Quick Summary
Purnartha Investment Advisers Pvt. Ltd. holds SEBI investment adviser registration INA000000672, valid since 26 December 2013 and perpetual. Its yearly tables show 202 complaints received from FY 2019-20 to September 2026, with the highest counts in FY 2021-22 and FY 2022-23. Nothing is pending now. The website lists advice, portfolio management and insights under one brand and shows no fees. We found no SEBI order against the firm as of 16 October 2026, which is not a clean certificate.
You may have seen a brand that talks about wealth creation, thousands of customers and crores under management, and wondered how that sits beside its complaint record. This blog looks at Purnartha Investment Advisers Pvt Ltd through its own disclosures.
The numbers look large on both sides, so it helps to read them calmly and in context.
We cover the registration, each year of the complaint table, the services under one brand, the website terms and the missing price, then turn the gaps into questions you can put to the firm in writing.
What Is Purnartha Investment Advisers?
Purnartha Investment Advisers Pvt. Ltd. offers investment advisory, portfolio management services and a product it calls Portfolio Insights.
These are different services, and you should know which one you are being offered.
The firm says its approach looks at business models, valuations, margin of safety and growth, and includes channel checks.
It names two advisory strategies, Make in Bharat and Emerging India.
Make in Bharat
Make in Bharat is described as a multicap portfolio of 12 to 18 securities across sectors.
It targets Indian companies with strong fundamentals, revenue growth, wider margins and healthy returns on equity.
The website highlights risk mitigation, diversification and dynamic portfolio management.
A concentrated list of 12 to 18 stocks can swing more than a broad one, so ask how much one stock can weigh.
Emerging India
Emerging India focuses on businesses with scalable models and consistent performance.
The page talks about risk management, client support, expert insights, personalised guidance and a fixed and transparent fee structure.
The page gives no amount for that fee, which we return to in the fees section.
A fee can only be transparent once it is visible.
The PMS Strategies
The firm’s portfolio management services include Purnartha Pratham, Purnartha Vision, Purnartha Dynamic Midcap and Purnartha ONE.
They cover concentrated equity, midcap and multi asset portfolios.
The website says these suit high net worth individuals, family offices, founders and senior executives.
It points to customisation and direct ownership of securities as features.
Advice and PMS under One Brand
An adviser recommends and you decide whether to act.
A portfolio manager can act on your behalf with your money, and the rules, fees and complaint route differ.
The research did not show a separate registration number for the PMS side.
If you are offered PMS, ask for that registration number and read the guide on how to file complaint against portfolio managers so you know that route in advance.
The People That The Firm Names
The website names Devendra Phadke as Director and Principal Officer for advisory, described as a Chartered Accountant with over two decades in equity research.
It names Rahul Rathi as Chairman and Principal Officer for PMS, described as having over 20 years in investment and risk management.
Those are the firm’s own descriptions of its officers.
The listing names a separate contact person for the registration.
Is Purnartha Investment Advisers Pvt. Ltd. SEBI Registered?
The research shows the company listed as a registered investment adviser.
Each point below is what the listing shows, and you should confirm it yourself before relying on this page.
- Registration number is INA000000672. The INA prefix marks an investment adviser, unlike INH for a research analyst or INP for a portfolio manager.
- Validity runs from 26 December 2013 and is listed as perpetual. The registration is almost thirteen years old.
- Registered address is in Erandwane, Pune 411004, and the correspondence address is the same.
- Contact person on the listing is Chandani Saruparia, with an email on the purnartha domain. The same number appears against both telephone and fax, so confirm a working phone number.
You can check all this yourself in a few minutes.
A SEBI registered investment adviser number search lets you enter INA000000672, compare the name and category, and see the validity for yourself.
A SEBI registration number search on the regulator’s own pages gives the same answer.
Make sure the name on any payment page matches the registered name.
Registration shows that a firm may give investment advice. It does not describe the quality of advice or the fee.
What Do Purnartha Investment Advisers’s Complaint Numbers Tell Us?
The firm publishes a September 2026 table and a yearly table. We read both and added the totals again.
The month ending 30 September 2026 shows zero received, zero resolved and zero pending, across direct, SCORES and other sources.
The Yearly Table
The table below is the firm’s, and the sums that follow are our own.
|
Financial year |
Carried forward | Received | Resolved | Pending |
|
2019-20 |
1 | 15 | 16 | 0 |
|
2020-21 |
0 | 30 | 30 | 0 |
|
2021-22 |
0 | 55 | 51 |
4 |
| 2022-23 | 4 | 52 | 56 |
0 |
| 2023-24 | 0 | 17 | 17 |
0 |
| 2024-25 | 0 | 15 | 12 |
3 |
|
2025-26 |
3 | 17 | 20 | 0 |
| 2026-27 (to September) | 0 | 1 | 1 |
0 |
Each row adds up. Carried forward plus received equals resolved plus pending in every year.
