Quick Summary
Ritu Chouhan operates The Money Mint Research and Trading Academy, marketed as Mudrakaar, a SEBI registered Research Analyst carrying INH000014456, based in Mhow, Madhya Pradesh. The Golden HNI service, billed monthly at ₹20,000, breaches the ₹1,51,000 annual SEBI fee ceiling once annualised. The same service, billed yearly, stays compliant, and the entry level Silver Spoon service stays compliant on both cycles. Beyond the subscription fee, Golden HNI requires a separate minimum investment of ₹3,00,000, and the firm’s refund policy retains 10 percent of any transaction as a processing fee regardless of the amount involved.
Ritu Chouhan operates The Money Mint Research and Trading Academy, marketed under the brand Mudrakaar, a SEBI-registered Research Analyst, based in Mhow, Madhya Pradesh.
The registration is genuine.
The pricing structure is where a closer look matters, since one of the firm’s two active services breaches the SEBI fee ceiling on its monthly cycle while staying compliant on its yearly one, and a separate minimum investment requirement sits on top of the subscription fee itself.
This page works through the registration, the pricing against the ₹1,51,000 SEBI cap, the refund and minimum investment terms, the complaint disclosure, and the marketing language worth a second look.
Ritu Chouhan Review
Mudrakaar provides stock market research and investment recommendations across two active services and a third listed as coming soon.
- Silver Spoon offers intraday options recommendations in stocks, focused on momentum-based opportunities and planned option strategies.
- Golden HNI provides recommendations in stock and index options built on technical analysis, positioned around calculated risk and offering a considerably higher volume of monthly calls.
- Chankya Swing, a cash segment service covering short, medium and long term holding periods, is currently marked as coming soon rather than available for subscription.
The firm describes its approach as research-driven and client-centric, stating its team carries decades of combined financial market experience, though the homepage content reviewed for this page does not name the individual team members or their specific qualifications.
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 Ritu Chouhan SEBI Registered?
Yes, and INH000014456 is confirmed independently on SEBI’s own published Research Analyst list under the name Ritu Chouhan, Proprietor of The Money Mint Research and Trading Academy.
| Detail | Information |
| Name | Ritu Chouhan, Proprietor of The Money Mint Research and Trading Academy |
| SEBI Registration Number | INH000014456 |
| Business Address | 16, Shivsagar Colony, Dharnaka, Behind Nagar Panchayat, Mhow, Madhya Pradesh 453441 |
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.
A Note On This Page’s Sourcing
Confirm the exact registration validity date directly on SEBI’s own intermediary register.
It was not possible to verify that specific figure with confidence from the sources available for this page, and the registration number and proprietor name should always be checked against SEBI’s own record regardless of what any secondary source states.
The Money Mint Pricing and the ₹1,51,000 SEBI Fee Cap
This is the clearest finding on this page, and it splits cleanly between the firm’s two active services.
A Research Analyst may charge a maximum of ₹1,51,000 per annum per family for individual and HUF clients who are not accredited investors.
The Published Price List
| Service | Price | Frequency | Minimum Investment |
|---|---|---|---|
| Silver Spoon | ₹10,000 | Monthly | ₹50,000 |
| Silver Spoon | ₹70,000 | Yearly | ₹50,000 |
| Golden HNI | ₹20,000 | Monthly | ₹3,00,000 |
| Golden HNI | ₹1,20,000 | Yearly | ₹3,00,000 |
| Chankya Swing | ₹5,000 | Monthly | Not specified |
Silver Spoon Stays Compliant on Both Cycles
Renewed monthly for a year, Silver Spoon comes to ₹1,20,000, comfortably under the ceiling.
Its yearly price of ₹70,000 is well under the limit as well.
Golden HNI Breaches the Ceiling on its Monthly Cycle
Renewed every month for a year, Golden HNI comes to ₹2,40,000, over the ceiling by ₹89,000.
Its yearly price, ₹1,20,000, is fully compliant.
The gap between the two cycles is wide enough that the billing cycle you choose, not the service itself, decides whether your annual cost stays within the SEBI limit.
If you are subscribed to Golden HNI on a monthly basis, switching to the yearly cycle brings the annual cost down by ₹1,20,000 while covering the same service.
The Minimum Investment Sits on Top of the Subscription Fee
Beyond the research subscription itself, Silver Spoon requires a separate minimum investment of ₹50,000, and Golden HNI requires ₹3,00,000.
These figures describe capital you are expected to trade with, not the research fee, but they matter directly to how much you have genuinely committed to this firm’s recommendations before you have paid anything toward a subscription plan.
The pricing page also does not explain why Golden HNI, at four times Silver Spoon’s monthly fee, delivers roughly ten to twenty times the monthly recommendation volume, 15 to 20 calls against 1 to 2.
Ask the firm directly what specifically justifies the fee difference beyond volume alone.
Chankya Swing’s Minimum Investment is Not Actually Specified
Rather than a figure, the site states the minimum investment for Chankya Swing is “according to the investor’s pocket.”
Since this service is currently listed as coming soon, this detail may simply be unfinished.
If it is still shown this way once the service goes live, ask for a specific figure in writing before subscribing.
What Does The Money Mint’s Refund Policy Actually Keep?
The firm’s refund policy allows a deduction of up to 10 percent of the transaction amount as a processing fee, applied regardless of when a refund is requested.
On the yearly Golden HNI plan, that is up to ₹12,000 retained from a single transaction.
