Quick Summary
Ujjawal Maheshwari holds SEBI Research Analyst registration INH000022659, valid from August 2025, based in Jodhpur, Rajasthan. His own complaint disclosure includes annual rows dating back to 2017-18, eight years before this registration even existed. No price is published anywhere for any of his research services. The complaint data itself is also only accessible through a downloadable Excel file, and hasn’t been updated since March 2026.
Ujjawal Maheshwari holds SEBI Research Analyst registration INH000022659, valid from 8 August 2025.
The registration itself is genuine. What sits alongside it is a complaint history stretching back nearly a decade further than the registration has actually existed.
This page walks through the registration, that timeline problem, the missing pricing, and what else is absent from his site.
Ujjawal Maheshwari Research Analyst
Ujjawal Maheshwari offers equity research, fundamental and technical analysis, and derivatives research covering futures, options, and both short-term and positional trading strategies.
Services include tailor-made reports, model portfolios built for conservative, balanced, and aggressive risk profiles, and market updates through daily and weekly outlooks, newsletters, webinars, and workshops.
The site states support for individual investors, HNIs, family offices, and institutional investors.
None of this establishes wrongdoing on its own.
What matters is whether the disclosures behind it actually hold up.
Is Ujjawal Maheshwari SEBI Registered?
Yes, confirmed directly on his own website.
| Detail | Information |
|---|---|
| Name | Ujjawal Maheshwari |
| SEBI Registration Number | INH000022659 |
| Validity | 8 August 2025, Perpetual |
| Address | A27, Marwar Nagar, Behind Railway Station, Mahamandir, Jodhpur Kachery, Jodhpur, Rajasthan 342006 |
| Contact Person | Ujjawal Maheshwari |
| Email Name | ujjawalmaheshwari2000 |
An INH number means Research Analyst. It permits publishing research to a general subscriber base.
It doesn’t permit personalised advice built around one client’s own finances, trade execution, or portfolio management.
Why Does Ujjawal Maheshwari’s Complaint Table Include Records From 2017?
This is the sharpest finding on this page, and it’s worth reading the dates slowly.
His SEBI registration, INH000022659, has been valid only since 8 August 2025.
His own annual complaint disclosure, published on the same site, includes rows for 2017-18, 2018-19, 2019-20, 2020-21, 2021-22, 2022-23, and 2023-24, each showing zero activity, before reaching 2024-25, which shows 3 complaints received, 2 resolved, 1 pending.
Every one of those years predates this registration by anywhere from one to eight years.
There’s no explanation anywhere on the site for why a registration granted in August 2025 carries a complaint table stretching back to 2017.
It’s possible the table is simply a standard template with every year since a reference date filled in by default, showing zeros for years with genuinely no activity.
It’s also possible the data relates to an earlier registration or business structure not disclosed here.
Ask Ujjawal Maheshwari directly why this table includes years that predate his registration, and specifically what the 3 complaints in FY2024-25 actually relate to, given that year also predates his current registration.
Why Is There No Price Anywhere for Ujjawal Maheshwari’s Research?
Beyond the complaint timeline, the second major gap here is pricing.
The website lists a full range of services, equity research, derivatives research, model portfolios, and customised reports, without stating a fee for any of them.
There’s no subscription term, no service-specific charge, and no payment-related detail published anywhere.
Without a published price, there’s no way to check any plan against the ₹1,51,000 SEBI annual limit before you actually reach out.
Ask for the exact fee in writing, for whichever specific service you’re considering, before agreeing to anything.
What Does the Rest of Ujjawal Maheshwari’s Complaint Data Show?
Beyond the 2017 timeline question, a few more details are worth knowing.
The Data Isn’t on the Website Directly
The complaint information is provided through a downloadable Excel file, rather than displayed directly on the page.
That’s a real extra step for anyone trying to check it quickly.
