Quick Summary
Pankaj Garg is a SEBI registered Research Analyst carrying INH000023481, operating under the brand Vriha Research from Jalandhar, Punjab, and active since September 2025. On one of its two plans, Momentum Positional Options, the pricing page displays a struck-through figure two to three times higher than the price actually charged, with no explanation of whether this is a genuine promotional discount or something else. Its complaint record shows a single complaint, received and resolved in June 2026. Its Telegram channel promotes trade outcomes using attention-grabbing figures without the context needed to assess them.
Pankaj Garg holds SEBI Research Analyst registration INH000023481, active since 26 September 2025, and operates the trading brand Vriha Research from Jalandhar, Punjab.
The registration is genuine, confirmed both on the firm’s own site and on its public Telegram channel bio.
What is worth a closer look is the pricing page itself, where one of the firm’s two plans displays two different prices for the same subscription, without explaining which one a subscriber actually pays.
This page works through the registration, the pricing discrepancy, the complaint disclosure, and the promotional language used on the firm’s Telegram channel.
Who Is Pankaj Garg?
Pankaj Garg operates Vriha Research as an individual SEBI Research Analyst, providing equity and derivatives research covering intraday and positional trade setups, market and sector analysis, structured research reports, and what the site describes as trading psychology guidance.
The firm states its services are focused on research and educational insights only, and that it does not provide portfolio management or trade execution services.
That is the correct scope for an INH registration, and it is worth crediting as clearly stated rather than left ambiguous.
Research calls and reports are delivered through Telegram, WhatsApp, or email depending on the plan selected.
The subscription process itself runs through the website: a client selects a plan, pays, and receives a subscription code that unlocks access to a premium Telegram community, described on the firm’s channel as running to roughly 8,000 members.
The firm maintains a presence on Facebook, YouTube and Instagram, alongside its primary delivery channels on WhatsApp and Telegram.
None of this establishes wrongdoing, and nothing further on this page does either.
Where a registered analyst’s conduct does cross a line, the formal escalation route is covered in full further down this page.
Is Pankaj Garg SEBI Registered?
Yes, and the registration is confirmed both on the firm’s own website and independently on its public Telegram channel description.
| Detail | Information |
|---|---|
| Company / Brand Name | Vriha Research |
| Registered Person | Pankaj Garg |
| SEBI Registration Number | INH000023481 |
| Type of Registration | Individual |
| Validity | 26 September 2025, Perpetual |
| Registered Address | Regus, Office No. 554, PPR Mall, 5th Floor, Mithapur Road, Ravindra Nagar Phase 2, Urban Estate Phase II, Jalandhar, Punjab 144011 |
| Correspondence Address | Same as registered address |
| Contact Person | Pankaj Garg |
| [email protected] |
What the INH Prefix Permits
The INH prefix marks a Research Analyst.
It permits publishing research and issuing recommendations to a subscriber base.
It does not permit personalised advice built around an individual client’s income, goals or holdings, trade execution, or portfolio management, all of which the firm’s own FAQ correctly states it does not provide.
A Phone Number Worth Double Checking
The contact number published on Vriha Research’s own Telegram channel, used for WhatsApp support, differs in the final few digits.
This may simply be a transcription difference between two records rather than anything more, and it is not treated here as a finding of any weight on its own.
If you are contacting this firm, confirm the number against the one currently published on its official Telegram channel rather than an older or secondhand source.
Why Does Vriha Research’s Pricing Page Show Two Different Prices for the Same Plan?
Vriha Research sells two research products, Momentum Equity and Momentum Positional Options, each available across three durations.
One of the two shows a pricing pattern worth understanding before you pay.
The Published Price List
| Plan | Duration | Listed Price | Displayed Original Price |
|---|---|---|---|
| Momentum Equity | 30 Days | ₹5,000 | Not shown |
| Momentum Equity | 3 Months | ₹12,000 | Not shown |
| Momentum Equity | 12 Months | ₹40,000 | Not shown |
| Momentum Positional Options | 30 Days | ₹5,000 | ₹10,000 |
| Momentum Positional Options | 3 Months | ₹12,000 | ₹30,000 |
| Momentum Positional Options | 12 Months | ₹40,000 | ₹1,20,000 |
What the Pricing Discrepancy Actually Is
On the Momentum Positional Options plan, and only on that plan, the site displays a second, higher figure alongside the price a subscriber is actually charged. The gap is not small.
