Quick Summary
Nexus Research is a SEBI-registered individual Research Analyst practice run by proprietor Mikal Keyur Shah, under registration number INH000014553, granted January 17, 2024. Its own Consent Form correctly states SEBI’s ₹1,51,000 per year fee cap, yet nearly every subscription plan it sells prices far above that figure. Its complaint disclosure shows two different totals for the same period across its monthly and annual tables, several complaints resolved well past SEBI’s 21-day window, and no update since May 2026. This guide covers the registration, the pricing, the complaint data, and every website flag found in full.
Nexus Research describes itself as a Market Research and Analysis Company, offering equity and commodity research across cash, futures, and options, alongside a paid Research Training program and a one-time Consultation Service.
It maintains a Facebook following of roughly 6,000 and an Instagram following of 2,017, with a WhatsApp live chat widget pre-filled with “Hi, Need a Service” appearing on every page.
This review works through the registration, the person behind it, the pricing, the complaint history, and specific marketing, privacy, and terms language found on the firm’s own site.
Nexus Research Review
Nexus Research positions itself as a market research and analysis company, offering research reports and professional support across stock cash, stock futures and options, index derivatives, and commodities, plus two additional paid services.
- Research Training Program: a session-based training service, billed separately from research subscriptions.
- Consultation Services: a one-time advisory charge for larger investors.
The firm maintains an active social media presence, with Facebook and Instagram accounts linked directly in its site header and footer, and a WhatsApp chat widget that opens with a pre-filled message on every page a visitor lands on.
Is Nexus Research SEBI Registered?
Yes. Nexus Research, operated by proprietor Mikal Keyur Shah, holds a valid, individual SEBI Research Analyst registration under number INH000014553, granted January 17, 2024, on a perpetual validity basis.
One detail worth flagging directly: the email address on SEBI’s own registration record, mikalshahra@gmail, is different from the contact@nexusresearch address shown across the website itself.
Both may be legitimately in active use, but it is worth confirming which one is monitored for a formal grievance before relying on either.
The absence of a disclosed BSE Enlistment Number anywhere on the site is also worth noting.
Individual RAs are required to be enlisted with a Research Analyst Administration and Supervisory Body, and this enlistment detail is commonly displayed alongside the SEBI registration number on a firm’s own compliance pages.
Also read: Trade With Mohit Agrawal, another RA whose own site blurs the line between its registration and an IA.
Who Is Mikal Keyur Shah?
Mikal Keyur Shah is the sole proprietor behind Nexus Research, registered individually with SEBI under number INH000014553 rather than through a corporate structure.
Because Nexus Research operates as a proprietorship, every regulatory obligation, every disclosure, and every response to a client complaint traces back to this one individual.
This structure matters for one practical reason.
If you ever need to escalate a concern, you are dealing directly with the registered individual, not a corporate grievance department, which changes how you should frame any written complaint and who exactly you should name in it.
Confirming his name against the SEBI registration number directly on SEBI’s own intermediary register, rather than relying solely on what the firm’s website states, is a reasonable first step before engaging with any individually registered Research Analyst, Nexus Research included.
What Does Nexus Research Charge?
Nexus Research runs three pricing tiers, split by a stated investment threshold, plus a separate training program billed per session.
