Quick Summary
The firm Mahadev Research holds SEBI Research Analyst registration INH000015534, sits in Pune, and went by DG Share Market Research before. We read two client files with names changed. Rakesh paid ₹7,43,200 across thirteen payments in under three weeks. Suresh paid ₹13,400 against invoices of ₹7,100, and his consent record came after his payment the same day. We found no SEBI order against the firm as of 7 October 2026, and we have not heard its side. Read on before you pay.
Mahadev Research and Publications Private Limited holds SEBI Research Analyst registration INH000015534, and a search for this company turns up several name variations.
You may find the full legal name, a shortened company name, and even a Mumbai location that does not match its actual registered address.
This page sorts out what is actually on record. The registration details below come directly from SEBI’s published Research Analyst list and the company’s own corporate filings, not from marketing copy or a secondary listing site.
We also cover the company’s earlier identity, since its current SEBI registration number was originally issued under a different name entirely.
That earlier identity still shows up in places a quick search would miss.
Reading this page takes a few minutes. Checking a firm properly before you pay it anything is worth that time, whatever name it currently uses.
Mahadev Research Company
Mahadev Research is the trading name used by Mahadev Research and Publications Pvt Ltd, searched by many as Mahadev Research & Publications Pvt Ltd.
It describes itself as a research and advisory business serving traders and investors.
Searches for the Mahadev Research company usually want three answers.
Is it registered, where is it based, and is it the same as another firm? We take each in turn below.
Is Mahadev Research and Publications Pvt Ltd SEBI Registered?
Yes. The company holds Research Analyst registration INH000015534, granted on 19 March 2024.
SEBI’s own register lists this as a perpetual registration with no expiry date attached.
The registered office address is Renuka Shobha, Flat 604, S No, Chinchwad, Chindhwadgaon, Mulshi, Pune, Maharashtra 411033.
The company’s CIN is U66190PN2023PTC222786, and its GST registration number, as shown on its own invoices, is 27AAKCD2037K1ZJ.
The INH prefix marks a Research Analyst, a SEBI licence category that permits a firm to publish research and issue trading recommendations to subscribers for a fee.
It does not permit managing a client’s trades directly, charging a share of trading profits instead of a fixed fee, or accepting payment before a client has signed the required terms and consent.
A Research Analyst licence is also a different category entirely from an Investment Adviser or Portfolio Manager licence, both of which carry their own separate registration prefixes and their own rules.
If a firm you are checking offers portfolio management or personalised financial planning rather than research subscriptions, confirm which specific licence applies before assuming this one covers it.
Is Mahadev Research the Same Company as DG Share Market Research?
Yes, and this is worth knowing before you search for either name separately, because the two point to the exact same registration.
SEBI’s own published Research Analyst register currently lists registration number INH000015534 under the name DG Share Market Research Private Limited, the company’s original registered name.
The company now operates publicly as Mahadev Research and Publications Private Limited, and one of its working email domains, [email protected], still carries the earlier name.
The SEBI register has not been updated to show the new name alongside the old one.
This means a search for DG Share Market Research on SEBI’s own site currently shows no link to Mahadev Research at all, even though they are the same registered entity.
We have covered the DG Share Market Research side of this in more depth on our dedicated page for DG Share Market Research.
Is There a Mahadev Research Company in Mumbai?
Many people search for the Mahadev Research company Mumbai. We did not find a Mumbai address in the SEBI listing or on the firm’s website.
The register address is in Pune. A sales team can work remotely, so the absence of a Mumbai office is not a problem in itself.
It simply means you should not assume a Mumbai presence.
If someone told you they work from a Mumbai office, ask for the address in writing. Then compare it with the register.
What About Mahadev Trading Research?
Some searchers type Mahadev Trading Research. We found no separate SEBI registration under that exact name.
We cannot confirm whether it is a brand, a nickname or a different business. Do not treat it as the same entity unless the firm’s own paperwork says so.
Check the name on every invoice and payment receipt.
The payee should match the registered entity.
What Can a SEBI Registered Research Analyst Legally Do?
