If you’ve been approached by Research Mart, either through a phone call, a WhatsApp message, or while browsing advisory services online, you’re probably trying to figure out whether this is a legitimate research firm worth your money.
The short answer is that Research Mart is a SEBI-registered entity. But registration alone doesn’t tell the whole story.
Here’s everything the public record shows about Research Mart Services Private Limited, its regulatory standing, pricing, complaint history, what real users are saying, and the specific patterns that every investor should examine before paying.
Research Mart Review
Research Mart was incorporated on October 26, 2021, and received its SEBI Research Analyst registration in June 2022.
The company markets itself under the tagline “Making You Financially Well” and claims 10+ years of experience with 1,000+ clients.
The service offers intraday and short-term stock recommendations based on technical analysis, aiming for consistent returns with daily market insights and support levels.
Its services are grouped into eight named packages: Nivesh Shakti (equity investment), Stocks Unnati (intraday stock tips), Option Labh (positional options), Future Pragati (futures), Suchkank Munafa (index), Option Premium Sanket, Positional Vriddhi Premium, and Option Commodity Sanket.
Is Research Mart SEBI Registered?
When evaluating this financial advisors, many investors find themselves asking, is research mart genuine?
On paper, Research Mart holds a valid, perpetual SEBI Research Analyst registration (INH000009694), which has been active since June 2022.
- Legal Name: Research Mart Services Private Limited
- CIN: U67100MH2021PTC370293
- SEBI Registration No.: INH000009694
- Directors: Prakhar Bagora and Garima Ostwal
- Registered Office: 1003, Bhoomi Gardenia 2, Plot No. 10, Sector 20, Navi Mumbai, Maharashtra – 410218
The registration is verifiable on SEBI’s official intermediary portal.
No SEBI orders, penalties, show-cause notices, or arbitration proceedings against this entity were found in the public record at the time of writing.
Research Mart Complaints
Research Mart’s own grievance disclosure page shows the following annual complaint figures:
- 2022–23: 22 complaints received, 21 resolved, 1 pending
- 2023–24: 61 complaints received, 61 resolved, 0 pending
- 2024–26: 26 complaints received, 26 resolved, 0 pending
The current monthly complaint table shows a total carry-forward of 3, with zero new complaints received, resolved, or pending in the last reported month.
On the surface, resolving every complaint looks positive. But the data deserves a closer read.
Sudden spike in Complaints in 2023–24
In just one year, complaints nearly tripled from 22 to 61.
That is a significant jump for a company claiming “1,000+ clients” and “10+ years of trust.” A near-tripling of investor grievances within the same year does not suggest business-as-usual.
The 3 Carry-Forward in the Current Monthly Data
These are complaints that were not resolved in the previous period and have been brought into the current month.
For a company reporting zero new complaints, having 3 lingering cases, without resolution, is something to watch.
Taken together, the complaint data paints a picture of a company that goes through the motions of resolution but has seen a meaningful, unexplained surge in investor dissatisfaction.
Research Mart Red Flags
This section draws only from publicly observable facts, the entity’s own website, pricing pages, marketing materials, complaint data, and user-generated content found on social media. No legal conclusions are drawn.
1. The “10+ Years of Experience” Claim
Research Mart’s marketing material prominently states “10+ Years Experience, 1000+ Clients.” Ministry of Corporate Affairs records confirm the company was incorporated on October 26, 2021.
A company incorporated in 2021 cannot have 10+ years of corporate history.
It is possible the founders operated individually before the company’s formal incorporation, but that context is provided nowhere on the website or in any publicly available material.
When a headline marketing claim does not match a verifiable public record, it is a fair reason to approach other claims with proportional skepticism.
2. Registered in Mumbai, Operational in Indore
Research Mart’s registered office, as per MCA and SEBI records, is in Navi Mumbai. But its operational correspondence address is in Indore, Madhya Pradesh.
The compliance officer’s contact details on the grievance page also point to the Indore address.
This isn’t unusual for smaller firms, but it does mean the entity registered with SEBI is using one address while physically operating from another city.
3. A Sharp Jump to 61 Complaints in a Single Year
The entity’s own grievance data shows that complaints more than doubled in a single year from 22 in 2022–23 to 61 in 2023–24. All 61 were resolved, which is a positive sign. But the jump itself is significant.
What caused that level of investor dissatisfaction?
The company offers no public explanation in its complaint disclosures.
For a firm claiming “10+ years” of trust and 1,000+ clients, a near-tripling of annual complaints within two years of receiving SEBI registration is a pattern that deserves your attention.
Research Mart User Reviews
The following is drawn from publicly visible comments on Research Mart’s social media content.
These are individual user opinions and cannot be treated as verified factual findings, but they represent the kind of feedback that a prospective client would naturally encounter.
1. “Zero Analytical Knowledge, Only Money Loss”
One user commented publicly on a Research Mart social media post in Hindi, describing the company as one that makes promises but has zero analytical knowledge, resulting in only financial loss.
At least one other user responded affirmatively to this comment, suggesting the sentiment was shared.
This type of feedback about the quality of calls, not just outcomes, but the apparent depth of research behind them, is consistent with the complaint spike seen in 2023–24.
