Investors searching for Punit Kumar research analyst reviews often discover a troubling pattern. SEBI investigated Shri Money, identified serious violations, and took formal action.
Here is everything you need to know before trusting this research analyst with your money.
Is Punit Kumar Research analyst SEBI registered?
Punit Kumar research analyst is the proprietor of Shri Money, a SEBI-registered research analyst firm operating under registration number INH000008844.
He offered buy/sell/hold recommendations to retail investors through a mobile app, physical reports, and WhatsApp.
However, as of May 2026, a search on SEBI’s intermediary database for registration number INH000008844 returns no records, suggesting the registration is no longer active.
Punit Kumar Research Analyst User Reviews
Multiple users across review platforms have flagged Shri Money for aggressive fee collection, poor accuracy, and misleading sales tactics.
The Punit Kumar research analyst reviews consistently point to a clear pattern: initial profits to hook investors, followed by heavy losses and demands for more money.
1. Bait-and-Switch Trap
An User wrote that Shri Money targets the money transferred to the company and then demands additional charges to recover losses.
Another user described a similar pattern: the firm first gives profits, then causes losses, and then demands more money to recover those losses.
User Prem Gupta reported a total loss of ₹7 lakh, including a monthly fee of ₹1.95 lakh.
He described the firm as relentlessly pushing its ₹14 lakh yearly package even while clients suffer losses.
2. High Commissions and a Pressure Tactics Culture
User Sameer pointed out that Shri Money demands 50% of the investor’s profit after the package is taken.
He tagged the firm as having unsatisfactory explanations, an inexperienced provider, an unskilled team, and high commission rates.
3. No Analytical Accuracy
Another investor (1 star, April 2024) directly called Shri Money a fraudulent company.
The reviewer stated there is no accuracy in any analysis, and the firm simply charges high fees.
Shri Money SEBI Order
SEBI investigated Shri Money from April 2022 to February 2024. The regulator found violations of both the Research Analyst Regulations 2014 and the PFUTP Regulations 2003.
Two formal orders followed, one imposing a monetary penalty and one restricting business operations.
| Order & Date | Penalty / Final Order |
| Adjudication Order January 27, 2025
|
Monetary penalty of ₹10,00,000 (Ten Lakhs) under Section 15EB of the SEBI Act
|
| Final Order by Whole Time Member October 06, 2025
|
Prohibited from taking new clients for one month, effective immediately
|
Both orders stem from the same inspection and cover overlapping violations, yet SEBI treated them as separate proceedings.
Violations by Punit Kumar
SEBI established multiple violations across fraudulent conduct, missing disclosures, and poor record-keeping.
1. Fraudulent Inducement of a Client
A Shri Money employee sent a WhatsApp message to client Sanjay Dubey stating: “4L ka profit kara sakta hu.”
SEBI held that this message dangled profit to collect fees. The client paid ₹5.45 lakh, traded based on this advice, and suffered losses.
SEBI found this a clear violation of Regulations 3(a), 4(1), 4(2)(k), 4(2)(o), and 4(2)(s) of the PFUTP Regulations.
2. Failure to Include Mandatory Disclosures in Research Reports
Every buy/sell/hold recommendation Shri Money sent, qualifies as a research report under Regulation 2(1)(w).
Regulation 19 requires disclosures of financial interest, ownership, conflicts, and compensation in every such report.
Shri Money made none of these disclosures. Critically, SEBI had already issued an administrative warning for the same omission in November 2022 and the violation continued.
3. No Rationale Maintained for Recommendations
Regulation 25(1)(iii) requires research analysts to document and maintain the rationale behind every recommendation.
Three physical research reports contained only price charts with no explanation. All app-based recommendations carried no rationale at all.
This also violated Regulation 25(2), which mandates record preservation for five years.
4. Unsupervised Employee Communication
Shri Money deployed approximately 98 employees for sales and client communication. The firm did not monitor conversations, maintain call records, or preserve chat logs.
SEBI found this a failure of due diligence and a breach of the Code of Conduct under the Third Schedule of the RA Regulations.
Is Shri Money Safe?
