Quick Summary
Shyam Advisory Limited holds SEBI Research Analyst registration INH000022589, based in Rajkot, Gujarat, since August 2025. Two of its plans, Premium Cash and Premium Stock Option, cost exactly ₹1,51,000 for a year once you strip out GST. That’s not close to the SEBI limit. It’s the exact figure, to the rupee. Its website, LinkedIn page, and even its own company profile repeatedly call it an Investment Advisor. The actual registration is for something narrower, a Research Analyst.
Shyam Advisory Ltd operates under SEBI Research Analyst registration INH000022589, based in Rajkot, Gujarat, active since 6 August 2025.
The registration itself checks out.
What doesn’t sit right is a pricing page where two separate plans land on precisely the number SEBI sets as the maximum, and a brand identity that calls itself something its registration doesn’t actually cover.
This page walks through the registration, that exact-cap pricing, and the confusion between what Shyam Advisory says it is and what it’s actually licensed to do.
Shyam Advisory Review
Shyam Advisory Limited offers technical and fundamental research across Equity, MCX, NCDEX, Currency, Forex, and COMEX.
The site claims 13 years of advisory experience and displays an Advertisement Approval Number, 12310.
Elsewhere, its own company profile page describes the business as running since 2010, which would put its actual age closer to fifteen years, a different figure again from the 13 years claimed on the main site.
A prospective client comparing these two figures has no way to know which one is current.
Fifteen years and thirteen years aren’t a rounding difference; they’re two genuinely different claims about how long this business has actually been operating, and it’s worth getting a straight answer before deciding how much weight to give either number.
None of this establishes wrongdoing on its own.
The site lists support at 0281-6199999, along with grievance and compliance contact details, and provides an Investor Charter, a grievance redressal process, disclaimer, and terms and conditions.
Having these documents published is a baseline most firms in this sector meet, so it’s worth noting without treating it as a special credit.
Where conduct genuinely crosses a line, we cover how to escalate it on our separate Shyam Advisory Limited reviews page, along with the full complaint record and independent reviews.
Is Shyam Advisory SEBI Registered?
Yes.
INH000022589 is confirmed on the firm’s own published registration details.
| Detail | Information |
|---|---|
| Name | Shyam Advisory Limited |
| SEBI Registration Number | INH000022589 |
| Validity | 6 August 2025, Perpetual |
| Address | Shyam House, Nr Ambika Park, Riaya Road, Rajkot, Gujarat 360007 |
| Contact Person | Vipul Kotak |
| [email protected] | |
| Phone | 0281-6199999 |
The INH prefix means Research Analyst. It permits research and recommendations to a subscriber base. It doesn’t permit personalised advice built around one client’s own financial situation, trade execution, or portfolio management.
That distinction turns out to matter a great deal here.
A separate SEBI category, Investment Adviser, does cover personalised, client-specific financial planning.
The two registrations exist precisely because the regulator treats them as different jobs, with different obligations attached to each one.
Shyam Advisory Fake or Real
The registration is real. Checked directly against what’s published, INH000022589 genuinely belongs to this business.
What’s worth sorting out separately is what the firm actually calls itself.
The website repeatedly promotes “Shyam Advisory – Investment Advisor” and describes the entity as an “Advisory Company.”
Its LinkedIn page is titled the same way, “Shyam Advisory – Investment Advisor,” with over 500 followers
Its own company profile page uses that exact phrase throughout, describing itself as “one of India’s leading Advisory Companies.”
On YouTube, it goes by yet another name entirely, “Shyam Brokings & Advisory Solutions Ltd (SBAASL).”
Under that name, it describes itself as offering services to help business owners, executives, and independent professionals grow their wealth through financial markets, including stocks, commodities, and currency.
Checked against SEBI’s separate Investment Adviser list, no matching Investment Adviser registration for this business was found.
The only registration that exists is INH000022589, a Research Analyst licence.
Two different registers, checked separately, tell two different stories about what this business is actually licensed to do.
An Investment Adviser and a Research Analyst are two different SEBI categories, with different permitted activities.
Calling yourself an Investment Adviser across your website, social media, and company profile, while actually holding a Research Analyst registration, is the kind of gap worth asking about directly before you decide what kind of service you’re actually signing up for.
The Google Play Store app also lists Forex among its offerings, a segment that sits outside what a standard Research Analyst registration in India is typically built to cover.
Shyam Advisory Pricing
This is the clearest finding on this page, and it doesn’t require much math to see.
A Research Analyst may charge a maximum of ₹1,51,000 per annum per family, excluding GST.
The Published Price List
| Plan | Highest 12-Month Price, GST Included | Base Price |
|---|---|---|
| Basic Cash | ₹41,300 | ₹35,000 |
| Premium Cash | ₹1,78,180 | ₹1,51,000 |
| Stock Option | ₹94,400 | ₹80,000 |
| Premium Stock Option | ₹1,78,180 | ₹1,51,000 |
Two Plans Land Exactly on the Legal Ceiling
Basic Cash and Stock Option both stay comfortably under the limit. Premium Cash and Premium Stock Option don’t just come close to ₹1,51,000. Once GST is removed, both land on that exact figure.
