Quick Summary
Niveshartha Private Limited holds SEBI Research Analyst registration INH000010919, granted on 23 November 2022 to a non individual entity in Bengaluru. The registration is genuine and currently active. Published plans run from ₹2,999 for seven days to ₹84,999 for twelve months. Every plan sits under the ₹1,51,000 annual ceiling on its own. Any two of the three premium annual plans bought together cross it. The firm lists four different addresses across its own records, publishes three conflicting grievance timelines, and shows a registration validity date on its website that the SEBI register does not support.
Niveshartha Private Limited was granted SEBI Research Analyst registration number INH000010919 on 23 November 2022, less than a year after the company was incorporated in Karnataka.
That date is the easy part to verify and the least useful thing to know. A registration number records that a firm cleared SEBI’s entry requirements on one day in 2022.
It says nothing about how the firm has operated in the four years since, or whether its own published records still agree with each other.
This page checks the entity itself. The register entry, the addresses, the products, the full price list, and what the firm commits to in writing.
Niveshartha Private Limited Review
Niveshartha Private Limited is a non-individual Research Analyst, which means the SEBI registration sits with the company rather than with a single named person.
It operates niveshartha website and runs mobile apps on both the Google Play Store and the Apple App Store.
The registered entity is a private limited company incorporated in Karnataka, carrying CIN U74140KA2022PTC159121.
The SEBI register lists Anil Fernandes as the contact person for the registration.
What it sells is research and recommendations across equity cash, futures and options, index, and commodities, alongside a separate algorithmic product range.
The firm maintains pages on Facebook, X, LinkedIn, YouTube and Instagram, and runs a blog section on its own site.
So the first question most people arrive with has a clean answer. This is not an unregistered operator running outside the system.
Registration sets a floor, not a ceiling. It means a defined set of rules binds the firm, and those rules give you specific rights the moment something goes wrong.
What it does not mean is that every rule is being followed. If you have already paid and something feels off, the formal route is set out in our guide on filing a complaint against SEBI registered research analyst, which explains what SEBI will and will not act on.
Is Niveshartha Private Limited SEBI Registered?
Yes. The registration checks out on SEBI’s intermediary register, and there is nothing ambiguous about it.
Three fields in that entry warrant a closer look. The prefix tells you what the firm may sell.
The date sets when its obligations began. Validity field is where the firm’s own website stops agreeing with the register.
| Detail | Information |
| Registered Name | Niveshartha Private Limited |
| Type of Registration | Non Individual |
| SEBI Registration Number | INH000010919 |
| Registered On | 23 November 2022 |
| Validity on SEBI Register | Perpetual |
| Registered Address | 1184, 5th Main, Sector 7, HSR Layout, Bengaluru 560102, Karnataka |
| Correspondence Address | 2nd Floor, L152, 14th Cross, 5th Main Road, 6th Sector, HSR Layout, Bengaluru 560102, Karnataka |
| Contact Person on Register | Anil Fernandes |
| CIN | U74140KA2022PTC159121 |
What the INH Prefix Permits
The INH prefix marks a Research Analyst. An INA prefix would mark an Investment Adviser. The two are not interchangeable, and the difference decides what the firm may legally sell you.
A Research Analyst may publish research and issue buy, sell or hold recommendations to a general subscriber base.
It may not give you personalised advice built around your income, your goals or your existing holdings. It may not execute trades or manage your portfolio.
If a firm holding an INH number starts telling you what to do with your specific capital, that is Investment Adviser territory, and this registration does not cover it.
The Validity Date on the Website Does Not Match the Register
The SEBI register shows the registration as perpetual. The footer running across niveshartha website shows a validity date of 22 November 2027.
Both figures have an explanation. SEBI moved Research Analyst registrations to perpetual validity through the December 2024 amendments, replacing the earlier fixed-term renewal cycle.
A five year term expiring in November 2027 is exactly what the original 2022 registration would have carried.
The likely reading is that the footer was never updated after the rules changed. That is housekeeping rather than a registration problem.
It is still worth knowing that a compliance detail printed on every page of the firm’s own website has been stale for over a year.
Why Does Niveshartha Private Limited List Four Different Addresses?
An address mismatch reads like a technicality until you need to serve a notice or name a respondent. Then it decides whether your filing lands or comes back undelivered.
