You found the Rahul Dangi website. It looked professional. It showed 8,500+ satisfied customers and promised profit on every call.
You paid. Then, you followed the recommendations. Yet, the losses kept mounting.
When you asked for a refund, the number stopped working. The website was still up. Your money was gone.
What you did not know then, and what you need to know now, is that the firm you paid had no SEBI registration. Not for a single day. It had no legal right to charge you for investment advice. And SEBI has now ordered a full refund to every investor who paid.
Aman Paid for Stock Tips To An Unregistered Firm
Aman Verma (name changed) was a salaried professional from Bhopal. He started trading in 2021 and quickly ran into the same problem most new investors face: too much noise and too little clarity.
One evening, he searched for “best stock tips with guaranteed profit.”
Market Gainer appeared near the top. The website was polished. It displayed client testimonials and a counter showing 8,500+ customers served. The homepage declared the company would “ensure profit under any condition.”
Aman read through the pricing page. He picked the “jackpot calls” package. He paid ₹12,000.
The calls came. He followed each one. Some hit stop-loss on day one. Others barely moved. Two weeks in, his trading account was down more than he had paid for the subscription.
He raised a refund request. No response. He tried again. Nothing.
Then something happened that confused him even further. The Market Gainer contact number stopped connecting. A new name appeared in some search results, Star Infotech IT Solutions, similar branding, similar pitch.
Aman did not know that Rahul Dangi was associated with both entities. Later, it emerged that a complaint had already been filed against Market Gainer.
As a result, he felt misled and remained unsure about the next course of action.
That is the story SEBI investigated. And what SEBI found changed everything.
What SEBI Found When They Formally Investigated Rahul Dangi
SEBI’s investigation covered two firms operating under Rahul Dangi: Market Gainer (MG) and Star Infotech IT Solutions (SIITS).
SEBI reviewed bank account records, WhatsApp chats, website content, and email correspondence. The findings were not ambiguous.
Between January 2018 and March 2024, four bank accounts linked to these two firms received total credits of ₹2,79,48,964.62. That is nearly ₹2.8 crore collected from investors over six years.
Not a single rupee of it was collected by a SEBI-registered entity.
SEBI issued a formal Show Cause Notice on January 10, 2025. It was sent to addresses in Bhopal and Bengaluru. Both returned undelivered. SEBI published the notice in leading newspapers across four editions. A hearing was scheduled for May 28, 2025.
Rahul Dangi did not appear. No reply came. No communication arrived at any stage.
SEBI proceeded with its findings based on the material on record. The order was passed on July 10, 2025.
The violations it documented were specific. Now that the background is clear, here is exactly what SEBI confirmed.
Things Rahul Dangi Did That SEBI Has Documented as Regulatory Violations
SEBI’s order did not focus on a single lapse. Instead, it outlined multiple actions and business practices that the regulator concluded were inconsistent with the rules governing registered intermediaries.
Below are some of the key activities that SEBI specifically identified and treated as regulatory violations in the Rahul Dangi matter.
Violation 1: Providing Investment Advisory Services Without SEBI Registration
Both Market Gainer and Star Infotech IT Solutions provided buy/sell calls, market tips, and trading recommendations to paying clients. Neither held SEBI registration as an Investment Adviser.
Section 12(1) of the SEBI Act is unambiguous. No person can act as an investment adviser without a valid certificate of registration. Regulation 3(1) of the SEBI (Investment Advisers) Regulations, 2013 reinforces this. Operating without registration is a direct breach of law, not a procedural gap.
SEBI confirmed that Rahul Dangi, Market Gainer, and Star Infotech held no registration with SEBI in any capacity, at any point.
Violation 2: Collecting ₹2.79 Crore From Clients for Illegal Services
The bank records told the full financial story. ₹59.89 lakh through Market Gainer’s ICICI account. ₹6.42 lakh through Rahul Dangi’s personal ICICI account. ₹52.33 lakh through Star Infotech’s Axis account. ₹1.60 crore through Star Infotech’s HDFC account.
