NA Supreme Research Private Limited has been operating as a SEBI-registered Research Analyst firm since 2024, run by Neeraj Sen out of Indore.
The firm offers research services across equity, index, and intraday segments to retail traders and investors across India.
What makes this firm worth looking at carefully is not just the registration.
It is the complaint data that the firm has published on its own website, which shows 51 investor grievances in a single financial year, with 22 of those carried forward from unresolved cases the previous year.
Whether you are evaluating this firm before paying or you have already paid and something has gone wrong, this page covers what the registration actually means, what the complaint data shows, and what investors can do when things do not go as promised.
Is NA Supreme Research SEBI Registered?
Yes. NA Supreme Research Private Limited is a SEBI-registered Research Analyst firm.
Registration details:
- SEBI Registration Number: INH000017745
- Registration Category: Research Analyst under SEBI (Research Analysts) Regulations, 2014
- Entity Type: Private Limited Company
- GSTIN: 23AAJCN5787B1ZE
- CIN: U73200MP2024PTC070946
What to confirm when you verify:
- Registration status (active or suspended)
- Registration category (Research Analyst, not Investment Adviser or Portfolio Manager)
- Name of the registered entity
- Any debarment or suspension orders
According to the firm’s own website: “NA Supreme Research Private Limited or its associates has not been debarred or suspended by SEBI or any other regulatory authority for accessing or dealing in securities markets.”
But here is what one must not be confused with SEBI registration.
SEBI registration is the regulatory minimum.
It confirms the firm is authorised to provide research services. It does not guarantee ethical conduct, quality of advice, or compliant practices.
As the complaint data below shows, registered firms can and do attract significant investor grievances.
Many investors searching for this firm want to know not just whether it is registered but whether it is a genuine entity at all. We have covered that specific question in a separate piece.
Find out whether NA Supreme Research Private Limited is real or a fake advisory and what the difference actually means for investors who have already paid.
NA Supreme Research Owner Name
NA Supreme Research Private Limited is registered under the proprietorship of Neeraj Sen, who operates as the sole proprietor of the firm.
Why does the owner’s name matter?
Under SEBI’s Research Analyst Regulations, the registered proprietor or principal officer is personally accountable for the firm’s regulatory compliance.
If a firm violates SEBI norms, the adjudication proceedings are initiated against the individual in addition to the entity.
Knowing who is responsible helps investors understand the accountability chain before they pay.
What Services Does NA Supreme Research Offer?
NA Supreme Research currently offers three research products listed on their website:
1. Quantum Stocks Trade: A research service focused on stock-specific recommendations, primarily targeting traders looking for equity trade ideas with defined entry, target, and stop-loss levels.
2. Prime Index Hub: An index-focused research service covering Nifty and Bank Nifty segments, providing analysis and recommendations for traders in the index derivatives space.
3. Elite Intraday Combo: A combined intraday research package covering cash, futures, and commodity segments for active intraday traders.
What these services are permitted to do under SEBI law:
Under the SEBI (Research Analysts) Regulations, 2014, a registered RA like NA Supreme Research can:
- Publish research reports with buy, sell, or hold recommendations backed by documented analysis
- Share market insights, sector views, and trade ideas with defined risk parameters
- Provide research-based alerts with target and stop-loss levels
- Charge fixed, pre-agreed fees that are not linked to client profits
What these services are NOT permitted to do:
This is where many investors get misled. A SEBI-registered RA cannot:
- Promise guaranteed or assured returns. Any such promise is a direct violation of SEBI RA Regulation 16(b)
- Send live execution instructions. Messages like “buy NOW at this price, maximum quantity” cross into investment advisory territory and require a separate SEBI IA registration
- Claims to recover losses. Future tips will make up for past losses, which is a documented SEBI violation pattern
- Link fees to performance. Fee structures must be fixed and pre-agreed, not contingent on outcomes
- Provide personalised portfolio advice. Research is general in nature; personalised advice requires IA registration
If a representative of NA Supreme Research has done any of the above during your engagement with them, that is a potential SEBI violation, regardless of what your service agreement says.
NA Supreme Research Reviews
This is where the blog must be honest with you.
There are no verified individual user reviews or third-party complaint accounts publicly available for NA Supreme Research at the time of writing.
However, there is something more reliable than user reviews: the firm’s own publicly disclosed complaint data.
What NA Supreme Research’s Own Website Reveals
SEBI requires NA Supreme Research to publish complaint status data on its website. Here is what their complaint status page shows as of May 2026:
Annual Complaint Trend:
| Year | Carried Forward | Received | Resolved | Pending |
|---|---|---|---|---|
| 2024-25 | 0 | 0 | 0 | 0 |
| 2025-26 | 22 | 29 | 26 | 1 |
| Grand Total | 22 | 29 | 26 | 1 |
Source: NA Supreme Research’s own complaint status page at supremeresearch.in/services/complaint
What These Numbers Actually Mean
51 total complaints in 2025-26 (22 carried forward + 29 received) is a significant number for a research analyst firm of this size. Here is how to read this data correctly:
The 22 carried-forward complaints were unresolved from the previous period and entered 2025-26 still open. This means investor grievances existed before this financial year began and were not resolved in time.
The 26 resolved complaints. This shows that the firm has resolved the majority of complaints, which is a positive signal. A resolution rate of approximately 96% (26 out of 27 received this year) suggests the firm does engage with complaints.
As of the latest data, 1 complaint is still pending.
The most important question this data raises is what these 51 complaints were about. The public data does not break down complaint categories.
If you are an investor who has filed a complaint or experienced issues, understanding whether your situation matches a broader pattern is important for building a strong case.
