Quick Summary
Zam Zam Capital holds SEBI Research Analyst registration INH000016199 under founder Saif Ahmed, a former Merrill Lynch investment banker with 20-plus years of experience. BSE Enlistment Number is 6158. The firm offers a free Halal Stocks List updated semi-annually on March 31 and September 30, subscription-based stock plans, and two smallcases on the Shariah infrastructure theme. Only NSE-listed stocks with a market capitalisation of Rs. 500 crores or more are eligible for Shariah screening. The firm’s own disclaimer states subscription fees are non-refundable unless SEBI suspends or cancels the registration, and no profit-sharing model is operated.
Zam Zam Capital is India’s only SEBI registered Research Analyst specialising exclusively in Shariah-compliant equity research.
The firm holds SEBI Research Analyst registration INH000016199 and BSE Enlistment Number 6158.
Founder Saif Ahmed, a former Merrill Lynch investment banker in New York, built the firm around a proprietary three-level screening process that identifies stocks free from riba, gambling, alcohol, and other prohibited business activities.
If you’re evaluating this firm’s Shariah screening methodology, its subscription plans, or whether it’s worth paying for, this page covers the registration facts, the screening process, the smallcase offerings, the complaint data, and the specific things to check before you pay.
Zamzam Capital SEBI Registration and Founder
Zamzam Capital holds SEBI Research Analyst registration INH000016199, active on a perpetual basis.
The firm is also BSE-enlisted under number 6158.
A quick SEBI registration check directly on the regulator’s own portal confirms this in under two minutes, and it’s the single most useful habit before paying any advisory firm.
The firm is founded and led by Saif Ahmed, described as a prominent Islamic Banking and Corporate Finance expert.
Before founding Zamzam Capital, Saif Ahmed worked as an investment banker at Merrill Lynch in New York.
This gave him exposure to both Indian and global market frameworks before applying that experience to Shariah-compliant equity research in India.
Official contact details from the firm’s own website:
Phone: +91 8694010200
Email: [email protected]
Verifying the registration takes two minutes. Go to sebi.gov.in, select Research Analyst as the intermediary category, and search INH000016199.
What comes back should match the details above. Never rely on a registration number shown on a social media bio without cross-checking it on SEBI’s own portal.
What Makes Zam Zam Capital Different From Other Research Analysts?
Most SEBI-registered Research Analysts focus on returns, technical calls, or sector themes.
Zamzam Capital has a fundamentally different purpose for its subscriber base. The core offering is Shariah compliance verification, not just stock picking.
For a Muslim investor, the question is not only whether a stock will go up.
The question is whether the company’s business activities, revenue sources, debt levels, and financial ratios comply with Islamic finance principles.
That means screening out companies involved in alcohol, tobacco, gambling, conventional banking and insurance, weapons manufacturing, and entertainment that conflict with Islamic values.
It also means screening for debt levels, interest income ratios, and impure income percentages as defined by Shariah scholars.
No other SEBI-registered Research Analyst in India currently offers this combination of SEBI-compliant equity research and systematic Shariah screening in the same framework.
Zam Zam Capital’s Three-Level Screening Process
The firm’s own website describes a proprietary three-level screening process.
Understanding what this means helps you evaluate whether the output, the Halal Stocks List, is worth relying on.
Level 1: Sectoral Screening
Companies involved in prohibited business activities are excluded entirely.
This covers alcohol, tobacco, gambling, conventional financial services including banks and insurance, pornography, weapons, and pork-related businesses.
Level 2: Financial Ratio Screening
For companies that pass sectoral screening, three financial ratios are checked.
Total debt divided by trailing 12-month average market capitalisation must be below a specified threshold.
Accounts receivable and cash divided by trailing 12-month average market capitalisation must be below a specified threshold.
Impure income divided by total revenue must be below a specified threshold.
Level 3: Eligibility Filter
Only NSE-listed stocks with a market capitalisation of Rs. 500 crores or more are considered.
This excludes micro-cap and illiquid stocks regardless of how otherwise compliant they might be.
The list is updated twice per year, on March 31 and September 30, based on the latest available financial data. This means a stock that passes in March may fail in September if its financial ratios move out of the permitted range during the year.
