Quick Summary
Narnolia Investment Advisors Private Limited holds SEBI investment adviser registration INA300005439, valid since 25 August 2016 and perpetual. Its latest disclosures show 2 complaints in FY 2026-27, one resolved and one pending, and the September dashboard lists one through SCORES. The tables do not fully line up with each other. The website we reviewed shows no clear fees, and the group has affiliates in other financial services. We found no SEBI order against the firm as of 16 October 2026, which is not a clean certificate.
You may be looking at a model portfolio of stock ideas from a well known brand and wondering what sits behind it. This blog looks at Narnolia Investment Advisors Private Limited through its own disclosures.
The recommendations may look neat, but the cost, the conflicts and the complaint record are what decide whether it suits you.
We cover the registration, the complaint tables, the missing price and the group structure, then turn the gaps into questions you can send in writing.
What Is Narnolia Investment Advisors and What Does It Offer?
Narnolia Investment Advisors Private Limited offers what it calls Investment Advisory Portfolios, or IAPs.
These are sets of equity ideas built around a stated strategy, so an investor can pick an approach that matches goals and risk appetite.
The strategies include industry leaders, mid and small cap stocks, multi cap stocks and thematic ideas.
Each portfolio is presented as research driven and aimed at long term wealth creation.
A stated aim is not a result.
Before choosing any portfolio, you want the strategy, the stock selection method, the benchmark, the suggested holding period and the risks in front of you.
How The Portfolios Are Used
You need an active trading and demat account with one of the firm’s broker distribution partners to invest.
The firm gives monitoring and rebalancing suggestions, and you decide whether to act on them.
That means you stay involved.
If you ignore a suggested change, your holdings drift from the model, and the outcome will differ from what the portfolio shows.
Exit Terms
The firm states that you can exit a portfolio partly or fully without an exit load. That covers one cost only.
Brokerage, transaction costs, taxes and market movements still apply when you sell.
Ask for the full list of charges in writing, not just the one that is waived.
What To Ask First
Ask which portfolio would suit your profile and why.
Request the suitability record, so the reasoning is on paper.
An adviser is expected to link a recommendation to what it knows about you.
A written record is how you can see that link.
Is Narnolia Investment Advisors Private Limited SEBI Registered?
The SEBI listing in the research shows the company as a registered investment adviser.
Each point below is what that listing shows, and you should confirm it yourself before relying on this page.
- Registration number is INA300005439. The INA prefix marks an investment adviser, unlike INH for a research analyst or INP for a portfolio manager.
- Validity runs from 25 August 2016 and is listed as perpetual. The registration is about ten years old as of October 2026.
- Registered address is Marble Arch, 236B A.J.C. Bose Road, 2nd Floor, Room No. 201, Kolkata 700020. The correspondence address is the same.
- Contact person is Anchal Narnolia, with a compliance email on the narnolia domain name.
The listing shows one number against both telephone and fax, so confirm a dialling number separately.
You can run the check yourself in a few minutes.
Verify SEBI IA registration lets you enter INA300005439 and compare the name, category and validity with this page, so you do not rely on anyone’s word.
Searching by SEBI registration number on the regulator’s pages gives the same answer.
Make sure the name on any payment page matches the registered name.
Registration shows the company is allowed to give investment advice.
It does not describe the quality of advice or what the firm charges.
How Many Complaints Does Narnolia Investment Advisors Report?
The firm publishes three tables, a September 2026 dashboard, a three month trend and an annual trend.
We read each one and added the totals again.
The dashboard first. It splits complaints by where they came from.
|
Source |
Pending at end of last month | Received | Resolved | Total pending |
|
Directly from investors |
Nil | Nil | NA | NA |
|
SEBI SCORES |
Nil | 1 | Ongoing |
1 |
| Other sources | Nil | Nil | NA |
NA |
| Grand total | Nil | 1 | 1 |
NA |
Reading the Dashboard
The only complaint in September came through SCORES, and the dashboard shows it as ongoing with one pending.
The grand total row, however, lists one resolved.
The row and the total do not agree on whether that complaint is resolved.
The tables do not explain why, so it is a fair question to put to the firm.
The Monthly Trend
The trend table covers three months, newest first. Here it is in order, and the sums are added up again.
|
Month |
Carried forward | Received | Resolved | Pending |
|
July 2026 |
Nil | 1 | 1 | Nil |
|
August 2026 |
Nil | 1 | Towards conciliation from exchange end |
1 |
| September 2026 | Nil | Nil | NA |
NA |
| Total | Nil | 2 | 1 |
1 |
Two received, one resolved and one pending matches the grand total shown.
August is the month still open, with the firm’s own words saying it is moving towards conciliation from the exchange end.