The 30-day tier shows a 50 percent difference, the 3-month tier shows a 60 percent difference, and the 12-month tier shows a 67 percent difference between the two figures.
Momentum Equity, the firm’s other product, shows no such second figure anywhere.
That makes this a specific pattern tied to one plan rather than a general site-wide display style, which is worth knowing, since it means the explanation has to account for why one product is marked this way and the other is not.
Nothing on the pricing page explains what the higher figure represents.
It is not labelled as a limited-time offer, a founder’s price, a past price that has since been reduced, or anything else.
A prospective subscriber is left to guess whether the lower figure is a permanent price, a promotional rate that may expire, or something else entirely.
Why This Matters Beyond Simple Confusion
A displayed discount that is never actually charged at the higher rate is a pattern regulators and consumer protection bodies in other contexts have treated as a manufactured reference price, intended to make a subscription look like a bargain rather than reflecting what the service has ever actually cost.
We are not asserting that this is what is happening here.
We do not know whether the higher figure was ever genuinely charged, whether it reflects a real prior price point, or whether it is a display error.
What we can say is that the page does not tell you, and you are entitled to ask before paying.
Before subscribing to the Momentum Positional Options plan specifically, ask directly in writing whether the higher figure has ever been an actual charged price, and whether the lower figure is permanent or time-limited.
Keep the answer, since it is the only record you will have if the pricing changes after you subscribe.
Does Vriha Research’s Pricing Sit Within the SEBI Fee Cap?
Yes, comfortably, and this is worth stating plainly since it is a genuinely clean result.
A Research Analyst may charge a maximum of ₹1,51,000 per annum per family for individual and HUF clients who are not accredited investors.
Vriha Research’s highest published annual price, ₹40,000 for either plan’s 12-month tier, sits well under that limit.
Even holding both plans simultaneously for a full year comes to ₹80,000, still comfortably inside the ceiling.
One protection applies regardless of price.
On early termination, a client is entitled to a proportionate refund for the unexpired period, and a Research Analyst may not retain a breakage fee.
What Does Pankaj Garg’s Complaint Data Show?
Every SEBI-registered Research Analyst must publish complaint data.
Here, the record is minimal, and it is worth reading exactly as it stands rather than reading more into it than the numbers support.
Annual Complaint Data
| Year | Carried Forward | Received | Resolved | Pending |
|---|---|---|---|---|
| 2025-2026 | 0 | 0 | 0 | 0 |
| 2026-2027 | 0 | 1 | 1 | 0 |
| Grand Total | 0 | 1 | 1 | 0 |
Monthly Complaint Data
| Month | Carried Forward | Received | Resolved | Pending |
|---|---|---|---|---|
| Jun 2026 | 0 | 1 | 1 | 0 |
| All other months, Sep 2025 to Aug 2026 | 0 | 0 | 0 | 0 |
| Grand Total | 0 | 1 | 1 | 0 |
One complaint total since the registration began, received and resolved within June 2026, with nothing pending.
The two tables agree cleanly; the June 2026 entry falls correctly within FY2026-27, and there is no reconciliation issue to flag.
No information is published about what that one complaint concerned.
There is not enough detail to say whether it involved a significant issue or a minor one, and it should not be assumed to be either.
What Does Vriha Research’s Telegram Channel Show?
The firm’s public Telegram channel, where research calls and updates are delivered, uses promotional language worth understanding before you judge the service by what you see there.
1. Trade Outcomes Presented Without Context
Messages on the channel highlight results using phrases like “1400+++++” alongside multiple rocket emojis.
Figures presented this way do not state a holding period, a realised percentage return, or confirmation that the stated entry and exit prices were actually available to subscribers at the time.
A headline number without any of that context cannot be independently assessed.
It may represent a genuine, well-documented result, or it may represent a best-case scenario presented without the trades that did not work out alongside it.