Across the SEBI register, the live website, an indexed staging version of that website, and the Google Business listing, four distinct addresses appear. All sit in Bengaluru, across three different PIN codes.
1. The SEBI Registered Address
1184, 5th Main, Sector 7, HSR Layout, Bengaluru 560102. This is the address on the register, and the footer on niveshartha website matches it.
2. The SEBI Correspondence Address
2nd Floor, L152, 14th Cross, 5th Main Road, 6th Sector, HSR Layout, Bengaluru 560102.
A different building in the same PIN code, listed on the same register entry. Holding a separate correspondence address is normal and permitted.
3. The Google Business Listing Address
No. 576/B, 4th Floor, Venkatapura, Santhosapuram, 6th Sector, HSR Layout, Bengaluru 560034.
Different building and a different PIN code from the registered address.
4. The Staging Site Address
4th Floor, Classic Arena, No. 1594, AECS Layout A Block, Singasandra Village, Begur Hobli, Bengaluru 560068.
This appears in the footer of a publicly indexed test version of the website, in a different part of the city entirely.
None of this is a violation on its own. Companies relocate, and old addresses survive on pages nobody remembers to update.
The practical consequence is narrow but real. If you are drafting anything formal, use the address on the SEBI register, not the one on the Google listing or the staging site.
One further detail on that register entry is worth noticing. The email recorded against the registration is a Gmail address, while the firm’s public support email runs on its own domain.
Nothing prohibits this. It is simply unusual for a registered corporate intermediary, and it tells you how tightly the compliance records are kept.
Also read: Nexus Research, whose site lists 3 different addresses, none of which fully match the one on its own SEBI registration record.
What Products Does Niveshartha Private Limited Offer?
The offering runs across four branded research products carrying the “Nivesh” prefix, a set of additional services, and a separate algorithmic range.
Knowing which one you bought matters, because the four core products target completely different holding periods.
The complaint you would raise about a swing trading product is not the complaint you would raise about a long-term one.
1. Max
Positioned as a low-risk cash segment product.
The firm expands the name as Managed Asset Execution and describes a weekly cycle where the portfolio is reviewed and adjusted every Monday, with a consolidated monthly report.
2. Smart
Described as an SIP-style equity strategy, aimed at investors building positions over time rather than trading them.
3. Arc
Short term swing trading across cash, futures, options, and index. This is the highest turnover product in the range.
4. Vital
Presented as a long-term technical strategy. It carries no one-month option and starts at three months.
Beyond these four, the firm lists Weekend Investing, Option Strategy and Commodities as separate purchasable services.
It also markets an algorithmic range covering index options and equities.
Public company profile listings describe one of these, Algo Xtreme, as an automated equity service delivering recommendations directly to client demat accounts, and another, Opstart, as an automated option strategy running to a maximum six month period.
That description sits awkwardly against the firm’s own disclosure page, and it gets its own section below.
Niveshartha Private Limited Pricing and the ₹1,51,000 SEBI Fee Cap
This is where the arithmetic matters most, because SEBI’s fee ceiling for Research Analysts is not a per-product limit.
Under the RA Regulations as amended in December 2024 and clarified by SEBI in 2025, a Research Analyst may charge a maximum of ₹1,51,000 per annum per family across all research services provided to a client.
The ceiling binds individual and HUF clients who are not accredited investors.
Non-individual clients, accredited investors, and institutional clients fall outside it and negotiate bilaterally.
The words “all research services” decide most cases. The cap counts everything you paid that firm in a year, added together.
Nothing in the firm’s public marketing positions it toward accredited investors. The plans are sold to retail subscribers, so the retail ceiling applies.
The Published Price List
| Product | Duration | Price |
|---|---|---|
| Max | 1 Month | ₹4,999 |
| Max | 3 Months | ₹10,999 |
| Max | 6 Months | ₹18,999 |
| Max | 12 Months | ₹32,999 |
| Smart | 7 Days | ₹2,999 |
| Smart | 1 Month | ₹9,999 |
| Smart | 3 Months | ₹24,999 |
| Smart | 6 Months | ₹44,999 |
| Smart | 12 Months | ₹84,999 |
| Arc | 7 Days | ₹2,999 |
| Arc | 1 Month | ₹9,999 |
| Arc | 3 Months | ₹24,999 |
| Arc | 6 Months | ₹44,999 |
| Arc | 12 Months | ₹84,999 |
| Vital | 3 Months | ₹25,000 |
| Vital | 6 Months | ₹44,999 |
| Vital | 12 Months | ₹74,999 |
Weekend Investing, Option Strategy and Commodities are sold as separate plans.
