Quick Summary
Mudit Goyal is a SEBI-registered Research Analyst based in Greater Noida West, Uttar Pradesh, under registration number INH000013022, registered since September 15, 2023. His own MITC and Disclaimer pages confirm that fees are charged for his research, yet no page anywhere on his website discloses what those fees actually are. His MITC page also contains unedited template placeholder text where his actual grievance contact details should appear, and content found in connection with a Telegram channel bearing his name describes returns and terms that go well beyond what a registered Research Analyst is permitted to offer. This guide covers all of it in full.
Mudit Goyal holds the CFA designation from ICFAI University and lists prior experience with Alankit Assignments Ltd and SMC Global Securities Ltd before registering independently with SEBI.
He focuses on swing trading and options trading in Nifty 50 stocks, delivered through channels named “Stocks Trading with Mudit Goyal” and “Index Trading with Mudit Goyal.”
This review works through the registration, the fee transparency gap, the MITC page’s own errors, the complaint data, and the Telegram content found during this review, point by point.
Mudit Goyal Review
Mudit Goyal positions his research around swing and options trading specifically within Nifty 50 stocks, drawing on prior industry experience at two named firms before his own SEBI registration.
His site lists a presence across Twitter, Telegram, Instagram, and WhatsApp, though not every listed channel functions the way a visitor would expect, covered in detail later in this review.
Is Mudit Goyal SEBI Registered?
Yes. Mudit Goyal holds a valid SEBI Research Analyst registration under number INH000013022, effective September 15, 2023, on a perpetual validity basis.
He holds the CFA designation from ICFAI University, and his site lists prior professional experience at Alankit Assignments Ltd and SMC Global Securities Ltd before his current independent registration.
Does Mudit Goyal Publish His Fees?
This is a plain fact worth stating clearly: no pricing appears anywhere on Mudit Goyal’s website.
This absence is worth reading against what his own site says elsewhere.
His Disclaimer page states directly that fees are paid for his research recommendations, using the phrase “the fees is paid for research recommendations,” and separately that “we charge fixed fees.”
His MITC page states SEBI’s fee cap of ₹1,51,000 per year per family in full.
In other words, the firm’s own documents confirm a fee is charged and confirm the regulatory cap that applies to it, while no page, navigation link, or section anywhere on the site actually states what that fee is.
A Research Analyst’s website exists partly so a prospective client can compare the cost of a service before subscribing.
Without a published price for either Telegram channel, that comparison is not possible from the site alone, and the actual amount can only be found by contacting Mudit Goyal directly.
What Does Mudit Goyal’s MITC Page Actually Say?
A specific, checkable error appears in the MITC document itself.
Clause 10.1, meant to tell a client how to raise a grievance, reads: “The client should first contact the RA using the details on its website or following contact details: (RA to provide details as per ‘Grievance Redressal / Escalation Matrix’).”
This is not a real set of contact details.
It is drafting instruction text, meant to be replaced with Mudit Goyal’s actual grievance contact information, left published exactly as written on the live page.
A client trying to follow the correct escalation path through this specific clause would find no actual instruction there at all, only the placeholder note that was supposed to be filled in before the document went live.
What Does Mudit Goyal’s Complaint Data Show?
SEBI requires every registered Research Analyst to publish complaint data covering complaints carried forward, received, resolved, and pending.
| Year | Carried Forward | Received | Resolved | Pending |
|---|---|---|---|---|
| 2023-24 | 0 | 1 | 1 | 0 |
| 2024-25 | 0 | 0 | 0 | 0 |
| 2025-26 | 0 | 0 | 0 | 0 |
| 2026-27 | 0 | 0 | 0 | 0 |
| Grand Total | 0 | 1 | 1 | 0 |
The single complaint reported for 2023-24 does not appear anywhere in the monthly complaint data published for the site, which only begins in 2025.
This makes it genuinely difficult to determine whether that one complaint came directly from an investor, through SEBI SCORES, or through another channel, since the more granular monthly record that would normally clarify this simply does not go back far enough.
What Do Mudit Goyal’s Social Media Channels Show?
Several inconsistencies came up when checking the social media links listed on the site.
- Instagram: clicking the link redirects to Instagram itself, but the specific profile page is not visible once there.
- Telegram: clicking through leads to a different channel than expected in at least one instance, while a separate channel under his own name shows just over 1,000 followers.
- Twitter: an active account with more than 23,000 followers.
The Telegram redirect inconsistency is worth taking seriously on its own, since a registered RA’s official communication channel is exactly where a client needs certainty about who they are actually dealing with.
What Does Mudit Goyal’s Telegram Channel Actually Promise?