Where the Tables Do Not Line Up
The trend shows nothing received in September, yet the dashboard lists one SCORES complaint received in September.
The dashboard also shows nil pending at the end of the previous month, while the trend shows one pending at the end of August.
There are plausible explanations, such as different cut off dates or a complaint that reached SCORES in September about an older matter.
The firm has not said, so we cannot tell.
The Annual Trend
|
Financial year |
Carried forward | Received | Resolved | Pending |
|
2026-27 |
0 | 2 | 1 | 1 |
|
2025-26 |
0 | 0 | NA | NA |
|
2024-25 |
0 | 0 | NA |
NA |
| 2023-24 | 0 | 0 | NA |
NA |
| 2022-23 | 0 | 0 | NA |
NA |
| Grand total | 0 | 2 | 1 |
1 |
The annual figures agree with the trend, two received, one resolved and one pending.
What The Pattern Suggests
The four earlier years show no complaints, and then two appear in the first six months of FY 2026-27.
A small count after a quiet period is not proof of anything.
It does mean the recent record deserves a closer look than the older years.
The tables do not say what the complaints were about or how the resolved one ended.
If you are considering the firm, ask what the pending complaint concerns in general terms and what stage it has reached.
A complaint reaching SCORES instead of the firm directly can have many causes.
One is that the person wanted a regulator involved from the start, and we cannot say more than that.
If you ever have a complaint of your own, the guide on a SEBI complaint against investment advisor explains how such cases usually run, and it helps to know the path before you commit money.
A search of SEBI’s public records found no SEBI order against the firm as of 16 October 2026.
That is not a clean certificate, because orders can be published later and our search was limited.
Have a complaint on an advisory portfolio that has been pending for weeks?
Our team reviews your payment proof and the advisory papers, drafts a clear written grievance, and takes it to the right SEBI channel if the first reply falls short. Register with us for a free consultation.
Also Read: Purnartha Investment Advisers Pvt Ltd reports 202 complaints with actual advisory fees remaining undisclosed.
Narnolia Investment Advisors Fees and Pricing
The website we reviewed does not clearly show advisory fees, plans or the scope of each plan.
A visitor cannot see the cost before engaging the firm.
SEBI allows fees in a fixed fee mode and in an assets under advice mode, each with its own limit.
In the fixed fee mode the cap is ₹1,51,000 per client per family per year.
Without a published price, you cannot see where any plan sits against that cap, or compare plans with other advisers.
Why One Number Is Not Enough
A quote should say what it covers, for how long and for how many family members.
It should also state the GST separately.
Take a figure of ₹1,78,180 as an example.
That equals the ₹1,51,000 cap plus 18 percent GST, so it would not by itself cross the cap, but the GST treatment should be confirmed in writing.
This is only a worked example and not the firm’s price.
Costs Outside The Advisory Fee
Since you need a broker partner’s account, ask what brokerage and other charges apply there.
Those are separate from the adviser’s fee.
Ask for all costs together, so you can compare the full cost of following the portfolio.
Before You Pay
Take these four steps first, since they cost nothing.
- Ask for each plan’s fee in rupees and the period it covers.
- Ask for GST as a separate line.
- Ask what happens to the fee if you stop midway.
- Ask for the payment account name and match it to the registered name.
What Does Narnolia’s Website Say About Portfolio Management?
The research notes that the website mentions services linked to portfolio management, while the registration being reviewed is as an investment adviser.
These are separate regulated activities.
The reader is left to wonder in which capacity each service is offered.
The group may well explain this elsewhere, and we could not see it in the information reviewed.
A Simple Clarity Check
Ask the firm to list which services are given by Narnolia Investment Advisors Private Limited and which by any group company.
Ask for the registration number against each.
Then match those numbers on SEBI’s listing.
A portfolio manager registration begins with INP, so you can tell the capacity from the prefix.
Why the Difference Matters To You
An adviser recommends and you decide whether to act.
A portfolio manager can act on your behalf with your money, and the rules differ.
The portfolios described by the firm give suggestions that you may accept or reject.
Make sure your agreement says the same.
Group Companies and Conflict of Interest at Narnolia Investment Advisors
The firm’s disclosure says an affiliate, Narnolia Financial Services Ltd., offers merchant banking, portfolio management, research analyst services, mutual fund distribution and other third party products.
A group with many businesses can create situations where one arm’s interest differs from a client’s.
That is a general feature of such groups and does not show that anything has gone wrong here.
The firm states that it keeps information barriers in place.
The disclosure we reviewed does not explain how they work day to day.
What To Ask About the Barriers
Ask who reviews recommendations, whether advisory staff can see the affiliate’s deal flow, and whether any recommended stock is one the group also deals in.
