Quick Summary
Manish Goel, associated with Multibagger Securities Research and Advisory Pvt Ltd, has attracted a vocal mix of loyal subscribers and dissatisfied users. Real complaints describe losses ranging from ₹2.5 lakh to nearly ₹10 lakh, alongside disputes over high fees and long-term claims that reportedly didn’t materialise. This page covers three documented user complaints in full, plus the complete five-step process to file your own complaint if your experience matches.
Have you ever subscribed to a stock advisory service, paid a significant fee, and then realised that what was promised and what was delivered were two very different things?
If that feeling is familiar, you are not the first. And you are unlikely to be the last.
Across India, thousands of traders and investors make financial decisions based on the credibility of a name, a SEBI registration number, and a string of glowing testimonials.
But credibility on the surface does not always match the regulatory record underneath.
Manish Goel Reviews
The user sentiment around Manish Goel’s services is genuinely mixed.
His website and associated platforms carry many enthusiastic testimonials, with investors praising specific picks and some sharing portfolio appreciation numbers.
But alongside those, consistent complaint categories appear across independent platforms.
Here’s a balanced look at what investors have actually reported:
Category 1: A Nearly ₹10 Lakh Loss and High Fees
One user review described a deeply negative experience with Manish Goel’s advisory services, alleging a loss of nearly ₹10 lakh after following a stock recommendation.
The reviewer claimed that a stock suggested around the ₹220 level later fell sharply, forcing them to exit at a much lower price.
The complaint also expressed frustration over the fees paid for the service and alleged that there was little response or support after the losses occurred.
Don’t rely on marketing claims alone.
Evaluate consistency, transparency, and recent performance before subscribing to any service at this price point.
Category 2: Misleading Return Expectations
A separate user review alleged that stock recommendations were presented with very high return expectations, including multibagger-style claims that reportedly did not materialize.
The reviewer claimed they suffered heavy losses despite being told the recommendations were meant for long-term wealth creation.
The complaint also questioned the credibility of promotional claims and expressed dissatisfaction over high advisory fees.
Category 3: A ₹2.5 Lakh Fee and Unmet Promises
Another user review raised concerns about the transparency and research quality behind certain stock recommendations.
The reviewer alleged paying around ₹2.5 lakh in fees and claimed the promised returns were never achieved, with some recommendations reportedly turning negative.
The complaint also reflected concerns about whether sufficient analysis and clear justification were provided before suggesting stocks.
What Do These Manish Goel Complaints Have in Common?
So, what should you take away from all this?
If someone promises guaranteed or near-certain returns, step back immediately.
If an RA or RIA pushes you on chat apps non-stop, with strong emotional language, be careful. Always ask, “Is this person following SEBI rules, or just using SEBI registration as a marketing badge?”
Red Flags Worth Watching For
Each of the three accounts above traces back to at least one of these same warning signs.
- Assured profit language.
- “Join now, fees will double soon” urgency tactics.
- VIP WhatsApp or Telegram groups with daily “jackpot calls”.
- No written rationale, no proper invoices, no clear terms.
These three accounts aren’t isolated complaints; they line up directly with what SEBI’s own inspection found.
The complete regulatory findings behind this pattern are covered on our page: Manish Goel SEBI order.
Does any of this match what happened to you?
Tell us what you experienced, and we’ll help you organise your evidence and figure out exactly where your complaint should be filed.
How to File a Complaint Against Manish Goel?
Filing a complaint follows a structured escalation path.
Move through each step in order, with complete documentation at every stage.
Step 1: Compile and Organise Your Evidence
Before filing anything anywhere, gather all relevant documentation.
Contract notes, account statements, ledger reports, fund transfer confirmations, screenshots of platform errors, email threads with support, and call logs.
Organise everything in date order so the timeline is immediately evident to anyone reviewing it.
