Quick Summary
Money Classic Research ran as an Indore based investment adviser, M/s Money Classic, under SEBI registration INA000001431. SEBI’s orders record 255 complaints, closed premises, assured return claims and a ₹1 crore penalty in September 2023. SEBI cancelled the registration on 29 December 2023 and later listed recovery proceedings. Its website is no longer active. Here is the full order trail in plain words, and what it means if you ever paid this firm.
A SEBI licence number. A television promo. Then a promise of 20 to 30 percent on every penny stock. Next, a regulator’s inspection team arrives and finds the premises closed.
That, in short, is the story of Money Classic Research, and every fact below comes from SEBI’s own orders.
We have read the whole trail, from the first complaint to the cancellation, so you do not have to.
Let us start from the beginning.
Money Classic Research Indore
Money Classic Research operated as an investment advisory business under the name M/s Money Classic.
It was a proprietary concern of Deepak Mishra, so one person owned and ran it.
SEBI’s orders place it in Indore, Madhya Pradesh. Its website was moneyclassicresearch.com.
The archived website reviewed by SEBI described a subscription model. Clients paid according to the product and the period, including quarterly and half-yearly plans.
Advice was sent by SMS, while telephone and online assistance supported it.
The services covered equity cash and derivatives, forex, commodity derivatives, penny stocks, futures, options, MCX, NCDEX and currency futures.
Here are the registration details recorded in SEBI’s orders:
| Particular | Details In SEBI Orders |
| Name | M/s Money Classic |
| Proprietor | Deepak Mishra |
| SEBI registration number | INA000001431 |
| Registration effective from | 7 April 2014 |
| Registered office | 203, Modi Mansion, EB250, Scheme No. 94, Ring Road, Indore, Madhya Pradesh 452010 |
| Website named in orders | moneyclassicresearch.com |
| Status after 29 December 2023 | Registration cancelled by SEBI |
SEBI’s orders also record a PAN for the proprietor. We do not reproduce it here.
One small caution. The 7 April 2014 date is when SEBI’s registration took effect. So it is not necessarily the date the business started operating.
Money Classic Research Is SEBI Registered or Not
No. SEBI’s order dated 29 December 2023 expressly cancelled registration INA000001431.
So the number you may still see on old pages is not evidence of current authorisation. Instead, it should be read in the past tense.
You can confirm any registration yourself in a minute.
A SEBI registration number search lets you enter a number or a name and see the current status.
Cancelled means cancelled. It is not the same as suspended, and it is not the same as inactive.
What Services Did Money Classic Research Offer?
SEBI’s orders list the package and service names used by the firm.
So reading them gives a picture of how wide the offering was.
The named packages were Classic Cash, Intraday Cash Plus, Intraday Option, Transparency Future, Transparency Option, Penny Stock Service, Forex Services, Commodity Services, Stock Cash, Stock Futures, Stock Options, Index Futures and Options, MCX Classic or HNI, NCDEX Classic or HNI, and Currency Futures.
However, historical descriptions of the business add more detail.
They mention daily stock cash and intraday cash recommendations, intraday Nifty options calls, and BTST or STBT calls.
They also mention futures and options services, MCX and NCDEX calls, currency futures, and penny stock recommendations.
Also, weekly and monthly reports, magazine services, and IPO advice appear.
BTST means buy today, sell tomorrow. STBT is the reverse: sell today, buy tomorrow.
These are historical service descriptions. They are not independently verified performance, and they do not prove that each service was actually delivered to every subscriber.
The website also referred to a paid trial and stated that no refund policy was in place. It also listed SMS and Yahoo Messenger as communication channels.
It also pointed to an Android app, with historical figures for installs, app size, negative ratings and update frequency.
But those numbers are old and should not be read as current app store data.
How Much Did Money Classic Research Charge?
The website is not active now. The prices below are reproduced from an archived version of the firm’s service information.
They are not current subscription prices.
They also do not prove that every client was charged the same amount.