This section requires an important caveat before anything else: given the channel confusion already noted above, this review cannot confirm with certainty that every channel bearing the Mudit Goyal name and photo is operated directly by the registered Research Analyst himself, rather than a separate channel using his identity.
Whichever is true, the content found is serious enough to document in full, and worth extreme caution regardless of its exact source.
Content found in connection with a channel displaying the Mudit Goyal name and photo, with 1,355 subscribers at the time of this review, included the following.
1. Language Promising Unrealistic Outcomes
Messages used phrases like “Loss Recovery” and “Jackpot Calls,” paired with wishes for “a profitable day.”
This kind of language sets an expectation of reliably recovering losses or generating profit, which no genuine research call can promise.
2. A Specific Return Claim Far Beyond Any Realistic Trading Outcome
One message promised ₹90,000 in return for a ₹15,000 investment within 12 hours, a 500 percent return in half a day.
A scaled table of similar claims also appeared, listing pairs such as investing ₹5 lakh to earn ₹30 lakh, and investing ₹10 lakh to earn ₹100 lakh, each promised as a return within 24 hours of trade.
3. A Request For a Share of Profits
The same “Loss Recovery” message asked participants to send back 10 percent of their profits after receiving them.
A SEBI-registered Research Analyst is not permitted to charge fees structured around a client’s trading profits under any circumstance.
A request framed as a voluntary profit share raises the same underlying concern regardless of how it is worded.
4. Urgency and Scarcity Pressure
The offer was explicitly limited to five people, with a note that only the first 30 respondents would receive a reply.
Limiting an offer this way, on a specific financial commitment, is a pressure tactic designed to shorten the time a prospective participant spends thinking it through.
5. Screenshots Used to Build Credibility
Images described as showing successful payments and returns to other participants were shared repeatedly within the channel, including messages stating that all investors’ payments had been returned.
Content built specifically to demonstrate other people’s success, without independent verification, is a well-established pattern used to encourage a new participant to act quickly.
None of these five patterns describe activity a SEBI-registered Research Analyst is permitted to conduct.
Guaranteed or near-guaranteed return promises, profit-linked compensation, and urgency-driven investment pitches sit outside the Research Analyst framework entirely, regardless of who specifically is operating the channel where they appeared.
How to File a Complaint Against Mudit Goyal?
If you have paid into any scheme resembling what is described above, or your experience did not match what his official research channels promised, start by saving every message, payment record, and screenshot from the specific channel you engaged with.
Reading through the general complaint against SEBI registered research analyst process first will help you understand what to expect at each stage of escalation.
Do not rely on the MITC page’s grievance clause as written, since it currently contains placeholder text rather than real contact details.
Reach out directly through the email and phone number listed on his official registration record instead.
If that does not resolve the matter, the SEBI SCORES portal is where you file formally, citing registration number INH000013022 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.
Encountered a “loss recovery” offer or guaranteed-return scheme connected to Mudit Goyal’s name?
We review your evidence, identify the correct registered respondent, and help you build a complaint SEBI will actually act on. Register with us for a free consultation.
Disclaimer: This review is based on Mudit Goyal’s own website, its published complaint disclosures, and content found in connection with a Telegram channel bearing his name, and does not constitute a SEBI finding.
Attribution of the Telegram content described above could not be independently confirmed given the channel inconsistencies noted in this review.
Conclusion
Mudit Goyal holds a genuine SEBI Research Analyst registration under INH000013022, with a documented professional background including the CFA designation and prior industry experience.
At the same time, his website discloses no pricing despite his own MITC and Disclaimer confirming fees are charged, his MITC page’s grievance clause contains unfilled template text instead of real contact details, his complaint data has a reconciliation gap between its annual and monthly records, and content connected to a channel bearing his name describes guaranteed-return offers and profit-sharing requests no registered Research Analyst is permitted to make.
Confirm his actual fees and correct grievance contact directly in writing, and treat any guaranteed-return offer connected to his name with the same caution you would apply to any unregistered scheme, regardless of what channel it appears in.
Report. Recover. Stay Fraud Free.
Frequently Asked Questions
Yes, registration number INH000013022 is valid, effective since September 15, 2023. Genuine registration does not resolve the fee transparency or Telegram content issues this review covers.
Nowhere on his website. His own MITC and Disclaimer pages confirm fees are charged, but no page states the actual amount for either of his two named Telegram channels.
No. Clause 10.1 currently contains unedited placeholder text meant to be replaced with actual contact information, rather than a working grievance contact.
No SEBI-registered Research Analyst is permitted to promise guaranteed returns or request a share of client profits. Whether this specific content came from his own official channel or a separate channel using his name could not be confirmed for this review, but the conduct described is not permitted either way.
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