That’s not a coincidence worth ignoring. A price set to match a regulatory ceiling precisely, rather than landing somewhere based on the actual value of the research, suggests the ceiling itself was the starting point for the calculation.
Ask the firm directly why the price is set exactly where it is, rather than a few thousand rupees under it.
It’s a small thing to ask, and a fair one, given what the number itself suggests.
SEBI Advance Fee Rules and the Missing Refund Policy
SEBI’s current rules allow a Research Analyst to collect advance fees covering up to a full year, following a circular issued in April 2025.
Selling three, six, and twelve month packages paid upfront isn’t automatically a problem under that updated rule.
What genuinely is missing is any stated refund or cancellation policy.
The pricing tables don’t mention what happens if you stop early. SEBI’s rules entitle a client to a proportionate refund for the unexpired period, with no breakage fee retained by the analyst.
Get this policy confirmed in writing before you pay anything, since the site doesn’t state it anywhere.
A firm that’s already comfortable pricing right up to the legal ceiling isn’t the place to assume the fine print works in your favour by default.
Already facing losses with Shyam Advisory?
We will check the actual registration against what the firm calls itself, and help you put your case on record properly if the two don’t match.
Register with us for a free look at your situation.
Shyam Advisory Marketing Claims and Red Flags
Every sample trade and follow-up call shown on the site reports a winning outcome. Not one losing trade appears anywhere.
SEBI requires a Research Analyst to maintain and disclose an actual win-to-loss ratio. A page showing only winners, with nothing to compare it against, is promotional material rather than a genuine performance record.
Ask Shyam Advisory Limited directly for its real win rate before treating the site’s examples as representative. A genuine track record includes the calls that didn’t work out. One that doesn’t isn’t really a track record at all; it’s a highlight reel.
The site also claims to offer “award-winning research and advice,” without naming the award, the year, or who granted it.
The homepage promotes “Recommendation of the Right Stocks at the right time,” describes its clients as “highly satisfied Investors and Traders,” and states its staff and representatives help clients “get good returns over years.”
None of these claims come with figures or evidence attached.
Language built entirely around confidence and success, with nothing measurable behind it, is worth reading as marketing rather than a genuine account of the firm’s track record.
What If You Face an Issue With Shyam Advisory?
A SEBI registration does not mean you should ignore warning signs or assume every dispute will resolve itself.
If you have already paid for a research service and something feels wrong, whether it involves the service provided, fees, recommendations, communication, or a refund, keep your records and act early.
Because Shyam Advisory is a SEBI-registered Research Analyst, investors have formal channels available for raising a complaint and escalating it when necessary.
If you face an issue, these are the key routes to know:
- SEBI SCORES complaint: Start by raising the complaint through SEBI’s SCORES mechanism and provide supporting evidence such as payment records, agreements, messages, trade records, and correspondence with the firm.
- SMART ODR registration: If the matter remains unresolved through the appropriate grievance process, the dispute may be taken forward through SEBI’s online dispute resolution framework, subject to the applicable process and eligibility.
- Share Market Arbitration: Where the dispute falls within an exchange’s jurisdiction, exchange grievance and arbitration mechanisms may provide another route for resolution.
The important point is not to wait indefinitely.
A registration number gives you a way to identify the regulated entity and access the applicable grievance framework, but you still need to preserve evidence and use the correct channel for the nature of your dispute.
If you want to understand the complete process, including how to file a SEBI SCORES complaint, when SMART ODR becomes relevant, and how Share Market Arbitration works, see our detailed guide: complaint Against SEBI Registered Research Analyst.
Disclaimer: This page is based on Shyam Advisory’s own published material and alleges no wrongdoing since no SEBI order exists against the firm. Check every detail yourself before acting. This page is information, not legal advice.
Conclusion
Shyam Advisory Ltd holds a genuine SEBI Research Analyst registration, INH000022589, active since August 2025.
Two things need real attention before you pay anything. Two of its plans are priced at exactly the SEBI fee ceiling, ₹1,51,000, once GST is removed, a precision that’s hard to read as coincidence.
And the business consistently markets itself as an Investment Adviser across its website, LinkedIn, and company profile, a different SEBI category from the Research Analyst registration it actually holds.
Ask directly why the pricing lands exactly on the legal limit, and which registration actually covers whatever service you’re being offered.
Report. Recover. Stay Fraud Free.
Yes. It belongs to Shyam Advisory Limited, based in Rajkot, active since August 2025, and it doesn't expire. Its confirmed SEBI registration is a Research Analyst licence. No matching Investment Adviser registration was found, despite the firm calling itself an Investment Adviser across its website, LinkedIn page, and company profile. Not on paper. Two plans, Premium Cash and Premium Stock Option, are priced at exactly ₹1,51,000 once GST is removed, precisely at the legal ceiling rather than over it. Yes, under SEBI's current rules following an April 2025 circular, advance fees covering up to one year are permitted. What's missing is any stated refund policy if you cancel early. That's covered in full on our separate Shyam Advisory Limited Reviews page, including the complaint disclosure and independent reviews from Google and the Play Store.Frequently Asked Questions
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