how it tracks your total annual fee across everything you’re subscribed to.
Already paid for a JustResearch plan and now unsure if it breaches the SEBI limit?
We’ll work out your real annual cost on your specific plan and help you put your case on record properly if the firm won’t give you a straight answer.
Register with us for a free consultation.
JustResearch Complaints
Every SEBI Research Analyst has to publish a running record of complaints received and resolved, updated monthly and broken down by year.
JustResearch publishes both, a monthly trend and an annual summary, sitting on the same page.
This is where the disclosure needs the most careful reading, because the numbers don’t quite sit where they should once you check one table against the other.
The Complaint Summary Is Nearly a Year Out of Date
The most recent complaint summary published on the site is dated November 2025.
The current date is well past that, and SEBI requires this data to be updated monthly, by the 7th of the following month.
Whatever has happened with complaints since then simply isn’t visible.
A Complaint Has Landed in the Wrong Financial Year
The annual complaint table shows FY2025-26 with 3 complaints received and 3 resolved.
The site’s own monthly trend table shows exactly when those complaints actually happened: one in November 2025, one in January 2026, and one in April 2026.
November 2025 and January 2026 both fall inside FY2025-26, which runs from April 2025 to March 2026. April 2026 doesn’t. It falls in FY2026-27, a year that doesn’t appear anywhere on the annual table at all.
Add up only the complaints that genuinely belong to FY2025-26, and the real total is 2, not 3.
The third complaint, from April 2026, has been counted in the year before the one it actually happened in. Ask JustResearch directly to correct the annual table, and to publish the FY2026-27 row it’s currently missing entirely.
Complaint Volume Has Picked Up From a Standing Start
FY2023-24 and FY2024-25 both show zero complaints. FY2025-26 is the first year with any activity at all, and every complaint recorded so far has been resolved.
That’s worth reading plainly. A rise from zero to a handful isn’t unusual on its own, and it’s still fully resolved as things stand.
If your own experience with JustResearch doesn’t match this record, our guide on how to file complaint against SEBI registered research analyst covers how to put that on file properly.
What Do JustResearch’s Promotional Claims Say?
A handful of phrases across the JustResearch homepage lean toward certainty and outcome, rather than describing the actual research process.
None of these cross into an outright guaranteed-return promise.
Together, they sit oddly next to a service that, by regulation, can’t promise any particular result.
1. “Start Making Smarter Trades Today,” “Built on Trust, Smarter Investing,” and “We Always Care About Your Priorities”
None of these three lines actually tell you anything about how the research is built, what data goes into a call, or how often those calls have worked out.
They’re reassurance, aimed at how you feel about handing over your money, not information you could use to judge the service itself.
That’s worth noticing on its own.
A firm confident in its actual track record usually has room to show you the numbers, not just the sentiment.
2. “Proven Strategies” to “Minimize Risk” and “Build Long-Term Wealth”
Calling something “proven” is a claim, not a fact, and it only means something once you’ve seen what it’s proven against, over what period, and compared to what benchmark.
None of that sits anywhere near this phrase on the site.
The word “minimize” also deserves a closer look. Risk in the market can genuinely be managed through position sizing, stop-losses, and diversification.
It can’t be brought down to zero, and no research service, however good, changes that basic fact.
3. “Reliable Investment Recommendations” That Can “Predict Future Price Movements”
Technical analysis works with probabilities, reading past price behaviour to estimate what’s more or less likely to happen next.
That’s a genuinely useful skill when it’s framed honestly.
Calling the output of that process a prediction is a different claim entirely, one that promises certainty the method was never built to deliver.
A reader taking “predict” at face value is being set up to expect something technical analysis simply can’t provide.
4. Risk Management That Can “Protect Your Portfolio”
Risk management is a real discipline: sizing positions correctly, setting stop-losses, spreading exposure across uncorrelated bets.
Done well, it genuinely reduces how much damage a bad trade can do.
“Protect” promises something stronger than that: a shield rather than a cushion.
No set of tools protects a portfolio outright, and a reader who believes otherwise is likely to take on more risk than they’d accept if the phrase were simply honest about what risk management can and can’t do.
What Do JustResearch’s Terms & Conditions Say?
Pricing and complaints are the numbers side of this review.
The Terms are where the actual rules of the relationship get written down, and they’re worth reading with the same level of care.
Two clauses stand out here, one about how the service rewards you, and one about where a dispute would actually be heard.
1. Reward Points Tied to Successful Trades
The Terms describe reward points being deducted based on whether a trade succeeds, while separately stating the service doesn’t guarantee profit.
Tying a points system to trade outcomes introduces a success-linked element into a paid service that, by its own disclaimer, can’t promise success.
Ask JustResearch to explain exactly how these points work, and what they’re actually used for.
2. A Jurisdiction Clause That Doesn’t Match the Office Address
The Terms state that any dispute with JustResearch falls under Neemuch jurisdiction.
The firm’s own registered and correspondence addresses, published elsewhere on the same site, are both in Dewas and Indore, not Neemuch.
No explanation is given for the mismatch.
If a dispute ever arises, confirm directly which jurisdiction would actually apply before assuming it’s wherever the firm happens to be based.
How to File a Complaint Against JustResearch?
Think of this as three separate questions worth putting to Vikas Bagoriya directly, in writing, before you consider anything further.
Why does the FY2025-26 total include a complaint from April 2026, and where’s the FY2026-27 row that complaint actually belongs in?
How exactly do the reward points work, given the service already states it can’t guarantee profit?
And which plan, on which billing cycle, is he actually recommending given how many of them breach the SEBI limit?
A firm that answers all three clearly, in writing, has at least made a genuine effort. Silence, or a vague reply, tells you something too.
Getting no real answer doesn’t mean the matter ends there. It means it moves to the regulator instead.
The SEBI SCORES complaint portal is built exactly for this: a formal channel that puts your grievance on record whether or not JustResearch chooses to respond.
From there, a case that isn’t resolved through SCORES moves into structured conciliation on the SMART ODR complaint portal, with a neutral party actually looking at both sides.
And if even that doesn’t settle things, Share Market Arbitration is the stage built to end a dispute for good, with a ruling neither side gets to simply walk away from.
Disclaimer: This page is based on JustResearch’s own published material. Nothing here accuses the firm of wrongdoing, and no SEBI order currently stands against it. Confirm every detail yourself before acting on it. This page is meant to help you ask better questions, not to replace a lawyer or a financial adviser.
Conclusion
Vikas Bagoriya’s JustResearch holds a genuine SEBI registration, INH000011459, active since February 2023.
Two of its three plans breach the SEBI fee limit on most of their cycles; its complaint summary is close to a year out of date, and its own annual table has miscounted a complaint into the wrong financial year while leaving the correct year off the table entirely.
Work out your real annual cost on whichever plan you’re considering, and ask directly for a corrected, current complaint record.
Report. Recover. Stay Fraud Free.
INH000011459, held by Vikas Bagoriya, active since February 2023, listed directly on the firm's own registration record. Premium Service breaches on its monthly cycle. JR Special breaches on three of its four cycles, monthly, quarterly, and half-yearly. JR MCX Special stays compliant across every cycle it offers. It counts a complaint from April 2026 as if it happened in FY2025-26, when it actually falls in FY2026-27, a year the table doesn't show at all. The real FY2025-26 total is 2 complaints, not 3. Not very. The most recent published summary is dated November 2025, despite SEBI requiring monthly updates. The site doesn't explain this. JustResearch's own office addresses are in Dewas and Indore, not Neemuch, so ask directly which jurisdiction would actually apply to a dispute.Frequently Asked Questions
Add us as a preferred source on Google »