Received adds to 202 across the eight rows.
Resolved adds to 203, which is 202 plus the one complaint carried into FY 2019-20.
Which Years Carry the Weight
FY 2021-22 shows 55 complaints and FY 2022-23 shows 52, a total of 107, which is more than half of all 202.
The years since FY 2023-24 show 17, 15, 17 and then 1.
So the volume fell from the early peak and has been steadier since.
The 2025-26 figure of 17 sits close to the 2023-24 figure of 17.
Pending Complaints
Four complaints were pending at the end of FY 2021-22, and they were resolved in the next year.
Three were pending at the end of FY 2024-25, and they were resolved in FY 2025-26.
That suggests pending items were cleared rather than left open.
It does not tell you how long each took.
How Large is 202
The website claims over 18,700 customers.
Against that figure, 202 complaints is about one percent. That comparison needs care.
The customer count is a promotional claim, it may cover other services and years, and the firm’s complaint table covers only advisory disclosures.
Treat it as context and not as a measure.
The Years Before FY 2019-20
The company was registered in December 2013, yet the table starts at FY 2019-20.
That leaves roughly six years without a table.
It may simply be when the disclosure format began, or the earlier data may sit elsewhere.
Ask the firm where earlier years can be seen.
What the Tables Do Not Say
The tables give no reasons or categories.
Ask what the main subjects were in the busiest years and what changed afterwards.
The September Impersonation Line
The research notes a September 2026 line recording one complaint about impersonation by another entity.
We could not see that line in the monthly table reproduced above.
The yearly table shows one complaint for FY 2026-27, received and resolved.
Whatever the exact reading, use only contact details that appear on the firm’s own site and the SEBI listing.
Paid someone who claimed to represent a SEBI registered adviser?
Our team reviews your payment proof and the messages you received, drafts a written grievance to the right party, and takes it to the right SEBI channel if the reply falls short. Register with us for a free consultation.
Reading the Picture
Complaint counts do not measure quality of advice.
A drop in numbers is encouraging, and a high past count is context to weigh, not proof of anything.
If you ever need to raise a case, the guide on a SEBI complaint against investment advisor shows how such cases usually run, and it helps to know that before you commit money.
What Purnartha Investment Advisers Records Show on SEBI’s Website
SEBI’s website lists an order of the Bombay High Court in a writ petition filed by Purnartha Investment Advisers Pvt. Ltd. against SEBI, dated April 2021.
We could not read the order text, so we cannot say what the issue was or how it ended.
A company may go to court for many reasons, including questions of procedure, so this listing should not be read as a finding against the firm.
What We Found Elsewhere
A search of SEBI’s public records found no SEBI enforcement order against the firm as of 16 October 2026.
That is not a clean certificate, because orders can be published later and our search was limited.
Ask the firm directly whether any proceeding is open, and for the outcome of any that has closed.
What Is Purnartha Investment Advisers’s Pricing, Is It Publicly Listed?
The website does not disclose the actual fees for either advisory strategy.
The Emerging India page mentions a fixed and transparent fee structure but gives no amount or plan.
Visitors are expected to contact the firm, which makes it hard to compare costs before showing interest.
The Advisory Fee Cap
SEBI allows fees in a fixed fee mode and in an assets under advice mode, each with its own limit.
In the fixed fee mode the cap is ₹1,51,000 per client per family per year.
Portfolio management services are charged under different rules, so keep the two fee structures apart when you compare.
A Worked Example
Suppose an advisory quote arrives as ₹1,78,180.
That equals the ₹1,51,000 cap plus 18 percent GST, so it would not by itself cross the cap, though the GST treatment should be confirmed in writing.
This is only a worked example and not the firm’s price.
It shows why the base fee and GST should appear on separate lines.
Before You Pay
Take these four steps first, since each costs nothing.
- Ask which service you are being offered and under which registration.
- Ask for the fee in rupees, with GST on a separate line.
- Ask for the refund terms if you stop midway.
- Ask for the payment account name and match it to the registered name.
Purnartha Investment Advisers Claims and Strategy Details
The homepage highlights ₹2,200 crore plus in PMS assets, ₹10,000 crore plus in assets under advice and 18,700 plus customers.
These are promotional figures, and they do not show the quality of advice.
The site also uses phrases about being a trusted partner in wealth creation.
Such lines can raise expectations, and market linked investments carry risk whatever the wording.
What The Strategy Pages Leave Out
The pages do not set out selection criteria, how portfolios are built or when a stock is added or dropped.
They also give no strategy level performance figures or benchmarks.
Ask for performance on a basis you can verify, against a stated benchmark and period.
Past performance does not guarantee future returns.
