Quick Summary
Manish Goel holds SEBI Research Analyst registration INH100004775, verified through an independent source. His firm, Multibagger Securities Research and Advisory Pvt Ltd, separately holds Investment Adviser registration INA100007736. His subscription costs ₹11,80,000 for five years including GST. This page covers his full profile, both registrations, his claimed track record, and how to verify any of this yourself, along with a brief note on SEBI’s enforcement action against him, covered in full detail elsewhere.
You may have seen the name on Twitter with claims like “8 Multibaggers, 6 New Picks Identified.” Maybe a friend has even mentioned the ₹11.8 lakh subscription.
Or perhaps you’re simply doing your homework and want to know one thing before putting your money on the line: is Manish Goel SEBI registered?
If that’s what brought you here, you’re asking the right question.
Before paying for any research or investment-related service, it is important to understand who is offering it, what regulatory registration they hold, and what exactly you are being asked to pay for.
So, let’s look at the available information and put together the complete, verified picture.
Who Is Manish Goel?
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 CA Manish Goel, a registered Research Analyst who built a reputation around small-cap picks, value investing, and long-term wealth ideas.
Manish Goel qualified as a Chartered Accountant in 2005 and was a rank holder.
He worked as a Finance Manager at Ranbaxy Laboratories for four years before resigning in 2010 to pursue full-time stock market investing, which he describes as giving him both financial freedom and time freedom.
He started his Telegram Broadcast Channel in 2016 to guide investors at scale, focused on long-term, small-cap and mid-cap “multibagger” stock picks, inspired by the Warren Buffett style of patient, fundamental investing.
Manish Goel Fees
The subscription fee is ₹11,80,000 for 5 years, including GST.
In exchange, clients get 5 fresh long-term picks on subscription, plus exit calls and ongoing updates throughout the subscription period.
This is a substantial upfront commitment.
Before paying anything close to this figure, it’s worth weighing it against what a Research Analyst registration actually permits, and what SEBI itself has already found about how this specific fee structure has been handled in practice, covered in detail below.
Is Manish Goel SEBI Registered?
Yes. Manish Goel, also known as Manish Kr. Goyal, is a SEBI-registered Research Analyst associated with Multibagger Securities Research and Advisory Pvt. Ltd., operating from Chandigarh.
Here’s exactly what SEBI’s own database shows.
The registration is listed under the name Manish Goel, registration number INH100004775. The registered email is [email protected], and Manish Goyal is named directly as the contact person.
The registered address is Flat No. 2209B, Block 13, Chandigarh Housing Board, Sector 63, Chandigarh, 160022, listed identically as both the registered and correspondence address.
The registration’s validity is listed as May 16, 2017, Perpetual, meaning it carries no fixed expiry date, only the conditions under which SEBI could suspend or cancel it, exactly the conditions SEBI’s own 2023 enforcement action later invoked.
Also Read: Ethical Research SEBI Registered, a firm displaying two different registration numbers.
How to Verify Manish Goel SEBI Registration Yourself?
Now that you know the registration details, here’s how you can independently verify any research analyst’s credentials before investing.
A quick SEBI registration check like this takes less time than reading this entire section.
- Visit the official SEBI website. Go to sebi.gov.in and navigate to the “Registered Intermediaries” section. Choose “Research Analyst” from the dropdown and search by name or registration number. This gives you the official, real-time registration status.
- Check SEBI enforcement orders. Visit SEBI’s enforcement orders section and search the analyst’s name. If any orders have been passed, penalty, suspension, or cancellation, they will appear here. This is public information and takes two minutes to check.
- Verify the NISM certification. Every SEBI-registered Research Analyst must pass the NISM Series XV Research Analyst Certification Examination. You can verify the certification status on the NISM website to confirm it’s valid and not expired.
- Check the SEBI SCORES portal. The SCORES portal shows complaint history against registered intermediaries. A high number of unresolved complaints is a red flag, even if the analyst is registered.
- Ask for the registration certificate directly. Any genuine SEBI-registered analyst should be able to show you their registration certificate upon request. Cross-check the registration number, validity dates, and analyst’s name against the official SEBI database.
