Quick Summary
Ruddraksh Research holds SEBI Research Analyst registration INH000013749 under sole proprietor Gaurav Pathak, Indore, Madhya Pradesh. The firm offers intraday and options-focused recommendations across six named plans. Every Power-tier plan priced quarterly annualises to Rs. 3,99,996, which is 2.6 times the SEBI annual fee cap. The Unified Pack at Rs. 1,51,000 per quarter annualises to Rs. 6,04,000, four times the cap. Nine formal complaints between 2024 and 2026, all resolved. The firm’s own website links its Twitter button to an unrelated dormant account belonging to a different individual. No independent public reviews found on any platform.
Ruddraksh Research is real. The firm operates from Indore and publishes actual prices for its plans, which is more transparency than most small RAs offer.
But when you compare those published prices against the SEBI fee ceiling that the same website discloses, the numbers raise a specific, calculable concern. The Unified Pack is priced at Rs. 1,51,000 per quarter. SEBI caps the total annual fee at Rs. 1,51,000. The firm is charging per quarter what SEBI caps for an entire year.
Every concern in this review is sourced from the firm’s own published website, SEBI’s public records, and a publicly accessible hiring platform.
Is Ruddraksh Research SEBI Registered?
Yes. The registration is confirmed from SEBI’s own intermediary directory and matches the firm’s own regulatory disclosure page exactly.
SEBI Research Analyst registration INH000013749 is held in the name of Gaurav Pathak, Proprietor of Ruddraksh Research. The registered address is 317 Shagun Arcade, Vijay Nagar AB Road, Indore, Madhya Pradesh 452001. The registration is dated November 29, 2023, and is valid on a perpetual basis.
Verify this yourself. Go to SEBI’s website, select Research Analyst, and search INH000013749. The result should confirm Active status in the name of Gaurav Pathak, Proprietor of Ruddraksh Research.
One contact detail worth noting: SEBI’s record lists a personal Gmail address as the compliance email. The website lists a domain-based support email. For formal complaints, use the support email on the website and follow up in writing if no response is received.
Gaurav Pathak Proprietor of Ruddraksh Research: What Individual Registration Means
Ruddraksh Research is a sole proprietorship. The SEBI registration INH000013749 belongs to Gaurav Pathak personally. The licence and the person are the same.
This matters practically for every investor who has already paid or is considering subscribing.
1. Every Recommendation Is His Personal Accountability
Each call issued under INH000013749 is attributed to Gaurav Pathak as the registered individual.
There is no research team or analyst pool standing between him and the SEBI compliance obligations that attach to each recommendation.
2. Every Compliance Obligation Is Personal
The mandatory monthly complaint disclosure, the fee cap compliance, the prohibition on guaranteed return claims, and the SEBI refund rule under the December 2024 amendment all rest directly with Gaurav Pathak as the individual licence holder.
3. Every Complaint Targets Him Directly
When an investor files on SEBI SCORES against Ruddraksh Research, the complaint reaches Gaurav Pathak under his personal registration.
There is no corporate entity to route through. Select Research Analyst, enter INH000013749, and name Gaurav Pathak as the registered proprietor.
A public hiring listing confirms the firm is based in Vijay Nagar, Indore, using the same Gmail address as the SEBI record. This is consistent with a small-scale operation where the proprietor manages the business directly, not a large research operation with a separate analytical team.
Also Read: Fusiontech Research, a real SEBI number, run by proprietor Kapil Verma.
Services Offered by Ruddraksh Research
Ruddraksh Research offers recommendations across equity cash, futures, options, MCX commodity, and index segments. The firm describes its focus as intraday and options-oriented research delivered to subscribers.
Six named plans are available across the website. The table below is reproduced directly from the firm’s own published pricing page.
| Plan | Monthly | Quarterly |
|---|---|---|
| Elite Pack | Rs. 12,999 | Rs. 34,999 |
| Cash Power Pack | Not available | Rs. 99,999 |
| Power Option Pack | Not available | Rs. 99,999 |
| Power MCX Pack | Not available | Rs. 99,999 |
| Power Index Option Pack | Not available | Rs. 99,999 |
| Unified Pack | Not available | Rs. 1,51,000 |
The firm’s About page does not contain a biography, qualifications, prior experience, or NISM certification details for Gaurav Pathak or any other individual involved in generating the research. An investor evaluating the service has no way to assess who is producing the recommendations or on what analytical basis, beyond the SEBI registration number itself.
Does Ruddraksh Research’s Pricing Exceed the SEBI Annual Fee Cap?
This is the most concrete, quantifiable finding in this review. It is based entirely on arithmetic between two numbers published on the same website.
SEBI’s own mandatory disclosure, published on Ruddraksh Research’s own website, states that the maximum fee an individual Research Analyst can charge a single client family per year is Rs. 1,51,000. This is the hard annual ceiling for individual and HUF clients.
Set the published pricing against that ceiling.
- Elite Pack at Rs. 12,999 per month multiplied by 12 months equals Rs. 1,55,988 per year. A single Elite Pack paid monthly already exceeds the annual cap before adding any other service.
- Every Power-tier plan at Rs. 99,999 per quarter multiplied by four quarters equals Rs. 3,99,996 per year. That is 2.6 times the SEBI annual cap from a single plan alone.
- The Unified Pack at Rs. 1,51,000 per quarter multiplied by four quarters equals Rs. 6,04,000 per year. That is four times the SEBI annual cap. The per-quarter price is set at exactly the figure SEBI caps for an entire year.
This is direct arithmetic, not inference.
