Quick Summary
Monexaa Research is a SEBI-registered individual Research Analyst practice run by proprietor Satish Kumar Pandey, under registration number INH000020387, granted May 8, 2025. Its homepage prominently claims “100+ Advisors,” despite its SEBI registration identifying it as a single individual, not a team or body corporate. Its registered office address, as displayed on its own site, does not match the address on SEBI’s own registration record. Several of its pricing plans also exceed SEBI’s annual fee cap once billing cycles are annualised. This guide covers the registration, the pricing, the terms and conditions, and the complaint data in full.
Monexaa Research offers research and market analysis services across cash equity, stock futures, stock options, and index options, built around what it describes as technical and fundamental analysis.
It maintains a presence across X, LinkedIn, Facebook, and Instagram, though two of these links do not function correctly, and provides customer support through email, telephone, and WhatsApp.
This review works through the registration, the person behind it, the pricing, the terms and conditions, and the complaint history, point by point.
Monexaa Research Review
Monexaa Research describes its research as combining technical and fundamental analysis, intended to support trading, hedging, and investment decisions.
Its listed services include Cash Positional, Elite Combo, Equity Platinum, Option BTST, Rapid Index, Rapid Option, Stock Future, and Stock Option, each described as offering defined entry levels, time horizons, and risk disclosures.
The site also publishes market insights and financial news, with several articles sourced through external platforms such as Yahoo Finance, alongside a set of displayed certifications: SSL Certified, QVA, NSIC, MSME, ISO, and GAAF.
Social media presence
- Facebook: the icon link on the site does not open.
- X (Twitter): an active account operates under the handle @MonexaaResearch.
- LinkedIn: a company page exists under the name Monexaa Research.
- Instagram: the logo is displayed on the site, but opening it returns an error.
- WhatsApp: a contact number is provided directly for communication with the firm.
Two of the five listed social channels not functioning correctly is worth noting on its own, separate from the more substantive points below.
Is Monexaa Research SEBI Registered?
Yes. Monexaa Research, operated by proprietor Satish Kumar Pandey, holds a valid SEBI Research Analyst registration under number INH000020387, granted May 8, 2025, on a perpetual validity basis.
Per its own SEBI registration, this is an individual registration, meaning Satish Kumar Pandey personally holds the licence and personally carries the regulatory obligations that come with it, a point that becomes directly relevant later in this review.
Why Doesn’t Monexaa Research’s Address Match Its Own SEBI Registration?
This is a specific, checkable discrepancy found by comparing two pieces of information the firm itself publishes.
SEBI’s own registration record lists Monexaa Research’s address as 261 PU 4, Plot No. 26, Scheme No. 54, Indore, Madhya Pradesh, 452010.
The firm’s own website, in its “Regulatory & business details” section, states its registered office as Office No. 201/203, Second Floor, Mangal City Phase 1, Vijay Nagar, Indore, Madhya Pradesh, 452010.
This same website widget also displays a GST number, 23DVAPP2697J1Z8, alongside the mismatched address.
These are two different addresses, both within Indore, presented as the same thing.
Before sending any correspondence or relying on the office address shown on the website, cross-checking it against SEBI’s own published record directly is worth the extra step.
Who Is Satish Kumar Pandey, and Why Does One Person Hold Every Role?
Satish Kumar Pandey is the sole proprietor behind Monexaa Research, and per the firm’s own Grievance Escalation Matrix, he personally occupies every listed role in the firm’s compliance structure.
- Customer Care contact: Mr. Satish Kumar Pandey
- Compliance Officer: Mr. Satish Kumar Pandey
- CEO: Mr. Satish Kumar Pandey
- Principal Officer: Mr. Satish Kumar Pandey
All four roles share the identical address, the same phone number, and the same support email.
For an individually registered RA, this is not unusual on its own, since the registration itself is held by one person.
What makes it worth flagging directly is the contrast with the firm’s own marketing, covered next.
Does Monexaa Research’s “100+ Advisors” Claim Match Its Registration?
The homepage prominently displays a statistics block reading “40k+ Instruments,” “100+ Advisors,” and “24/7 Support.”
Monexaa Research’s SEBI registration identifies it as an individual Research Analyst, held by one person, Satish Kumar Pandey, who also personally holds every compliance role at the firm.
A claim of “100+ Advisors” sitting directly on the same website as a registration record and a grievance matrix that both point to a single individual is a direct contradiction worth resolving before you subscribe.
Ask the firm directly, in writing, to explain what the “100+ Advisors” figure actually refers to, since it does not appear to describe the number of SEBI-registered individuals behind the firm’s own recommendations.
What Does Monexaa Research Charge, and Does It Exceed SEBI’s Fee Cap?
Pricing on the site is structured by service and billing cycle. Two confirmed examples from its Stock Future plan illustrate the pattern.
| Plan | Price | Billing Cycle |
|---|---|---|
| Stock Future, Quarterly | ₹65,000 + 18% GST | Every 3 months |
| Stock Future, Half-Yearly | ₹90,000 + 18% GST | Every 6 months |
SEBI caps Research Analyst advisory fees at ₹1,51,000 per client family per year.
- The Quarterly plan, at ₹65,000 every three months, annualises to ₹2,60,000 a year, well over 1.7 times the cap.
- The Half-Yearly plan, at ₹90,000 every six months, annualises to ₹1,80,000 a year, still above the cap, though by a smaller margin.
The firm’s own site acknowledges this pattern in general terms, noting that several pricing plans exceed the ₹1,51,000 per year regulatory requirement.