1. Cash And BTST Service Prices
First, the cash and BTST services.
| Service | 1 Month | 3 Months | 6 Months | 12 Months |
| Intraday Cash | ₹7,000 | ₹16,000 | ₹27,000 | ₹50,000 |
| Intraday Cash Plus | NA | ₹27,000 | ₹44,000 | ₹80,000 |
| Classic Cash | ₹15,000 | ₹35,000 | ₹60,000 | ₹90,000 |
| Classic Cash Plus | NA | ₹55,000 | ₹85,000 | ₹1,35,000 |
| BTST Cash | ₹15,000 | ₹35,000 | ₹60,000 | ₹90,000 |
| BTST/STBT Future | ₹35,000 | ₹55,000 | ₹1,00,000 | ₹1,30,000 |
2. Futures And Options Service Prices
Next come the futures and options services, which carried the highest tickets in the list.
| Service | 1 Month | 3 Months | 6 Months | 12 Months |
| Intraday Future | ₹10,000 | ₹25,000 | ₹40,000 | ₹60,000 |
| Intraday Future Plus | NA | ₹40,000 | ₹70,000 | ₹1,00,000 |
| Classic Future | ₹30,000 | ₹70,000 | ₹90,000 | ₹1,40,000 |
| Classic Future HNI Premium | NA | ₹1,00,000 | ₹1,60,000 | ₹2,60,000 |
| Intraday Option | ₹7,000 | ₹16,000 | ₹27,000 | ₹50,000 |
| Intraday Option Plus | NA | ₹27,000 | ₹44,000 | ₹80,000 |
| Classic Option | ₹15,000 | ₹35,000 | ₹60,000 | ₹90,000 |
| Classic Option Plus | NA | ₹55,000 | ₹85,000 | ₹1,35,000 |
| NIFTY Future & Option | ₹6,000 | ₹14,000 | ₹25,000 | ₹42,000 |
| Classic HNI | NA | ₹1,00,000 | ₹2,00,000 | ₹3,50,000 |
3. Commodity And Currency Service Prices
Finally, the commodity and currency services.
| Service | 1 Month | 3 Months | 6 Months | 12 Months |
| MCX | ₹15,000 | ₹35,000 | ₹60,000 | ₹1,00,000 |
| Classic MCX | ₹25,000 | ₹60,000 | ₹95,000 | ₹1,40,000 |
| NCDEX | ₹8,000 | ₹20,000 | ₹30,000 | ₹50,000 |
| Classic NCDEX | ₹15,000 | ₹35,000 | ₹60,000 | ₹1,00,000 |
| MCX + NCDEX | ₹20,000 | ₹50,000 | ₹70,000 | ₹1,00,000 |
| Base Metal & Energy | ₹10,000 | ₹25,000 | ₹40,000 | ₹60,000 |
| Classic HNI (commodity) | NA | ₹1,00,000 | ₹2,00,000 | ₹3,50,000 |
| Currency Future | ₹7,000 | ₹17,000 | ₹28,000 | ₹50,000 |
HNI means high net worth individual. Plus and Classic were the premium tiers.
Today, SEBI caps adviser fees at ₹1,51,000 per client family per year. The archived page does not say when these prices were shown, so we do not measure them against that cap.
SEBI’s Case Against Money Classic Research: The Full Timeline
SEBI’s action did not come in one day. It built in stages over four years.
First came preventive restrictions while SEBI examined complaints and the adviser could not be traced. Then a confirmatory order kept those restrictions in place.
Then adjudication proceedings ended in a monetary penalty.
Finally, SEBI cancelled the registration and added further directions.
27 December 2019: Interim Order After 255 Complaints
SEBI’s interim order, number WTM/MB/WRO/WRO/6287/2019-20, concerned Money Classic and its proprietor Deepak Mishra.
The cancellation order’s background adds that SEBI had decided on 7 August 2019 to inspect the firm during 2019 to 2020.
SEBI stated that it had received 255 complaints through SCORES and selected the adviser for inspection. SCORES is SEBI’s online complaint system.
Meanwhile, the registered and proposed correspondence addresses were returned undelivered. Site visits found both premises closed.
The order recorded 35 complaints pending as of 22 November 2019, of which 25 had been pending for more than six months.
Action Taken Reports, or ATRs, had not been filed for 10 complaints, and seven had been filed after 30 days.
An ATR is, in other words, the firm’s written reply to SEBI about a complaint.
A bank account review also recorded cumulative credits of ₹87 lakh in an Axis Bank account through 1 August 2019.
That figure shows money flowing into the account. So it is not an amount owed to investors.
The order also noted that the archived website named Deepak Mishra as proprietor and compliance officer.
The firm’s social media accounts, meanwhile, were still reachable by clients and investors.
On a prima facie basis, SEBI found that the adviser was not acting in investors’ best interests because of unresolved grievances, delayed or missing ATRs and non traceability.