There is no way to tell from the post itself.
2. The Premium Community is Promoted Through the Same Outcome-First Framing
The paid Telegram community is marketed using the same style of attention-grabbing language and emoji-heavy trade highlights, which places more emphasis on outcomes than on the underlying research process the firm states is its actual service.
Before subscribing on the strength of what you see posted publicly, ask for a fuller record: the full set of calls given over a stated period, not a curated highlight, along with the entry, exit, and holding period for each.
How to File a Complaint Against Pankaj Garg or Vriha Research?
Given how light this firm’s disclosed complaint history is, most issues here are likely to concern clarity, most commonly the pricing discrepancy on the Momentum Positional Options plan, rather than a pattern of serious misconduct.
Start by getting the specifics in writing. If you were charged the lower figure but told the higher figure was the real price, or if you were ever actually charged the higher figure, save that communication in full.
If you subscribed based on a Telegram post highlighting a result, save the post and ask for the full run of calls it was drawn from.
Send your grievance to RA’s email, describing what you were shown, what you paid, and what you want resolved. Keep the sent record.
If the response is not satisfactory, escalation runs through a specific set of channels, and each one exists for a different stage of the dispute rather than as alternatives to pick from.
1. SEBI SCORES for the Formal Regulatory Complaint
Once a direct grievance goes unresolved, the complaint moves onto the regulator’s own platform.
The SEBI SCORES portal is where that filing happens, and a documented pricing discrepancy gives the platform something concrete to examine.
2. SMART ODR for Conciliation if SCORES Does Not Resolve it
Where SCORES closes without a satisfactory outcome, the next stage is structured conciliation rather than a repeat complaint.
The SMART ODR login page covers how a conciliator gets assigned and what documents to bring into that session.
3. Stock Market Arbitration if Conciliation Does Not Settle it
When conciliation still does not produce a settlement, arbitration is the stage that ends in a binding outcome.
Stock market arbitration results in an award enforced through the exchange rather than negotiated with the analyst directly.
That covers each channel on its own, but none of them explain how to actually build and sequence a case from the first email onward.
If you want to know the full process in detail, check our guide complaint against SEBI registered research analyst.
Confused which price you actually owe?
We get the pricing clarified in writing directly from the firm, confirm what you were actually charged against what was displayed, and put any gap on record in a form the analyst has to respond to. Register with us for a free read on your situation.
Disclaimer
This page is based on Vriha Research’s own published material, its public Telegram channel, and the SEBI intermediary register, current as of September 2026, and alleges no wrongdoing since no SEBI order stands against the firm.
Registration details, pricing, and website content can change, so verify everything at source before acting. Treat this page as research, not legal or investment advice.
Conclusion
Pankaj Garg is a genuinely registered SEBI Research Analyst, INH000023481, operating Vriha Research with pricing that sits comfortably under the SEBI fee cap and a complaint record limited to a single resolved case.
The one issue worth resolving before you subscribe is the pricing page itself.
The Momentum Positional Options plan displays a struck-through figure two to three times higher than what you actually pay, with no explanation of what that higher number represents.
Ask for that explanation in writing before you pay, and keep whatever answer you get.
If you subscribe based on a result highlighted on the firm’s Telegram channel, ask for the full run of calls behind it rather than judging the service by one post.
Report. Recover. Stay Fraud Free.
Frequently Asked Questions
Yes. It is registered to Pankaj Garg as an individual Research Analyst from 26 September 2025 and is perpetual. It is confirmed both on the firm's own website and independently on its public Telegram channel description.
The Momentum Positional Options plan displays a struck-through figure alongside the price actually charged, without explaining whether the higher figure was ever a real price or what it represents. Ask the firm directly before subscribing.
No. The highest published annual price is ₹40,000, well under the ₹1,51,000 ceiling, and even holding both plans for a full year stays comfortably inside the limit.
Treat a single highlighted result with caution, since it does not show the holding period, the realised return, or whether the stated prices were actually available. Ask for the full run of calls over a stated period before judging performance from one post.
The firm's disclosure shows one complaint total, received and resolved in June 2026, with nothing pending. No detail is published about what that complaint concerned.
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