Quick Summary
Buddhi Prakash Karol holds SEBI Research Analyst registration INH000018090, valid from August 1 2024 with perpetual validity. BSE enlistment number 6351. Registered address H No 09, Karol Nagar, Jaipur, Rajasthan 302017. He operates across thetradingfox.com (formal RA disclosures), tradingwithkarol.com and tradingwithkarol.online (brand sites), a Graphy course platform, an app, a Telegram channel, and multiple YouTube handles. Thirteen specific red flags appear across these platforms. The thetradingfox.com complaint board shows 47 complaints for 2025-26 in the annual table but the monthly table adds up to approximately 32, a gap of roughly 15. Three contradictory refund policies appear across three pages of the same website. Telegram runs forex broker and crypto exchange referrals alongside SEBI-regulated research under the same brand. Two corporate directorships raise a payment routing question.
Buddhi Prakash Karol holds genuine SEBI Research Analyst registration INH000018090, valid from August 1 2024, on a perpetual basis.
That fact is worth stating first and plainly. He is not a fake entity. He is not an unregistered operator. The registration is verifiable on SEBI’s public Research Analyst list.
What the registration does not do is cover everything sold under his name across a Graphy course platform, a Telegram channel, multiple YouTube handles, and two separate websites.
Some of that content is compliant. Some sits entirely outside what an RA licence permits. And several specific findings across his platforms raise questions that every investor should answer before paying a rupee.
This review goes through all of it. Platform by platform. Finding by finding.
Trading With Karol SEBI Registered
The person behind the brand is registered and real. The question is more specific than that.
Buddhi Prakash Karol operates the Trading With Karol brand across a Graphy course site, an app, a Telegram channel, and several YouTube handles.
He also runs a separate website at thetradingfox.com where his formal RA disclosures live.
The disclosures stay on thetradingfox.com. They do not travel to the Graphy platform, the app, or the Telegram channel where the actual paid products get sold. A compliant disclosure on one property does not cover what happens on the others.
Buddhi Prakash Karol
The SEBI-registered name is not Trading With Karol. It is Buddhi Prakash Karol, the person behind every brand and platform.
This distinction matters for every investor who has paid.
Every compliance obligation is personal. INH000018090 belongs to Buddhi Prakash Karol as an individual.
The mandatory disclosures, the fee cap compliance, the prohibition on guaranteed return claims, and the refund obligations under SEBI’s December 2024 amendment all rest with him personally.
Every complaint targets him directly. When filing on SEBI SCORES, you select Research Analyst, enter INH000018090, and the complaint reaches Buddhi Prakash Karol personally.
There is no corporate entity standing between the registered person and regulatory accountability.
Two corporate directorships create a payment routing question.
Public records under Director Identification Number 08126449 show directorships in Twbk Market Research Private Limited and Brainberry Technologies Private Limited.
His own Disclosure page on thetradingfox.com states that all RA fee payments must go into one account held in his individual name, Buddhi Prakash Karol.
Payments routed through either private company would break his own stated policy. Confirm independently before any payment that the account you are paying into is held in his individual name, not in either company’s name.
Multiple social identities display the same registration badge. Instagram and Threads accounts including @tradingwithkarol (approximately 602,000 followers), @financewithkarol, and @thekaroluniverse all display a SEBI Registered badge.
Some content on these accounts covers topics entirely unrelated to financial research, including hotel business posts.
Using one registration badge as a blanket trust signal across unrelated accounts risks misleading followers about what INH000018090 actually covers.
Why Is Trading With Karol Not the Same as the SEBI Registration Itself?
A SEBI registration is issued to a person or a firm. INH000018090 belongs to Buddhi Prakash Karol as an individual.
Trading With Karol is a marketing brand. It runs across tradingwithkarol.com, tradingwithkarol.online, a Graphy subdomain, an app, a Telegram channel, and multiple YouTube handles.
None of these are separately registered entities. Every disclosure obligation sits with the registered individual. Whether that information travels to the brand’s sales platforms depends on how the individual manages it.
On most of those platforms, it has not travelled. The red flags below show exactly where.
Also Read: Investobazar, two reviewers, two different stages, one shared pattern.
What Does the thetradingfox.com Website Show Before You Pay?
His main website is where most investors look first.
A page-by-page read reveals a pattern worth understanding before any payment.
1. The Homepage Buries Mandatory Disclosures
A first-time visitor lands on “empowering your trading” language and mentions of algorithmic tools. No SEBI registration number appears on the homepage.
No compliance officer name. No fee schedule.
