If you’ve come across The Equal Research while exploring stock market tips or intraday trading recommendations, you’re not alone.
Many retail investors today look for advisory services that can simplify trading decisions or provide ready-made calls in a fast-moving market.
Before subscribing to any such service, it helps to pause and look at the available public information, both regulatory details and user experiences.
This blog brings together those elements to give you a clearer picture of what’s publicly known about The Equal Research Investment Advisor, so you can make a more informed decision.
Equal Research Review
The Equal Research operates as an investment advisory service offering trading recommendations across multiple segments of the market.
The Equal Research, operated by Raju Satpute.
- SEBI Registration Number: INA000004377
- Registration Type: Investment Adviser
- Validity: Active since March 16, 2016 (Perpetual validity)
- Email: [email protected]
- Registered Address: Plot No. 295, PU4 Scheme No. 54, 2nd Floor, Behind Orbit Mall, Indore, Madhya Pradesh- 452010
- Correspondence Address: 228-A, Trade Center, South Tukoganj, Indore, Madhya Pradesh – 452001
The firm offers a variety of services primarily aimed at active traders rather than long-term investors.
These services include intraday stock cash recommendations, stock futures trading tips, Nifty futures calls, options trading suggestions, and specialised MCX trading packages tailored for high-net-worth individuals (HNIs).
It also provides BTST (Buy Today Sell Tomorrow) equity tips, which are designed to capture short-term market movements.
Overall, the platform positions itself as a provider of short-term trading opportunities rather than a comprehensive investment advisory for long-term wealth creation.
Additionally, the website highlights certain engagement indicators such as customer numbers and social media following; however, there is no independent verification of these figures.
Equal Research SEBI Registered or Not
The Equal Research holds an active SEBI Investment Adviser license (INA000004377).
An active registration means the entity is legally permitted to provide investment advisory services, subject to SEBI regulations.
These regulations typically include requirements around:
- Client risk profiling
- Fee transparency
- Segregation of advisory and execution
- Maintenance of records
At the time of writing, no specific SEBI orders, penalties, or enforcement actions have been provided in the source material. Similarly, no arbitration or court documents were included for review.
This means the regulatory snapshot is limited to the entity’s registration status.
As always, registration confirms authorisation, but it does not, by itself, guarantee service quality or client satisfaction.
What SEBI Allows a Registered Investment Adviser to Do?
A SEBI-registered Investment Adviser operates within a defined regulatory framework.
Here’s what such entities are permitted to do:
- Provide Investment Advice: They can offer recommendations on stocks, derivatives, mutual funds, or other securities based on a client’s financial goals and risk profile.
- Charge Advisory Fees: Advisers are allowed to charge fees from clients, either as a fixed fee or under a fee structure defined by SEBI guidelines.
- Offer Personalised Recommendations: After conducting risk profiling and suitability assessments, they can tailor advice specific to individual investors.
- Issue Model Portfolios or Strategies: Advisers may suggest structured strategies (e.g., intraday setups, derivatives strategies) as long as they align with regulatory norms.
- Maintain Client Records: They are permitted to collect and maintain client data such as risk profiles, communication records, and advisory logs as part of compliance.
- Use Research and Analysis Tools: Advisers can rely on technical, fundamental, or quantitative research methods to generate their recommendations.
What SEBI-Registered Investment Advisers Cannot Do?
Just as important as what advisers can do is understanding what they are not allowed to do under SEBI regulations:
- Guarantee Returns: They cannot promise fixed or assured profits. Any such claim would be outside regulatory guidelines.
- Execute Trades Without Authorization: Investment advisers are not allowed to directly execute trades on behalf of clients unless separately registered and authorized.
- Mix Advisory with Brokerage (Without Compliance): They must maintain a clear separation between advisory services and execution/broking activities to avoid conflicts of interest.
- Receive Profit Sharing or Commission-Based Incentives: SEBI regulations restrict advisers from earning based on client profits or taking commissions tied to trades.
- Mislead Through Advertising or Selective Performance: They cannot present cherry-picked results, exaggerated claims, or misleading success rates.
- Ignore Risk Profiling Requirements: Providing advice without assessing a client’s financial situation and risk tolerance is not permitted.
- Handle Client Funds Directly: Advisers are not allowed to take custody of client money or securities.
What Investors Should Keep in Mind?
If you’re considering any SEBI-registered advisory service, not just this one, there are a few practical checks that can save you both money and stress.
First, always verify the registration independently on SEBI’s website. Don’t rely solely on what’s shown on a company’s homepage.
Second, understand that being SEBI-registered means regulated, not endorsed. SEBI does not guarantee returns or certify service quality.
Before paying, ask very direct questions. What exactly is being offered? Is it advisory, execution, or both?
What kind of trades will be recommended? What is the historical performance, and is it audited?
Make sure all fee structures are clearly documented. This includes subscription fees, renewal terms, and refund conditions. Verbal assurances are not enough; get everything in writing.
Also, be cautious about performance claims based on screenshots or selective trade examples. What matters is consistent, verifiable track records over time.
Finally, assess your own risk appetite. Services that focus on intraday, futures, or options trading carry significantly higher risk than long-term investing.
How to File a Complaint Against RIA?
If you’ve already used a service and faced an issue, there is a structured way to escalate it.
1. Contact the Advisor
Start by contacting the entity directly. Most regulatory processes require that you first give the company a chance to resolve your complaint.
Clearly explain your issue, attach relevant proof, and keep all communication documented.
2. Lodge a Complaint in SCORES
If the issue remains unresolved, the next step is to file a complaint in SEBI.
You can register on the SCORES platform, submit your complaint, and track your SEBI complaint status. The entity is required to respond within a specified timeframe.
3. File a Complaint in SMART ODR
For disputes involving financial claims or contractual disagreements, you can also explore SMART ODR (Online Dispute Resolution). This platform allows mediation and arbitration in a structured digital environment.
Before filing, gather all necessary documents.
This includes:
- Payment receipts
- Emails or chat conversations
- Service agreements
- Trade records or screenshots
Once filed, SEBI or the ODR platform will review the complaint and initiate the appropriate process. Timelines can vary, but having complete documentation significantly improves clarity and speed.
4. Arbitration in the Stock Market
If none of the previous steps lead to a satisfactory outcome, arbitration is the final option. You can initiate this process through stock exchanges such as the National Stock Exchange or BSE Limited.
Arbitration is a formal proceeding where an independent arbitrator reviews the case and evidence presented by both parties before issuing a binding decision. Although it may take more time, it is often effective in cases involving significant financial disputes.
Need Help?
If you’re unsure how to proceed or feel overwhelmed by the process, you’re not alone. Many investors struggle with where to begin once something goes wrong.
You can register with us. Our team helps simplify that journey.
We start by reviewing your case in detail, what service you took, what was promised, and what actually happened. From there, we assist in structuring your complaint clearly and professionally.
If you want to get started, you can reach out with your documents and a summary of your issue. From there, we’ll walk you through the next steps.
Conclusion
The Equal Research Investment Advisor holds a valid SEBI registration, which establishes it as a regulated entity authorised to provide investment advisory services.
It also offers a wide range of trading-focused products, particularly aimed at active market participants.
At the same time, user experiences suggest that there can be gaps between expectations and outcomes, particularly around communication, risk understanding, and service clarity.
This doesn’t make the decision simple, but it does make it clearer.
As an investor, your best advantage is information. The more you verify, question, and understand before committing money, the better positioned you are to avoid unpleasant surprises.
Taking that extra step today can make a significant difference tomorrow.