Their pricing is not published in the material reviewed here, which means an annual total could run higher than this table alone suggests.
Annualised Math on Each Plan
Short cycle plans need annualising before they can be tested against a yearly ceiling.
Renewed continuously for twelve months, the shorter cycles cost considerably more than the annual plan of the same product.
| Plan and cycle | Annualised cost | Against ₹1,51,000 |
|---|---|---|
| Max, 1 month renewed monthly | ₹59,988 | Under by ₹91,012 |
| Max, 12 months | ₹32,999 | Under by ₹1,18,001 |
| Smart, 1 month, renewed monthly | ₹1,19,988 | Under by ₹31,012 |
| Smart, 3 months renewed quarterly | ₹99,996 | Under by ₹51,004 |
| Smart, 6 months renewed twice | ₹89,998 | Under by ₹61,002 |
| Smart, 12 months | ₹84,999 | Under by ₹66,001 |
| Arc, 7 days renewed weekly | ₹1,55,948 | Over by ₹4,948 |
| Arc, 1 month renewed monthly | ₹1,19,988 | Under by ₹31,012 |
| Arc, 12 months | ₹84,999 | Under by ₹66,001 |
| Vital, 3 months renewed quarterly | ₹1,00,000 | Under by ₹51,000 |
| Vital, 12 months | ₹74,999 | Under by ₹76,001 |
Two things fall out of that table.
Not one plan breaches the cap as sold. On its own price list, product by product, the firm is compliant.
That is worth stating plainly because it is true.
The one exception is theoretical rather than marketed. A seven-day plan at ₹2,999, renewed every week for a full year, annualises past the ceiling.
The seven-day plans are positioned as trials, and nobody is being sold 52 consecutive weeks of one.
Where the Cap Actually Breaks
The arithmetic changes the moment a client holds more than one annual subscription.
1. Smart Plus Arc, both annual
₹84,999 plus ₹84,999 comes to ₹1,69,998, exceeding the ceiling by ₹18,998.
2. Smart Plus Vital, both annual
₹84,999 plus ₹74,999 comes to ₹1,59,998, over by ₹8,998.
3. Arc Plus Vital, both annual
The same ₹1,59,998, over by the same ₹8,998.
4. All Four Annual Plans together
₹32,999 plus ₹84,999 plus ₹84,999 plus ₹74,999 comes to ₹2,77,996, which is ₹1,26,996 above the permitted maximum.
Only combinations anchored on Max stay within the limit.
Max paired with any single other annual plan lands between ₹1,07,998 and ₹1,17,998, comfortably within it.
None of this proves the firm has charged any client above the ceiling. We have no billing records, and the published pricing is compliant as sold.
What it establishes is that the cap can be crossed through ordinary upselling, without a single plan ever looking expensive on its own.
If you hold more than one annual subscription with the same research analyst, add your invoices together before assuming you are inside the limit.
What the Advance Fee Rule Allows Now
One point is widely reported incorrectly, so it is worth correcting.
When the December 2024 amendments landed, Research Analysts could collect advance fees covering one quarter only.
Six and twelve-month upfront plans would have been a problem under that rule.
SEBI relaxed it by circular dated 2 April 2025, allowing Research Analysts and Investment Advisers to charge advance fees for up to one year.
The twelve-month plans on this price list therefore sit inside the current limit.
Two protections survive that relaxation. On early termination, you are entitled to a proportionate refund for the unexpired period.
And unlike Investment Advisers, Research Analysts may not retain a breakage fee.
What Does Niveshartha Private Limited Say You Should Not Expect?
Most firms in this space publish only what they do. This one publishes a list of what it does not do, and that is a better disclosure practice than the norm.
The stated exclusions cover intraday or day trading tips, handling of your demat account, execution services, communication on stocks outside its coverage, and profit sharing on trades.
That list is not marketing. Each item maps to a rule binding every Research Analyst, whether or not the firm chooses to say so out loud.
A Research Analyst may not touch your demat account. It may not place your trades. It may not take a cut of your profits or share your losses.
Publishing this openly counts in the firm’s favour. It also sets a standard the firm can be measured against, which makes the next section relevant.