Basic Services, For Investors Putting in More Than ₹2 lakh
| Product | Monthly | Quarterly | Half-Yearly | Risk |
|---|---|---|---|---|
| Stock Cash | ₹17,500 | ₹28,500 | ₹49,500 | High |
| Stock Future/Option | ₹82,500 | ₹1,05,500 | ₹1,36,000 | Very High |
| Stock Future & Option (combined) | ₹93,500 | ₹1,20,500 | ₹1,55,000 | Very High |
| Index Future/Option | ₹99,500 | ₹1,20,500 | ₹1,60,500 | Very High |
| Commodity | ₹41,500 | ₹94,500 | ₹1,45,500 | Very High |
Premium Services, For Investors Putting in More Than ₹10 lakh
| Product | Monthly | Quarterly | Half-Yearly | Risk |
|---|---|---|---|---|
| Stock Cash | ₹23,999 | ₹40,999 | ₹64,999 | High |
| Stock Future/Option | ₹99,999 | ₹1,20,999 | ₹1,45,999 | Very High |
| Stock Future & Option (combined) | ₹1,05,999 | ₹1,35,999 | ₹1,69,999 | Very High |
| Index Future/Option | ₹1,19,999 | ₹1,40,999 | ₹1,77,999 | Very High |
| Commodity | ₹49,999 | ₹1,11,999 | ₹1,77,999 | Very High |
Other Charges
A one-time Consultation Service charge of ₹1,78,000 applies for retail traders investing more than ₹10 lakh.
Research Training runs session by session: ₹25,000, ₹50,000, ₹75,000, ₹1,00,000, and ₹1,60,000, escalating with each session, totalling over ₹4 lakh across all five.
Do Nexus Research’s Prices Exceed SEBI’s Fee Cap?
This is the single most important finding in this entire review, and it comes directly from the firm’s own document.
Nexus Research’s own Consent Form states SEBI’s fee cap clearly: ₹1,51,000 per family per year.
The firm is not unaware of this rule. It states it plainly, in writing, to its own clients.
Against that self-stated cap, its actual pricing tells a very different story.
- Every product except the cheapest Basic Stock Cash plan already breaches the annual cap on its monthly rate alone. Basic Stock Cash at ₹17,500 a month annualises to ₹2,10,000, above the ₹1,51,000 ceiling by itself.
- The higher-tier products run 6 to 10 times over the cap on a single month’s fee alone. Stock Future/Option and Index Future/Option at the Basic tier, and nearly every Premium tier product, fall into this range once annualised.
- The ₹1,78,000 one-time Consultation charge exceeds the entire annual cap in a single payment, before any subscription fee is even added.
This is a striking gap between what the firm tells its own clients the law requires and what it actually charges.
The pricing pages gate access behind a stated investment size, “more than ₹2 lakh” or “more than ₹10 lakh,” rather than SEBI’s formally defined accredited investor criteria, which depend on certified net worth or income thresholds, not a self-declared investment amount.
Before subscribing to any plan, ask Nexus Research directly, in writing, whether you qualify as a SEBI-defined accredited investor, and get that confirmation in writing rather than relying on the investment-size labels on the pricing page alone.
Why Do Nexus Research’s Three Office Addresses Not Match?
The website lists three different addresses, and none of them fully agree with each other or with SEBI’s own registration record.
- Local SEBI address (per the site footer): 2nd Floor, Jeevan Mangal Building, No. 4, Residency Road, Bangalore, 560025
- Corporate office: Shop No. 303-304, 2nd Floor, Wing A, Shree Padama Arked, Nanpura Main Road, Surat, 395001
- Registered office (per the site footer): #284/11, Survey No. 56/13, Balaji Complex, 3rd Floor, Sai Baba Temple Road, Garvebhavipalya, Hosur Road, Bangalore, 560068
SEBI’s own registration record lists the address in Surat, matching the site’s “Corporate office” entry, not either of the two Bangalore addresses the site separately labels as its “Local SEBI address” and “Registered office.”
For a single individual registration, having three named addresses across two cities, none of which is consistently labeled the same way twice, makes it harder than it should be to know where formal correspondence should actually go.
Also read: Niveshartha Private Limited listed 4 different addresses, only one of which matches its actual SEBI registration record.
What Does Nexus Research’s Complaint Data Show?
SEBI requires every registered Research Analyst to publish complaint data covering complaints received, resolved, and pending, updated by the 7th of every month.
