Quick Summary
Moneyplant Research holds two valid SEBI registrations: Research Analyst INH000020615 and Investment Adviser INA000007924, operating under proprietor Amit Malviya from Indore, MP. The registration is genuine. The compliance picture behind it is more complex. The pricing page allows combinations that breach SEBI’s Rs 1,51,000 annual fee cap without warning. The Disclosure page and Terms of Use both carry blanket no-refund clauses that conflict with SEBI’s mandatory pro-rata refund rule. The homepage displays a profit claim without audited data. The Private Wealth Plan description covers portfolio management, which is outside the firm’s current licence scope. Eight Google reviews describe loss recovery promises, forced upgrades after losses, and unanswered refund requests. Thirteen complaints are on record across six financial years, all resolved.
Moneyplant Research has recorded 13 investor complaints between FY 2018-19 and FY 2024-25.
Every complaint shows as resolved. Nothing is pending.
But the pricing page allows fee combinations that breach SEBI’s Rs 1,51,000 annual cap the moment you combine two standard plans, with no warning at any point.
The Terms of Use page says “Absolutely No Refunds and Cancellations” even though SEBI’s regulations require a pro-rata refund on early exit.
And the homepage carries a profit claim without audited data behind it.
None of this appears on the homepage. This page covers what you find when you read past it.
Is Moneyplant Research SEBI Registered?
Moneyplant Research operates under proprietor Amit Malviya from 326-A, PU4, Scheme No. 54, Indore, Madhya Pradesh 452010. The firm holds two separate valid SEBI registrations.
- Research Analyst: INH000020615
- Investment Adviser: INA000007924
Both registrations are real and traceable on SEBI’s public intermediary register.
One immediate concern is how these numbers appear on the website.
The header contact form displays the Investment Adviser number INA000007924 as the first thing a visitor sees. The homepage body and footer correctly show the Research Analyst number instead.
A visitor filling out that header form cannot easily tell which regulated service they are enquiring about. Investment Advisers can recommend personalised portfolio strategies based on individual financial situations.
Research Analysts cannot do this. Getting this distinction confused at first contact shapes what a client believes they signed up for.
The Moneyplant Research Private Wealth Plan and What It Describes
The homepage advertises a Private Wealth Plan. It describes partnering with senior executives to “address client’s most complex wealth challenges” while managing stocks, forex, commodity, and stock holdings.
That description is portfolio management, not research advisory.
Managing a client’s holdings directly requires a SEBI Portfolio Management Services registration carrying the INP prefix. Moneyplant Research does not hold this registration under either of its current licences.
A Research Analyst can publish recommendations. It cannot manage a client’s wealth or holdings directly.
Before subscribing to this specific plan, ask the firm for its SEBI Portfolio Manager registration number. If they cannot provide one, this plan sits outside the firm’s licensed scope.
Moneyplant Research Pricing vs SEBI’s Fee Cap
SEBI caps the combined annual fee at Rs 1,51,000 per client family across every Research Analyst subscription with one RA. This cap prevents firms from splitting one client’s spend across multiple differently named plans.
Moneyplant Research’s pricing page allows fee combinations that breach this cap in several ways. None of these carry any warning.
Standard plans cross the cap when combined. Six standard services (Stock Cash, Stock Futures, Stock Options, Index Options, MCX Futures, and MCX Options) are each priced at Rs 1,25,000 per year.
Each sits under the cap alone. Combine any two and a client crosses Rs 1,51,000 immediately.
Premium plans cross the cap on annualised billing. Four premium tiers (Stock Cash Premium, Premium Stock Futures, Premium Stock Options, and Cash Swing Pack) are each priced at Rs 1,50,000 per year.
That sits just under the cap in isolation. On shorter billing cycles, the numbers cross the cap even on a single plan.
| Billing Cycle | Standard Annualised | Premium Annualised |
|---|---|---|
| Half-yearly | Rs 1,42,000 | Rs 1,92,000 |
| Quarterly | Rs 1,61,600 | Rs 2,26,400 |
| Monthly | Rs 1,80,000 | Rs 2,52,000 |
The quarterly and monthly standard plans both exceed the annual cap on a single plan alone. The premium plans exceed it at every billing cycle shorter than annual.
None of these annualised totals appear anywhere on the pricing page. The page also never states whether listed prices are inclusive or exclusive of GST, making true cost calculation impossible before you pay.
Two spelling errors appear in the pricing page headings (“HALF YERLY” and “HALF YERALY”), which is worth noting on a page meant to disclose regulated financial pricing.
Does Moneyplant Research’s Refund Policy Break SEBI Rules?
SEBI’s Research Analyst Regulations require a proportionate refund for the unexpired portion of any subscription on early exit. This rule applies regardless of what the firm’s own website says.
Moneyplant Research’s website says the opposite on two separate pages.
The Disclosure page (titled “Disclouser” in both the page heading and URL) states: “Subscription fees once paid are non-refundable in any case.”
The Terms of Use page repeats “Absolutely No Refunds and Cancellations” across multiple separate clauses.
Repeating a policy that conflicts with SEBI’s rule does not make the policy valid.
If you exit a subscription early and are refused a pro-rata refund, that refusal is a specific complaint ground under SEBI’s December 2024 amendment.
The firm points to a two-day free trial to justify this stance. A trial offered before payment does not cancel the refund right once the subscription begins.