Risk Mitigation
Both advisory offers talk of risk management, but the pages do not describe the measures or their limits.
Ask which risks the method reduces and which it cannot.
How The Service Runs
The pages mention personalised guidance, expert insights and client support.
They do not say how often portfolios are reviewed, how advice reaches you or what ongoing support involves.
Ask for the review schedule, the format of advice and the support contact in writing.
What Do Purnartha Investment Advisers Terms and Conditions Say?
The terms we reviewed contain clauses that deserve a careful read.
They may apply to the website and tools, so ask which terms govern the advisory relationship.
1. Indemnity
Clause 10 asks users to indemnify the company and related parties against a wide range of third party claims, losses and legal costs arising from use of the services or breach of the terms.
Ask what the clause covers in practice, and whether it applies to advisory clients.
2. Changes to the service
Clause 6 lets the company change or stop services, temporarily or permanently, with or without notice, and disclaims liability for it during a subscription.
Ask what refund or credit you get if a service you paid for is stopped.
3. Responsibility for decisions
Clause 10 also says buying and selling decisions based on the company’s analysis are the client’s own, and that the company does not guarantee full accuracy of its data or analysis.
It is true that the final decision is yours.
Even so, an adviser is responsible for advice that fits your profile, so ask how this clause sits beside the agreement and MITC.
Purnartha Investment Advisers Reviews
The research for this blog did not include client reviews.
We have not described any, and a missing review should not be read as a good or bad sign.
Look for dated reviews on more than one platform.
Any review you read is an individual opinion that we have not verified, and the firm may dispute it.
Questions to Ask Purnartha Investment Advisers Before You Pay
The gaps above can be turned into a short list.
Send these by email so you have a written reply, and wait for the answers before any money moves.
1. Which service and which registration?
Ask whether the offer is advice or PMS and for the registration number covering it.
2. What is the fee, with GST?
Ask for the amount, the GST and the refund terms. If it is an advisory fixed fee, compare it with the ₹1,51,000 cap.
3. What drove the high complaint years?
Ask what the main subjects were in FY 2021-22 and FY 2022-23, and what changed.
4. Which terms govern me?
Ask for the agreement and MITC, and ask how the website clauses apply to advisory clients.
5. How are disputes settled?
Ask whether the agreement sends disputes to arbitration. Reading about arbitration in share market cases first helps you judge what such a clause would mean for you.
What To Do If You Have a Grievance Against Purnartha Investment Advisers?
The listing shows a contact person and an email on the firm’s own domain.
The research does not name a separate grievance officer, so write to that address and keep the email trail.
State your name, payment reference, the issue and the outcome you want in a reasonable time.
A dated email is stronger than a call.
If the firm does not reply or you disagree with the answer, the regulator’s online system is the usual next step.
The page on the complaint through SCORES SEBI route covers what to attach and how a case moves after you file.
Keep every reply you get on that system, since they matter if the case has to go further.
For a payment disagreement that stays open, there is another route.
The SMART ODR portal brings in a neutral conciliator to go through your papers with you, so keep receipts and replies together.
Disclaimer
This blog is based on the firm’s published disclosures and publicly available SEBI records as of 16 October 2026. It does not allege wrongdoing, and the firm is welcome to share its side. We could not independently confirm the fee levels, the portfolio management registration, the subject of the April 2021 court listing, the reasons behind the reported complaints, or the content of any agreement beyond what the research showed.
Conclusion
Purnartha Investment Advisers has held its SEBI registration since 2013, and its complaint counts have come down from the early peak, with nothing pending now.
The harder part is the website, which shows large claims and rich strategy pages but no fees.
Before you pay, ask which service and registration you are being offered, the fee with GST, and how the website terms relate to your agreement. Keep every answer in writing.
Check the registration yourself and use only contact details from the firm’s own pages.
If the firm answers openly and quickly, you have a better basis to decide.
If a dispute arises later, write to the firm first and then use the escalation routes in order.
Keep your receipts, emails and screenshots in one folder.
Report. Recover. Stay Fraud Free.
Frequently Asked Questions
The research shows it as an investment adviser under INA000000672, valid from 26 December 2013 and listed as perpetual. Confirm the details on SEBI's website and match the name on any payment page.
The yearly table shows 202 complaints received from FY 2019-20 to September 2026, with 55 and 52 in the two busiest years. None is pending, and the September 2026 month shows zero.
The website content we reviewed shows no amount for either advisory strategy, though one page mentions a fixed fee structure. Ask for the fee in rupees, GST and refund terms in writing.
The website promotes both advisory and portfolio management services. Ask which one is being offered to you and for the registration number covering it before you pay.
Write to the firm first and keep the reply. If it falls short, a complaint can go through SEBI's online system or the dispute resolution portal, and our guides cover those routes.
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