Monthly Complaint Disposal
| Month | Carried Forward | Received | Resolved | Pending |
|---|---|---|---|---|
| September 2024 | 0 | 1 | 1 | 0 |
| October 2024 | 0 | 1 | 1 | 0 |
| November 2024 | 0 | 0 | 0 | 0 |
| December 2024 | 0 | 0 | 0 | 0 |
| January 2025 | 0 | 0 | 0 | 0 |
| February 2025 | 0 | 1 | 1 | 0 |
| February 2025 | 0 | 1 | 1 | 0 |
| March 2025 | 0 | 0 | 0 | 0 |
| April 2025 | 0 | 1 | 0 | 0 |
| May 2025 | 1 | 0 | 1 | 0 |
| June 2025 | 0 | 0 | 0 | 0 |
| July 2025 | 0 | 1 | 0 | 0 |
| July 2025 | 0 | 1 | 0 | 0 |
| August 2025 | 2 | 0 | 2 | 0 |
| September 2025 | 0 | 0 | 0 | 0 |
| October 2025 | 0 | 0 | 0 | 0 |
| November 2025 | 0 | 1 | 1 | 0 |
| December 2025 | 0 | 0 | 0 | 0 |
| January 2026 | 0 | 1 | 0 | 0 |
| February 2026 | 1 | 0 | 1 | 0 |
| March 2026 | 0 | 0 | 0 | 0 |
| April 2026 | 0 | 0 | 0 | 0 |
| May 2026 | 0 | 0 | 0 | 0 |
| June 2026 | 0 | 0 | 0 | 0 |
| July 2026 | 1 | 0 | 1 | 0 |
| Website Grand Total | 5 | 9 | 10 | 0 |
February 2025 and July 2025 each appear as duplicate rows in the firm’s own published table, which is reproduced exactly as shown here rather than silently corrected, since that duplication is itself part of the disclosure’s quality problem.
Annual Complaint Data
| Financial Year | Carried Forward | Received | Resolved | Pending at Year End |
|---|---|---|---|---|
| 2024-25 | 0 | 2 | 2 | 0 |
| 2025-26 | 3 | 8 | 8 | 0 |
| Grand Total | 3 | 10 | 10 | 0 |
Several specific problems came up when comparing these tables against each other.
1. The Received-Complaint Totals Do Not Match Between Tables
The monthly table’s own grand total shows 9 complaints received. The annual table shows 10.
Both are published by the same firm, covering the same underlying history.
2. The Carried-Forward Totals Do Not Match Either
The monthly table’s grand total shows 5 complaints carried forward. The annual table shows 3.
This makes it genuinely difficult to reconstruct a clean, reconciled complaint count from the disclosure as published.
3. Resolution Times Run Well Past SEBI’s 21-Day Window in Multiple Cases
Reported average resolution times across the disclosure include 34, 44, 45, 43, 51, 45, 73, and 42 days.
The longest, 73 days for the November 2025 complaint, is more than three times the 21-calendar-day timeline applicable to complaints handled through SCORES.
4. Some Complaints Show Zero Pending Despite an Initial “Resolved = 0” Entry
April 2025, July 2025, and January 2026 each show a complaint received with Resolved recorded as 0 in that same month, yet the overall table shows zero complaints pending.
How these specific complaints were ultimately closed out, and in which later month, is not explained anywhere in the disclosure as published.
On top of these four issues, the monthly data has not been updated since May 2026, despite SEBI’s requirement to update this disclosure by the 7th of every month.
What Marketing Claims Does Nexus Research Make?
The homepage states: “We strive for excellence in every aspect of our work, setting the bar high for research accuracy and innovation.”
This is a broad accuracy claim made without any supporting methodology, track record, or independently verifiable basis shown alongside it.
A separate line reads: “Welcome to Nexus Research, where financial insights meet investment success.”
Directly associating the firm’s services with “investment success” creates a promotional impression about outcomes that a Research Analyst is not permitted to guarantee.
The site also runs a set of promotional SEO pages, including “Stocks to Buy Today,” “Best Stocks to Buy Today,” “Share Market Tips for Investments,” and “How to Identify Multibagger Stocks Before They Rise.”
