Quick Summary
Nivesh Research holds SEBI Research Analyst registration INH000026460 as an individual proprietorship under Anish Rai, based at D-74, Shopping Complex, A.B. Road, Indore, Madhya Pradesh 452001. Individual registration means Anish Rai personally holds every compliance obligation and every complaint filed against the firm targets him directly. The firm offers six advisory segments priced individually at Rs. 10,000 to Rs. 11,000 per month each. Two monthly segments combined already breach SEBI’s Rs. 1,51,000 annual fee cap. Five specific concerns visible on the firm’s own website predate any subscription decision.
Nivesh Research is a SEBI registered Research Analyst firm based in Indore under registration number INH000026460.
The firm offers stock tips across six segments via SMS alerts. The registration is real and verifiable.
What the firm’s own website reveals alongside that registration is a live site with template placeholder text that was never replaced, unverified performance claims that SEBI prohibits, complaint data that predates the firm’s own registration, and a pricing structure where subscribing to just two monthly segments already exceeds SEBI’s annual fee cap for a single client.
Every one of these concerns is visible before you pay a rupee.
Is Nivesh Research a Legitimate Company?
Nivesh Research is a registered legal entity. The SEBI registration under INH000026460 is real. The proprietor is Anish Rai. The registered address is D-74, Shopping Complex, A.B. Road, Indore, Madhya Pradesh 452001.
Being a legitimate registered entity and being a firm that operates within every regulatory boundary are two different things.
What is visible on Nivesh Research’s own publicly accessible website reveals five specific concerns that go beyond general caution. These are not allegations. They are documented observations from the firm’s own public content, which any investor can verify before paying.
Who Runs Nivesh Research: Anish Rai and What Individual Registration Means?
Nivesh Research is a sole proprietorship. The SEBI registration INH000026460 belongs to Anish Rai personally. The licence and the person are the same thing.
This has specific implications that every prospective subscriber and every investor who has already paid should understand.
- Every recommendation is his personal responsibility. When Nivesh Research sends an SMS tip to a subscriber, that recommendation is attributed to Anish Rai as the registered individual.
There is no research team or analytical department standing between him and the regulatory obligation that every recommendation be backed by documented analysis. - Every compliance obligation is personal. SEBI’s mandatory monthly disclosure updates, the fee cap compliance, the prohibition on unverified performance claims, the refund obligations under SEBI’s December 2024 amendment, all of these rest with Anish Rai individually.
If the website shows placeholder text, backdated complaint data, or mathematical anomalies in its own disclosure tables, the compliance failure is attributed to him personally. - Every complaint targets him directly. When you file on SEBI SCORES against Nivesh Research, you are filing against Anish Rai personally under his registration number.
There is no corporate entity to route through and no separate compliance officer who is a different person from the business owner. Select Research Analyst as the intermediary type, enter INH000026460, and name Anish Rai as the proprietor in the complaint description.
Beyond what is visible on SEBI’s register and the firm’s own website, no independently verifiable professional biography, credential listing, or track record documentation for Anish Rai is available in the public domain.
The registration confirms he met SEBI’s eligibility requirements and holds a valid NISM Research Analyst certification. It does not tell you about his professional history before registration or his actual track record under the registration.
What Nivesh Research Offers
Nivesh Research provides advisory services across six trading segments via SMS alerts with telephone support during market hours.
Five standard segments: Stock Options at Rs. 11,000 per month, and Stock Futures, Stock Cash, MCX Commodity Futures, and Index Options at Rs. 10,000 per month each. Quarterly pricing across all five standard segments is Rs. 25,000 each. Half-yearly pricing is Rs. 50,000 each.
The sixth segment, Index Option HNI, is positioned as a premium service at Rs. 35,000 quarterly or Rs. 60,000 half-yearly, with no monthly plan available.
Whether SMS-based tips constitute formal research reports with documented analysis, assumptions, and risk disclosures as required by SEBI’s Research Analyst Regulations is a question worth asking before subscribing.