The evidence from SEBI orders and user reviews points strongly against trusting Shri Money. Still, a balanced look at both sides helps investors make a fully informed judgment.
1. Held SEBI Registration
Shri Money operated under a valid SEBI registration number (INH000008844) for several years. Obtaining SEBI registration requires compliance with eligibility criteria and a formal process.
As of May 10, 2026, SEBI’s registered intermediaries database shows no record for INH000008844.
This means the firm may no longer hold a valid registration. Engaging an unregistered entity for investment advice carries serious legal and financial risk for investors.
2. Repeated Violations Despite Warning
SEBI warned Shri Money about missing disclosures in November 2022. Instead of correcting this, the firm continued the same violation through at least February 2024.
Regulators treat continued non-compliance after a warning far more seriously than a first-time lapse.
3. Consistent User Complaints Show a Clear Pattern
The reviews are not isolated incidents. Multiple users across different dates spanning 2023 to 2024, describe the same cycle: initial profit, then losses, then demands for more money to recover losses.
This pattern aligns precisely with what SEBI found in its investigation.
What Investors Must Keep in Mind?
Before engaging any research analyst, investors must verify the current registration status on SEBI’s official intermediaries list.
A registration that existed in the past does not guarantee it remains valid today.
- Always check if the registration number returns an active record before paying any fees.
- Never pay large upfront packages based on promises of recovering past losses.
- Any communication that links profit potential to fee payment is a red flag under SEBI rules.
- No SEBI-registered research analyst can legally guarantee returns or assured profits.
If an analyst pushes a high-cost package while your portfolio bleeds losses, stop, do not pay more. Escalate instead.
How to File a Complaint Against Shri Money?
If Shri Money or any research analyst has misled you, you have formal remedies. Act quickly, delays weaken your case.
Step 1: Reach Out to the Research Analyst in Writing
Send a formal written complaint to the research analyst first. State your grievance clearly.
Mention the dates of transactions, amounts paid, losses suffered, and specific communications that misled you.
Keep a copy of everything. This creates a paper trail and gives the firm a chance to respond which regulators may later ask you to show you attempted.
Step 2: File a Complaint in SCORES
SEBI operates the SCORES platform (Securities and Exchange Board of India Complaint Redress System).
Register your complaint there with full details and supporting documents. SEBI monitors all complaints on this platform and directs them to the relevant intermediary for resolution.
You can track the status of your complaint online.
Step 3: Register Complaint in SMART ODR
SEBI’s SMART ODR (Online Dispute Resolution) portal allows investors to resolve disputes through conciliation and arbitration without going to court.
File your case on the SMART ODR platform with your evidence. A neutral conciliator works with both sides to reach a resolution.
This process is faster and less expensive than litigation.
Step 4: Share Market Arbitration
If conciliation fails, move to formal arbitration through the ODR mechanism. Arbitration produces a binding award.
For disputes involving SEBI-registered intermediaries, this is a well-established and legally enforceable process.
Gather all payment receipts, WhatsApp chats, emails, and call recordings before filing, these form the core of your case.
Need Help?
We help investors who have lost money to unregistered or non-compliant research analysts.
Our services include:
- Case review: We assess your complaint, documents, and timelines to evaluate the strength of your case.
- Complaint drafting: We draft formal complaints for SCORES and SMART ODR in clear, legally structured language.
- Escalation support: We guide you through each stage from initial filing to arbitration so you never miss a deadline or a critical step.
- Evidence organisation: We help you compile and structure your evidence, payments, communications, and loss calculations in the format regulators and arbitrators expect.
When investors are misled, a well-documented and properly escalated complaint can make a meaningful difference.
So, register with us now for getting help.
Conclusion
Punit Kumar’s Shri Money accumulated two SEBI orders, a ₹10 lakh penalty, a one-month ban on new clients, and a registration that no longer appears active.
Punit Kumar research analyst reviews by users reinforce every finding in the SEBI orders.
Investors must verify registration status, reject upfront packages tied to loss-recovery promises, and use formal SEBI mechanisms if they suffer harm.
Do not let sunk cost trap you into paying more; act, escalate, and recover.