Before subscribing to any plan priced near or above this figure, ask Monexaa Research directly whether your specific plan and client classification comply with SEBI’s cap, and get that answer in writing.
What Does Monexaa Research’s Terms and Conditions Say?
The terms and conditions cover several distinct areas worth reading through individually rather than skimming as one block.
1. Mandatory Execution Language
The terms state that a client “needs to trade on each & every recommendation/trading call provided by us for better results.”
This framing risks creating an expectation that a client should act on every single recommendation rather than exercising independent judgment on each one.
2. A Broad Liability Disclaimer
All content, recommendations, and services are provided on an “as-is” and “as-available” basis.
Monexaa Research states it does not guarantee the accuracy or timeliness of its information and is not liable for delays or interruptions caused by technical failures, internet outages, or other force majeure events.
3. An Indemnification Clause
Clients agree to indemnify and hold harmless Monexaa Research, its employees, directors, and affiliates from any losses, claims, or legal expenses arising from a client’s own misuse of the service or violation of the terms.
4. Consent To Bypass DND registration
By registering with Monexaa Research, a client consents to receive calls, emails, and SMS or WhatsApp alerts from the company, even if their number is registered under the National Do Not Disturb registry.
Two things in the same terms document are worth crediting fairly, alongside the points above.
The firm states plainly that it does not offer any guaranteed service, surety, or fixed profit commitment plan, and does not run any profit-sharing or portfolio management service.
It also warns clients directly not to act on personal recommendations from anyone claiming to be an associate of the company, and never to share Demat login credentials with any employee.
Both of these are genuinely protective statements worth acknowledging alongside the concerns raised above.
What Does Monexaa Research’s Complaint Data Show?
SEBI requires every registered Research Analyst to publish complaint data on a regular basis, reconciled across its reporting periods.
| Financial Year | Carried Forward | Received | Resolved | Pending |
|---|---|---|---|---|
| 2024-25 | 0 | 0 | 0 | 0 |
| 2025-26 | 0 | 0 | 0 | 0 |
| 2026-27 | 0 | 1 | 1 | 0 |
Two specific problems came up when checking this table against the firm’s other disclosures.
- The figures do not reconcile: The annual table records 1 complaint received and resolved in 2026-27, while the monthly data published for the same reporting period shows zero complaints received and zero resolved.
- The source of that one complaint is not identified: The annual table does not specify whether it came directly from an investor, through SEBI SCORES, or from another channel, which makes it harder to independently verify against any other public record.
How to File a Complaint Against Monexaa Research?
If your experience with Monexaa Research did not match its stated no-guarantee policy, its pricing, or you have questions about which office address or complaint figure is accurate, start by saving your subscription confirmation, payment records, and any correspondence.
Reading through the general complaint against SEBI registered research analyst process first will help you understand what to expect at each stage of escalation.
Raise your concern in writing with Satish Kumar Pandey directly, using the firm’s official compliance contact, before escalating further, and keep a dated copy of what you sent.
If that does not resolve the matter, the SEBI SCORES portal is where you file formally, citing registration number INH000020387 and attaching your documentation.
Keep the acknowledgement SEBI issues once your complaint is registered, since you will need that reference number for any further escalation.
Should SCORES not bring resolution, the SMART ODR login offers structured online conciliation between you and the firm.
This stage generally moves faster than a formal hearing, since it focuses on reaching an agreement both sides accept rather than a contested proceeding.
If conciliation does not resolve your dispute, formal stock market arbitration remains the final step available to you.
Confused by Monexaa Research’s “100+ Advisors” claim, its address mismatch, or a plan priced above SEBI’s cap?
We review the firm’s public disclosures against your own subscription and help you build a complaint that SEBI will actually act on. Register with us for a free consultation.
Disclaimer: This review is based on Monexaa Research’s own website, its published terms, and its SEBI registration record, and does not constitute a SEBI finding or investment advice. Verify all current pricing, registration, and complaint details directly with the firm and with SEBI before making any decision.
Conclusion
Monexaa Research, run by proprietor Satish Kumar Pandey under registration INH000020387, holds a genuine SEBI Research Analyst registration.
At the same time, its homepage “100+ Advisors” claim sits uneasily against an individual registration held by one person who also personally occupies every compliance role, its displayed registered office does not match SEBI’s own record, several of its pricing plans annualise well above SEBI’s fee cap, and its complaint data does not reconcile between its monthly and annual disclosures.
Confirm the correct office address, ask directly what the advisor count actually refers to, and verify your plan’s pricing against SEBI’s cap in writing before you subscribe.
Report. Recover. Stay Fraud Free.
Frequently Asked Questions
Yes, registration number INH000020387 is valid, held individually by proprietor Satish Kumar Pandey since May 8, 2025. Genuine registration does not resolve the address, marketing, or pricing questions this review covers.
Its SEBI registration identifies it as an individual Research Analyst held by one person, who also personally occupies every listed compliance role. The "100+ Advisors" claim on its homepage is worth asking the firm to clarify directly.
The website's own "Regulatory & business details" section lists a Vijay Nagar, Indore address, while SEBI's registration record lists a different Indore address entirely. Confirm the correct one directly with the firm before sending correspondence.
Yes, on at least two confirmed plans. Its Stock Future Quarterly and Half-Yearly plans annualise to ₹2,60,000 and ₹1,80,000 a year respectively, both above SEBI's ₹1,51,000 per family annual cap.
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