Quick Summary
Raghav Research Services LLP is a SEBI registered, non individual Research Analyst carrying INH000020031, led publicly by Dr. Raghav Kumar and based in Meerut, Uttar Pradesh. Three of its eight packages breach the ₹1,51,000 annual SEBI fee ceiling once GST is stripped out, with the Ultra-HNI Wealth Package alone reaching ₹7,49,000, nearly five times the limit. All payments are stated to be strictly non refundable. The firm’s own website carries a genuine internal conflict: its main disclosure page names Shivam Goel as Principal Officer against a specific email address, while a course page on the same domain names Raghav Kumar as Principal Officer against that identical email address, and separately describes the firm’s services as Investment Advisory rather than Research Analyst services.
Raghav Research Services LLP holds SEBI Research Analyst registration INH000020031, a non-individual registration based in Meerut, Uttar Pradesh, publicly led by Dr. Raghav Kumar.
The registration itself is genuine.
What is not consistent is the firm’s own website, where two different pages name two different people as Principal Officer against the same email address, and where one page describes the firm’s services as Research Analyst services while another describes the identical brand as rendering Investment Advisory services.
This page works through the registration, that internal conflict, the full pricing grid against the ₹1,51,000 SEBI cap, and the complaint disclosure.
Raghav Research Services LLP
Raghav Research Services LLP operates under the brand name Raghav Research Services, providing research and investment-related services centred on multibagger investment plans, including the flagship Multibagger Gold Plan.
The firm states its research follows fundamental analysis, technical analysis and an assessment of broader market dynamics, and carries the standard disclaimer that investments in securities markets are subject to market risk and that SEBI registration does not guarantee performance or returns.
Dr. Raghav Kumar is the public face of the firm across its YouTube channel, Instagram, a WhatsApp channel and a Telegram channel, all under his name or a closely related handle, positioning him as the firm’s leadership and its primary source of credibility with followers.
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 Raghav Research Services SEBI Registered?
Yes, and INH000020031 is confirmed both on SEBI’s own published Research Analyst list and directly on the firm’s own site.
| Detail | Information |
|---|---|
| Entity Name | Raghav Research Services LLP |
| LLPIN | ACK-0500 |
| SEBI Registration Number | INH000020031 |
| Type | Non Individual |
| BSE Enlistment No. | 6515 |
| Registered Office | F-41, First Floor, Sai Plaza, Ganga Nagar, Meerut, Uttar Pradesh 250001 |
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 sit under a separate Investment Adviser licence.
Registration Validity Is Stated Two Different Ways
The firm’s own official disclosure page states the registration validity as 10 March 2025 to 9 March 2030, a fixed five-year term.
A separate independent SEBI intermediary listing describes the same registration as perpetual.
Only one of these can be current.
A fixed-term registration approaching its 2030 expiry carries a renewal requirement that a perpetual registration does not.
Verify the current validity status directly on SEBI’s own intermediary register rather than relying on either secondary source, since the two disagree.
Two Different Principal Officers, Same Email Address
The firm’s main disclosure page, published on its own site, names Mr. Shivam Goel as Principal Officer, listing his contact as [email protected].
A separate course page hosted on the same domain names Mr. Raghav Kumar as Principal Officer, listing the identical email address against his name instead.
The Compliance Officer differs across the same two pages as well, named as Priyanshi Gola on the main disclosure and as Abhilasha Garg on the course page.
The Grievance Officer, Priyanshi Gola, is the one role that matches across both.
This is not a discrepancy between a third-party listing and the firm’s own site.
Both conflicting versions are published by Raghav Research Services LLP itself, on two pages of the same domain.
One explanation is that the course page has simply not been updated since a change in personnel.
Another is that the two pages were built at different times by different people without being cross-checked.
Either way, if you are dealing with this firm on a compliance matter, confirm directly, in writing, who currently holds the Principal Officer and Compliance Officer roles rather than relying on either page alone.
Same Two Pages Also Disagree On What Service Is Being Provided
The main site’s disclaimer states that Raghav Research Services is the brand under which the LLP renders its Research Analyst Services.
The course page’s disclaimer states that Raghav Research Services is the brand under which the same LLP renders its Investment Advisory Services.
The firm’s confirmed SEBI registration, INH000020031, is a Research Analyst registration.
Nothing found in the course of reviewing this firm shows a separate Investment Adviser registration held alongside it.
A page describing the firm’s services as advisory, when its only confirmed registration is a research licence, is worth asking about directly before you treat any personalised guidance you receive as covered by that registration.
