Seeing Vishal Malkan’s ads everywhere? Tempted by the ₹99 webinar’s promises?
Before you invest thousands in his courses, here’s everything you need to know about who he is, what he does, and what real students are experiencing.
Who Is Vishal Malkan?
Vishal Malkan is a stock market trainer operating in India. He claims 15 years of teaching experience. His pitch?
He positions himself as someone who cracked the market code. Someone who participates in international trading championships. Someone who can teach you his secrets.
His marketing is everywhere. YouTube ads. Facebook promotions. Instagram reels. Google search results. The promise is always the same: Learn to trade. Make consistent profits. Achieve financial freedom.
He operates alongside his wife, Meghana Vishal Malkan. Together they run multiple companies focused on stock market education.
What Does He Do? His Business and Operations
Vishal Malkan runs a training business through two registered companies.
Malkan Training – Active since 2015. Handles educational programs and course sales.
Malkan View – Started in 2018. Manages trading operations and additional training.
How His Business Works:
It starts with a ₹99/Free webinar. Heavily advertised. Low commitment. Easy entry. Sometimes offered completely free to maximize reach.
The webinar runs 2-3 hours. High energy. Bold claims. Success stories. Profit screenshots. Championship certificates. Everything is designed to excite you about trading possibilities.
Then comes the pitch. Vishal Malkan courses packages range from ₹15,000 to ₹7,00,000. Limited-time discounts. Only a few seats left. Enroll now or miss out.
After You Pay:
You get access to a learning portal. Pre-recorded videos. PDF materials. Telegram group membership.
The content covers technical analysis, chart patterns, F&O trading, and options strategies. Live sessions are promised but rarely delivered according to complaints.
Support happens through Telegram groups. Trading calls are shared. Questions are supposedly answered. But responsiveness drops dramatically after payment.
The Revenue Picture:
According to MCA records, these companies generated over ₹100 crore in training revenue between 2015-2023. Peak revenue years include ₹39.77 crore (FY 2020-21) and ₹48.6 crore (FY 2022-23).
But here’s the twist. His actual trading performance tells a completely different story.
The Real Profit Source:
The business model is clear. Money comes from course sales, not trading profits. If you market yourself as a trading expert but your trading loses crores while courses earn crores, that’s fundamentally misleading.
Is Vishal Malkan SEBI Registered?
This is crucial. Let’s be very clear about the facts.
Vishal Malkan himself is NOT SEBI registered as a Research Analyst.
He applied for registration. SEBI rejected his application. Reason? Incomplete information and documentation were provided.
So he tried to get authorized. Failed. Yet continued running training programs and providing market advice.
But his wife, Meghana Vishal Malkan, DOES hold a valid SEBI registration.
Her details:
She may conduct some training sessions herself. But here’s the problem.
Why This Matters:
SEBI regulations are crystal clear. Registration is personal. Non-transferable. Cannot be shared.
Being married to a registered advisor does NOT authorize you to provide advisory services. Each person providing investment advice must have their own registration.
If Vishal Malkan is conducting training, providing tips, and charging fees without personal registration, even if his wife is registered, that’s a violation.
Family members cannot operate under one registration. It doesn’t work that way legally.
Vishal Malkan Courses: The Complete Breakdown
Let’s examine what’s actually being sold and what students receive.
The Initial Trap: ₹99 Workshop
Everything begins with an inexpensive introductory session. Marketed as educational.
But the actual agenda? Pushing expensive programs. Minimal teaching happens. Maximum selling happens. Free versions also exist to cast a wider net.
Next Step: Foundation Package (₹5,999 – ₹16,500)
Once you attend the workshop, aggressive follow-ups start. The entry-level program is presented as essential groundwork. Reality check? You receive portal credentials to watch old recordings.
Live instruction promised during marketing? Nowhere to be found. Just recorded material you could access anywhere.