Moneyplant Research Official Complaint Data
Thirteen complaints have been filed against Moneyplant Research through SEBI’s official channel across six consecutive financial years, from 2018-19 through 2024-25, with a single complaint in the first year, rising to a peak of four in 2022-23, and settling into one complaint per year in the two most recent periods on record.
Every single one of these thirteen complaints shows as resolved. None remain pending.
A 100 percent resolution rate looks clean. But resolved means the intermediary responded and closed the file within a set deadline. It says nothing about whether the investor felt the outcome was fair.
Thirteen complaints across six consecutive financial years is the more meaningful signal.
A single complaint can reflect one misunderstanding. A pattern that repeats every year for six years reflects greater consistency.
For the full picture of what eight independent Google reviewers described after paying, including one investor whose capital fell from Rs 50,000 to Rs 9,000 in eight days, our Moneyplant Research reviews page covers every account in detail.
Also Read: Alpha Wealth Research to see what our review found about its services and users.
Moneyplant Research: 2 Other Red Flags to Check
Beyond the pricing, the refund policy, and the homepage claims already covered, two smaller details are worth knowing too, easy to miss on a first read, but genuinely relevant to how the firm operates.
Personal Gmail in the site header. A personal Gmail address ([email protected]) appears in the header of every page alongside the official business email.
Client communication through a personal inbox creates a record-keeping concern since SEBI requires registered intermediaries to maintain proper records of all client correspondence.
24/7 support claim. The homepage advertises “24/7 Supports” as a headline feature. SEBI does not regulate support hours, but a support claim that is not operationally true can count as misleading marketing.
Did your experience with Moneyplant Research involve any of the patterns described above?
We will review your case, identify every applicable SEBI violation, draft the SCORES complaint, and represent you through SMART ODR and arbitration.
4 Questions to Ask Moneyplant Research Before Paying
A sales call can promise anything verbally. What actually protects you is getting the same answers in writing, where they can’t be walked back later.
Keep every response received.
- Which SEBI registration covers the specific plan I am enquiring about?
The Research Analyst registration INH000020615 and the Investment Adviser registration INA000007924 have different permitted activities. Ask the firm to confirm which one applies to what you are being offered. - Does the Private Wealth Plan require a separate SEBI Portfolio Manager registration?
Ask for the INP prefix registration number if this plan involves managing your holdings rather than publishing research recommendations. - What is my total annual fee if I subscribe to the specific combination of plans I am considering?
Calculate this against the Rs 1,51,000 SEBI annual cap before agreeing to anything. - What is the firm’s refund policy under SEBI’s December 2024 amendment?
The website says no refunds. SEBI says pro-rata refund on early exit. Ask for a written clarification of how the firm reconciles these two positions.
How to Report Moneyplant Research?
If your experience with Moneyplant Research involved a refund refused for unused subscription time, loss recovery promises, forced upgrades after losses, or any communication that created expectations SEBI does not permit a Research Analyst to guarantee, the formal complaint path is available.
Knowing you have grounds is one thing. Knowing exactly how to file, and in what order, is what actually gets a result.
Start with a formal written complaint sent directly to the firm, stating the issue and the resolution you’re seeking. If that doesn’t resolve things, escalate a SEBI SCORES complaint, using registration number INH000020615.
If SCORES does not settle the matter, the next step is the SMART ODR platform for structured, independent mediation.
If that also fails, arbitration in stock market is the final, binding stage.
The complete step-by-step process specific to Moneyplant Research, including exactly what evidence to collect at each stage, is covered in full on our how to complaint against Moneyplant Research page.
Conclusion
Moneyplant Research holds genuine dual SEBI registrations under Amit Malviya. The firm is not operating without a licence.
Six specific concerns appear in the firm’s own published content. A profit claim without audited data. A Private Wealth Plan that describes portfolio management outside the current licence scope. Pricing that breaches SEBI’s annual fee cap on standard plans when combined and on premium plans when annualised. Two separate pages carrying blanket no-refund clauses that conflict with SEBI’s mandatory refund rule. A personal Gmail address in the site header. Thirteen complaints across six consecutive financial years all marked resolved.
Every one of these is visible before any subscription is paid.
Report. Recover. Stay Fraud Free.
Frequently Asked Questions
Moneyplant Research holds two registrations. Research Analyst INH000020615 and Investment Adviser INA000007924, both under proprietor Amit Malviya from Indore, Madhya Pradesh. Verify current status of both independently at sebi.gov.in.
Thirteen complaints between FY 2018-19 and FY 2024-25, with one or more complaints received in every financial year from 2018 through 2024. All are marked resolved with nothing currently pending.
Yes, in multiple ways. Combining any two standard plans at Rs 1,25,000 each immediately exceeds the Rs 1,51,000 annual cap. Quarterly and monthly billing on both standard and premium plans produces annualised totals above the cap even on a single plan.
No. SEBI's Research Analyst Regulations require a pro-rata refund on early subscription exit regardless of what a firm's own website states. The no-refund clauses on both the Disclosure and Terms of Use pages conflict with this requirement.
Based on its own description, the Private Wealth Plan describes managing client holdings, which requires a SEBI Portfolio Management Services registration carrying the INP prefix. Moneyplant Research does not currently hold this registration. Ask the firm directly for the INP registration number before subscribing to this specific plan.
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