Do the Algo Products Fit Inside a Research Analyst Registration?
Here is the tension worth understanding before buying anything from the algorithmic range.
The firm’s own disclosure says it does not handle demat accounts and does not provide execution services.
A public company profile listing describes its Algo Xtreme product as an automated equity trading service delivering recommendations directly to client demat accounts.
Those two descriptions pull in opposite directions. One says the firm stays out of your account. The other describes something reaching into it.
There are innocent readings. That phrasing may be loose third-party wording for recommendations delivered to a dashboard the client then acts on, which is how many algo research products work.
There are also readings that would not sit inside an INH registration.
If an algorithm places orders in your account without a separate decision by you each time, that is execution, and execution belongs to a broker.
The same question attaches to the Max product name. The firm expands Max as Managed Asset Execution and describes a portfolio reviewed and adjusted weekly.
Managing a portfolio is Portfolio Manager territory and needs separate registration.
Publishing a model portfolio that subscribers may choose to follow is research and is permitted. The published description does not make clear which is happening.
We are not saying the firm executes trades or manages portfolios. We do not have access to the product mechanics, and no SEBI order finding any such violation has been issued against this firm as of September 2026.
What we are saying is that three questions settle it before you pay.
1. Who places the order?
If the answer is anyone other than you, ask which registration covers that activity and get the answer in writing.
2. Does the service need broker login or API access?
A Research Analyst has no regulatory reason to hold either. Never share trading credentials with a research provider.
3. Is any profit sharing built into the pricing?
There must not be. Not on the algo products, not on anything else, and not as an informal arrangement described only on a call.
Also read: Trade With Mohit Agrawal, another RA who describes one of its services as coming from an “award-winning investment advisory firm”.
How Long Does Niveshartha Private Limited Take to Resolve a Grievance?
You will find three different answers on the firm’s own website, and they are not close to each other.
This matters because escalation rights across the SEBI framework are tied to timelines.
Knowing when your complaint has officially gone unanswered determines when you may move it upward.
1. The Disclosure Page Says 7 Business Working Days
The mandatory terms and conditions disclosure states that the Research Analyst is responsible for resolving grievances within seven business working days, or such timeline as SEBI may specify.
2. The Complaints Page Footer Says 15 Working Days
The note on the complaints page states the firm takes a minimum of fifteen working days to respond or arrive at a solution.
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Website stating a minimum of 15 working days to resolve client queries.
3. The Escalation Matrix Says 21 Working Days
The grievance redressal and escalation matrix page states the aim is to resolve all grievances within twenty-one working days from the date of receipt.
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Niveshartha’s policy aiming to resolve grievances within 21 working days
Seven, fifteen, twenty-one. The first is framed as a responsibility, the second as a minimum, the third as an aim.
Read together, an investor cannot tell what the firm has actually committed to, which is the problem.
The workable answer is that the SEBI framework governs your escalation clock, not the firm’s website.
Once you have raised a grievance directly and it stays unresolved, your right to escalate does not depend on which of the three numbers the firm points to.
What the three figures do affect is your paperwork. Ask the firm in writing which one it is applying to you, because the answer, or the absence of one, becomes part of your file.
What Marketing Claims on the Website Need a Closer Look?
Outcome language on financial websites is regulated more tightly than most investors realise, and this is where firms most often drift.
Four things stand out in the firm’s public positioning.
1. The Financial Freedom Framing
The mission statement says the firm aims to help investors achieve financial freedom through trading and investment.
Outcome language of this kind can set expectations that no research service is able to guarantee.
2. Measuring Success By Client Growth
The site states that the firm measures its success by your growth and refers to investing successfully and achieving financial freedom. No supporting performance data appears alongside these statements.
3. A Very Broad Income Claim
The statement that Indians now have an effective way to grow their income over the short to long term is extremely broad.
It implies a general capability to increase income without setting out the limitations or the risk of loss.
4. Presentation Quality
Several statements carry awkward or ungrammatical phrasing, including references to how the firm evolves, to financial independence, and to an easy-to-understand approach.
This last one is not a regulatory issue. It is a signal about the care taken over public material by a firm handling other people’s investment decisions.
There is a separate point about the YouTube presence. The channel carries short client feedback videos in which subscribers describe how well their trading has gone since joining.
Client testimonials used to promote a research service invite obvious questions about selection.