The Pricing Structure of Nivesh Research and the SEBI Fee Cap Problem
On the surface, the per-segment prices appear modest. The problem appears when you look at how they combine.
SEBI mandates that the maximum fee a registered Individual Research Analyst can charge a single individual or family client is Rs. 1,51,000 per annum. This is a hard regulatory ceiling, not a guideline.
A subscriber who signs up for just two standard monthly segments, say Stock Cash at Rs. 10,000 per month and Index Options at Rs. 10,000 per month, pays Rs. 20,000 per month.
Over 12 months, that is Rs. 2,40,000 per year. This is Rs. 89,000 above SEBI’s annual fee cap for a single client family.
This is not a scenario that requires subscribing to all six segments. Two standard segments at the monthly rate already exceed the regulatory ceiling.
Because the firm prices each segment individually without disclosing the cumulative impact on the SEBI fee cap, a subscriber who follows the intuitive step of adding a second segment can unknowingly enter a fee arrangement that violates SEBI’s prescribed limit.
Fees collected above the SEBI cap are not merely a pricing concern. They are collected outside the permitted regulatory framework. If you have paid Nivesh Research for multiple segments and your combined annual fee has exceeded Rs. 1,51,000, you have paid more than SEBI permits this firm to charge you.
Also Read: Overcharged by RA, know how money was recovered from Dealwisepro.
Five Red Flags Visible on Nivesh Research’s Own Website
These observations are all sourced from publicly accessible content on the Nivesh Research website. We are describing what we found on their own published content.
There are two types of investors who need to read this section. Someone evaluating the service before paying, and someone who already paid and wants to understand whether what they experienced was within regulatory boundaries.
Red Flag 1: Lorem Ipsum Placeholder Text on Live Pages
The live website contains literal template filler text across the homepage, About page, and Services page. The text reads: “However venture pursuit he am mr cordial. Forming musical am hearing studied be luckily.”
This is the generic text website builders insert as a placeholder during construction, meant to be replaced before the site goes live. Nivesh Research published the site with this text still in place across multiple pages.
A firm that did not proofread its own live business website before asking clients to trust its research judgment is telling you something about its operational standards.
Red Flag 2: Unverified Performance Claims that SEBI Prohibits
The website displays static graphics claiming 99 percent Best Performance, 99 percent High Quality, and 99 percent Top Team. Sliders claim 100 percent client support and 3,000 happy clients.
SEBI Research Analyst Regulations specifically prohibit quantitative performance scores or victory metrics in marketing material unless backed by independently audited data. No verification, audit trail, or supporting data is referenced or linked anywhere on the site.
Red Flag 3: Backdated Complaint Data that Predates the Firm’s Registration
The annual complaint disclosure table includes data going back to financial year 2018-19 and 2020-21. The firm’s SEBI registration INH000026460 is a recent registration, not a 2018 registration.
Publishing complaint data that begins years before the firm actually received its SEBI registration is factually impossible and presents a misleading picture of the firm’s compliance history.
Red Flag 4: A Mathematical Impossibility in the Complaint Tables
The monthly trend table shows zero complaints in every individual row from April 2024 through September 2025, covering 18 consecutive months. The grand total row at the bottom of the same table shows one complaint carried forward, one received, and one resolved.
A grand total cannot be higher than the sum of its parts. Both cannot be true simultaneously. This inconsistency exists in the firm’s own SEBI-mandated disclosure, which is specifically the document investors are directed to check before subscribing.
Red Flag 5: A Blanket No-refund Policy that Conflicts with SEBI Guidelines
The legal disclaimer states: “All sales are final. ABSOLUTELY NO REFUNDS and CANCELLATIONS.”
SEBI’s December 2024 amendment to the Research Analyst Regulations requires registered RAs to provide pro-rata refunds for the unused portion of a subscription on early exit. A blanket no-refund policy does not override this regulatory requirement.