On the yearly Silver Spoon plan, up to ₹7,000. This is separate from, and in addition to, the proportionate refund principle that otherwise applies to early termination of a Research Analyst service.
Before paying for either plan, particularly the annual options, get the exact refund terms in writing, since a 10 percent deduction on a payment in the lakhs is a meaningful amount to lose if your circumstances change after paying.
What Does The Money Mint’s Complaint Data Show?
The annual complaint disclosure shows a real volume worth knowing before you subscribe, alongside a disclosure that has not kept pace with its own more recent activity.
Annual Complaint Disposal
| Year | Received | Resolved | Pending |
|---|---|---|---|
| 2024-25 | 0 | 0 | 0 |
| 2025-26 | 7 | 7 | 0 |
| Grand Total | 7 | 7 | 0 |
Seven complaints were received in FY2025-26, and all seven are recorded as resolved, with nothing pending.
That is a genuinely clean resolution outcome, and it deserves to be read that way.
Seven complaints in a single financial year is also a real volume for an individual registration, and it is worth weighing on its own, separate from how those complaints were ultimately closed.
The month-by-month complaint disclosure has not kept pace with this activity.
The page’s primary monthly summary is headed as covering the month ending December 2024, despite the annual and trend data showing real complaint activity through at least March 2026.
A visitor checking only the headline monthly summary would see a snapshot from over a year before the site’s own more recent complaint figures, with no current month position readily available from the primary disclosure.
What Marketing Language on the Website Needs a Closer Look?
A few items are worth reading with care, particularly given the options-based services this firm sells.
1. Return-oriented Language on Options Trading Services
The site promotes its options services using phrases including “maximising the profit” and “optimize returns.”
Options trading carries meaningfully higher risk than cash market investing, and language emphasising profit maximisation on these specific services is worth weighing against how clearly the associated risk is communicated elsewhere on the site.
2. “Personalized guidance” Language Against a Research-only Scope
The homepage states the firm provides “personalized guidance” to help investors achieve their financial goals.
The services actually advertised are specific stock and options recommendations delivered to a general subscriber base, which is what a Research Analyst registration covers.
The distinction between general research recommendations and personalised advice built around an individual client’s specific situation, which would require a different registration, is not clearly drawn on the homepage.
3. Unnamed “Seasoned professionals”
The site states the firm has “decades of combined experience” and a team of “seasoned professionals,” without identifying who those individuals are or what their specific roles and qualifications involve.
How to File a Complaint Against Ritu Chouhan?
Given the specific pricing and refund findings above, a complaint here has firmer, more documentable ground than a dispute over research quality alone.
Start by checking which billing cycle you have for Golden HNI. If it is monthly, work out your actual annual total and compare it to ₹1,51,000.
If you have requested a refund and had 10 percent deducted, keep that transaction record and the firm’s written explanation of the deduction.
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.
- SEBI SCORES: File your complaint on the SEBI SCORES complaint portal. This is the first formal channel and keeps a dated record of your grievance on file with the regulator.
- SMART ODR: Move to structured conciliation through the SMART ODR portal if SCORES does not resolve it. A neutral conciliator is brought in to help both sides reach a settlement.
- Arbitration: Where conciliation still does not settle it, arbitration in stock exchange proceedings end in a binding, enforceable award. This is the final step, and its outcome is not something either side can simply set aside.
These three channels form a sequence, not a menu of alternatives, so it’s worth knowing where each one fits before you begin.
If you want to know the full process in detail, check our guide complaint against SEBI registered research analyst.
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Disclaimer
This page is based on The Money Mint Research and Trading Academy’s own published material 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
Ritu Chouhan’s The Money Mint Research and Trading Academy, marketed as Mudrakaar, holds a genuine SEBI Research Analyst registration, INH000014456, with a complaint record showing seven complaints in FY2025-26, all resolved.
The Golden HNI service breaches the SEBI fee ceiling on its monthly billing cycle by ₹89,000, while staying fully compliant on its yearly cycle at the same underlying service.
A separate minimum investment requirement, up to ₹3,00,000 for Golden HNI, sits on top of the subscription fee, and the firm’s refund policy retains 10 percent of any transaction regardless of the amount.
Before subscribing to Golden HNI, choose the yearly cycle if the fee difference matters to you, and get the refund terms confirmed in writing before paying anything.
Report. Recover. Stay Fraud Free.
Frequently Asked Questions
Yes. It is registered to Ritu Chouhan, Proprietor of The Money Mint Research and Trading Academy. Confirm the exact validity date directly on the SEBI register, since it could not be independently confirmed with confidence from the sources reviewed for this page.
On the monthly cycle, yes, by ₹89,000 once annualised. On the yearly cycle, the same service costs ₹1,20,000 and stays fully compliant. Switching billing cycles resolves the issue.
No. It is a separate amount of capital you are expected to trade with, on top of what you pay for the research subscription itself. Golden HNI requires ₹3,00,000 in minimum investment, distinct from its ₹20,000 monthly or ₹1,20,000 yearly fee.
Up to 10 percent of the transaction amount is retained as a processing fee under the firm's stated policy, regardless of when the refund is requested. Get this confirmed in writing before paying, particularly for the annual plans.
Its annual disclosure shows 7 complaints in FY2025-26, all marked resolved with nothing pending. The firm's primary monthly complaint summary has not been updated to reflect this more recent activity.
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