SEBI’s RA norms expect registration details to sit somewhere reasonably visible. This homepage buries them entirely.
2. The About Page Has No Analyst Biography
The About page holds two generic paragraphs titled “Protecting yourself” and “Quality Results.” Neither gives a biography, a qualification, or a NISM certificate number.
A regulated individual offering paid research should state who is behind the calls. This page reads as template filler with nothing specific to Buddhi Prakash Karol.
3. The Services Page Hides Pricing Behind Email
The Services page lists two offerings: a Fundamental “CC” service and a Trading or Technical “CC” service. Both carry risk disclaimers, which is reasonable.
But the page never explains what “CC” actually stands for. No pricing or plan comparison appears on this page at all. A client learns the fee only after emailing to subscribe.
This same page states fees are “non refundable in any circumstances.” That single line becomes the first of three contradictory refund statements across the same website.
Why Do the Refund Policies Contradict Each Other?
This is one of the strongest specific findings across all platforms.
Three separate pages on thetradingfox.com each state a different refund rule. None of them agree.
The Services page says fees are not refundable under any circumstance.
The dedicated Refund Policy page says refunds are possible on a pro-rata basis.
The Terms and Conditions page says all sales are final, yet an earlier section of the same document describes a 30-day reimbursement window for “goods.”
A reader checking any two of these three pages forms a different expectation about their money. This is not a wording slip. It is a genuine consumer protection issue.
If the service you paid for functions as regulated research, SEBI’s December 2024 amendment requires a pro-rata refund on early exit regardless of what any platform page states.
That amendment overrides internal policy. Raise which specific refund page you relied on before subscribing in your SEBI SCORES complaint.
What Do the Disclosure and Grievance Pages on thetradingfox.com Actually Reveal?
Not every page on this site is problematic. The Disclosure and Disclaimer page contains much of what SEBI expects: business activity, conflict of interest, compensation history, and a ratings glossary.
But even this stronger page carries specific issues.
1. SEBI SCORES Links Are Broken on the Disclosure Page
The SCORES and ODR links render as a broken internal path: thetradingfox.com/disclosure/www.scores.sebi.gov.in instead of a working external link.
Any investor trying to file a complaint directly from this page runs into this failure immediately.
2. Gamified Hashtags Appear on High-Risk F&O Calls
The same page uses terms like HeroZero and ZeroHero for options selling calls. SEBI has repeatedly flagged gamified language for F&O products.
It trivialises a genuinely high-risk trading category for retail investors.
3. A Blanket Loss Exit Rule Replaces Call-Specific Risk Parameters
The page recommends one flat 20 percent loss exit rule across every call. Under the RA framework, each individual call should carry its own defined risk parameters.
One generic number applied across everything sits oddly against that requirement.
4. The Fee Slab Appears Only Here and Not on the Services Page
The actual fee range of Rs. 1,000 to Rs. 12,000 per month finally appears on this page. On paper this matches SEBI’s prescribed ceiling. But it never appears on the Services page where a buyer would actually look for pricing.
That keeps the transparency gap alive instead of closing it.
5. The Grievance Redressal Page Has a Phone Number Mismatch
The Grievance Redressal page is better built overall. It carries registration details, CEO contact information, and an escalation matrix.
One inconsistency stands out: the phone number listed (+91 9216060140) does not match the number appearing elsewhere on the site and in public search listings (+91 92164 85581). Correct contact information matters when a client needs to reach someone urgently.
Why Does the Trading With Karol Complaint Board Data Not Add Up?
The complaint board on thetradingfox.com carries its own integrity issue that stands independently of every other finding.
The annual table states 47 complaints received for 2025-26. The monthly table, adding September 2025 through June 2026, produces only approximately 32 received and 16 resolved. That is a gap of roughly 15 complaints between two tables on the same page.
Individual months carry their own internal errors.
September 2025 lists 2 carried forward, 6 received, and 4 resolved. That arithmetic should leave 4 pending. The page shows 7 pending.
March 2026 lists zero received and zero resolved. That should leave zero pending. The page shows 1 pending.
SEBI mandates accurate monthly complaint disclosure. A gap this size is a data integrity concern, not a rounding error.
For the three Play Store complaints and the Reddit thread that sit behind this complaint pattern, and what each reviewer described in their own words, the how to complaint against Trading With Karol page on this site covers every account in full.
Also Read: Whitestone Capital, one man holds three separate SEBI-linked registrations.
Was the Terms and Conditions Page Written for a Research Advisory Business at All?
