Rajkot is not the first city that comes to mind when you think of India’s financial research ecosystem.
If someone has referred you to Perfect Research, or if you found their website while comparing options before subscribing to a market research service, you are in the right place.
This is not a promotional review. This article walks you through what you should read, verify, and consider before paying for a subscription, based entirely on complaint disclosures.
Some of what you will find here is reassuring. Some of it raises questions worth asking before you pay. All of it is sourced.
Perfect Research Review
Perfect Research describes itself as providing investment plans in the share market for short-term, medium-term, and long-term investment horizons.
Bhavin Sorathiya positions his practice around fundamental and technical analysis covering listed stocks, futures, and options.
The website states the firm has helped more than 5,000 investors create wealth from stock market investment.
Based on available information, the entity maintains a very limited public social media presence.
Is Perfect Research SEBI Registered?
Perfect Research holds a valid, perpetual SEBI Research Analyst registration (INH000010955) in the name of Bhavin Kishorbhai Sorathiya, effective November 24, 2022.
You can verify the registration on the Securities and Exchange Board of India intermediary portal.
- Legal / Operating Name: Perfect Research House
- Proprietor: Bhavin Kishorbhai Sorathiya
- Office Address: Office No. 602, Sanskar Heights, 6th Floor, Near Radhe Circle, 150 Feet Ring Road, Rajkot, Gujarat – 360004
The entity’s own published disclosures state: “The SEBI has issued no penalties or directions under the SEBI Act or any other regulatory body.”
Public records show no SEBI orders, penalties, or show-cause notices against this entity.
Perfect Research Complaints
The complaint disclosures published by Perfect Research, available across two documents on its website and uploaded for this review, cover a remarkably long reporting window for an entity registered in November 2022.
Annual Complaint Data: 2018–19 to 2022–23
The annual disposal table published in the September 2023 complaint disclosure covers five financial years: 2018–19, 2019–20, 2020–21, 2021–22, and 2022–23.
Every year shows zero complaints received, zero resolved, and zero pending. The carried-forward figure from any previous year is also zero throughout.
This data appears clean, but it raises a timing question discussed in the red flags section below.
The More Recent Complaint Disclosure: 2025–26
A second complaint disclosure document, dated for more recent reporting, shows a monthly trend starting from July 2025 and an annual trend for 2025–26.
All figures across both tables are blank or show dashes, indicating no data has been entered for those periods yet.
The document either uses an unfilled template or shows no complaints for those periods, but it does not clearly distinguish between the two.
What does the Complaint Data imply?
Across every reporting period for which data is available, Perfect Research has zero recorded complaints. On paper, this is the cleanest complaint record possible.
For an entity of the stated size and operating history, it is worth noting that zero complaints can reflect either genuine client satisfaction or a client base that is unaware of formal complaint channels.
The data does not clarify which explanation is correct. What it does confirm is that the entity is meeting its minimum disclosure obligations and has no unresolved regulatory grievances on file.
SEBI Guideline for RA in India
Every SEBI Research Analyst registration defines clear operating boundaries.
To obtain registration, you must clear the NISM Series XV examination, satisfy the minimum educational and experience criteria, and pass SEBI’s “fit and proper” assessment.
The table below lays out exactly where the line sits, what a SEBI-registered Research Analyst can legally do for you, and what falls outside the boundary of their licence.
| What an RA Is Allowed to Do | What an RA Is Not Allowed to Do |
| Issue research reports carrying buy, sell, or hold recommendations on listed securities | Offer investment advice customised to an individual client’s personal financial circumstances |
| Charge subscription fees within the annual limit per family prescribed by SEBI | Promise, guarantee, or assure any specific level of profit or return to a client |
| Distribute research through email, WhatsApp, SMS, or any other communication medium | Make “no loss” assurances or claim that capital will be protected under any condition |
| Apply technical and fundamental analysis to evaluate stocks, sectors, and market conditions | Hold positions in the same securities being actively recommended to subscribers |
| Make mandatory disclosures around conflicts of interest in every research report | Accept fee payments into a personal account; all payments must flow to the registered entity |
| Address investor complaints formally and within the 21-day window set by SEBI’s SCORES framework | Function without a published investor charter and grievance redressal mechanism |
| Provide generalised research recommendations accessible to all subscribers equally | Manage client portfolios or provide personalised advisory without a separate RIA registration |
Those limits are specific, and they matter enormously for any investor deciding what to expect from a paid subscription.
A Research Analyst is not the same as a Registered Investment Adviser, and confusing the two can leave investors with entirely the wrong set of expectations about what protections apply to them.
Perfect Research Red Flags
The following points outline potential red flags identified from Perfect Research’s website content, disclosures, disclaimers, and SEBI records.
This is not a legal determination.
1. The Disclaimer Page Calls the Entity a “Registered Investment Adviser”
This is the most significant factual inconsistency observable on this website, and it is sourced directly from Perfect Research’s own disclaimer page, which states: “We are a registered investment advisor; we will provide investment advice to only the customer after the successful completion of the risk profiling assessment and KYC.”
Bhavin Kishorbhai Sorathiya is registered with SEBI as a Research Analyst (INH000010955), not as a Registered Investment Adviser.
These are two distinct regulatory categories under SEBI’s framework. An RIA has a fiduciary duty to act in the client’s best interest and must complete risk profiling and KYC before providing any advice.