The “multibagger” framing in particular, promising stocks capable of multiplying an investor’s capital several times over, is the kind of high-return promise that warrants scrutiny under SEBI’s advertisement requirements for Research Analysts.
What Does Nexus Research’s Privacy Policy Allow?
Subscribing to Nexus Research’s services is treated as bundled consent for promotional communications, rather than a separate, clearly optional consent step a client actively chooses.
The policy explicitly states that a client consents to calls and SMS even if their mobile number is registered on the National Do Not Disturb registry.
This is worth reading directly, since it means simply filling out a form on the site is treated as overriding a client’s existing DND registration.
Two specific forms trigger this consent: the “Quick Form” and the “Free Trial Form.”
Submitting either is expressly linked, in the policy’s own language, to consent for calls and SMS, including use of the submitted mobile number for marketing and solicitation-related communications going forward.
What Does Nexus Research’s Terms & Conditions Say About Liability?
The firm reserves the right to modify or alter its terms and website content at any time, without liability, while requiring users to accept those terms simply by continuing to use the site.
The liability exclusion itself is broad, covering errors, omissions, delays, technical failures, unauthorised access, data loss, loss of profits, and other damages, across a wide range of circumstances.
A disclaimer excluding liability for ordinary market risk is standard practice across the industry.
One this broad, covering the firm’s own technical failures and unilateral changes to its own terms without any corresponding liability, is worth reading in full before you rely on the platform, rather than assuming it only covers routine investment risk.
How to File a Complaint Against Nexus Research?
If your experience with Nexus Research did not match its pricing page, its stated fee cap, or you are still waiting on a complaint that has run past SEBI’s resolution window, start by saving your subscription confirmation, payment records, and any correspondence about your complaint’s status.
Reading through the general complaint against SEBI registered research analyst process first will help you understand what to expect at each stage of escalation.
Raise your concern in writing with Nexus Research directly before escalating further, and keep a dated copy of what you sent.
If that does not resolve the matter, the SEBI SCORES portal is where you file formally, citing registration number INH000014553 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.
Waiting on a Nexus Research complaint that has already run past 21 days, or unsure if your plan matches SEBI’s fee cap?
We review your subscription tier, payment history, and complaint timeline to identify exactly where the gap sits, then help you build a complaint SEBI will actually act on. Register with us for a free consultation.
Disclaimer: This review is based on Nexus Research’s own website, its Consent Form, and its published complaint disclosures, and does not constitute a SEBI finding or investment advice. Verify all current pricing, registration, and complaint details directly with the firm and with SEBI before making any decision.
Conclusion
Nexus Research, run by proprietor Mikal Keyur Shah under registration INH000014553, holds a genuine SEBI Research Analyst registration with no disciplinary history on record.
At the same time, its own Consent Form correctly states SEBI’s ₹1,51,000 fee cap while its actual pricing runs several times above it; its three listed office addresses do not consistently agree with each other or with SEBI’s own record; and its complaint disclosure shows mismatched totals, resolution times well past the 21-day window, and no update since May 2026.
Confirm your investor classification and the firm’s fee structure in writing before paying, and ask directly about any complaint that appears to have run past SEBI’s resolution timeline.
Report. Recover. Stay Fraud Free.
Frequently Asked Questions
Yes, registration number INH000014553 is valid, held individually by proprietor Mikal Keyur Shah since January 17, 2024. Genuine registration does not resolve the pricing or complaint-data issues this review covers.
Yes. Its Consent Form states the ₹1,51,000 per family per year cap directly, yet nearly every subscription plan on its pricing page prices well above that figure once annualised.
Its own disclosure reports average resolution times as high as 73 days in one case, well beyond the 21-calendar-day window applicable to complaints handled through SCORES.
Its monthly disclosure table shows 9 complaints received and 5 carried forward in total, while its annual table shows 10 received and 3 carried forward for the same underlying period, an unexplained discrepancy between the firm's own published figures.
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