Quick Summary
Nirav Dilip Desai is a SEBI-registered individual Research Analyst operating as Equitiesnagain, under registration number INH000004440, based in Kandivali, Mumbai. His complaint disclosure is one of the most fully reconciled records reviewed in this entire cluster, spanning ten years of annual data and 31 months of monthly data that match each other exactly. Most of his pricing plans stay within SEBI’s fee cap, with one specific exception: the Premium Services plan, billed Monthly or Quarterly. This guide covers the registration, the pricing, the complaint history, and an active impersonation warning published directly on his own site.
Nirav Dilip Desai runs Equitiesnagain, offering research across delivery trades, index options, stock options, and multi-segment coverage, delivered through WhatsApp and SMS, alongside training programs and seminars.
His site carries a detailed alert warning investors about people falsely impersonating him or his associates across WhatsApp, Telegram, Facebook, and Instagram, worth reading in full before you engage with anyone claiming to represent him.
This review works through the registration, the pricing structure, the complaint data, and that impersonation warning, point by point.
Nirav Dilip Desai Equitiesnagain Review
Equitiesnagain positions itself around delivery swing trading, index and stock options, and multi-segment research, with Nirav Desai personally providing live WhatsApp support on several of its higher tiers.
Beyond the subscription plans, the site also offers Advance Training Programs and Risk & Capital Management Training, described as covering basic to advanced analysis methods for investors, traders, and students, alongside periodic seminars and workshops.
The homepage states he has conducted more than 30 workshops across Mumbai and cities in Gujarat and Maharashtra.
The site describes his experience inconsistently across different pages: his Instagram bio states 17 years, the homepage states more than 20 years in one section and more than 19 years in another.
None of these are dramatically different, but the inconsistency itself is worth noting for accuracy.
Its website also uses outcome-focused phrases across different service descriptions, including helping users “achieve results,” offering support after investing “a few thousand Rupees,” and referring to “optimum growth prospects.”
It also states that subscribers are “assured of appropriate support to fulfill your specific goals,” linking its paid services with investors’ individual financial objectives.
While none of these statements explicitly guarantee profits, the combined language can create broad expectations about the potential benefits and outcomes of using the services.
Investors should distinguish promotional claims about support, results, and growth from any measurable or assured investment outcome.
Is Nirav Dilip Desai SEBI Registered?
Yes. Nirav Dilip Desai holds a valid SEBI Research Analyst registration under number INH000004440, and also holds BSE Enlistment Number 5205.
One minor inconsistency worth flagging: a separate contact number appears once on the Portfolio section of the site, distinct from the two primary numbers listed everywhere else.
This is likely just an additional query line rather than anything concerning, but worth confirming directly if you use it.
A separate onboarding process is worth knowing about before you subscribe.
New clients complete a formal KYC process through a dedicated portal before any subscription becomes active, and the site’s Investor Charter states that this onboarding step, along with sharing the terms and conditions of research services, happens ahead of any fee-paying relationship beginning.
What Does Equitiesnagain Charge, and Does It Exceed SEBI’s Fee Cap?
Equitiesnagain runs several distinct plans, each with its own risk level and minimum capital guidance.
| Plan | Monthly | Quarterly | Half-Yearly | Yearly |
|---|---|---|---|---|
| Delivery Swing Trades | ₹4,000 | ₹11,000 | ₹18,500 | ₹32,000 |
| Delivery Trades & Investment | ₹5,000 | ₹13,750 | ₹23,000 | ₹40,000 |
| Index Options | ₹4,000 | ₹11,000 | ₹18,500 | ₹32,000 |
| Options Delight | ₹5,000 | ₹13,750 | ₹23,000 | ₹40,000 |
| All Segment Research | ₹6,500 | ₹17,900 | ₹30,000 | ₹52,000 |
| Premium Services | ₹16,500 | ₹45,500 | ₹75,000 | ₹1,25,000 |
A separate Platinum and Gold plan structure exists specifically for SMS and live WhatsApp support, priced at ₹8,500 and ₹6,500 a month, respectively, or ₹22,950 and ₹17,550 per quarter.
SEBI caps Research Analyst advisory fees at ₹1,51,000 per client family per year. Checking each plan against this cap shows a pattern worth reading carefully.
- Every plan except Premium Services stays under the cap at every billing cycle: Even the highest of these, All Segment Research at ₹6,500 a month, annualises to ₹78,000, well within the limit.
- Premium Services breaches the cap specifically at Monthly and Quarterly billing: ₹16,500 a month annualises to ₹1,98,000, and ₹45,500 a quarter annualises to ₹1,82,000, both above the ₹1,51,000 ceiling.
- The same Premium Services plan stays within the cap at Half-Yearly and Yearly billing: ₹75,000 twice a year annualises to ₹1,50,000, just under the limit, and the Yearly rate of ₹1,25,000 sits comfortably under it.
Adding the Value Added Services option, an extra ₹2,500 a month for direct live WhatsApp access to Nirav Desai personally, pushes any plan’s annual cost higher, and would be worth checking against the cap specifically if combined with Premium Services on a Monthly or Quarterly basis.
This is a largely compliant pricing structure with one specific, identifiable exception.