Does Raghav Research Services Pricing Cross ₹1,51,000 SEBI Fee Cap?
This is the most serious finding on this page, and the numbers deserve to be shown with the tax removed, since the SEBI ceiling excludes statutory charges.
A Research Analyst may charge a maximum of ₹1,51,000 per annum per family, excluding GST, for individual and HUF clients who are not accredited investors.
The Published Price List, GST Included And Excluded
| Plan | Duration | Price, GST Included | Base Price |
|---|---|---|---|
| Multibagger Gold Plan | 6 months | ₹47,200 | ₹40,000 |
| Multibagger Gold Plan | 1 year | ₹82,600 | ₹70,000 |
| HNI Model Portfolio | Not specified | ₹1,75,820 | ₹1,49,000 |
| HNI Investing Course | Not specified | ₹1,77,000 | ₹1,50,000 |
| HNI Wealth Package | Not specified | ₹3,52,820 | ₹2,99,000 |
| Ultra-HNI Model Portfolio | Not specified | ₹1,75,820 | ₹1,49,000 |
| Ultra-HNI Investing Workshop | Not specified | ₹7,08,000 | ₹6,00,000 |
| Ultra-HNI Wealth Package | Not specified | ₹8,83,820 | ₹7,49,000 |
Three Packages Breach The Ceiling On Base Price Alone
The HNI Wealth Package, at a base price of ₹2,99,000, is already close to double the annual limit.
The Ultra-HNI Investing Workshop, at ₹6,00,000 base, runs to nearly four times the ceiling.
The Ultra-HNI Wealth Package, at ₹7,49,000 base, is close to five times the limit, and it is the single largest package on this pricing page.
That last figure is not a coincidence.
₹1,49,000, the Ultra-HNI Model Portfolio’s base price, plus ₹6,00,000, the Ultra-HNI Investing Workshop’s base price, comes to exactly ₹7,49,000, the Ultra-HNI Wealth Package’s own base price.
The site confirms this directly, stating that the Ultra-HNI Model Portfolio and the Ultra-HNI Investing Workshop cannot be purchased separately and must be bought together as the bundled Wealth Package.
Two Other Packages Sit Right At The Edge, Not Comfortably Under It
The HNI Model Portfolio, at ₹1,49,000 base, and the HNI Investing Course, at ₹1,50,000 base, both stay under the ₹1,51,000 ceiling, but only by ₹2,000 and ₹1,000 respectively.
Pricing this close to the exact limit is unusual enough to be worth noting on its own, whether coincidental or deliberate.
Missing Duration Makes This Harder To Check Than It Should Be
Every HNI and Ultra-HNI package lists its price with no stated duration.
The Multibagger Gold Plan states its terms clearly: 6 months or 1 year, which is exactly the standard the higher-tier packages should be held to as well.
Without a stated period, a base price of ₹1,49,000 or ₹7,49,000 cannot be confidently confirmed as an annual figure, a one-time fee, or something else entirely.
If the duration is shorter than a year, the effective annual cost of any of these packages would be even higher than shown here.
Ask the firm directly, in writing, for the exact service period behind each price before assuming any of these figures represents a full year’s cost.
Refund Policy Adds Real Weight To The Pricing Concern
The firm states that all payments are strictly non-refundable.
SEBI’s current terms entitle a client to a proportionate refund for the unexpired period on early termination of a Research Analyst service, and a Research Analyst may not retain a breakage fee.
Combined with packages running into the lakhs and an undisclosed duration, a strict no-refund position on payments of this size is worth resolving in writing before you pay anything, not after.
What Does Raghav Research Services’ Complaint Data Show?
The complaint record here is light in volume, and the tables that exist reconcile with each other.
Current Complaint Summary
| Received From | Pending Last Month | Received | Resolved | Total Pending | Pending Over 3 Months | Avg. Resolution Time |
|---|---|---|---|---|---|---|
| Directly from Investors | 0 | 0 | 0 | 0 | 0 | 0 |
| SEBI (SCORES) | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Sources | 0 | 1 | 1 | 0 | 0 | 2 |
| Grand Total | 0 | 1 | 1 | 0 | 0 | 2 |
Annual Disposal Trend
| Financial Year | Received | Resolved | Pending |
|---|---|---|---|
| 2024-25 | 0 | 0 | 0 |
| 2025-26 | 1 | 1 | 0 |
| 2026-27 | 0 | 0 | 0 |
| Grand Total | 1 | 1 | 0 |
The single complaint on record, received from a source other than SCORES or direct investor contact, was resolved in 2 days, and the annual table’s FY2025-26 figure matches this exactly.