2. Fake Trade Calls Leading to Account Losses
A separate Instagram comment, flagged as hidden by Instagram, described an experience where payment was collected and then trade calls were provided that reportedly led the user’s account into losses.
The commenter described the calls as fake trades and warned others to stay cautious.
However, for a potential subscriber, this type of account appearing publicly under the company’s own content deserves serious consideration.
3. Warning About Personal Data Requests
The same Instagram comment referenced above also raised a concern about callers asking for Aadhaar and PAN numbers during what appeared to be a sales interaction.
The commenter explicitly warned others not to share these details if contacted by someone claiming to represent the company.
A Research Analyst firm has no legitimate regulatory need to collect Aadhaar or PAN during a sales call.
If you are ever asked for these details before any formal subscription or KYC process, treat it as a serious warning sign.
What Investors Should Keep in Mind?
Before subscribing to Research Mart or any similar advisory or research service, it is worth spending a few minutes doing your own verification.
It is vital to understand the SEBI guidelines for Research Analyst firms to ensure the company you are dealing with is following the law regarding transparency and fee disclosures.
The steps below apply broadly and are not specific to any one entity.
1. Verify SEBI Registration Independently
Always verify SEBI registration by visiting the Securities and Exchange Board of India’s official website and checking the Intermediaries section.
Learning how to check SEBI registered research analyst lists on the official portal is the most reliable way to confirm an entity’s status.
Search under Registered Entities in the Research Analyst category using the number INH000009694.
2. Demand a Genuine Track Record
Ask for a proper, time-stamped track record covering at least six to twelve months before making any payment.
Avoid relying on screenshots or testimonials; instead, look for detailed logs with entry price, stop-loss, targets, and outcomes.
3. Get All Terms in Writing
Ensure all fee structures, refund policies, and service timelines are documented via email before paying.
Verbal promises made during sales calls have no binding value unless they are written and shared officially.
4. Protect Your Personal Information
Never share sensitive details like Aadhaar or PAN during a sales call with any advisory firm.
These documents are only required for formal KYC with regulated brokers or depositories.
Sharing them casually increases the risk of misuse or identity fraud.
How to File a Complaint Against Research Mart?
If you have already subscribed and feel your concerns are not being addressed, here is the step-by-step process.
Step 1: Documents to Gather Before Filing
Collect your payment receipt and bank proof, along with subscription details and written terms.
Keep screenshots of calls and outcomes, plus all email and WhatsApp communication.
Step 2: Write to Research Mart Directly First
State your complaint clearly in writing, including your subscription date, payment amount, what was promised, and what actually happened.
Research Mart’s own grievance page states that clients can expect a response within 10 business days.
Step 3: File a Complaint in SCORES
If the entity doesn’t resolve your complaint to your satisfaction, visit SEBI SCORES.
File a complaint against Research Mart Services Private Limited using the SEBI registration number INH000009694.
Describe the issue, and attach your payment proof, any subscription agreement, and all communication records.
Step 4: File a Complaint in SMART ODR
If your complaint involves a refund or direct monetary loss, you can initiate a dispute on smartodr.in after the SCORES process is exhausted.
Research Mart’s own grievance page explicitly references this mechanism and links to the relevant SEBI master circular.
Step 5: Arbitration in Stock Market
If the issue remains unresolved after SCORES and SMART ODR, you can escalate the matter through stock market arbitration via the designated stock exchange dispute resolution mechanism (NSE/BSE).
This is a formal legal route where an independent arbitrator reviews the case, examines all evidence, and passes a binding decision.
It is typically the final step in resolving disputes between investors and SEBI-registered intermediaries.
Need Help?
Dealing with an unresolved complaint against a SEBI-registered entity can feel like hitting a wall, especially when the company’s own grievance process leads nowhere, and the regulator’s portal feels unfamiliar.
Here’s how we support investors:
- We review your documents to assess if you have a valid grievance and realistic options.
- We help draft a clear, fact-based complaint for SEBI SCORES.
- We guide you step-by-step through the SCORES 2.0 process, from filing to escalation.
- We evaluate whether Smart ODR is suitable for refund or financial claims.
- We direct you to the right resources if your case qualifies for formal arbitration.
If you’re unsure what happened or don’t know where to begin, that’s exactly when a clear-headed review of your situation makes the most difference.
Reach out to us with your payment records and any communication you’ve had with Research Mart, and we’ll review your case and tell you honestly what your options are.
Conclusion
Research Mart Services Private Limited holds a valid SEBI Research Analyst registration and has, at least on paper, resolved every complaint logged against it across three reporting years, including a notably high 61 in 2023–24.
That is worth acknowledging honestly.
At the same time, several patterns visible from the entity’s own public materials deserve serious thought before you part with money: a marketing claim of “10+ years experience” that does not align with a 2021 incorporation date.
A consistent pattern of user comments on social media raises concerns about call quality, losses, and sales-side behaviour.
SEBI registration is a starting point, not a seal of quality.
The right questions to ask any advisory or research firm are simple: What are the exact refund terms in writing? Who do I contact if things go wrong, and what is the realistic timeline?
Get those answers documented. Then decide.