Also Read: Facing an RA issue, learn how to file a complaint against SEBI registered analyst.
The Change of Terms Concern
One additional element in the Nivesh Research Terms and Conditions states that the firm reserves the right to adjust contractual terms at any time and that continuing to use the service means you accept any new or modified terms.
This means after you have paid, the firm can change what it provides, how it provides it, or what your rights are, and your continued use is treated as acceptance. You are not required to be notified directly.
A registered advisory firm operating under SEBI regulations is expected to maintain clear, consistent, and proactively communicated terms.
A unilateral change clause that treats continued use as consent is the opposite of that standard.
Before You Subscribe Nivesh Research: Three Checks That Matter
These take under fifteen minutes and are more reliable than anything on the homepage.
Verify registration INH000026460 on SEBI’s website under Research Analyst. Confirm Active status in the name of Anish Rai.
Calculate the total you would pay across all segments you are considering in the financial year and compare it against Rs. 1,51,000.
If the total exceeds that figure, the excess would be collected outside the permitted regulatory framework.
Read the disclaimer and terms pages yourself. The concerns described above are visible to any investor who spends ten minutes reading beyond the homepage.
If You Have Faced Similar Issues, Follow This
If you subscribed to Nivesh Research and your combined annual fees exceeded Rs. 1,51,000, or if you were refused a refund for unused subscription time, or if the performance claims on the website influenced your decision before subscribing, the formal complaint path is available.
The full details of what investors have reported, the complete evidence checklist, and the step-by-step complaint process from SEBI SCORES through SMART ODR to arbitration are all covered on the Nivesh Research reviews page on this site.
That is where the formal filing guide lives, including how to name Anish Rai correctly as the registered individual on SEBI SCORES.
Not sure whether your situation qualifies or whether your evidence is strong enough?
We review your documents, identify every applicable SEBI violation, draft the SEBI SCORES complaint, and represent you through SMART ODR and arbitration. Register with us for a free consultation.
Conclusion
Nivesh Research is a SEBI-registered Research Analyst in Indore under INH000026460, operated by Anish Rai as a sole proprietorship. The registration is real. The services exist. The SMS delivery model is operational.
What the firm’s own publicly visible website shows alongside this is a live site with placeholder template text and unverified 99 percent performance claims, prohibited by SEBI.
Also, complaint data that predates the firm’s own registration, a mathematical impossibility in the complaint tables, a blanket no-refund policy that conflicts with SEBI’s December 2024 amendment, and a pricing structure where two standard monthly segments already exceed SEBI’s annual fee cap.
These are not speculative concerns. They are observations from the firm’s own published content. Weigh them accordingly before subscribing.
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Frequently Asked Questions
Anish Rai is the registered proprietor of Nivesh Research under SEBI Research Analyst registration INH000026460. As an individual registration, the licence belongs to him personally. Every compliance obligation, every recommendation, and every complaint accountability rests with him directly.
SEBI mandates a maximum of Rs. 1,51,000 per client family per financial year from any single registered Research Analyst. Subscribing to just two standard monthly segments at Rs. 10,000 each costs Rs. 2,40,000 per year, which exceeds the cap by Rs. 89,000. The website does not disclose this limit.
The registered address is D-74, Shopping Complex, A.B. Road, Indore, Madhya Pradesh 452001. This is also the address registered with SEBI under INH000026460.
Five concerns are visible on the firm's own website. Live pages contain literal template placeholder text never replaced before launch. The site displays 99 percent performance claims SEBI prohibits without audited verification. The annual complaint table includes data from years before the firm's SEBI registration. The monthly complaint table shows zero in every row while the grand total shows one complaint. The no-refund policy conflicts with SEBI's December 2024 refund amendment.
File on SEBI SCORES, select Research Analyst, enter INH000026460, and name Anish Rai as proprietor in the complaint description. The full evidence checklist and every step of the complaint process are covered on the Nivesh Research reviews page on this site.
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