The Big Ask: Advanced Programs (₹70,000 – ₹1,50,000)
This is where substantial investment is demanded. Options-focused training costs ₹1.5 lakh alone. Additional specialized programs range between ₹70,000 and even ₹6-7 lakh based on student accounts.
What do students get for this money? Very little, according to feedback. One ₹1.5 lakh program allegedly covers merely two technical indicators. Market application? Students report frequent failures and mounting losses instead of gains.
The Perpetual Sales Loop
Here’s how it unfolds repeatedly: Purchase initial training. Encounter difficulties. Seek assistance. Get pitched “upgraded” training as your solution. The cycle never concludes.
Each program appears incomplete without purchasing the subsequent, costlier offering.
Vishal Malkan’s Red Flags You Cannot Ignore
Let’s organize the warning signs clearly.
Registration Red Flags
No personal SEBI registration for Vishal Malkan. Application rejected for incomplete documentation.
Wife holds registration but he operates independently. This violates SEBI’s non-transferability rules. Each advisor needs individual registration.
Financial Performance Red Flags
This is the most damning evidence. According to MCA financial records:
Malkan Training (2015-2023):
- Generated ₹100+ crore in training revenue
- Accumulated ₹2.9 crore in trading losses over 5 years
- Consistent F&O losses year after year
Malkan View (2018-2023):
- Generated ₹12 crore in training revenue
- Lost ₹53 lakh in trading over 4 years
Combined result: ₹3.43 crore in trading losses despite massive course sales.
The Derivatives Pattern Reveals Inadequate Risk Control:
The majority of financial bleeding occurred in F&O markets, precisely the domain he claims expertise in. Derivatives demand rigorous discipline and capital protection.
What does his record show? Year-over-year deficits. Just one or two marginally positive years across seven to nine years tracked.
This transcends mere misfortune. This indicates a systematic deficiency in execution.
The Competition Achievement Contradiction
During promotional webinars, Malkan references success in the United States Investing Championship. This credential supposedly validates his premium pricing structure.
The reasoning collapses under scrutiny. Genuine competition winners demonstrate sustainable profitability.
When confronted about trading deficits during a podcast appearance, Malkan reportedly stated: “Losses don’t matter when I have years of experience with knowledge and even a US Investing Championship rank.”
This statement exposes fundamental ethical problems. Someone claiming mentorship credentials while accumulating ₹3.43 crore in trading deficits cannot legitimately instruct on profitable execution.
What Students Say About Vishal Malkan as a Trainer
Beyond course quality issues, students have specific observations about Vishal Malkan’s credibility, character, and approach as an instructor.
“He’s the biggest fraudster I’ve encountered. Lost 20 crores after attending his training programs. He charges ₹6 lakh for courses. Absolute worst institute in existence. Stay completely away.”
– Rahul (ComplaintsBoard.com, Aug 23, 2024)
What this reveals: Losing ₹20 crore after training suggests either that the strategies are fundamentally flawed or that students are taught aggressive, high-risk approaches without proper capital protection.
Charging ₹6 lakh for training that leads to ₹20 crore losses demonstrates a complete disconnect between claimed expertise and actual results.
“He’s a brilliant salesman but a terrible instructor. Sells third-class strategies that don’t even work in real markets. Ironically, he later gave away the same content for free after charging lakhs.”
Anonymous Reviewer (ComplaintsBoard.com, Mar 19, 2022)
What this reveals: This confirms skills lie in marketing, not trading education.
Most damning: content charged at lakhs was later distributed free, proving it never had premium value.
This suggests awareness that the content isn’t worth the price, yet continuing to charge maximum amounts from uninformed students while giving it free once enough complaints emerge or market saturation occurs.
Should You Join Vishal Malkan Courses?
Let’s hear directly from students who enrolled. These complaints are categorized by the specific problems they faced.
Misleading Marketing & False Promises
Students report being lured by aggressive marketing tactics that create unrealistic expectations, only to discover the courses serve primarily as vehicles for continuous upselling.