It also considered that the adviser did not prima facie meet the fit and proper criteria.
What Did SEBI Restrain In The Interim Order?
SEBI therefore restrained Money Classic and its proprietor from dealing in or associating with the securities market.
It directed them to cease investment advisory activity and to give an inventory of assets and investors.
It also directed banks, depositories and registrars to prevent specified debits, withdrawals and transfers.
These were interim preventive directions pending further examination. They were not the final cancellation decision.
27 May 2022: The Confirmatory Order
SEBI’s confirmatory order, number WTM/SM/WRO/16580/2022-23, recorded that Money Classic had been registered as an Investment Adviser from 7 April 2014.
It repeated the key facts. There were 255 complaints, and the premises could not be located during inspection attempts.
It also repeated the preliminary findings of 35 pending complaints, missing or delayed ATRs and the ₹87 lakh in cumulative Axis Bank credits.
Before confirming, SEBI noted that the interim order had been sent to the registered address and registered email, followed by newspaper publication.
A further personal hearing was also offered.
But no one appeared, and no representation was received.
The Whole Time Member found no material that warranted any change and confirmed the interim directions with immediate effect.
So the restraint on securities market access and advisory activity continued.
The asset inventory requirement and the directions on bank, demat and securities accounts also stayed in place.
16 September 2023: ₹1 Crore Penalty By The Adjudicating Officer
SEBI’s Adjudication Order, number Order/VV/AS/2023-24/29271-29270, examined five categories of alleged non-compliance.
The Adjudicating Officer also recorded that the entity remained untraceable. The registered address and correspondence attempts failed.
Money Classic also did not respond to the show cause notice or attend the scheduled hearing, even after the notice was published.
The order records 255 SCORES complaints received up to 28 September 2019, with 31 pending at that point.
It then records 37 unique complaints pending for more than 30 days as of 30 April 2021.
In 16 of those cases, ATRs were not filed. In the other 21, however, ATRs were filed 30 to 1,030 days late.
What Did The Adjudication Order Say About Assured Returns?
The order also records supporting material from individual complainants. One supplied a call recording in which a representative discussed large profits.
According to the order, the representative promised that ₹50,000 invested could generate ₹50,000 to ₹1 lakh profit in options.
It also notes a promise of 20 to 30 percent returns through a commodity HNI service.
The order also reproduces statements from the firm’s website pages.
The Penny Stock Service page said such stocks had the potential to give at least a 20 to 30 percent return, and that every recommended stock would deliver that return.
Likewise, the Classic HNI page said it was designed for traders to earn a high return on investment in the commodity market, as the firm specifically gave calls with big targets.
The Adjudicating Officer found that assured or unrealistic return promises were inconsistent with the risks of securities markets.
They also breached the adviser’s fiduciary and conduct obligations.
The order also considered evidence that a representative executed trades on behalf of a client. So SEBI treated this execution service as a separate violation.
How Was the ₹1 Crore Penalty Calculated?
Here is how the total penalty of ₹1 crore was broken down.
| Violation | Provision | Penalty |
| Failure to comply with SEBI’s 27 December 2019 order | Section 15A(a) | ₹20 lakh |
| Non redress of SCORES complaints and failure to meet fit and proper criteria | Section 15C | ₹30 lakh |
| Assured profit or unrealistic return promises | Section 15HA | ₹30 lakh |
| Execution service provided | Section 15EB | ₹20 lakh |
| Total | ₹1 crore |
The order directed payment within 45 days of receipt. It also stated that recovery proceedings could follow in case of non-payment.
This ₹1 crore is a penalty paid to the regulator. It is distinct from client refunds, and it should not be confused with the total amount investors may have paid.
29 December 2023: Registration Cancelled
SEBI’s order, number QJA/GR/WRO/WRO/29910/2023-24, followed the Designated Authority’s enquiry and report dated 18 September 2023.
Then the Whole Time Member agreed with the recommendation to cancel the registration.
The order expressly cancelled registration INA000001431. It also continued the ban on securities market access and dealing for one year from the date of the order.
However, it stated that the restraint would continue beyond that year until the pending complaints were resolved and the required compliance report was submitted.
First, Money Classic was directed to resolve complaints pending in SCORES within 30 days.
It then had to submit a report certified by an independent Chartered Accountant within 15 days after resolution.
Meanwhile, existing securities and mutual fund holdings were to remain frozen during the restraint.