A Research Analyst can publish research reports and recommendations. It must get your consent before starting service or taking a fee.
SEBI’s Master Circular for Research Analysts, dated 6 February 2026, caps fees at ₹1,51,000 per client family per year. Advance fees cannot cover more than one year.
A Research Analyst cannot promise returns or guarantee profits.
The circular also expects records from your first interaction, including your KYC and your communications.
How Does Mahadev Research Charge Clients?
The firm’s website shows one published package we could find. It is a 90-day plan priced at ₹1,50,000.
At that rate, a full year would come to roughly ₹6 lakh.
That is well above the ₹1,51,000 yearly ceiling, so the question is how any longer plan is structured and invoiced.
The checkout pages we saw say books and research are separately priced and separately invoiced.
How a payment is split between the two matters, so always ask for an itemised invoice.
How Do You Verify Mahadev Research’s Registration Yourself?
Taking a registration number on trust, from this page or any other, is not the same as checking it. SEBI publishes its full Research Analyst list directly, making it easy to verify RA SEBI registration details yourself in just a few minutes.
Search for the registered intermediary section on SEBI’s own website and look for the Research Analyst category specifically, since the same regulator separately lists Investment Advisers and Portfolio Managers under different sections.
Enter the registration number, INH000015534, rather than searching by company name alone, since a name search can miss an entity listed under an earlier name.
Confirm three things once you find the entry:
- That the registration status shows as active.
- That the validity dates cover the period you plan to deal with the firm.
- That the registered name matches what the firm has told you, even if that means matching it against the older DG Share Market Research name instead.
If any of these three do not line up, do not proceed on the assumption that it is a minor mismatch. Ask the firm directly to explain the discrepancy in writing before paying anything.
The CIN side of this check, and why that number matters, is explained on our page on is DG Share Market Research SEBI registered.
Not sure whether the firm you are checking is this one, its earlier name, or something else entirely?
We will verify a firm’s actual registration, address and licence history against SEBI’s own records before you commit to anything.
Mahadev Research Client Case: Repeated WhatsApp Calls & Fee Demand Patterns
Rakesh (name changed) is a retail trader who first messaged the firm’s representative on 10 August 2026.
We have his WhatsApp export, payment records, and broker contract notes.
His account is the longer of the two. We describe only what these records show.
What Did Rakesh Pay, and How?
Rakesh’s payment table lists thirteen payments between 20 August and 7 September 2026.
They add up to ₹7,43,200, sent through two UPI handles.
One checkout page for a further ₹1,10,000 also appears in the portal printouts. We have not matched it to a bank debit, so we do not count it.
Either way, a sum above seven lakh rupees in under three weeks is far beyond what most retail traders would expect to pay for research.
What Happened When the Payment Link Would Not Work?
On 28 August at 9:19 am, the representative sent a bank account in the chat, with the account name MAHADEV RESEARCH AND PUBLOCATIONS P L.
Seconds later, he wrote that the link would not complete and that payment could go there directly.
The firm’s website footer says payments should be made only through authorised channels. A bank transfer sent in a chat is worth questioning against that line.
We are not saying the account was wrong. We are saying you should check any account against your invoice and the firm’s website before sending money.
What Did the Calls Look Like?
Rakesh did not receive research reports in the chat. The trade instructions came as short WhatsApp messages.
Examples from the export include “100 now buy it”, “target 170”, “69 se 15lots buy karlo” and “sir 48 se buy karlo”.
These messages carry a price and a lot size, but no rationale.
The Master Circular expects a research report to have more than that. Whether these messages count as research reports is a question for SEBI to decide.
What Did the Chat Say About Returns?
On 13 August, the representative wrote that he had just given a client a profit of one lakh. On 20 August, he wrote that there was a target of 1.5 lakh profit till 3.30 pm.
Such lines read as performance claims. SEBI’s rules bar assured or guaranteed returns, and its Investor Charter asks clients to be wary of them.
A claim about a past client is not a guarantee. It can still shape how much money you commit.
Why Did the Messages Keep Asking About Free Funds?
Across August and September, the export shows several messages asking how much free funds were left in the demat account.