Step 2: Submit a Formal Written Complaint to Manish Goel Directly
Before approaching a regulator, raise your grievance with Manish Goel’s official compliance channel. You can reach out via the contact details listed on manishgoelstocks.com.
Write clearly: state your subscription details, what was promised, what you experienced, the financial amount involved, and the resolution you are seeking.
Allow 7 to 10 working days for a response. If the response is absent, delayed, or unsatisfactory, that itself becomes part of your documented evidence for the next step.
Step 3: File a Complaint in SCORES
Before you file anything here, a quick SEBI registration check confirms you’re filing against the correct, currently active registration number, INH100004775, not an outdated or mismatched one.
If you do not receive a satisfactory resolution, file a formal complaint on scores.sebi.gov.in, SEBI’s centralised investor grievance platform.
Since Manish Goel is a SEBI-registered Research Analyst, your complaint is fully eligible to be filed on SCORES.
Register using your PAN, search for Manish Goel or Multibagger Securities Research and Advisory Private Limited, describe your issue specifically, and attach all supporting documents.
SEBI assigns a tracking number to your complaint and requires the registered entity to formally respond under regulatory monitoring within a specified timeline. Many investors see meaningful engagement at this stage.
You can file complaint in SCORES directly through SEBI’s own official portal, and the process itself is free.
Step 4: Lodge a Complaint with SMART ODR
If SCORES does not produce a satisfactory outcome, escalate to SEBI’s Online Dispute Resolution platform. A neutral conciliator facilitates structured mediation between you and the entity.
The process is faster and less formal than going to court, and SEBI mandates that all registered intermediaries participate.
If conciliation does not succeed, the matter moves automatically to formal arbitration.
Register through the SMART ODR portal directly, carrying your existing SCORES complaint number forward.
Step 5: Stock Market Arbitration
If all prior mechanisms fail, formal arbitration under NSE or BSE rules is available.
At this stage, strong documentation, timely, detailed, and complete, is the single most important factor in how your case is likely to be received.
Every submission you make, every acknowledgement you receive, and every response from any party should be saved and backed up. If a dispute progresses through multiple stages, this paper trail is your case.
The complete mechanics of how arbitration in share market actually works, timelines, costs, and what evidence carries the most weight, is covered separately on that page.
Unsure how to begin, or does the process feel difficult to navigate alone?
Our team assists investors in organising evidence, preparing structured complaint filings, navigating SCORES and SMART ODR, and pursuing arbitration when required.
Where to Verify Manish Goel’s Registration and Full Profile?
Everything covered here is about what real subscribers experienced.
If you want the underlying facts, his registration record, fee structure, and claimed track record, that lives on a separate page built specifically for it.
Our page on Manish Goel Research Analyst covers his complete registration details and claimed track record in full.
Conclusion
Filing a complaint against Manish Goel is not complicated, but it does require being organised and moving through the process methodically.
The case is notable because it is unusually well-documented in the public record.
Two SEBI orders and a Securities Appellate Tribunal judgment all form part of a regulatory trail that gives individual complainants a stronger foundation than is available in most advisory disputes.
If you have experienced any of the patterns above, promised returns that did not materialise, recommendations without clear justification, or a subscription that felt misrepresented, the formal channels to seek redress are structured specifically for situations like yours.
Report. Recover. Stay Fraud Free.
Frequently Asked Questions
Large losses following recommended stocks, high fees relative to service quality, and multibagger-style return claims that reportedly didn't materialise.
Individual accounts range from approximately ₹2.5 lakh in fees paid without results to nearly ₹10 lakh in trading losses.
It's not strictly required, but SEBI's process generally expects to see that attempt, and it strengthens your complaint if you later escalate.
It depends how far it goes. Direct resolution can take 7-10 working days, while SCORES, SMART ODR, and arbitration each add their own timelines if escalation is needed.
Contract notes, account statements, payment records, and every written communication, organised chronologically, are what regulators and arbitrators actually respond to.
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