The Terms and Conditions page raises a question that goes beyond a single gap.
The document includes clauses about sale of goods, affiliate marketing commissions, reverse engineering, and an 18-plus age restriction. None of these relate to a research advisory relationship.
The jurisdiction clause names courts in Patna, Bihar. Buddhi Prakash Karol is registered and based in Jaipur, Rajasthan.
The Privacy Policy repeats the same mismatch, listing “Country: Bihar, India” under its data fields. Both documents pointing to Bihar strongly suggests the template was copied from a generic ecommerce or software website and never updated to reflect his actual location or business.
The same Terms document caps the owner’s total liability at Rs. 1,000 or six months of fees, whichever is lower.
For a regulated financial services provider, that cap sits uncomfortably against the client protection expectations built into the RA framework.
Trading With Karol: Key Red Flags
Beyond thetradingfox.com, the picture expands once you look at what runs across the brand’s other platforms.
The registered website carries most of the mandatory disclosures. What matters equally is what the platforms where money actually changes hands choose to show, or not show, before a client pays.
Four separate touchpoints sit outside thetradingfox.com: the Graphy course site, the mobile app, the Telegram channel, and tradingwithkarol.online.
Each one carries its own set of concerns that the registered website does not mention, disclose, or address anywhere.
1. No SEBI Disclosures on the Graphy Course Platform
The buddhiprakashkarol.graphy.com homepage sells courses under the Trading With Karol name. It leads with an IIT Kharagpur background story and a tagline about unlocking profits.
No SEBI registration number appears here, no RA disclaimer, no risk warning, and no Investor Charter link. Every registered Research Analyst must publish these disclosures wherever the registration is being used to market a paid product.
[IMAGE: Screenshot of the Graphy course homepage showing the IIT Kharagpur tagline and the absence of any SEBI registration number or disclaimer. Source: From the research materials. Place here.]
2. Account Handling Claim Beyond RA Scope
The tradingwithkarol.online site advertises an “Account Handling Service Available” directly on the page.
An RA licence only permits publishing independent research and recommendations.
Managing or executing trades on a client’s behalf requires a separate Portfolio Manager or Investment Adviser licence.
INH000018090 does not cover account handling. This offer sits outside the registration scope.
[IMAGE: Screenshot of tradingwithkarol.online showing the “Account Handling Service Available” text. Source: From the research materials. Place here.]
3. Jackpot Language and Return-Implying Marketing
The same tradingwithkarol.online page advertises a “Daily Jackpot Call Free.” Lottery-style framing for a trading call violates SEBI’s Advertisement Code, which requires recommendations to read as research, not windfalls.
The Graphy homepage carries the tagline “Unlocking Profits.” App store listings describe “Proven Trading Setups” and “high probability trades.” The Apple App Store listing promises “Real Time Market Sessions” with “actionable entries, stop losses, and target levels.”
All of these imply performance outcomes. SEBI’s Advertisement Code specifically bars RAs from implying or assuring returns in any form.
4. Offshore Forex Broker Promoted on tradingwithkarol.com
The tradingwithkarol.com website has displayed content promoting an offshore forex broker called XM, offering a “100% deposit bonus” and a Telegram join link.
Promoting an unregistered offshore broker sits entirely outside RA scope.
Retail margin forex trading through such platforms is also not permitted for resident Indians under FEMA rules.
5. Broker and Crypto Referral Schemes on Telegram
The Telegram channel at t.me/tradingwithkarol carries a compliance footer showing the RA name, INH000018090, and standard risk warning language.
Alongside that same disclosure sits a “free magical indicator worth Rs. 25,000” tied to opening a trading account through a referral link with offshore broker Vantage using the code “karol50.”
The channel also carries direct referral links for crypto exchanges Delta Exchange and CoinDCX.
His own Disclosure document on thetradingfox.com states the RA has not received compensation for products other than research and that there are no conflicts of interest.
Running undisclosed referral schemes directly contradicts that stated disclosure.
6. SEBI Licence Does Not Cover Crypto and Forex
The same Telegram channel discloses in plain text that “Sebi license is not applicable in crypto and forex.” That line is accurate.
The problem is that regulated equity research and unregulated crypto and forex promotions appear in the same channel under the same brand.
A follower can easily assume every tip carries the same regulatory protection. SEBI’s investor caution material warns about exactly this kind of blending.
7. Performance-Implying App Store Marketing
The Play Store description promises content that is “more profitable for learners” and describes “Proven Trading Setups” and “high probability trades.”
The Apple App Store describes “Real Time Market Sessions” with “real trading success” attributed to someone by name.