Every rupee was collected for services that the operator had no legal right to charge for. SEBI’s order confirmed that these amounts represent proceeds of illegal activity and directed a full refund to investors.
Violation 3: Guaranteeing Profits on the Website
The Market Gainer website explicitly stated it would “delight customers by providing continuous profit” and ensure “under any condition, clients’ investments should gain profit.”
Star Infotech’s WhatsApp communications with clients included assurances of recovering losses from previous trades.
Profit guarantees are prohibited under SEBI’s Investment Adviser Regulations, even for legitimately registered advisers. For an unregistered entity making these claims, the violation is compounded. The promise that pulled investors in was itself an illegal act.
Violation 4: Launching a New Firm After a Complaint Was Filed
This is the detail that reveals intent, not just negligence.
A formal complaint against Market Gainer was filed in July 2020. Star Infotech IT Solutions was launched in January 2023, two and a half years later.
SEBI’s order documents this sequence specifically. Operations shifted from Market Gainer to Star Infotech after regulatory attention arrived. Collections resumed under the new name. The same person. The same model. A different label.
SEBI treated this as an aggravating factor in determining the penalty.
The penalty imposed: ₹5 lakh in monetary penalties, a five-year securities market bar, a full refund obligation, an asset freeze, and a public notice requirement directing Rahul Dangi to inform all investors of how to claim their money back.
What the SEBI Order Means If You Paid Market Gainer or Star Infotech
This section matters for you specifically.
The SEBI order does not just penalise Rahul Dangi. It creates a direct entitlement for every investor who paid.
SEBI ordered Rahul Dangi to return all investor funds within three months of the order. In addition, a public notice had to appear in national and regional newspapers within 15 days, explaining the refund process for affected clients.
Authorities also froze the assets, properties, and securities of Market Gainer, Star Infotech, and Rahul Dangi, except where needed for repayments.
As a result, investors have a legally recognized refund claim. SEBI concluded that the funds were collected unlawfully and must be returned.
What changes your ability to collect it is whether you act and whether you have documentation.
Paid for Tips That Failed? These Are the Signs You Were Misled
Read through these carefully. If your experience with Market Gainer or Star Infotech matches even a few of these, your case is worth pursuing.
- The Website Promised Profit on Every Call: Phrases like “guaranteed profit,” “profit under any condition,” and “jackpot calls” are not sales language. They are prohibited claims. Any entity making them is violating SEBI regulations before you even pay.
- You Found No SEBI Registration Number in Their Communications: A registered Investment Adviser must display their SEBI registration number on all materials, website, invoices, and correspondence. If Market Gainer or Star Infotech never shared one, that absence is because the registration never existed.
- You Were Pushed to Upgrade After Losses: “Upgrade to the premium package for better accuracy”, this is a retention and extraction tactic. After losses on one package, pushing you to pay more is a pattern SEBI has documented in this case.
- Your Refund Request Was Ignored: When you asked for a refund and got silence, that silence was not a customer service failure. It was the response of an entity that knew it had no legal standing and no intention to settle obligations.
- You Later Found a New Firm With Similar Branding: If you recognised a connection between Market Gainer and Star Infotech, same pitch, similar services, different name, your suspicion was right. SEBI confirmed this was a deliberate shift to avoid accountability.
- Your Trading Losses Grew From Following Their Calls: Every loss you took by following unregistered advisory calls is a quantifiable harm caused by an illegal service. Those losses are part of your claim, not just the subscription fee you paid.
How to File a Complaint Against Rahul Dangi to Get Recovery
Filing correctly is as important as filing at all. Here is the sequence that works.
Step 1: Secure All Your Evidence Before Doing Anything Else
Collect every piece of documentation: bank transfer records, WhatsApp and Telegram chats, email correspondence, trading statements, subscription invoices, and screenshots of the website or promotional material.
Organise everything by date. A clean, chronological evidence file makes every subsequent step stronger.
Step 2: Send a Written Complaint to Rahul Dangi Directly
Before escalating to regulators, write formally to the last known contact details for Market Gainer or Star Infotech. State what you paid, what was promised, what you received, and the refund you are claiming.
