Quick Summary
Mark Research is a SEBI registered Research Analyst run by Saurabh Saha, INH000020314, active since April 2025 and based in Ujjain, Madhya Pradesh. August 2026 alone recorded 16 complaints, all resolved, an unusually high figure. That month is completely absent from the firm’s separate monthly trend table. Even the monthly trend table’s own listed rows don’t sum to the total it states. Its Terms & Conditions also refer throughout to a different entity, “Investment Research,” rather than Mark Research.
Mark Research operates under SEBI Research Analyst registration INH000020314, held by Saurabh Saha, active since 21 April 2025, based in Ujjain, Madhya Pradesh.
The registration is genuine. Two things on this page need real attention.
August 2026 alone recorded 16 complaints, and that entire month is missing from the firm’s separate monthly disclosure table.
That table’s own stated total doesn’t even match the rows sitting inside it.
This page works through the registration, the pricing against the SEBI cap, the complaint data in full detail, and the terms and privacy language worth reading closely.
Mark Research Review
Mark Research offers paid research across cash, futures, index and stock options, branded as Option Mark, Stock Mark and Future Mark.
Recommendations are delivered through a dedicated Mark Research mobile application, described as letting clients create an account, receive alerts, and access paid services in one place.
The site claims a 95% client retention rate and promotes research, risk management, customer focus, and data security as its core offering.
None of this establishes wrongdoing.
Where conduct genuinely crosses a line, the escalation route is covered further down this page.
Social media icons for Facebook and LinkedIn also appear on the site, alongside promotion of the mobile app as the main channel for accessing paid services.
Proprietor Of Mark Research
An individual holds the registration of Mark Research.
| Detail | Information |
| Name | Saurabh Saha, Proprietor of Mark Research |
| SEBI Registration Number | INH000020314 |
| Validity | 21 April 2025, Perpetual |
| Address | 44 Bangali Colony, Ujjain, Madhya Pradesh 456006 |
| Contact Person | Saurabh Saha |
| Email Name | themarkresearch |
The INH prefix marks a Research Analyst. It permits research and recommendations to a subscriber base. It does not permit personalised advice, trade execution, or portfolio management.
Neither the app’s Google Play nor Apple App Store links work.
Clicking either from the website doesn’t lead to the actual app listing, making the advertised application impossible to verify or download through the site itself. Social media icons don’t lead to functioning profiles either.
Mark Research Pricing and the ₹1,51,000 SEBI Fee Cap
The pricing itself is genuinely clean.
A Research Analyst may charge a maximum of ₹1,51,000 per annum per family.
The Published Price List
All three services, Stock Mark, Future Mark, and Option Mark, share an identical price structure.
| Cycle | Price |
|---|---|
| Monthly | ₹12,000 |
| Quarterly | ₹30,000 |
| Half Yearly | ₹50,000 |
| Yearly | ₹80,000 |
Annualised, even the monthly cycle comes to ₹1,44,000. Every individual plan, on every cycle, stays under the ceiling.
Holding All Three At Once Is Where The Arithmetic Changes
Three services, priced identically, cover genuinely different segments. A trader interested in more than one at once isn’t unusual.
Holding all three at the yearly rate comes to ₹2,40,000, well over the limit.
If you subscribe to more than one Mark Research service, add the totals together before assuming you’re within the SEBI ceiling.
What Does Mark Research’s Complaint Data Show?
This is the most serious finding on this page, and it needs the full detail rather than a summary.
The August 2026 Snapshot
| Source | Pending Last Month | Received | Resolved | Total Pending | Avg. Resolution |
|---|---|---|---|---|---|
| Directly from Investors | 0 | 16 | 16 | 0 | 15 days |
| SEBI (SCORES) | 0 | 0 | 0 | 0 | 0 |
| Other Sources | 0 | 0 | 0 | 0 | 0 |
| Grand Total | 0 | 16 | 16 | 0 | 15 days |
16 complaints in a single month is a genuinely high number for a registration less than a year and a half old. All 16 are marked resolved.
Monthly Trend Table
| Month | Received | Resolved |
|---|---|---|
| August 2025 | 2 | 2 |
| October 2025 | 3 | 3 |
| November 2025 | 2 | 2 |
| December 2025 | 1 | 1 |
| January 2026 | 1 | 1 |
| March 2026 | 1 | 1 |
| April 2026 | 2 | 2 |
| June 2026 | 1 | 1 |
| Stated Grand Total | 14 | 14 |
August 2026 Is Missing Entirely, And The Table’s Own Math Is Wrong Too
August 2026 doesn’t appear in this table at all. The 16 complaints shown separately have no home here.
Adding up the rows that are actually listed comes to 13, not the 14 the table itself states as its Grand Total.
February 2026 is also skipped entirely, jumping from January straight to March.