Examples are dated 21 August, 27 August, 7 September and 10 September.
On 8 September, one message advised keeping funds in the demat account for better returns. Rakesh replied asking about a refund, and the answer was that nothing had been seen about a refund.
A balance check is not wrong on its own. Paired with payment deadlines, it is a pattern to note.
What Did the Instalment Messages Say?
On 29 August, the representative wrote that if the amount came by the morning of the 31st, his effort would not go to waste.
On 31 August, he asked for the last instalment by 1 pm.
At 4:32 pm that day he wrote that the client should adjust this amount and that payment would never be discussed again. Messages like these set deadlines around money.
A research firm can ask for fees. It should not make your access to calls depend on same-day deadlines.
Did Rakesh Lose Money Trading?
The honest answer is that the records are mixed. His broker contract notes for sixteen trading days show total charges of ₹10,487.98.
Some days ended in profit and some in loss on those notes. The chat also shows Rakesh describing losses on certain days and profits on others.
That is why we do not frame this case as a trading loss.
The concern is how payments, consent and research delivery were handled.
What Did the Portal Show Rakesh?
The firm’s portal printouts show a plan named SMART TRADER with an end date in 2034 and a long list of books.
The only published package we found on the website is the 90-day one.
We do not know how a plan running years ahead relates to what Rakesh was told. That gap is worth asking about directly.
Ask for the plan, the term, and every deliverable in writing before you pay.
Mahadev Research Case Study: Client Payment Taken Before Consent
Suresh (name changed) first messaged the firm on 3 August 2026.
We have his chat, checkout pages, invoices, two agreements, and trade screenshots.
His case stands out for its paperwork. The dates and times on the documents tell much of the story.
When Was Suresh’s Consent Recorded?
On 15 September, Suresh paid at 11:29 am. The consent record shows 12:02:07 pm that day, after the payment.
SEBI requires consent before service starts or a fee is taken. A consent that follows payment is therefore worth raising in a complaint.
We do not assert a breach. We say the order of events does not match what the rule describes, and a regulator can examine it.
Why Do the Invoices Not Match the Payments?
Suresh’s checkout pages showed a plan, books, and one amount. On 15 September, that amount was ₹4,400. On 22 September, it was ₹9,000.
His invoices total ₹7,100, while he paid ₹13,400. The gap is ₹6,300, and nothing we have seen explains it.
The checkout footer says books and research are separately invoiced. If two items sit behind one amount, a clear invoice should show both.
How Many Research Reports Did Suresh Receive?
Suresh’s records show one report, dated 16 September, on a NIFTY call option.
Trades were later placed in other contracts.
A call that arrives by chat can be a recommendation, but it is not the same as a written report. The Master Circular sets what a report should contain.
If you trade on calls that have no report behind them, you have little to show a regulator.
What Happened on 24 September?
Screenshots from 24 September show positions in a SENSEX 74300 call option. The unrealised figure fell steadily and ended at minus ₹1,10,934, with the option price near ₹0.05.
We read these as screenshots of positions, and we do not know the final settled figure. We report them as what Suresh showed us.
When asked about a refund, the reply on record reads “Refund nahi hota hey”. That is a plain refusal, and it sits next to the agreements below.
What Do the Agreements Say About Refunds?
Suresh’s Book Agreement has clauses 1, 3, 5, 10.4 and 10.5, which deal with the books and their terms.
His User Agreement mentions a proportionate refund, bars assured return schemes, and sets a seven-day redressal window.
A proportionate refund clause sits oddly beside a flat statement that refunds do not happen. The two should be read together.
If you hold an agreement like this, keep the full text. It can matter more than the chat.
What Patterns Appear Across Both Cases of Mahadev Research and Publications Pvt Ltd?
Three themes repeat. Payments were pushed in instalments, consent or invoicing did not line up cleanly, and trade calls came as messages rather than reports.
Two clients are not a statistical sample, and we have not heard the firm’s side on these points. We make no claim about how it treats everyone.
What we can say is that these records give a regulator specific questions to ask.
Has SEBI Passed an Order Against Mahadev Research Company?