The Disclosure Hasn’t Been Updated Since March 2026
| Month | Received | Resolved |
|---|---|---|
| April 2025 | 0 | 1 |
| May 2025 through March 2026 | 0 | 0 |
The most recent monthly entry available is March 2026. SEBI requires this data to be updated by the 7th of each following month, so a gap of several months, given the current date, is worth asking about directly.
The Numbers Themselves Are Light
| Year | Received | Resolved | Pending |
|---|---|---|---|
| 2024-25 | 3 | 2 | 1 |
| 2025-26 | 0 | 1 | 0 |
Three complaints total, with one still shown as pending as of the most recent update.
That’s a genuinely small number, worth stating plainly alongside the timeline question above.
What’s Missing From Ujjawal Maheshwari’s Website?
Beyond pricing, several documents a paying client would typically expect aren’t published anywhere on the site.
There’s no Terms and Conditions, no Privacy Policy, no Refund Policy, and the standard required disclosures aren’t clearly available either.
Without these, you have no published record of your rights around cancellation, refunds, or how your personal information is handled once you engage with the service.
Get all of these confirmed in writing directly from Ujjawal Maheshwari before paying anything.
SEBI’s rules still entitle you to a proportionate refund for the unexpired period on early termination, regardless of whether the site states so.
What Does Ujjawal Maheshwari’s Marketing Language Actually Promise?
The site uses phrases like “Better Research, Greater Opportunities,” language built around outcomes rather than describing the research process.
It also states “Plan, Forecast, & Manage” and “actionable investment ideas,” which can suggest a level of control over investment outcomes that a research service can’t actually guarantee.
Claims of “high-quality research services” and helping investors decide “with confidence” are broad statements without supporting performance evidence shown on the page.
How to File a Complaint Against Ujjawal Maheshwari?
Given the complaint timeline that predates the registration and the completely undisclosed pricing, a complaint here has firmer ground than a dispute over research quality alone.
Write to the RA’s email ID directly, asking him to explain the 2017-2024 complaint records and to confirm the exact fee for whichever service you’re considering.
If none of that resolves things, the process moves forward in three clear stages.
- Start by taking your complaint to the SEBI SCORES complaint portal. Give it a real chance before moving further.
- Should SCORES not settle the matter on its own, the SMART ODR registration platform steps in next, bringing a neutral party into the process.
This is the stage for when the first attempt goes nowhere.
- If the issue still stands unresolved after that, Share Market Arbitration delivers a final, binding decision. Neither side gets to simply walk away from this one.
For a complete breakdown of each stage, our guide to a complaint against SEBI registered research analyst walks through the entire process from start to finish.
Confused about complaint records dating back years before the registration existed?
We help you get a straight, written explanation and put your case on record properly if the answer doesn’t add up. Register with us for a free look at your situation.
Disclaimer
Everything above comes from Ujjawal Maheshwari’s own published material.
Nothing here accuses him of wrongdoing, and no SEBI order currently stands against him.
Confirm every detail yourself before acting on it. This page is meant to help you ask better questions, not to replace a lawyer or a financial adviser.
Conclusion
Ujjawal Maheshwari’s SEBI registration, INH000022659, is genuine and active since August 2025.
His own complaint disclosure includes annual records stretching back to 2017-18, years before this registration existed, and no price is published anywhere for any of his services.
Several standard client documents are also missing entirely.
Ask directly why the complaint table predates the registration, and get the exact fee for any service confirmed in writing before you engage.
Report. Recover. Stay Fraud Free.
Frequently Asked Questions
Yes, held by Ujjawal Maheshwari, active since August 2025, confirmed directly on his own website.
The site doesn't explain this. Every year listed before FY2024-25 predates the actual registration date by one to eight years.
The website doesn't say. No price is published for any listed service. Ask directly and get the exact figure in writing.
No. Terms and Conditions, Privacy Policy, and Refund Policy are all missing from the site.
Three since FY2024-25, with one still shown as pending as of the most recent update, which is dated March 2026.
Add us as a preferred source on Google »
