If you’ve been exploring options trading advisory services in India, you may have encountered Options King Research Analyst, a SEBI-registered firm operated by Sunil Suklal Pawar, based in Maharashtra.
They offer trading calls and research recommendations focused primarily on options, through Telegram, WhatsApp, and their website.
Options trading is already a high-risk activity. Add an advisory service to the picture, and the due diligence required goes up significantly.
That’s what this blog is for: a clear, factual account of what the regulatory record shows, what a recent SEBI order found, and what users have shared about their experiences.
This blog breaks it down, based on official records, available disclosures, and reported user experiences, so you can make a more informed decision.
Is Options King SEBI Registered?
Options King Research Analyst is a sole proprietorship firm operated by Sunil Suklal Pawar, holding a valid SEBI registration under registration number INH000003325 issued on July 31, 2016.
This confirms that the firm is legally authorised to provide research and advisory services under SEBI’s Research Analyst regulations and has been so for nearly a decade.
Here is a factual snapshot based on publicly available information:
- Entity Name: Options King Research Analyst
- Proprietor: Sunil Suklal Pawar
- SEBI Registration Number: INH000003325
- Registration Type: Research Analyst
- Initial Registration Date: July 31, 2016
The firm’s services are oriented around options trading calls and intraday stock market recommendations.
Client communication reportedly takes place via Telegram channels and WhatsApp, and paid subscription packages are offered, with demo calls available for prospective clients before committing to a plan.
That said, a valid SEBI registration confirms eligibility to operate; it does not speak to the accuracy of calls, service quality, or client outcomes.
Those are separate considerations, and that is exactly what the sections below address.
Options King SEBI Order
Options King Research Analyst holds an active SEBI Research Analyst registration (INH000003325) granted since August 2016, with perpetual validity.
On that front, the registration is current.
However, in July 2025, SEBI issued a formal adjudication order against Options King Research Analyst.
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The SEBI Adjudication Order (July 30, 2025)
SEBI’s thematic inspection, covering the period April 2023 to September 2024, found that Sunil Suklal Pawar’s mandatory NISM Research Analyst certification had lapsed on June 7, 2019, and was not renewed until December 2024.
This means the firm operated as a registered research analyst for over five years without the mandatory professional certification that SEBI regulations require to be held at all times.
The regulations violated were Regulation 7(2) of the SEBI (Research Analysts) Regulations, 2014, and Section 15EB of the SEBI Act, 1992. During this period, the firm reportedly served over 1,000 clients.
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What did SEBI decide?
The Adjudicating Officer rejected these arguments and issued a clear finding: SEBI registration and the NISM certification are two separate and independent compliance requirements.
A perpetual registration does not extend to, or substitute for, the professional certification.
The obligation under Regulation 7(2) is unambiguous; the certificate must be valid “at all times,” and a fresh one must be obtained before the old one expires.
The fact that Mr. Pawar cleared the NISM exam in December 2024 after the inspection was noted but did not erase the historical violation.
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Penalty Imposed
SEBI imposed a financial penalty of ₹1,00,000 (Rupees One Lakh), the minimum prescribed amount under Section 15EB for this category of violation.
The order noted no quantifiable investor loss or unfair gain, and the default was not considered repetitive, which led to the minimum penalty being applied.
Payment was required within 45 days of the order (by approximately September 13, 2025). Failure to pay would trigger recovery proceedings, including attachment of property.
This is a formally documented regulatory action on the public record. Prospective clients should be aware of it.
Options King User Reviews
Multiple Google reviews for Options King Research Analyst show consistent patterns.
Here are the themes that emerge from the materials provided.
1. Capital Loss Following Recommendations
A recurring concern across reviews is the pattern of losses following the firm’s trading calls, combined with pressure to keep adding capital.
One reviewer describes losing their entire investment of ₹74,000 within two days, adding that the firm offered no recovery plan or follow-up support. They described it as their worst experience and warned others against paying any fees.