So there are three separate problems stacked on top of each other: a month with 16 complaints missing outright, a stated total that doesn’t match its own listed rows, and a skipped month in between.
None of this means anything improper happened.
It does mean a prospective client cannot currently determine the real complaint count from the site as published.
Before relying on any headline complaint figure here, ask the firm directly for a reconciled total.
A Pattern Worth Noting On Its Own
Complaints appear in most months since the registration began, not as a single spike.
That’s worth knowing separately from the specific arithmetic problems above.
A registration less than eighteen months old accumulating close to 30 disclosed complaints across the two tables combined, even with every one marked resolved, is a volume worth weighing carefully before you subscribe.
What Do Saurabh Saha‘s Terms and Privacy Policy Say?
A few clauses are worth reading closely.
1. The Terms Name A Different Entity Throughout
The Terms & Conditions repeatedly refer to “Investment Research” in clauses covering risk and losses, not Mark Research.
This suggests the document was copied from elsewhere and not fully updated for this specific firm before publication.
2. Clients Are Told To Trade Every Recommendation
The terms state clients “need to trade on each & every Research recommendation” for better results.
That pushes toward acting on every call rather than assessing each one independently.
3. A 90-Day Breakage Fee, And Non-Refundable Framing
The terms describe fees as non-refundable, and allow the firm to retain a breakage fee of up to 90 days.
SEBI’s current rules entitle a client to a proportionate refund for the unexpired period, and prohibit a Research Analyst from retaining a breakage fee at all.
Cite that entitlement directly if a refund is refused.
4. Broad Data Sharing Without Naming Who
The privacy policy allows sharing information with any organizations or individuals “whom we have an interest for any reason,” without consent.
5. DND Override
Submitting an enquiry is treated as consent to calls, SMS, or WhatsApp even if your number is registered under the National Do Not Disturb registry.
6. Generic, Unrelated Website Content
Some sections reference “your institution’s current strengths and differentiators” and “innovation” and “building strategy,” language that has nothing to do with a research analyst’s actual service.
This is another sign parts of the site were copied from an unrelated template.
What Marketing Language From Mark Research Needs a Closer Look?
The site promotes “Unlock Your Path to Profit” and states its recommendations help clients “achieve their financial goals.”
It separately claims “consistent results” with no supporting performance data, and a 95% retention rate with no stated period or methodology behind it.
None of this amounts to an explicit guarantee of returns.
It’s the kind of language a compliance review would ordinarily flag for lacking the substance behind it.
How to File a Complaint Against Saurabh Saha?
Given the specific findings above, particularly the missing August 2026 data, a complaint here has firmer ground than a dispute over research quality alone.
Start by asking the firm directly to reconcile its complaint tables and confirm the real, current total.
Send your grievance to the RA firm’s email ID and keep the sent record.
If the issue remains unresolved, you can proceed through the following escalation routes.
- File the complaint through the SEBI SCORES complaint portal. This places the matter on the formal regulatory grievance platform.
- Seek conciliation through the SMART ODR portal. This provides an opportunity for the parties to work toward a structured settlement.
- If conciliation does not succeed, proceed with share market arbitration. The arbitration process can result in a binding award.
For a detailed walkthrough, refer to our guide to filing a complaint against a SEBI-registered research analyst.
Told you your fee is non-refundable with a 90-day charge?
We document the specific gap directly and put your case on record in a form the firm has to respond to. Register with us for a free read on your situation.
Disclaimer
This page is based on Mark Research’s own published material and alleges no wrongdoing since no SEBI order exists against the firm.
Verify all details at source before acting. This is research, not legal advice.
Conclusion
Saurabh Saha’s Mark Research holds a genuine SEBI registration, INH000020314, with pricing that stays comfortably under the SEBI cap on any single plan.
The complaint disclosure needs serious attention. 16 complaints in August 2026 are missing entirely from the monthly trend table, and that table’s own stated total doesn’t match its own listed rows.
Before subscribing, ask directly for a reconciled complaint total, and confirm the refund terms in writing given the site’s stated 90-day breakage fee.
Report. Recover. Stay Fraud Free.
Frequently Asked Questions
It's registered to Saurabh Saha since April 2025, perpetual, per the firm's own published disclosure. Confirm it directly on SEBI's own register.
No, not on any single plan. Holding all three services together at the yearly rate does cross the ceiling, so add your totals if you subscribe to more than one.
The site doesn't explain this. 16 complaints are recorded separately for that month, with no corresponding row in the monthly table.
Its terms claim it can, up to 90 days' fee. SEBI's current rules prohibit a Research Analyst from retaining any breakage fee and require a proportionate refund instead.
The site doesn't explain this either. It suggests the document was written for a different entity and not fully updated for Mark Research.
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