Complaint data reflects only formally filed grievances. Industry experience shows that for every complaint formally filed with a SEBI-registered firm, several more investors experience issues but never formalise them, due to not knowing the process, believing it won’t work, or feeling the amount is too small to pursue.
The actual number of investors who experienced issues with NA Supreme Research is very likely higher than 51.
Red Flags Investors Should Check
Before paying NA Supreme Research or any research analyst firm, run through this checklist:
1. Is the fee structure in writing before you pay? Any SEBI-registered RA must provide a written service agreement with clearly stated fees before services begin. If fees are only communicated verbally or via WhatsApp, that is a compliance failure.
2. What exactly are you receiving for your fee? A research report is a document with analysis, assumptions, and risk disclosures. If what you are receiving is a daily WhatsApp message saying “buy X at Y now,” you are receiving live execution guidance, not research. These are fundamentally different under SEBI law.
3. Has anyone used the words “guaranteed” or “assured”? The moment any representative uses either word, in a call, message, or pitch, they have violated SEBI RA Regulation 16(b). Document it immediately with a screenshot or recording.
4. Are they asking you to add more capital after a loss? “Pay more, and we will recover your losses” is one of the most documented complaint patterns in the RA industry. It is both an SEBI violation and a strong indicator of predatory conduct.
Got Issues with NA Supreme Research? Here’s How to Escalate & Recover Your Money
If your experience with NA Supreme Research involved guaranteed return promises, live trade execution instructions, pressure to add capital after losses, or non-refund of fees, the formal complaint process has a specific path from first contact with the firm all the way through to arbitration.
We have laid out each step in detail separately so you know exactly what to do and in what order: how to complaint against NA Supreme Research.
Need Help Navigating This Process?
Our team has helped investors file structured complaints against registered research analysts and recover money through SCORES, SMART ODR, and exchange arbitration.
We help you:
- Identify which SEBI regulations apply to your specific situation.
- Organise and present your evidence correctly.
- Draft and file your SCORES complaint with the right regulatory references.
- Represent your interests on the SMART ODR platform and through arbitration.
We have helped investors recover money from SEBI-registered RA firms, including a ₹25,000 BSE arbitration award in the Supreme Investrade case where the investor won despite having signed a no-refund agreement.
Conclusion
NA Supreme Research Private Limited holds a valid SEBI registration as a Research Analyst under registration number INH000017745, with Neeraj Sen as the registered proprietor, operating from Indore.
Their own complaint data shows 51 investor grievances were handled in 2025-26, with the majority resolved. One complaint remains pending as of the latest disclosure.
SEBI registration is the regulatory starting point, not a guarantee of ethical conduct or compliant service delivery. Before paying any research analyst firm, verify the registration, get the fee structure in writing, and confirm exactly what format the research will be delivered in.
If you have already paid and experienced issues, the complaint process exists, and it works when used correctly with proper documentation and the right escalation path.
Frequently Asked Questions
1. Is NA Supreme Research SEBI registered?
Yes. NA Supreme Research Private Limited is SEBI-registered as a Research Analyst with registration number INH000017745 under proprietor Neeraj Sen. You can verify this on SEBI’s official intermediary portal at sebi.gov.in.
The firm has confirmed it has not been debarred or suspended by SEBI as of the latest update.
2. Who is the owner of NA Supreme Research?
NA Supreme Research Private Limited is registered under the sole proprietorship of Neeraj Sen, based in Indore, Madhya Pradesh.
As the registered proprietor, Neeraj Sen is personally accountable for the firm’s regulatory compliance under SEBI’s Research Analyst Regulations.
3. How many complaints has NA Supreme Research received?
According to the firm’s own publicly disclosed complaint status data, NA Supreme Research handled 51 investor complaints in 2025-26. 22 were carried forward from the previous period and 29 were newly received.
Of these, 26 have been resolved, and 1 remains pending as of May 2026.
4. Can NA Supreme Research send live trade tips on WhatsApp?
No. A SEBI-registered Research Analyst can only provide documented research reports with buy, sell, or hold recommendations.
Sending real-time execution instructions via WhatsApp, such as specific buy or sell calls with live entry and exit levels, goes beyond the permitted scope of research advisory and constitutes a violation of SEBI regulations.
5. NA Supreme Research promised me guaranteed returns. What should I do?
Document the communication immediately, screenshot the message, or note the date and content of the call. Guaranteed return promises violate SEBI RA Regulation 16(b) regardless of what your service agreement says.
File a complaint on SEBI SCORES, selecting “Research Analyst” as the category and attaching all evidence.
6. I signed a no-refund agreement with NA Supreme Research. Can I still complain?
Yes. A no-refund clause cannot override SEBI’s regulatory obligations.
If the firm violated its RA registration scope, through guaranteed return promises, live execution instructions, or undisclosed fee structures, the clause does not protect them.
SEBI adjudicators and arbitration tribunals have upheld investor complaints even where no-refund agreements were signed.
7. Where do I file a complaint against NA Supreme Research?
File on SEBI SCORES. Select “Research Analyst” as the intermediary category and enter registration number INH000017745.
Attach payment receipts, WhatsApp communications, and any evidence of violations. If unresolved within 30 days of the broker response window, escalate to SMART ODR and then BSE arbitration.
8. What is the time limit to file a complaint against NA Supreme Research?
File within 3 years of the incident. The earlier you act, the stronger your evidence trail. Delays allow communication records to be deleted and make reconstruction of the case harder.
If you are unsure whether your situation qualifies as a complaint, a free consultation can help you assess before the window closes.
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