What this reveals: This student discovered that positive reviews may be artificially generated to build false credibility.
The ₹99 webinar isn’t actually educational; it’s designed purely to market expensive courses. The “seminar” label misleads people into thinking they’ll receive valuable training when it’s really just a sales presentation.
Extremely Overpriced with Minimal Value
Multiple students report paying lakhs for courses that teach basic information freely available elsewhere, with content quality nowhere near justifying the premium pricing.
What this reveals: A ₹1.5 lakh “Options Mastery” program covers only two technical indicators. That’s shockingly inadequate content for such a price.
Basic indicators are covered in free YouTube videos and trading books costing ₹500. This represents a 300x markup for minimal information, suggesting the pricing exploits students’ desperation to learn trading rather than reflecting actual value.
Non-Delivery & Access Issues After Payment
Students consistently report paying full fees but never receiving the materials, credentials, or classes they were sold, with the institute simply taking money and disappearing.
What this reveals: This is outright service failure. After payment processing, basic delivery mechanisms break down completely.
No login credentials means no access to any content whatsoever. This pattern suggests either gross incompetence or intentional avoidance.
What this reveals: Two months of waiting with repeated false promises indicates systematic delivery failure. The “12-15 working days” promise gets repeated but never honored, a tactic to keep customers waiting while avoiding refunds.
Complete Lack of Customer Support
After payment, institute responsiveness drops to near zero, with queries, complaints, and legitimate issues met with silence or dismissive responses.
What this reveals: Support exists only to facilitate sales.
Once payment clears, customer importance evaporates. Significant financial investment should guarantee responsive support, but instead, students face “complete silence.”
Fraudulent Upselling Cycle
Students describe being trapped in a never-ending cycle where each course becomes a stepping stone to sell the next, more expensive program, with no actual value delivered at any level.
What this reveals: The business operates as a perpetual upsell funnel with no end.
₹99 to ₹7,00,000 represents a 7,00,000% price increase from entry to top tier, yet students report “koi value nahi” (zero value) throughout.
This is textbook predatory pricing, exploiting hope and sunk cost fallacy to extract maximum money.
How to Report a Complaint Against Vishal Malkan?
If you have enrolled in Vishal Malkan’s stock market training programs and feel that your experience, outcomes, or representations did not align with what was promised, you are not alone.
Many students across India report confusion, dissatisfaction, or financial stress after participating in similar trading education programs.
You may consider registering your concern with us. We help individuals document their experience and understand the appropriate grievance and reporting options available under Indian law.
Register with Us
Our team assists by helping you:
- Organize and review course-related documentation (receipts, promotional material, communications)
- Understand which grievance channels may be relevant to your situation
- Navigate consumer-rights and regulatory reporting processes
- Prepare structured complaint drafts based on facts and evidence
By speaking up, you not only seek clarity for yourself but also contribute to greater transparency in the stock market education space.
Well-documented complaints help other prospective students make more informed decisions.
You do not have to navigate this process alone. Taking informed and responsible action is the first step toward addressing your concerns.
Conclusion
The facts paint a troubling picture. Malkan’s programs begin with ₹99 workshops that lead to packages costing anywhere from ₹5,999 to ₹7 lakh. Students encounter elementary material, vanishing assistance, and techniques that fail during actual trading.
His companies accumulated ₹3.43 crore in trading deficits while generating ₹100+ crore from educational sales. Most bleeding occurred in F&O markets, the exact specialization he markets.
He lacks individual SEBI authorization. His registration attempt was denied. When questioned about deficits, he reportedly dismissed them citing experience and competition credentials.
Yet independent verification of championship claims proved impossible. Experience without results represents wasted time applying ineffective methods, not credibility.
Before enrolling anywhere, conduct independent verification. Examine MCA documentation for actual trading track records.
Remember: Authentic teaching requires demonstrated mastery. Legitimate instructors show sustainable profitability before teaching others.
Verify all claims. Safeguard your capital.