The order also restrained diversion of investor funds and any sale or encumbrance of assets.
The only exception was payments to clients that resolved pending complaints, and those still needed SEBI’s prior permission.
The restraint on funds and assets would be lifted only after complaints were resolved and the certified report satisfied SEBI.
This is the decisive regulatory outcome. The registration was cancelled, not merely suspended or left inactive.
Money Classic Research Recovery Certificate And Attachment Order
SEBI’s public records also list a Notice of Demand dated 15 December 2023 under Recovery Certificate No. 7478 of 2023.
They also list an Attachment Order dated 3 July 2024 against Money Classic Investment Adviser and its proprietor.
But these are separate recovery records linked to the same matter. They also confirm that such actions exist and give their dates.
But the assets involved, the amount recovered, and the present status should not be guessed without reading the full demand and attachment documents.
Because they came after the 29 December 2023 cancellation, we place them at the end of the trail.
They are part of the later enforcement record and not the cause of the original restrictions.
What Did SEBI Establish Against Money Classic Research?
Let us pull the findings together.
Each of the points below is recorded in SEBI’s proceedings:
- Untraceable premises. The registered and proposed addresses were returned undelivered, and inspection visits found the premises closed.
- A heavy complaint backlog. There were 255 complaints by 28 September 2019, and 37 unique complaints still pending beyond 30 days as of 30 April 2021.
- Missing or late replies. Among those 37, 16 had no ATR, and 21 had ATRs filed 30 to 1,030 days late.
- No proper suitability checks. Among the material examined for eight complainants, only one supplied a risk profile form, and none supplied a suitability assessment from Money Classic.
- Assured return claims. SEBI examined a call recording and archived website statements promising high or specified returns, including 20 to 30 percent on penny stocks.
- Trade execution. SEBI considered WhatsApp evidence that a representative executed trades for a client.
- Information not provided. Money Classic did not provide the information required under the interim order, including details of assets and accounts.
- Registration cancelled. SEBI cancelled INA000001431 on 29 December 2023, with directions on complaint resolution and fund preservation.
Please remember what these are. They are regulatory findings by SEBI. They are not criminal judgments, and we do not infer criminal guilt.
How Did Money Classic Research Present Itself Publicly?
A firm’s public image often tells you what clients were shown before they paid.
The first is a LinkedIn company page titled Money Classic Research with a share market tips label.
It lists Financial Services, Indore, Madhya Pradesh, and an employee band of 501 to 1,000.
Its overview describes stock market research and tips across equity, intraday, options, futures, MCX and NCDEX.
The overview also claims a strong reputation among investors, brokers and researchers, a highly skilled team and tips at very competitive prices.
It describes its analysis as mainly technical and says it aims to provide more profit in every trade.
It also says the firm wanted to earn customers’ trust and help them achieve higher returns.
The page shows a verified label dated 26 November 2024.
It records what was displayed when captured, so it does not confirm the headcount, legal status, or current authorisation.
The second is a television graphic from a historical promotion, naming Deepak Mishra and Money Classic Research. It also displays a success rate of 30 percent.
The graphic also appears to carry a date stamp of 17 May 2016 and a reference to advisorymandi.com. We cannot verify that figure or the programme it came from.
It is simply what the screenshot shows.
Was The Money Classic Research Domain Listed For Sale?
The third is a domain listing. MoneyClassicResearch.com appeared as available to buy at USD 3,895, with a payment plan of USD 162.29 a month for 24 months.
That shows the domain was offered for sale when the screenshot was taken. But it does not tell us who owns it or when it went inactive.
SEBI’s own orders state that moneyclassicresearch.com was inactive when SEBI examined the matter. Instead, archived content was used to understand the services and claims.
So the sale listing fits with the site no longer running, though the date of the listing is unknown.
Money Classic Research Red Flags: Warning Signs To Check Before You Pay
SEBI’s orders on this firm work like a checklist, and every point below was recorded in the proceedings. So none of it is guesswork.
Better still, none of these signs needs special knowledge.
You can check each one before you pay any adviser.
1. Can You Actually Find The Firm?
SEBI’s letters to the registered and proposed addresses came back undelivered, and its inspectors found the premises closed.
So a real address, a working phone number, and a named compliance officer matter.
Ask for them, and check them against SEBI’s register.
2. How Does The Firm Handle Complaints?
Here, the complaint backlog and the late or missing ATRs were central to SEBI’s case. An ATR is the firm’s written reply to SEBI about a complaint.