Ask also whether you will be offered any group product alongside the advice.
If so, ask how that is separated from the advisory fee.
Why This Matters When You Invest
Advisers are expected to disclose any conflicts, and a clear answer helps you judge independence.
A vague answer is itself useful information.
Keep the reply in writing.
What Does Narnolia’s Privacy Policy Reveal About Account Security?
The privacy policy, as reviewed, says the firm collects KYC details, financial history, income, risk appetite, objectives, existing assets and investments, and liabilities.
That is a wide range of personal financial data.
Advisers need much of this to assess suitability, so collecting it is not unusual.
The text we saw does not explain how long the data is kept or what safeguards protect it.
The Login Responsibility
The policy puts responsibility on users to keep passwords confidential.
It also makes users responsible for actions taken through their login, including when credentials are shared with others.
That is a common clause, and it also means you should never share credentials.
The text we reviewed does not describe how the firm handles unauthorised access.
What To Ask
Ask how long your data is retained and who can access it.
Ask how the firm responds if an account is accessed without permission.
Also Read: Pugmark Fund Capital Advisors LLP reports five resolved complaints but lacks clear public fee and policy disclosures.
What Can You Evaluate From Narnolia Investment Advisors Reviews?
The research for this blog did not include client reviews.
We have not described any, and a missing review should not be read as a good or bad sign.
Look for dated reviews on more than one platform.
Any review you read is an individual opinion that we have not verified, and the firm may dispute it.
What Must You Know Before Choosing Narnolia Investment Advisors?
The gaps above can be turned into a short list.
Send these by email so you have a written reply, and wait for the answers before any money moves.
1. What does each plan cost, with GST?
Ask for the base fee, the GST, the period covered and the refund terms. Compare any fixed fee with the ₹1,51,000 cap.
2. Which entity gives each service?
Ask which services come from this company and which from group companies, with registration numbers.
3. How are the open complaints being handled?
Ask what the pending matter concerns in general terms and why the dashboard and trend tables differ for September.
4. What does it cost to follow the portfolio?
Ask about brokerage and other charges at the partner broker, beyond the advisory fee.
5. How are disputes settled?
Ask whether the agreement sends disputes to arbitration. Reading about arbitration in share market cases first helps you judge what such a clause would mean for you.
How Can You Contact Narnolia Investment Advisors or Raise a Complaint?
The listing shows a compliance email on the narnolia domain name and a named contact person.
It does not name a separate grievance officer in the information reviewed, so start with the compliance email.
State your name, payment reference, the issue and the outcome you want in a reasonable time.
A dated email is stronger than a call.
If the firm does not reply or you disagree with its answer, the regulator’s online system is the usual next step.
The page on the SCORES SEBI complaint route covers what to attach and how a case moves after you file.
Keep every reply you receive on that system, since they matter if the case has to go further.
The firm’s own table mentions conciliation from the exchange end for one matter.
If your dispute involves a payment disagreement that stays open, the SMART ODR portal brings in a neutral conciliator to go through your papers with you.
Disclaimer
This blog is based on the firm’s published disclosures and publicly available SEBI records as of 16 October 2026. It does not allege wrongdoing, and the firm is welcome to share its side. We could not independently confirm its fee levels, how its services are split across group companies, the reasons behind its reported complaints, the effect of its information barriers, or the content of any agreement beyond what the research showed.
Conclusion
Narnolia Investment Advisors Private Limited holds a long standing SEBI registration, and its complaint record was clean for four years before two entries appeared in FY 2026-27. One of those is still open.
The tables do not fully agree with each other for September, and the website says little about price.
Ask for the fee with GST, the services by entity and the conflict safeguards in writing.
Check the registration yourself, and match any payment account to the registered name.
If the firm answers openly and quickly, you have a better basis to decide.
If a dispute arises later, write to the firm first and then use the escalation routes in order.
Keep your receipts, emails and screenshots in one folder.
Report. Recover. Stay Fraud Free.
Frequently Asked Questions
The SEBI listing in the research shows it as an investment adviser under INA300005439, valid from 25 August 2016 and perpetual. Confirm the details on SEBI's website and match the name on any payment page.
The annual table shows two complaints in FY 2026-27, one resolved and one pending, with none in the four earlier years. The September dashboard separately lists one complaint received through SCORES.
The website content we reviewed does not clearly show fees, plans or their scope. Ask the firm to state each fee in rupees, the GST and the refund terms in writing before you pay.
The firm describes advisory portfolios where you review suggested changes and decide whether to act, through your own account with a broker partner. Ask which services come from which entity before you sign anything.
Write to the firm first and keep the reply. If it falls short, a complaint can go through SEBI's online system or the dispute resolution portal, and our guides cover those routes.
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