- Registration is not a permanent green signal. Certificates can expire, get suspended, or get cancelled. Always verify the current status, not just whether a certificate was ever issued.
What Track Record Does Manish Goel Claim?
His biggest publicly claimed picks include Swiss Glascoat (200x in 7 years), KPR Mills (100x), Chaman Lal Setia Exports (41x), and Maithan Alloys (50x).
He also holds a trademark registration for the word “Multibagger,” registered with the Government of India’s Trademark Office in 2017.
He was featured in publications like ABP Live, LiveMint, and Business Standard, where he was referred to as an emerging value investor of India. He has also received the Economic Times Industry Leaders Award.
His website highlights an ISO 9001 certification for his Broadcast Channel and shows a stated portfolio XIRR (CAGR) of 112% as of a recent date.
He is active on X under the handle @StockGoel, with over 33,000 followers.
His posts promote past pick performance prominently, tweets like “After Huge Success of Previous 8 Multibaggers, I have identified 6 New Multibagger Stocks for 5 Years Holding,” with links to his website’s past performance page.
This is a form of marketing that highlights only the wins.
A separate tweet shared his portfolio XIRR of 112% over 2 years, accompanied by a screenshot from Zerodha, a striking performance claim shared publicly without the full context of the portfolio period, stock selection process, or associated risks.
On paper, this profile seems impressive. But in the world of SEBI regulation, what matters is not just what you claim, it’s how you actually operate. And that’s exactly where SEBI’s own inspection found serious problems.
Also Read: First Trade Research, another Research Analyst with two algo products priced up to ₹1,25,999.
What Has SEBI Actually Found?
SEBI conducted a formal inspection of Manish Goel’s Research Analyst operations covering the period April 2020 to March 2021.
The inspection resulted in two separate enforcement orders, a ₹60 lakh penalty, and a six-month suspension of his RA certificate.
Manish Goel appealed both orders to the Securities Appellate Tribunal.
In its judgment dated February 14, 2025, the tribunal largely upheld SEBI’s findings, with limited modifications on some sub-violations.
Rather than repeat every violation and the full appeal outcome here, the complete breakdown, all six violations, the exact penalty amounts under each section, and the full SAT verdict, is covered in detail on our page on the Manish Goel SEBI order.
Considering a subscription and want to verify what you’ve been told against what SEBI actually found?
Tell us what you’ve been shown or promised, and we’ll help you check it against the actual regulatory record.
What Do Real Subscribers Say About Manish Goel?
Beyond the registration and the regulatory record, real subscribers have shared their own experiences after paying.
The pattern across independent accounts is worth reading closely before you commit ₹11.8 lakh or any amount to this service.
The complete breakdown of real user complaints, along with the full step-by-step complaint filing process, is covered in full on our page on Manish Goel complaints.
Conclusion
Manish Goel genuinely holds SEBI Research Analyst registration INH100004775, and his firm separately holds Investment Adviser registration INA100007736.
That much checks out as real, verifiable regulatory status.
What deserves equal weight is what SEBI’s own 2023 enforcement action found, and what real subscribers have reported since.
Both are examined in full on their own dedicated pages, both genuinely worth reading before you pay ₹11.8 lakh or any amount to this or any advisory service.
Report. Recover. Stay Fraud Free.
Frequently Asked Questions
Yes, under Research Analyst registration number INH100004775. His firm, Multibagger Securities Research and Advisory Pvt Ltd, separately holds Investment Adviser registration INA100007736.
₹11,80,000 for a five-year subscription, including GST, covering 5 fresh long-term picks plus exit calls and updates.
Publicly claimed picks include Swiss Glascoat (200x), KPR Mills (100x), Chaman Lal Setia Exports (41x), and Maithan Alloys (50x), along with a stated portfolio XIRR of 112% over two years.
Yes, a ₹60 lakh penalty and a six-month RA certificate suspension in 2023, largely upheld by the Securities Appellate Tribunal in February 2025. Full details are covered on our dedicated SEBI order page.
Search his name or registration number directly on SEBI's official intermediary portal, and separately check SEBI's enforcement orders section for any regulatory action.
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