Many investors assume that SEBI registration alone ensures a safe and trouble-free experience. In reality, registration only defines the regulatory framework; it does not eliminate the possibility of disputes or grievances.
NA Supreme Research Private Limited operates as a SEBI-registered Research Analyst and displays its registration details on its website. The company highlights its research-driven approach, structured processes, and focus on investor education.
At the same time, a retail investor has submitted a detailed complaint alleging trading losses, verbal assurances related to profits, high-risk trade recommendations, and difficulties in communication after losses occurred. The complaint is supported by WhatsApp chats, payment records, invoices, a signed service agreement, and a formal written representation.
This blog explains the situation step by step, starting with what the company claims, then moving into what SEBI rules allow, followed by what the documents and chats show, and finally what investors can do in similar situations.
NA Supreme Research Review
NA Supreme Research is an SEBI-registered Research Analyst with the registration number INH000017745 and sole proprietorship of Neeraj Sen. The website states that the firm provides:
- Equity and derivatives research
- Market analysis and recommendations
- Structured research services for traders and investors
The site also includes standard disclaimers:
- Market risk warnings
- No guarantee of returns
- Research-only positioning
On paper, these claims align with what SEBI allows a Research Analyst to do. But behind the curtain, the firm is violating SEBI guidelines and misleading clients for its own interest.
NA Supreme Research Complaint
According to the investor’s complaint:
- The investor had limited technical knowledge and had invested mainly in IPOs.
- Company representatives showed demo trades that appeared profitable within minutes.
- These demos created the impression that profits were easy and repeatable.
The investor states that multiple representatives contacted him over time.
The complaint alleges that one representative strongly persuaded the investor to buy a ₹46,000 service package, with verbal assurances of:
- Guaranteed profits
- Recovery of losses
Now, in such a case, there is a direct conflict with SEBI rules and even with the company’s own written disclaimers.
Here is the detailed complaint registered by the complainant.
The dispute between the investor and NA Supreme Research Private Limited reveals a troubling pattern of financial inducement, inconsistent documentation, and misaligned trading advice.
PhonePe screenshots show a clear transaction trail: the investor was asked to make multiple payments directly to the company, using the UPI ID nasupremeresearch@idfcbank, including amounts of ₹1,000, ₹2,000, ₹41,000, and several smaller sums.
Interestingly, the investor did not receive any invoice at the time of payment.
Only after he demanded a refund did the company issue a GST tax invoice for a service called Prime Index Hub, covering the period from July to September 2025 for ₹43,000 (including GST). The invoice also included a non-refundable clause, which the company later used to deny the refund. The timing of this invoice raises serious transparency concerns, as it effectively allowed the company to retroactively justify withholding funds.
On paper, the situation appears compliant. The signed Services Agreement confirmed that NA Supreme Research is a SEBI-registered Research Analyst and explicitly stated that recommendations do not assure returns, that market risks apply, and that losses cannot be claimed from the analyst. It also declared an annual fee cap as per SEBI rules. However, the conflict arises from the stark difference between these written disclaimers and the alleged verbal assurances given to the investor, which suggested controlled or recoverable profits.
Trading activity, according to the investor, escalated rapidly and recklessly. Recommendations were provided over roughly ten days, during which losses began gradually but soon accelerated.
One trading day resulted in a loss of approximately ₹1.5 lakh, and on another, trading of up to 100 lots led to a further loss close to ₹2 lakh. The investor describes these trades as excessively risky, unsuitable for a retail investor, and poorly aligned with his experience and capacity. One particularly high-risk trade was allegedly suggested by a representative named Vishnu.
After these losses, the investor was contacted by new company representatives with promises of recovery.
However, calls went unanswered, communication sharply reduced, and support vanished once accountability was requested. The investor repeatedly sought a refund, warned the company about approaching SEBI, and even mentioned filing an FIR. The company responded only once via email, acknowledging the concern and promising a response within 24–48 hours, but no resolution ever followed.
This complaint paints a worrying picture: a combination of financial inducement, delayed documentation, high-risk recommendations, and disappearing support. On paper, the company appears SEBI-compliant, but the alleged verbal assurances, the timing of invoices, and the investor’s experience suggest a pattern that contradicts the formal agreements and raises serious questions about transparency, responsibility, and regulatory compliance.
How to Register a Complaint Against RIA?
If you find yourself facing a similar situation, the first and most crucial step is to gather all evidence that clearly documents your interactions and transactions.
Step 1: Collect Evidence
Save:
- WhatsApp chats
- Call summaries
- Payment proofs
- Invoices
- Agreements
Step 2: Write to the Company First
Email the official support address and ask for:
- Written clarification
- Resolution timeline
Step 3: File a Complaint on SEBI SCORES
Mention:
- Alleged profit assurances
- Suitability issues
- Communication failure
- Attach documents
Need Help?
Cases like this confuse investors because:
- SEBI registration exists
- Agreements look compliant
- Losses still happen
Reach out to us, we help investors:
- Understand the difference between registration and conduct
- Read agreements beyond fine print
- Structure strong SEBI complaints
- Avoid emotional decisions after losses
The focus stays on facts, evidence, and the correct process.
Conclusion
NA Supreme Research shows SEBI registration, formal invoices, and agreements. At the same time, a retail investor alleges serious issues involving sales pressure, risk exposure, and post-loss handling.
This case highlights a key truth:
SEBI registration allows research, but it does not excuse unethical conduct.
Every investor must verify, question, and document everything. Trust grows from behavior, not certificates alone.