What The Pricing Does Not Prove
It is possible some of these plans are structured for non-individual or accredited-investor clients, who are exempt from the Rs. 1,51,000 cap. It is also possible the quarterly plans are not intended to be renewed every quarter by the same client. Neither of these possibilities is stated anywhere on the pricing page. Nothing clarifies which client category the higher-tier plans are intended for.
Before paying for any Power-tier or Unified Pack plan, ask the firm in writing how the price reconciles with SEBI’s disclosed annual fee ceiling. If the plan is exempt from the cap, ask specifically which exemption category applies to you as the subscriber.
If you have already paid fees that exceed Rs. 1,51,000 in a single financial year for an individual or HUF subscription, the excess may be recoverable.
How Many Complaints Has Ruddraksh Research Received?
Nine formal complaints were filed between FY 2024-25 and FY 2025-26, all resolved with nothing pending. No SEBI adjudication or enforcement order against INH000013749 or Gaurav Pathak was found at the time of this review.
The complete monthly breakdown, what the rising complaint trend means, and why a resolved status does not automatically mean the investor was satisfied are all covered on the Ruddraksh Research reviews page on this site.
No independent public reviews from named investors describing a specific experience with Ruddraksh Research have been found on any major platform. The complaint data shows nine formal complaints, all resolved.
Does Ruddraksh Research Have an Official Twitter Account?
No. And the firm’s own website makes this more confusing than it needs to be.
The X/Twitter link published on Ruddraksh Research’s own website redirects to @ruddraksh, an account belonging to an unrelated individual named “vinay kumar,” joined March 2010, with 0 following and 1 follower.
This is not a case of a third party impersonating the firm. The firm’s own website is pointing its visitors to a completely unconnected account. An investor clicking the official Twitter button cannot use that link to verify official announcements, track record, or communication history from Ruddraksh Research.
The website also links to Facebook, Instagram, and LinkedIn. All three channels exist but carry minimal following. The LinkedIn page for “Ruddraksh Research Analyst” shows only 69 connections.
Treat the website and SEBI’s own database as the only reliable sources of verification for this firm. Disregard the Twitter link entirely.
What to Ask Before You Pay
These questions should be answered in writing before any payment. Keep every response received.
There are two types of investors who need this section. Someone evaluating whether to subscribe, and someone who has already subscribed and wants to understand whether what they experienced was within regulatory limits.
- Ask which client category each plan is designed for: The Power-tier and Unified Pack plans cannot be sold to individual or HUF clients at quarterly rates that annualise above Rs. 1,51,000 unless an exemption applies. Ask the firm in writing which exemption category applies to you.
- Ask for the subscription terms in writing before paying: This includes the exact fee, the subscription period, what happens if you want to exit early, and what the refund policy is under SEBI’s December 2024 amendment.
- Ask what research documentation accompanies each call: SEBI’s Code of Conduct requires recommendations to be backed by documented analysis. Ask whether each call comes with a research rationale, risk level, and stop-loss level.
- Ask to see the current investor complaint disclosure: The data should be available monthly. If the website’s disclosure page has not been updated recently, that itself is a compliance gap worth flagging.
If something has already gone wrong, the complete SEBI SCORES process for Research Analyst complaints is on the complaint against SEBI registered research analyst page on this site.
For SMART ODR escalation after SCORES, the guide is on the SMART ODR complaint portal page on this site.
Paid Above the SEBI Fee Cap, Want To Know If It’s Recoverable? We Can Help
We help you calculate the excess, confirm whether an exemption genuinely applies, draft the SCORES complaint, and represent you through SMART ODR and arbitration. Register with us for a free consultation.
Conclusion
Ruddraksh Research holds genuine SEBI registration INH000013749 under sole proprietor Gaurav Pathak. The registration is real, the firm publishes actual prices, and nine formal complaints across two years are all marked resolved.
What the pricing page reveals alongside the registration is the most concrete concern visible. The Unified Pack at Rs. 1,51,000 per quarter annualises to four times the SEBI annual fee ceiling. Every Power-tier plan at Rs. 99,999 per quarter annualises to 2.6 times the cap. The Elite Pack paid monthly already exceeds the cap on its own. None of this is stated or explained on the pricing page.
Ask the right question in writing before paying. Which client category justifies this fee level? That one answer tells you more than the registration number alone ever could.
Report, Recover, Stay FraudFree
Frequently Asked Questions
Ruddraksh Research holds SEBI Research Analyst registration INH000013749 in the name of Gaurav Pathak, Proprietor of Ruddraksh Research. The registration is dated November 29 2023 and is valid on a perpetual basis. Verify the current Active status at sebi.gov.in under Research Analyst.
Gaurav Pathak is the registered proprietor under INH000013749. As a sole proprietorship, the licence belongs to him personally. Every compliance obligation, complaint accountability, and regulatory consequence rests directly with him. When filing on SEBI SCORES, name Gaurav Pathak as the registered proprietor under INH000013749.
The Unified Pack is priced at Rs. 1,51,000 per quarter. Paid quarterly, this annualises to Rs. 6,04,000 per year, which is four times the SEBI annual fee ceiling of Rs. 1,51,000 for individual and HUF clients. Before subscribing, ask the firm in writing which client exemption category this plan is designed for.
The X/Twitter button on the firm's own website links to @ruddraksh, an account belonging to "vinay kumar," joined in 2010, with 0 following and 1 follower. This account has no verifiable connection to Ruddraksh Research or Gaurav Pathak. The firm's own website has never corrected the link. Disregard it entirely and rely only on the website and SEBI's database for verification.
No independent reviews from named investors describing a specific experience with Ruddraksh Research appear on any major public review platform. The complaint data shows nine formal complaints all resolved. For what this means and how to file if something went wrong, the Ruddraksh Research reviews page on this site covers the complete picture.
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