The SEBI order requires Rahul Dangi to accept refund claims. Putting your claim in writing creates a formal record of your request.
Keep every delivery confirmation and all replies.
Step 3: File a Complaint on SEBI SCORES
Go to scores.sebi.gov.in. File a complaint citing the SEBI order dated July 10, 2025, against Rahul Dangi, Market Gainer, and Star Infotech IT Solutions. Upload your full documentation.
The existing SEBI order gives your complaint an immediate regulatory foundation. SEBI is already tracking compliance with the refund direction. Your complaint adds to the investor record and creates enforcement pressure.
Step 4: Report to SEBI’s Enforcement Division
Given the scale of collections, ₹2.79 crore across 6 years, emailing SEBI’s enforcement division directly at [email protected], alongside filing on SCORES, strengthens the regulatory record further.
State that you are a client who paid Market Gainer or Star Infotech, reference the order, attach your evidence, and claim the refund you are owed.
Step 5: Initiate Arbitration
For unregistered advisories, formal arbitration through the exchange is not always directly applicable, but SEBI enforcement proceedings can compel refunds.
If your losses are significant and your documentation is strong, reach out before deciding this route is unavailable to you. Cases that look closed often are not.
Scammed by an Unregistered Platform? We Can Help
Karan had everything: payment receipts, WhatsApp screenshots, and bank transfer records. What he did not have was clarity on which forum to approach first, how to frame the violations, and what language regulators actually respond to.
That gap between having evidence and using it effectively is where most victims lose their chance at recovery.
We review your full situation, identify every applicable violation, build the complaint correctly, and file it through SEBI SCORES, enforcement channels, and escalation routes you may not know exist. Recovery from unregistered advisors is possible when the documentation is right and the complaint lands in the right place.
Reach out today. Tell us what happened. We will tell you honestly what recovery looks like for your case.
The Rahul Dangi Case And the Fight for Investor Refunds
Aman paid ₹12,000 for trading tips, but the recommendations failed. As a result, no refund arrived and no clarification followed.
Later, Aman discovered that hundreds of investors had paid into the same operation over six years, despite it lacking legal authorisation.
SEBI investigated. SEBI found the bank records, the website claims, the WhatsApp guarantees, and the deliberate launch of a second firm after the first one attracted a complaint.
The order on July 10, 2025 directed a full refund. It froze assets. It banned Rahul Dangi from securities markets for five years.
None of that automatically puts money back in your account. The refund direction exists on paper. Enforcing it requires your action.
Your payment record is your evidence. The SEBI order is your backing. The complaint pathway is your tool.
Document what you paid. File your refund claim in writing. Escalate through SEBI SCORES. Add your name to the investor record that SEBI is already tracking.
And if you need someone to help you do all of that correctly, we are here.
The refund SEBI ordered is owed to you. Start claiming it today.
Frequently Asked Questions
1. SEBI ordered Rahul Dangi to publish a public notice about refunds. I never saw it. What should I do?
File directly. The public notice requirement was directed at Rahul Dangi. Whether or not it was published does not affect your right to file a complaint on SEBI SCORES and claim your refund. Reference the SEBI order dated July 10, 2025, in your complaint.
2. I do not have the original payment receipt. Can I still file a complaint?
Yes. Your bank statement showing the transfer to any of the documented accounts is sufficient evidence of payment. WhatsApp conversations, screenshots of subscription packages, and trading losses from their calls all support your claim. File with what you have.
3. Rahul Dangi never responded to SEBI’s notice. What happens if he ignores my refund claim too?
If Rahul Dangi fails to comply with the SEBI order’s refund direction, SEBI can initiate recovery proceedings under Section 28A of the SEBI Act. This includes attachment and sale of movable and immovable properties. Your complaint on SEBI SCORES strengthens the enforcement record and increases pressure on compliance.
4. I paid Market Gainer years ago. Does the SEBI order still cover me?
Yes. SEBI’s investigation covered payments made between January 2018 and March 2024. If your payment falls within that window, the refund direction in the SEBI order applies to you. Preserve your payment records and file your claim without delay.