None of these performance claims are verifiable. The Advertising Code discourages exactly this language when marketing a paid product tied to an RA’s name.
8. Graphy Platform Legal Pages Are Generic Templates
The Graphy platform’s privacy policy, terms of use, and refund policy are templated boilerplate appearing identically across hundreds of unrelated Graphy creator sites, including cooking classes and exam prep courses.
None of these documents mention SEBI, RA regulations, research methodology, or investment risk.
The refund policy states digital products carry no refunds once an order is confirmed. No pro-rata provision. No reference to SEBI’s RA fee refund rules.
9. Typo in the Registration Number
The tradingwithkarol.online site displays the registration number as INHO00018090 with the letter O where a zero should be. The correct number is INH000018090.
On a page designed to establish investor trust through regulatory credibility, a typo in the registration number itself is a presentation failure worth noting. Always verify the correct number directly on sebi.gov.in rather than trusting any version shown on a brand platform.
[IMAGE: Screenshot of tradingwithkarol.online showing the registration number displayed as INHO00018090 with the O-for-zero error. Source: From the research materials. Place here.]
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Trading With Karol: A SEBI Compliance Blueprint for Investors
Comparing thetradingfox.com against the standard shows specific gaps.
Each point reflects something a transparent RA site would normally include.
- No itemized pricing table on the Services page. Pricing is hidden behind email contact.
- No compliance officer separate from the proprietor. No page names anyone other than Buddhi Prakash Karol himself as the compliance contact.
- No sample research report or methodology note. An investor cannot evaluate research quality before paying.
- No About the Analyst biography. No qualifications, NISM number, or experience history appear anywhere.
- No working SCORES or ODR link on the Disclosure page. The broken link prevents investors from filing directly from the mandated page.
- No single unambiguous refund policy. Three contradictory statements across three different pages.
- No disclosure of Trading With Karol, the Telegram referrals, or the corporate directorships anywhere on thetradingfox.com. A client relying on the registered website would have no visibility into any of these.
Also Read: Capital Life Research, a lawyer’s 2019 review threatening legal action over fraud.
Already Paid and Something Went Wrong? Here Is How to File Against Trading With Karol
If you already paid for any service under this brand and experienced non-delivery, broken verification, unanswered support, refund refusal, or any of the practices described above, the formal complaint path runs as follows.
For filing against any SEBI registered research analyst, the general complaint guide is on the complaint against SEBI registered research analyst page on this site.
For the SEBI SCORES process specifically, the full guide is on the SEBI SCORES complaint page on this site.
For SMART ODR escalation after SCORES, the conciliation guide is on the SMART ODR complaint portal page on this site.
Conclusion
Buddhi Prakash Karol holds a genuine SEBI RA registration. That fact stands and should not get lost in everything above.
What surrounds it is a brand spread across platforms with missing disclosures, contradictory refund policies, unreconciled complaint data, undisclosed referral income, a corporate structure that raises payment routing questions, and legal templates written for a different business entirely.
Registration confirms he is allowed to operate as a research analyst. It does not confirm that every practice around it protects you as a paying client.
Use the findings above as your checklist before you pay. Use the complaint steps on the reviews page if you already did.
Report. Recover. Stay Fraud Free.
Frequently Asked Questions
The person behind the brand, Buddhi Prakash Karol, holds SEBI Research Analyst registration INH000018090, valid from August 1 2024. The Trading With Karol brand itself is not a separately registered entity. Several platforms where the brand sells paid products carry no SEBI disclosures at all.
No. INH000018090 is a Research Analyst registration. It permits publishing research recommendations. It does not permit managing or executing trades on a client's account. That requires a separate Portfolio Manager or Investment Adviser licence. The account handling service advertised on tradingwithkarol.online sits outside what this registration covers.
The correct number is INH000018090. The tradingwithkarol.online site displays it as INHO00018090, with the letter O where a zero should be. Always verify the correct number directly on sebi.gov.in rather than trusting either version shown on any brand platform.
No. The Telegram channel itself states that the SEBI licence does not apply to crypto and forex content. Any losses from those specific products sit outside what a SCORES complaint against INH000018090 can address. File those at cybercrime.gov.in instead.
The Services page says no refunds ever. The Refund Policy page says pro-rata refunds are possible. The Terms and Conditions page says all sales are final but earlier mentions a 30-day window for goods. None of the three agree. This inconsistency alone can support a formal complaint. Document which page you relied on before subscribing and raise that discrepancy directly in your SEBI SCORES filing.
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