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 (also registered as Manish Kr. Goyal) is a SEBI-registered Research Analyst associated with Multibagger Securities Research and Advisory Private Limited.
His platform has attracted a vocal mix of loyal subscribers and dissatisfied users.
More significantly, it has attracted the attention of SEBI, which has passed not one but two separate enforcement orders against him, resulting in a monetary penalty of ₹60 lakh and a six-month suspension of his Research Analyst certificate.
In this blog, we cover both SEBI orders in full detail, each violation documented by the regulator, the final penalties, real user experiences, and a clear step-by-step guide on how to file a complaint.
Manish Goel Review
Manish Goel is the founder of manishgoelstocks.com and the principal Research Analyst at Multibagger Securities Research and Advisory Private Limited (MSRAPL), based in Chandigarh.
He holds a SEBI Research Analyst registration and markets himself as a long-term fundamental stock picker focused on small and mid-cap multibagger opportunities.
His advisory platform focuses on long-term equity recommendations, typically with a horizon of four or more years.
His website positions him as a Chartered Accountant with deep fundamental research skills, and his testimonials page carries messages from subscribers who credit him with significant portfolio gains.
However, behind this well-crafted public image lies a documented regulatory history that every prospective subscriber and current client must understand before making any financial decision.
SEBI Orders Against Manish Goel
SEBI conducted a formal inspection of Manish Goel’s Research Analyst operations covering the period from April 2020 to March 2021. The inspection uncovered a serious pattern of violations across multiple regulatory frameworks.
This led to two separate orders.
The Adjudication Order dated August 11, 2023, addressed monetary penalties across nine charges. The Enquiry Order dated October 30, 2023, addressed the suspension of his Research Analyst certificate.
Manish Goel appealed both orders before the Securities Appellate Tribunal (SAT).
The SAT, in its judgment dated February 14, 2025, largely upheld SEBI’s findings, making limited modifications. Let us look at each violation SEBI recorded.
Let’s look at the major SEBI violations by Manish Goel:
Violation 1: Failure to Maintain Research Records and Recommendations
SEBI’s inspection team requested research documents, rationale, and records supporting the stock recommendations Manish Goel had made through his WhatsApp and Telegram groups.
He was unable to furnish any.
For nine specific stocks that he had recommended to group members during the inspection period, no research reports, no analysis documents, no supporting rationale, and no recommendation records were produced.
SEBI concluded that Manish Goel had simply not maintained the research reports and recommendations that are mandatory for every SEBI-registered Research Analyst under Regulation 25 of the RA Regulations.
A registered research analyst’s core function is to provide evidence-backed recommendations. Without documented research, the advice given to hundreds of paying clients had no verifiable basis.
Violation 2: Promising Assured Returns to Clients via WhatsApp and Telegram
SEBI reviewed the messages Manish Goel sent across his WhatsApp and Telegram subscriber groups. The content was described by SEBI’s Adjudicating Officer as “sensationalistic.”
His messages assured subscribers that specific stocks would go up and deliver high returns. There were no risk disclaimers attached to these recommendations.
Going further, SEBI found that Manish Goel assured members of his groups that they would receive one free stock recommendation if any subscriber suffered a loss on a particular call.
This is an explicit form of loss recovery assurance, which is categorically prohibited under SEBI’s Research Analyst Regulations and the PFUTP Regulations.
SEBI’s Adjudicating Officer noted: “The promise of assured returns in the WhatsApp/Telegram chats, which were not supported by any research on the noticee’s part, amounted to dissemination of misleading information.”
No registered research analyst is permitted to promise returns, assure that stocks will rise, or offer replacement calls to recover losses.
These communications were found to be fraudulent and unfair trade practices under SEBI’s PFUTP Regulations.
Violation 3: Failure to Disclose Identity as a SEBI-Registered Research Analyst
SEBI found that across the WhatsApp and Telegram groups where Manish Goel was actively providing stock recommendations, he did not identify himself as a SEBI-registered Research Analyst.
He did not use the term “Research Analyst” in his communications and did not disclose his registration credentials or registration number to the members of these groups.
This is a direct violation of Regulation 13 of the RA Regulations, which requires Research Analysts to identify themselves as such in all communications with clients.
The disclosure requirement exists to ensure that every person receiving paid research advice understands the regulatory context in which it is being given.
SEBI noted this as a clear regulatory breach, one that was confirmed by the content of the group messages reviewed during inspection.
Violation 4: Dual Role as RA and Principal Officer of an IA
SEBI’s inspection found a structural conflict of interest that went to the heart of how Manish Goel was running his advisory business.