They also sit alongside an app rating and a complaint record that tell a rather different story.
The Instagram link on the site, meanwhile, redirects to a page that immediately returns an error.
None of these individually is serious. Together they describe a firm whose public presentation is more polished than its record-keeping.
How to File a Complaint Against Niveshartha Private Limited?
With most firms, the first step is simply to write to the grievance officer. Here, there is a step before that one, because of what the three conflicting timelines do to your position.
Most complaints against a research analyst are argued as a service dispute, which is the hardest version to win.
On the numbers above, this firm gives you a cleaner option.
- Start by classifying your claim: If your total payments across a year crossed ₹1,51,000, you are holding a fee breach, which turns on arithmetic rather than on whether the research was any good.
- Pin the timeline down in writing: Email support and ask which of the three published figures applies to your grievance: seven, fifteen, or twenty-one working days.
Whatever comes back, you hold either a dated commitment or proof the firm could not state its own timeline. Both are useful later.
Then send the grievance itself, with every invoice attached and the annual total added up on the face of the email.
From SCORES to Arbitration
If nothing usable comes back, the matter moves to the regulator’s platform. What evidence it accepts, and how to frame a fee claim so it is not logged as a general service grievance, is covered on the SEBI SCORES portal page.
Frame it as a refund of the excess over the ceiling, not as compensation for a trading loss.
The first is arithmetic the firm has to answer. The second invites an argument about market conditions.
A closed SCORES file is not the end of it.
Conciliation is the stage after, and the SMART ODR login page walks through how a session actually runs.
Bring the invoices, the written timeline question, and any recording or chat in which a specific return was quoted to you before payment.
What the firm’s complaint disclosure reveals about how grievances reach it, and the named accounts describing the pattern, are set out in our Niveshartha Private Limited reviews analysis.
Most cases close at one of these stages, usually because a firm would rather settle than have its billing examined line by line.
Where it does not, the enforceable route is stock market arbitration, and an award from it is executed through the exchange rather than negotiated with the firm.
Not sure whether your case is a fee breach or a service dispute?
We total your invoices against the ₹1,51,000 ceiling, work out the exact excess, and file the claim citing the fee provision by name so it cannot be closed as a service complaint. Register with us for a free assessment of which of the two you are holding.
Disclaimer
This page is based on the firm’s own published material, the SEBI intermediary register and publicly available records, all accurate as at September 2026. Nothing here alleges wrongdoing by Niveshartha Private Limited, and no SEBI order stands against the firm as of this writing.
Registration status, pricing and disclosures change. Verify every figure on the SEBI register and the firm’s own site before acting, and treat this page as research rather than legal or investment advice.
Conclusion
Niveshartha Private Limited is a properly registered Research Analyst carrying INH000010919, and no SEBI adjudication order stands against the entity as of September 2026.
On pricing, the published plans are compliant as sold. Nothing on that price list breaches the ceiling on its own, and it would be inaccurate to suggest otherwise.
What the record does show is a firm whose own documents disagree with each other in ways that matter when you need to enforce something.
Four addresses. Three grievance timelines. A validity date on every page that the register does not support.
Before any payment leaves your account, add up the full year’s cost across every plan being offered, get the order placement mechanics in writing, and ask which grievance timeline applies.
If a payment has already gone and the service has not matched what you were sold, gather your receipts and chat records now. The escalation route runs on documents, not recollection.
Report. Recover. Stay Fraud Free.
Frequently Asked Questions
Yes. It is registered to Niveshartha Private Limited as a non individual Research Analyst from 23 November 2022 and shows as perpetual on the SEBI register. Verify it on the register directly, since website footers can be outdated.
Only if the combined total stays within ₹1,51,000 per family per year. The ceiling covers all research services from that analyst added together, not each plan separately. Anything above it is refundable for individual and HUF clients.
Use the registered address on the SEBI intermediary register, currently in Sector 7, HSR Layout, Bengaluru 560102. The Google listing and the staging site show different addresses that SEBI does not recognise for service.
Yes. Research Analysts must refund fees proportionately for the unexpired period on premature termination, and unlike Investment Advisers they cannot retain a breakage fee. Ask in writing and keep the request.
No. A Research Analyst has no regulatory basis for holding your broker credentials or API access. Sharing them moves the activity outside what an INH registration permits and weakens your position in any later dispute.