An RA publishes generalised research for distribution and is regulated under the Research Analyst Regulations 2014.
This is not a minor wording issue; it creates a factual error in a legally significant disclosure document that every prospective client reads before subscribing.
2. Annual Complaint Data Covers Years Before SEBI Registration Existed
The complaint disclosure document uploaded for this review shows annual complaint data going back to 2018–19, four full financial years before Bhavin Kishorbhai Sorathiya received SEBI registration in November 2022.
The data for all pre-registration years show zeros across every column.
SEBI’s complaint disclosure circular requires registered Research Analysts to maintain and publish complaint data.
Populating that disclosure with years predating the SEBI registration and showing zeros for periods when the entity had no registered status is unusual.
3. Claiming “5,000+ Investors” With No Verifiable Supporting Evidence
Perfect Research’s homepage states: “We have successfully helped more than 5,000 investors to create wealth from stock market investment.”
This is a significant claim for an entity that was registered with SEBI in November 2022, has no visible social media presence, no independent third-party reviews, and no auditable track record published anywhere on the website.
4. Pricing Advertises “Monthly Accuracy of 80–85%” Without Any Auditable Performance Disclosure
Perfect Research’s pricing page states that its Nifty Option Package and Bank Nifty Option Package both deliver “Monthly Accuracy of 80–85%,” while the Sensex Option Package claims “Monthly Accuracy of 85–90%.”
The subscription purchase page prominently displays these specific, quantified performance claims.
No supporting data for these claims exists anywhere on the website, no systematic record of every recommendation over which this accuracy was measured.
What Investors Should Know Before Subscribing?
Before you pay any amount to Perfect Research or a similar entity, follow these steps regardless of registration status.
1. Verify Registration with the Securities and Exchange Board of India
Search for INH000010955 under the Research Analyst category and confirm the name, address, and validity exactly match what is claimed.
This ensures you are dealing with the correct registered entity and not a misrepresentation.
2. Understand RA vs RIA Classification
Check that the entity is a Research Analyst and not an Investment Adviser, as both have different roles and responsibilities.
This directly impacts the level of advice, accountability, and investor protection you receive.
3. Ask for Proof Behind Accuracy Claims
Request a time-stamped record of all research calls supporting the 80–85% accuracy claim shown in pricing.
Without verifiable data, such numbers remain marketing claims rather than proven performance.
4. Get Fee Terms in Writing
Ensure all charges, duration, and refund conditions are clearly documented before payment.
This avoids disputes and ensures transparency in what you are subscribing to.
5. Check SEBI Fee Cap Compliance
If taking multiple packages, confirm the total annual fee in writing and ensure it stays within the ₹1,51,000 cap. Exceeding this limit would violate SEBI’s prescribed regulations.
6. Do Not Rely Solely on Accuracy Percentages
Avoid making decisions based only on claimed success rates shown on pricing pages. Always ask for the underlying data and methodology before trusting such figures.
How to File a Complaint Against a Research Analyst?
If you have subscribed and your concerns are not being resolved, here is the process:
1. Contact the Entity Directly First
Reach out to Bhavin Kishorbhai Sorathiya and clearly state your complaint in writing, including subscription details, payment made, promises given, and what actually occurred.
The entity’s grievance policy states complaints should be addressed within 7 business days at the first level and resolved within 21 days, so keep records of all communication.
2. Report in SCORES
If the issue is not resolved, file a SEBI complaint against advisory company on SCORES using your PAN and register it against INH000010955.
The entity is required to respond within 21 days, after which you can escalate further through the review mechanism if dissatisfied.
3. Escalate the Issue through SMART ODR
For cases involving refunds or monetary claims, proceed to the Online Dispute Resolution system after completing the SCORES process.
This platform allows structured resolution of disputes without needing formal legal representation.
4. Stock Market Arbitration
If SMART ODR does not resolve the matter, you can escalate the dispute to formal arbitration through the relevant exchange mechanism.
This is a legal process where an independent arbitrator reviews the case and issues a binding decision.
Need Help?
If you have subscribed to Perfect Research and feel your complaint is not being resolved, or you are unsure whether your issue can be formally escalated, getting a clear assessment early can save time and prevent mistakes.
We help you understand whether your case qualifies as a valid regulatory grievance under Securities and Exchange Board of India norms and what your realistic chances are before you take the next step.
Here’s how we can help you:
- Review your payment records, subscription details, and communications.
- Identify if there is a regulatory violation or mis-selling involved.
- Draft a clear, fact-based complaint for SCORES.
- Evaluate if Online Dispute Resolution (ODR) is suitable for your case.
- Direct you toward arbitration resources where applicable
For refund or financial disputes, we assess the strongest route so you don’t. waste time on ineffective escalation paths.
Reach out to us, and we’ll give you a straightforward, honest assessment of what you can realistically do next.
Conclusion
Perfect Research appears to hold a valid SEBI Research Analyst registration, along with an investor charter, grievance mechanism, and formal disclosures, and there are no publicly reported complaints on record.
These points should be acknowledged.
At the same time, one inconsistency stands out clearly: the disclaimer refers to the entity as a Registered Investment Adviser, even though it is registered as a Research Analyst.
There are also broader concerns around data reliability, including complaint records appearing before registration, unverified accuracy claims, and a large client base claim without independent validation.
Before subscribing, take a few minutes to verify details with the Securities and Exchange Board of India, understand the service category, and ask for evidence behind performance claims.