As an individual Research Analyst, SEBI regulations require that if the registered RA is also associated with a SEBI-registered Investment Adviser entity (as Manish Goel was, in his capacity as Principal Officer of MSRAPL, the associated IA), the RA business and the IA business must be managed by separate teams and maintained through separate accounts.
SEBI found that the businesses were not being operated separately. Revenue streams, operations, and client relationships were not adequately segregated between the RA and IA functions.
This creates a direct conflict of interest that SEBI’s regulations are designed to prevent.
Violation 5: Non-Compliance with KYC, AML, and Client Due Diligence Requirements
In his own response to SEBI, Manish Goel admitted that he had not maintained records related to Know Your Customer (KYC) compliance, fee collection documentation, client due diligence procedures, and Anti-Money Laundering (AML) guidelines.
This admission was significant. SEBI’s Prevention of Money Laundering Act circulars and the RA Regulations require registered analysts to conduct and document proper client onboarding processes.
These are not bureaucratic formalities. They are safeguards that protect clients from being profiled inadequately and advisors from being used as channels for financial misconduct.
SEBI concluded based on Manish Goel’s own admission that he had failed to comply with applicable PMLA circulars and had not adhered to proper procedures for the conduct of his business.
SEBI Penalties
After reviewing the complete evidence from the inspection and subsequent proceedings, SEBI imposed the following actions:
Adjudication Order (August 11, 2023): A total monetary penalty of ₹60,00,000 (Rupees Sixty Lakh) was imposed on Manish Goel (Manish Kr. Goyal):
- ₹5 lakh under Section 15A(c): failure to disclose RA identity.
- ₹40 lakh under Section 15EB: multiple Research Analyst Regulation violations.
- ₹15 lakh under Section 15HA: PFUTP violations for assured return promises.
The Adjudicating Officer stated that Manish Goel had collected ₹4.16 crore from 583 clients while failing to comply with the most basic requirements of a registered Research Analyst, and had acted with “blatant disregard for the interest of their clients.”
Enquiry Order (October 30, 2023): SEBI suspended Manish Goel’s Research Analyst certificate for a period of six months under Section 12(3) of the SEBI Act and Regulation 27 of the SEBI (Intermediaries) Regulations, 2008.
After Manish Goel appealed both orders to the Securities Appellate Tribunal (SAT), the SAT pronounced its judgment on February 14, 2025.
The Tribunal largely upheld the SEBI orders while making limited modifications. The core findings of violations and the principal penalty amounts were sustained.
Additionally, SEBI issued a Recovery Certificate (No. 7280 of 2023) and a formal Notice of Demand against Manish Goel for the unpaid penalty amount, confirming that the ₹60 lakh penalty remained outstanding and subject to recovery proceedings as of October 2023.
Manish Goel User Complaints
The SEBI orders establish the regulatory record. User experiences across platforms fill in the ground-level picture.
While a segment of subscribers report satisfaction with long-term multibagger picks, there are consistent complaint categories that appear across platforms.
Category 1: High Fees and Investor Dissatisfaction
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.
Category 2: Allegations of Misleading Return Expectations
One 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: Concerns Around Stock Recommendations and Research Transparency
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.
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
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.
Step 4: Lodge a Complaint with SMART ODR
If SCORES does not produce a satisfactory outcome, escalate to SEBI’s Online Dispute Resolution platform at smartodr.in. 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.
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.
Need Help?
If you are unsure how to begin or the process feels difficult to navigate on your own, you do not have to handle it alone.
Our team assists investors in organising evidence, preparing structured complaint filings, navigating SCORES and SMART ODR, and pursuing arbitration when required.
Register with us, and we will guide you through every step.
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, a Securities Appellate Tribunal judgment, a recovery certificate, and a formal Notice of Demand all form part of a regulatory trail that gives individual complainants a stronger foundation than is available in most advisory disputes.
SEBI’s Adjudicating Officer described Manish Goel’s conduct as showing “blatant disregard for the interest of their clients.”
That is not a phrase regulators use lightly, and it reflects the seriousness with which SEBI viewed both the assured return promises and the complete absence of research documentation for paid recommendations.
If you have experienced any of the patterns: promised returns that did not materialise, recommendations without research reports, a KYC process that never happened, or subscriptions that felt misrepresented, the formal channels to seek redress are structured specifically for situations like yours.
Start by preserving every piece of communication you have. Then work through the steps in sequence: direct complaint, SEBI SCORES, SMART ODR, and if needed, arbitration.
Each step builds on the last.
Your money deserves accountability. The question is whether you take the first step.