We searched SEBI’s orders and found none against Mahadev Research and Publications Pvt Ltd or DG Share Market Research as of 7 October 2026.
We found no order that names INH000015534.
That does not clear the firm, and it does not accuse it. It means no regulator has made a finding that we could locate.
Allegations on this page come from client records, not from a SEBI order.
Does Mahadev Research Publish Its Complaint Data?
SEBI’s Investor Charter asks Research Analysts to disclose complaint data monthly, by the 7th, on their websites.
It also asks for an annual audit and a thirty-day grievance process.
Mahadev Research does publish a table titled Trend of Monthly Disposal of Complaints.
In our capture, it shows zero complaints carried forward, received, resolved, and pending for every month from December 2023 to June 2024.
A zero table counts only the complaints the firm logged. It does not tell you whether a client was satisfied, or whether a complaint went to SCORES instead.
Check the latest month on the firm’s website before you pay.
A current table is a good sign, and a stale one is worth a question.
Also Read: Pheonix Capital Research, a SEBI registered research analyst with an ₹80,000 quarterly package and a “Payment is Non Refundable” line on its invoices.
Complaint Against Mahadev Research: The Route You Can Start Today
If you think a SEBI registered Research Analyst, this one included, has fallen short on disclosure, consent, or fees, you can raise it formally right away. No SEBI order has to exist first.
The route runs in three stages, and you move to the next one only if the last one does not settle things.
Stage 1: SCORES
- File your complaint on the SCORES SEBI complaint portal.
- Quote registration number INH000015534 so SEBI can match it to the firm.
Stage 2: SMART ODR
- Not resolved at SCORES? Take it to the SMART ODR portal for structured conciliation.
- Before you file: check who qualifies and which disputes are accepted under SMART ODR eligibility.
Stage 3: Arbitration
- Did conciliation not settle it? This is the last stage, and share market arbitration explains how it works and what it costs.
Want the full process in one place?
Every step, from the first email to the final stage, is in our guide on SEBI complaint against research analyst.
Disclaimer: This page is based on SEBI’s published Research Analyst register and the company’s own corporate filings, current as of October 2026. No SEBI order has been passed against Mahadev Research and Publications Private Limited, and no wrongdoing is asserted. Registration details and company information can change, so verify everything at source before acting. Treat this page as research, not legal advice.
Conclusion
Mahadev Research holds SEBI Research Analyst registration INH000015534, and that is where your checking starts, not where it ends.
The two client files raise questions about payments, consent and research delivery, which the firm can answer and SEBI can examine.
Before you send money to any research analyst, match the payee, the invoice and your consent record against the rules we covered.
We found no SEBI order against the firm, and we have not heard its side, so read these records as what two clients showed us.
Report. Recover. Stay Fraud Free.
Yes. It holds Research Analyst registration INH000015534, granted 19 March 2024 and listed as perpetual on SEBI's own register. Confirm this directly on SEBI's site rather than relying on the company's own website alone. No. Its registered office, filed with both SEBI and the Ministry of Corporate Affairs, is in Chinchwad, Pune, Maharashtra. We found no Mumbai address in any of the firm's public filings. Yes. Both names point to the same SEBI registration, INH000015534. SEBI's own register currently lists this registration under the older name, DG Share Market Research Private Limited, with no visible link to the newer name. Not that we could independently confirm. If you came across that name specifically, check the SEBI registration number quoted against INH000015534 before assuming it refers to a separate, unrelated entity. Every SEBI registered Research Analyst must publish monthly complaint data on its own website. Look for a disclosures or investor charter section, and check the date it was last updated against the current month before relying on it. No. The Research Analyst licence category permits only a fixed, capped fee structure, up to the ₹1,51,000 per client family annual ceiling for non accredited individual and HUF clients. A profit sharing arrangement proposed by any firm holding this licence type sits outside what the licence allows, regardless of how it is framed or what percentage is offered. We found no SEBI order against it as of 7 October 2026. That is a statement about what we found, not a clean certificate.Frequently Asked Questions
Add us as a preferred source on Google »
