If you’ve spent any time on finance Instagram, Telegram, or YouTube, you’ve probably seen analysts who present themselves as market geniuses. Sharp suits, big claims, “multibagger” stories, and perfectly edited posts about wealth creation.
One name that often pops up in this world is Manish Goel, a SEBI-registered Research Analyst who built a reputation around small-cap picks, value investing, and long-term wealth ideas.
But, behind that polished image, SEBI found serious problems. This case shows how things can go wrong even inside the regulated category.
In this blog, we’ll walk through what the penalties and orders were found under SEBI and provide more details.
Who is Manish Goel?
Manish Goel (also written as Manish Kr Goyal) is a SEBI-registered Research Analyst with registration number INH100004775.
He is also linked to Multibagger Securities Research & Advisory Pvt Ltd, a Delhi-based advisory company where he has served as Director / Principal Officer.
Older promotional content paints a glowing picture:
- CA rank-holder.
- Long-term value investor.
- Specialising in small and mid-cap “multibagger” stocks.
- Even marketed as “Indian Warren Buffett” in some PR-style articles.
So on the surface, it looks like a serious, smart, long-experienced investor. Exactly the kind of persona many retail investors trust instantly.
But SEBI’s orders tell a very different story.
Manish Goel SEBI Order
SEBI inspected Manish Goel’s Research Analyst activity. The inspection covered the period from April 1, 2020, to March 31, 2021.
During this period, SEBI examined:
- How he dealt with clients.
- How he kept records of research.
- How he used WhatsApp and Telegram.
- How he managed conflicts with Multibagger Securities Research & Advisory.
The findings were serious enough that:
- An Adjudication Order was passed on 11 August 2023.
- A separate Enquiry Order followed on 30 October 2023.
Now let’s break down the core issue.
A. Promise of Guaranteed Returns
As per SEBI findings, Manish Goel collected about Rs 4.16 crore from 583 clients as fees for Research Analyst services.
SEBI found that he failed to keep proper records of his research recommendations.
He promised assured returns and mis-sold services. The adjudicating officer said he acted with “blatant disregard” for clients’ interests.
The order notes that he:
- Did not comply with basic RA regulations.
- Failed to act honestly, with due skill, care, and diligence.
- Did not adhere to the high professional standards expected from a Research Analyst.
B. WhatsApp & Telegram Stock Tips Without Research
Here’s the part that hits many finfluencers, too.
SEBI found that Manish Goel was sending stock recommendations via WhatsApp and Telegram.
He made sensationalistic calls promising big moves and high returns.
Did not maintain research reports or a rationale for at least nine stocks he pushed in those chats.
In those groups, he:
- Spoke as if stock prices would definitely move in his predicted direction.
- Did not add proper risk disclaimers.
- Sometimes, it offered “extra recommendations” to clients facing losses, which SEBI saw as an assured-return pitch.
SEBI considered these WhatsApp/Telegram broadcasts as “public appearances” under RA rules.
That means a Research Analyst must have documented a rationale behind each such recommendation.
But he admitted he did not maintain these records. So it wasn’t just loose talk. It was regulated communication without the required backup.
SEBI also held that this behaviour violated PFUTP regulations, because the tips were misleading and overly certain about outcomes, in a market where nothing is guaranteed.
That’s a big line crossed.
C. Conflict of interest: Research Analyst + Investment Advisor Role
Another big problem SEBI highlighted was the way its roles were mixed.
Manish Goel was a SEBI-registered Research Analyst in his own name.
Also a Director / Principal Officer / Shareholder of Multibagger Securities Research & Advisory Pvt Ltd, a SEBI-registered Investment Advisor (RIA).
RA Regulations say that research work must be kept at arm’s length from other businesses, like investment advisory.
In simple terms, SEBI expects separate teams, separate accounts, and clear segregation of RA revenues vs advisory revenues.
But SEBI’s order says he did not maintain this separation, and therefore violated the RA code of conduct and conflict rules.
So you had:
- Same person.
- Multiple roles.
- Blurred lines about which hat he was wearing.
From a client’s point of view, that’s confusing and dangerous.
D. Enquiry Order in October 2023
Now, about that Enquiry Order that came into talks.
On 30 October 2023, SEBI issued an “Enquiry Order in the matter of Manish Goel, Research Analyst” under its Enforcement section.
The fact that an Adjudication Order came in August 2023, and an Enquiry Order followed in October 2023, tells us SEBI’s scrutiny of his conduct is ongoing and layered, not a one-time move.
It signals that regulators see this as a serious, precedential case.
Especially because it touches on:
- Research Analyst duties.
- WhatsApp and Telegram usage.
- Assured-return style language.
- Conflicts with registered advisory entities.
If you think “everyone on Telegram does this,” SEBI is clearly saying they are watching.
As a result, SEBI imposed a Rs 60 lakh penalty, saying the fees collected amounted to a disproportionate gain.
Sounds harsh?
SEBI clearly felt his behaviour justified it.
Key Takeaways from Manish Goel’s Case
Let’s be straight. On one side, you have the image:
- CA rank-holder.
- “Indian Warren Buffett.”
- Talks about long-term value investing and protecting small investors.
On the other side, you have SEBI’s findings:
- Rs 4.16 crore collected from 583 clients.
- Missing research records for recommendations.
- Assured-return style messaging and mis-selling.
- Blatant disregard for clients’ interests, in SEBI’s own words.
Thus, this case is a perfect reality check:
- Even someone who looks “serious” and “knowledgeable” can still mis-sell, over-promise, and break rules.
- Being SEBI-registered is not a magic shield.
- WhatsApp and Telegram tips, even from “registered” people, can still be misleading if there is no solid research behind them.
It doesn’t mean every RA is bad. But it does mean you cannot rely on image and social proof alone.
The Real Lesson for Investors
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 to watch for:
- Assured profit language.
- “Join now, fees will double soon.”
- VIP WhatsApp / Telegram groups with daily “jackpot calls”.
- No written rationale, no proper invoices, no clear terms.
The Manish Goel case shows that even a registered Research Analyst can run services in a way that SEBI later calls unfair and misleading.
So imagine how risky it is with people who are not even registered at all!
How to Report Research Analyst Complaints?
If you or your family have already paid for stock tips from a Research Analyst or “multibagger” advisor, or joined WhatsApp / Telegram groups that look like this case, you do have some options.
Reach out to us, and here’s how we can help:
- Document Collection: We assist you in gathering all necessary documents, contract notes, screenshots, and emails for solid proof.
- Complaint Drafting: Our team prepares clear, well-structured complaints for submission to platforms such as NSE, BSE, SEBI SCORES, and SMART ODR.
- Submission Support: We guide you through the filing process to ensure everything is filled out correctly, preventing delays.
- Escalation: If your case needs to be escalated, we show you the right steps to take.
- Case Management: We track your case, provide reminders, and assist with any follow-up questions.
- Support in Arbitration: If your case reaches arbitration, we help prepare your documents and statements.
When you register with us, you’ll avoid the stress of complicated paperwork and procedures. We make it easier, faster, and more accurate, so you can focus on recovery.
Conclusion
The case of Manish Goel is a sharp reminder that SEBI registration alone doesn’t guarantee responsible or transparent advisory practices.
Despite a polished public image, the failure to maintain proper records, misleading promises, and blending multiple roles led to a significant penalty.
As an investor, always be cautious of guaranteed returns, informal advice channels like WhatsApp/Telegram, and unsubstantiated claims.
In the world of investment, due diligence is key. Don’t just rely on certifications, but always look at the conduct and transparency of those offering advice.