Some users raised similar themes about ignored complaints. Our page on Money Classic Research reviews compares what they alleged with what SEBI recorded.
Check the complaint data a firm publishes on its own site, and ask how quickly it replies.
A firm that avoids the question deserves a closer look.
3. Is Any Return Being Guaranteed?
SEBI’s adjudication order quoted a website promise that every recommended penny stock would return 20 to 30 percent.
But markets carry risk, so a guaranteed return is not research.
Treat it as a stop sign.
4. Does The Adviser Profile You Before Advising?
Among the material SEBI examined for eight complainants, only one risk profile form and no suitability assessment appeared.
A registered adviser should collect your risk profile and assess suitability before advising you.
If nobody asks what losses you can bear, ask why.
5. Do Staff Offer To Place Trades For You?
SEBI considered WhatsApp evidence that a representative executed trades for a client. It treated this as a separate violation with its own penalty.
So be careful if anyone offers to trade on your behalf.
An adviser’s job is to advise, and your orders should go through your own broker.
6. Is The Registration Current On SEBI’s Register?
A number on a website means little until SEBI’s own record confirms it is current.
Therefore, check the register before you pay, not after, and read the status and not only the number. Money Classic’s number was cancelled in December 2023.
What Do SEBI’s Orders Mean If You Paid Money to Classic Research?
Many readers reach this page with a loss and a question. Can I get my money back?
Honestly, the orders do not promise it. The ₹1 crore penalty goes to the regulator, not to clients.
The cancellation order did direct the firm to resolve pending SCORES complaints and allowed payments to clients to settle them. But that is a direction for the firm, so it is not a guarantee of what any client will receive.
The recovery proceedings show that SEBI acted on non-payment. Still, they do not tell us how much was recovered or whether any of it reached investors.
Paid this firm and never got your money or answers back?
Our team reads your payment proof and SEBI’s orders, helps you prepare a written complaint, and tells you which route fits your case.
Register with us for a free consultation
Where you complain depends on one thing: whether the adviser holds a valid SEBI registration.
So there are two ways to go, and the first step is to check the status.
If The Adviser Is Registered With SEBI
A registered adviser sits inside SEBI’s complaint system, so the usual route is open to you.
Start by filing on the SEBI SCORES portal with your payment proof and dated messages.
Write facts, dates, and amounts, and avoid guesses.
Our page on how to file complaint against RIA shows what to include for investment advisers.
Keep every reply, because each one matters if the case goes further.
If the answer still falls short, the SMART ODR complaint portal brings in a neutral conciliator to go through both sides’ papers.
If The Adviser Is Not Registered Or Registration Is Cancelled
Money Classic Research falls in this group because SEBI cancelled INA000001431 on 29 December 2023. Cancelled firms and unregistered entities sit outside the usual complaint route.
So the report goes by email to SEBI instead. Write a short, factual email with the firm’s name, what you paid, the dates and your proof attached.
Our blog on how to complain in SEBI walks through what to write and where to send it.
Meanwhile, SMART ODR and SCORES may not accept a fresh case against a cancelled registration, so read their rules before you rely on them.
Conclusion
Money Classic Research was a SEBI registered Investment Adviser from 7 April 2014 until SEBI cancelled its registration on 29 December 2023.
The orders record 255 complaints, closed premises, late or missing replies, assured return claims, trade execution, and a ₹1 crore penalty.
Recovery proceedings followed in 2023 and 2024.
If you were a client, keep every proof and complain through the proper channels.
If you are a new investor, check SEBI’s register before you pay anyone. Report, document, and escalate calmly.
Report. Recover. Stay Fraud Free.
Frequently Asked Questions
SEBI restrained the firm in December 2019, confirmed that in May 2022, fined it ₹1 crore in September 2023 and cancelled its registration on 29 December 2023.
It covered five violations: not complying with SEBI's 2019 order, not redressing SCORES complaints and failing fit and proper criteria, assured return promises, and providing an execution service.
The orders do not guarantee refunds. They directed the firm to resolve pending complaints, and recovery actions exist, but the amounts recovered are not known.
SEBI's orders name Deepak Mishra as the proprietor of M/s Money Classic, trading as Money Classic Research, and as its compliance officer on the archived website.
SEBI's orders say the website was inactive when examined. A supplied screenshot also shows the domain listed for sale at USD 3,895, though its date and ownership are unknown
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