Another reviewer describes a more detailed account. They report losing approximately ₹2.5 lakh after following the advice from the firm.
Their specific concern was that the adviser continuously pushed them to increase their capital and quantity.
As they continued investing based on the recommendations, the premium values declined steadily until the position was worthless. The reviewer expressed frustration at the lack of basic risk management in the calls provided.
2. Discrepancy Between Demo Calls and Paid Service
A second clear theme involves the gap between the experience during the demo phase and the paid subscription.
One reviewer describes receiving seemingly profitable calls during the demo period, the kind of results that naturally encourage a paid sign-up.
After subscribing, the experience reportedly changed entirely, with the adviser pushing repeated “buy more” instructions as the positions deteriorated.
When this reviewer left a negative review, they noted that the firm attributed all critical reviews to competitor activity, a deflection they found unconvincing given their personal experience.
Based on the regulatory findings and user experiences detailed above, it is important to understand the formal steps available if you need to take action.
If you find yourself in a position where you need to file a SEBI complaint against an advisory company, you can follow this structured process to ensure your grievance is recorded correctly.
How to Report a Research Analyst?
If you’ve had a negative experience with an Options King Research Analyst or any registered intermediary, here’s how to take formal action, step by step.
1. Gather All Your Records
Begin by collecting every document related to your interaction with the company.
This can include payment receipts, bank statements, invoices, WhatsApp chats, emails, call recordings, and any agreements or promises made during onboarding.
Arrange everything in chronological order so the sequence of events is clear. Well-organised documentation makes your complaint stronger and easier to evaluate.
2. Contact the Research Analyst (RA) First
Before escalating, reach out to the company through its official communication channels.
Clearly explain your concern, mention specific transactions or advice involved, and request a resolution within a reasonable timeframe.
Keep your communication professional and, importantly, in written form (email or messages) so you have a proper record of your attempt to resolve the issue directly.
3. File a Complaint in SCORES
If you don’t receive a satisfactory response, the next step is to escalate the issue through SEBI’s SCORES (Complaints Redress System).
- Register on the SCORES portal.
- Submit your complaint with all supporting documents.
- Clearly describe the issue, including dates, amounts, and prior communication.
This officially brings your complaint under regulatory review.
4. Lodge a Report in SMART ODR
For further escalation, you can approach SEBI’s SMART Online Dispute Resolution (ODR) platform.
This system provides a mediation-based approach where a neutral third party helps both sides resolve.
It is often faster and less formal than legal proceedings, especially when the dispute can be settled through discussion or clarification.
5. Share Market Arbitration
If the matter remains unresolved after SCORES and ODR, arbitration is the final step.
This is a formal process where an independent authority reviews all evidence submitted by both sides and delivers a binding decision. While more structured, it may take more time and requires complete, well-organised documentation.
Need Help?
If you’ve experienced losses after following Options King’s calls, paid fees and received unsatisfactory service, or feel that you were misled, you don’t have to navigate the complaint process on your own.
To get started, register with us with a brief description of what happened. We’ll review it and tell you what your options are, no jargon, no obligation.
Conclusion
Options King Research Analyst is a SEBI-registered entity with a registration that has been in place since August 2016. On the registration front, the firm is currently active. That is a factual positive worth acknowledging.
At the same time, the SEBI adjudication order of July 2025 is significant.
The finding that the firm operated without a valid mandatory certification for over five years, serving more than 1,000 clients during that period, is a compliance failure that is now part of the public record, regardless of the intent behind it.
A penalty of ₹1 lakh was imposed. The order is available on SEBI’s website.
Beyond the regulatory picture, the user reviews provided describe a pattern that prospective clients should factor into their decision: capital losses following options calls, pressure to add more funds to losing positions, and a gap between demo performance and paid service outcomes.
These are individual user accounts, not regulatory findings, but they represent real people sharing real experiences on public platforms.
If you’re considering this or any advisory service, the tools to verify and investigate are all publicly available and free to use. Take the time to use them. Informed decision-making is always your strongest protection.