Where these two tables can be checked against each other, they agree, and that is worth stating plainly.
A review of the firm’s published material separately notes that the site’s monthly disposal trend has real gaps, covering July and August 2025 before jumping ahead to April through August 2026, with the months in between left unpublished.
A registration active since March 2025 with monthly data only appearing sporadically after that is a completeness gap worth asking the firm to fill in, even though the totals that are published do not contradict each other.
Do Any Marketing Claims on Raghav Research Services’ Website Need a Closer Look?
The site’s language around its Multibagger Gold Plan and related packages leans further into outcome promises than most firms reviewed on this site.
Phrases across the site describe exceptional returns, massive upside potential, explosive growth potential, massive wealth creation, inflation-beating returns, market-beating performance, and the ability to outperform broader market indices.
Multibagger stocks are separately described as able to safeguard financial goals including retirement, children’s education and a desired lifestyle.
None of this constitutes an explicit guarantee of returns in the way SEBI orders have treated direct profit promises, and the site does carry a standard risk disclaimer stating that SEBI registration does not guarantee performance.
SEBI’s advertisement standards for Research Analysts specifically caution against language that creates an impression of assured or superior returns regardless of an accompanying disclaimer, and the volume and consistency of this language across the site, paired with packages running into the lakhs, is worth reading with real caution rather than taken as routine marketing copy.
How to File a Complaint Against Raghav Research Services?
Given the specific findings above, particularly the pricing and the conflicting compliance details, a complaint here has firmer, more documentable ground than a dispute over research quality alone.
Start by getting the exact duration of any HNI or Ultra-HNI package confirmed in writing, along with confirmation of who currently holds the Principal Officer role.
If you were told your payment was non-refundable, cite the proportionate refund entitlement directly when disputing it.
Send your grievance to the RA’s email ID, describing what you were told, what you paid, and what you want resolved.
Keep the sent record regardless of what comes back.
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
File your complaint on the SEBI SCORES complaint portal.
This provides a formal channel for submitting the matter and tracking the grievance through the regulatory process.
2. SMART ODR
Move to structured conciliation through the SMART ODR portal if SCORES does not resolve it.
This gives both sides an opportunity to work toward a structured settlement.
3. Arbitration
Where conciliation still does not settle it, arbitration in stock exchange proceedings end in a binding, enforceable award.
This provides a further formal mechanism for resolving the dispute when earlier steps do not settle the matter.
If you want to know the full process in detail, check our guide complaint against SEBI-registered research analyst.
Paying close to ₹8.83 lakh, you cannot buy in parts?
We total your invoices against the SEBI ceiling, document the conflicting compliance details on the firm’s own site, and put both 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 Raghav Research Services LLP’s own published material, across more than one page of its official website, 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
Raghav Research Services LLP holds a genuine SEBI Research Analyst registration, INH000020031, with a light complaint record that reconciles cleanly where it can be checked.
The real issues sit in two places.
The pricing runs from a modest six-month plan up to an ₹7,49,000 bundle nearly five times the SEBI fee ceiling, sold with no stated duration and a strict no-refund policy.
And the firm’s own website contradicts itself on who its Principal Officer is and what kind of service it actually provides, both discrepancies found directly on pages the firm itself published.
Before paying for anything above the Multibagger Gold Plan, get the duration, the current compliance officer’s name, and the refund terms confirmed in writing.
Report. Recover. Stay Fraud Free.
Frequently Asked Questions
Yes, the registration is confirmed. Its validity is stated as a fixed term ending March 2030 on the firm's own disclosure page, and as perpetual on a separate independent listing. Confirm the current status directly on SEBI's own register given that disagreement.
Two pages on the firm's own domain name different individuals, Shivam Goel on the main disclosure page and Raghav Kumar on a course page, against the identical email address. Confirm directly with the firm which is current before relying on either.
The HNI Wealth Package, the Ultra-HNI Investing Workshop, and the Ultra-HNI Wealth Package all breach ₹1,51,000 on base price alone, with the Wealth Package reaching nearly five times the limit. The Multibagger Gold Plan and the two HNI entry level packages stay under the ceiling.
No. The site states the two components must be purchased together as the Ultra-HNI Wealth Package and cannot be bought separately.
The firm's stated policy is that all payments are strictly non-refundable. SEBI's current terms entitle Research Analyst clients to a proportionate refund for the unexpired period regardless, so cite that entitlement directly if a refund is refused.
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