If you are considering Premium Services, choosing the Half-Yearly or Yearly billing cycle keeps you within SEBI’s cap, while Monthly or Quarterly billing on that same plan does not.
What Does Equitiesnagain’s Complaint Data Show?
This is worth stating plainly: this is one of the more thoroughly reconciled complaint disclosures reviewed in this cluster.
Data for the Current Month
| Received From | Pending at Start | Received | Resolved | Total Pending | Pending Over 3 Months | Avg. Resolution |
|---|---|---|---|---|---|---|
| Directly from Investors | 0 | 0 | 0 | 0 | 0 | 0 days |
| SEBI SCORES | 0 | 0 | 0 | 0 | 0 | 0 days |
| Other Sources | 0 | 0 | 0 | 0 | 0 | 0 days |
| Grand Total | 0 | 0 | 0 | 0 | 0 | 0 days |
Monthly Trend, January 2024 to July 2026
Across 31 consecutive months of published data, every single month shows zero across carried forward, received, resolved, and pending, with one exception: August 2024 shows 1 complaint received and 1 resolved, with nothing left pending.
Annual Trend, 2016-17 to 2025-26
Across ten consecutive years of published data, every year shows zero, with one exception: FY 2024-25 shows 1 complaint received and 1 resolved.
These two records agree with each other exactly.
August 2024 falls within FY 2024-25, and the single complaint recorded in the monthly table is the same single complaint recorded in the annual table for that year.
Across 31 months and 10 years of disclosure, this is the only complaint on record, and it reconciles cleanly across both tables.
Real, published audit reports accompany this record. An Audit Report and its Annexure, dated November 2025, along with a Client Level Segregation document, are all available as direct downloads from the site’s Annual Compliance page.
What Does Equitiesnagain’s Impersonation Warning Say?
Nirav Desai’s own site carries a detailed alert warning investors about active impersonation, naming specific individuals: Sourabh Kumar, Ashish Kumar Meena, Sagar, Nitin Kumar Singh, Sikandar Singh, and other unnamed persons, described as falsely claiming to represent him across WhatsApp groups, Telegram channels, Facebook, and Instagram.
The notice states plainly that he only receives payment through a bank account in the name “Nirav Dilip Desai,” a specific UPI ID, or a QR code carrying a specific green thumbs-up marker.
This is a genuinely useful, specific piece of guidance rather than a vague warning.
If anyone contacts you claiming affiliation with Nirav Dilip Desai and asks you to pay into a different account or a personal UPI ID, that mismatch alone is reason enough to stop and verify directly through the official contact numbers listed on his site before sending any money.
How to File a Complaint Against Equitiesnagain?
If your experience with Equitiesnagain did not match its pricing, or you suspect you were contacted by someone falsely claiming affiliation with Nirav Dilip Desai, start by saving all correspondence, screenshots, and payment records, noting exactly which account or UPI ID any payment request referenced.
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 Nirav Dilip Desai directly, using the official contact details on his site, before escalating further.
If that does not resolve the matter, the SEBI SCORES portal is where you file formally, citing registration number INH000004440 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.
Considering the Premium plan & unsure how it holds up against SEBI’s fee cap, or contacted by someone claiming to represent Nirav Desai?
We review your subscription tier, payment details, and the correspondence you received to identify exactly where things stand, then help you build a complaint SEBI will actually act on. Register with us for a free consultation.
Disclaimer: This review is based on publicly available information from Equitiesnagain’s own website and SEBI’s public register, and does not constitute a SEBI finding or investment advice. Verify all current pricing, registration, and payment details directly with the firm and with SEBI before making any decision.
Conclusion
Nirav Dilip Desai holds a genuine SEBI Research Analyst registration under INH000004440, with a complaint record that reconciles cleanly across ten years of annual data and 31 months of monthly data, and real published audit reports to support it.
At the same time, his Premium Services plan clears SEBI’s annual fee cap specifically when billed Monthly or Quarterly, though not at Half-Yearly or Yearly billing, and his own site carries an active warning about named individuals impersonating him across social media.
If you are considering Premium Services, choose Half-Yearly or Yearly billing to stay within SEBI’s cap, and verify any payment request against the specific official account and UPI ID published in his own impersonation warning before sending money to anyone claiming affiliation with him.
That same verification step applies whether you are subscribing to a research plan or enrolling in one of his training programs.
Report. Recover. Stay Fraud Free.
Frequently Asked Questions
Yes, registration number INH000004440 is valid, with a complaint record that reconciles cleanly across ten years of published data. Genuine registration and a clean record do not resolve the Premium Services fee-cap question this review covers.
Only on one plan. Premium Services annualises above the ₹1,51,000 cap when billed Monthly or Quarterly, but stays within it at Half-Yearly or Yearly billing. Every other plan stays under the cap at every billing cycle.
Yes, according to his own published notice, which names several individuals falsely claiming affiliation with him across WhatsApp, Telegram, Facebook, and Instagram. Verify any payment request against his official account name and UPI ID before paying.
Very reliable by comparison. Its monthly and annual complaint tables reconcile exactly across ten years and 31 months of published data, with real audit reports available to support the record.
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