If you’ve come across Harinder Sahu’s King Research Academy while searching for stock market courses or trading tips, here’s a fact-based breakdown of what SEBI’s inspection found, and what that means for you before you spend any money.
Many retail investors today are actively searching for services that promise better decision-making in the markets.
But before committing money to any advisory or research platform, it’s worth pausing to understand what’s publicly available about them including regulatory records, official disclosures, and user conversations online.
This blog brings together those elements to help you get a clearer, fact-based picture of King Research so you can make a more informed choice.
What is King Research?
King Research Academy, operating at kingresearch.co.in, is a stock market education and advisory platform based in Hyderabad, Telangana.
It is founded and led by Harinder Kumar Sahu, who goes by the name “Harry” across social media. He held SEBI registration as a Research Analyst under Registration No. INH200005753.
The academy markets itself primarily to retail traders, beginners, and more experienced participants, offering intraday trading courses, positional trading strategies, and paid advisory subscriptions.
The YouTube channel for King Research Academy has built a community of over 650,000 subscribers, and the Instagram account reports over 332,000 followers.
The platform also has an active Telegram channel, a mobile app, and a LinkedIn presence.
King Research SEBI Order
SEBI conducted an inspection of Harinder Kumar Sahu’s operations covering April 1, 2021, to November 30, 2022. Following the inspection, SEBI communicated findings to Mr. Sahu in February 2023.
After subsequent enquiry proceedings, an adjudication order was passed on November 24, 2023, by Adjudicating Officer Soma Majumder at SEBI’s Mumbai office (Order No. Order/SM/KH/2023-24/29779).
A Show Cause Notice issued in September 2023 was returned undelivered. It was subsequently published in newspapers including the Times of India, Sakshi, and Daily Hindi Milap.
Mr. Sahu did not appear for any personal hearing or file a reply to the SCN in the adjudication proceedings.
Violations Found Against King Research
SEBI’s adjudication order established the following violations of the research analyst SEBI guidelines:
1. No Investor Charter
A 2021 SEBI circular requires all registered Research Analysts to prominently display an investor charter and a monthly updated complaint log on their website.
SEBI inspected the King Research website in July 2023 and again in November 2023; neither the charter nor the complaint disclosures were present on either occasion.
2. NISM Certification Lapse
Research Analysts are required to hold a valid NISM certification at all times. Records show that Mr. Sahu’s NISM certification was not valid from April 2, 2022, to November 10, 2022, a period of over seven months.
During this time, he continued operating as a Research Analyst.
3. Undisclosed referral income from Demat account links
SEBI’s order found that the platform shared links to open Demat accounts with various stock brokers and appeared to earn referral commissions from these links, without disclosing this to viewers.
Users who clicked such links in the course of seeking trading education may not have been aware of the commercial relationship.
What Should Investors Verify First?
These questions apply not just to King Research Academy, but to any advisory service, broker, or trading education platform you encounter.
- Verify SEBI registration independently. Go to the SEBI website, click on “Intermediaries/Market Infrastructure Institutions” and search for the registration number. Do not rely on the entity’s own claim.
- Check for disciplinary history on SEBI’s enforcement orders page. SEBI publishes all adjudication orders, warnings, and penalties. Search by entity or person name. A penalty on record doesn’t necessarily mean you shouldn’t engage, but you deserve to know it exists before you pay.
- Understand that SEBI registration ≠ SEBI endorsement. Being registered with SEBI means the entity has met the minimum eligibility criteria. It does not mean SEBI endorses, certifies, or vouches for the accuracy of their research or the quality of their courses.
- Ask for a live, auditable performance track record, not screenshots. Screenshots of profit-and-loss statements, WhatsApp forwards, or YouTube thumbnails cannot be verified. Ask for a linked, date-stamped, third-party audited record of recommendations and outcomes before subscribing.
- Treat phrases like “guaranteed returns,” “no loss,” or “X% accuracy” as red flags. SEBI explicitly prohibits such representations. Any platform making these claims without supporting audited data violates research analyst regulations.
How to Register a Complaint Against a Research Analyst?
If you believe you’ve been misled, lost money due to inaccurate advice, or been denied a refund you’re legally owed, here’s exactly what to do:
1. Raise it with King Research directly first
Most regulatory complaint mechanisms require that you attempt resolution with the entity first.
Contact King Research Academy at their stated contact number or via email. Keep a written record of every communication, screenshotting WhatsApp messages or saving email threads.
Note the date, time, and what response you received (or didn’t).
2. Lodge a Complaint in SCORES
SEBI SCORES is the regulator’s official portal for investor complaints against SEBI-registered entities. Register with your PAN, then file a complaint against the entity using their registration number.
Attach your payment proof, screenshots of communications, any agreement or invoice, and your written complaint summary.
SEBI notifies the entity and tracks resolution; you get a complaint reference number and can track status online.
3. File Complaint in SMART ODR
If SCORES does not resolve your complaint to your satisfaction, the Smart Online Dispute Resolution (Smart ODR) platform handles disputes between investors and SEBI-registered intermediaries.
This is particularly useful for monetary claims. Check the SEBI website for the current list of qualifying dispute types.
4. Arbitration in Stock Market
If the issue remains unresolved even after ODR, proceed with arbitration as the final step for dispute resolution.
Arbitration allows claims to be adjudicated based on documented evidence and provides a legally binding outcome.
Need Help?
Regulatory complaint processes are designed to be accessible, but in practice, they can feel confusing, especially if you’re already stressed about a financial loss.
That’s where we step in. Register with us.
Our team helps you navigate every stage of the complaint process, from preparing your case to submission and follow-up.
Conclusion
Harinder Kumar Sahu does hold a SEBI registration as a Research Analyst; that much is a matter of public record.
King Research Academy has also built a genuinely large following, with hundreds of thousands of subscribers across YouTube and Instagram, and many learners have reportedly found value in the educational content.
The inclusion of a SEBI case involving a research analyst highlights a broader point: regulatory compliance is not optional, and even registered individuals can face action if standards are not met.
The wise approach is to check SEBI registered research analyst records independently and understand refund terms before handing over money
Being registered is not the same as being safe, and popularity is not the same as accountability. You now have the full picture. The decision, as always, is yours to make.
In financial decisions, clarity is your strongest advantage.