What Is the Zamzam Capital Free Halal Stocks List?
The Free Halal Stocks List is the firm’s flagship product and the main reason most people discover Zamzam Capital.
The list is published publicly at no charge through the firm’s website and free Telegram channel.
It covers NSE-listed companies with market caps above Rs. 500 crores that have passed all three levels of the screening process.
Real-time Halal status updates for newly listed mainboard IPOs are also provided through the Telegram channel.
What the list is: A regularly updated, systematically screened set of NSE-listed equities that meet Shariah compliance criteria as defined by the firm’s proprietary methodology.
What the list is not: A buy or sell recommendation.
Being on the Halal Stocks List tells you a stock is Shariah-compliant based on current financial data. It does not tell you whether the stock is a good investment at its current price, at what level you should enter, or when you should exit.
Those questions belong to the subscription-based research plans.
The distinction matters. An investor who treats the Halal Stocks List as a trading signal is using the product for something it is not designed to do.
Zamzam Capital’s Smallcase
Zam Zam Capital offers portfolio-based products through the smallcase platform, allowing subscribers to invest in pre-built Shariah-screened portfolios rather than individual stock picks.
ZC Shariah Infra Tracker
This smallcase selects actively traded Shariah-compliant Indian equities with strong liquidity and adequate free float.
Micro-cap and illiquid stocks are excluded.
The strategy follows a sector-first approach focused on infrastructure-led investment themes.
Stock selection combines bottom-up fundamental analysis with technical momentum signals under a techno-fundamental framework.
The infrastructure theme within Shariah-compliant investing is a specific and reasonably logical one.
Infrastructure businesses tend to have lower debt exposure relative to traditional capital-intensive sectors, and they avoid the financial services and entertainment sectors that most commonly fail Shariah screening.
Zamzam Capital’s Subscription Plans and the SEBI Fee Cap
Beyond the free Halal Stocks List, Zam Zam Capital offers subscription-based stock recommendation plans.
The SEBI fee cap that applies to all plans:
SEBI caps the total fees a single client family can pay to one registered Research Analyst at Rs. 1,51,000 per financial year across all plans combined.
This applies to Zamzam Capital as it does to every registered RA. If you are considering combining multiple plans or subscribing for multiple periods in the same year, calculate the total against this ceiling before paying.
The firm’s own disclaimer on refunds:
The firm’s published disclaimer states: “Subscription paid for Research recommendations is non-refundable unless our registration is suspended or cancelled by SEBI.”
This is a blanket no-refund policy. SEBI’s December 2024 amendment to Research Analyst Regulations introduced a pro-rata refund obligation on early subscription exit.
Whether the firm’s no-refund clause conflicts with this amendment is worth verifying directly with the firm before subscribing.
What to Check Before You Subscribe to Zamzam Capital?
A firm’s Shariah-screening methodology and its subscription terms are two separate things. One tells you whether a stock qualifies. The other tells you what you’re actually agreeing to pay for.
These checks take under fifteen minutes and tell you more than any social media bio.
- Verify registration INH000016199 at sebi.gov.in. Confirm Active status. Match the entity name shown in SEBI’s records against what the firm displays publicly.
- Ask the firm in writing how it handles early exit refunds in light of SEBI’s December 2024 amendment. The firm’s disclaimer says non-refundable. SEBI’s rule says pro-rata refund on early exit. Ask them to explain their current policy under the amendment.
- Confirm which specific plan you are subscribing to and calculate the total annual fee against Rs. 1,51,000.
- Understand clearly what you are paying for. The free Halal Stocks List is a screening output, not a trading recommendation. The subscription plans provide specific entry, target, and exit guidance. Make sure you know which product you’re actually paying for before transferring money.
Zamzam Capital’s Complaint Data
SEBI requires every registered Research Analyst to publish investor complaint data monthly.
The complaint data was not extractable from the published page at the time of this review.
Before subscribing, go directly to the firm’s website and look for the mandatory investor grievance disclosure page. It should show monthly complaint data going back at least three years.
If this page is absent, hard to find, or shows a stale update date, ask the firm directly for the current data.
How to File a Complaint Against Zam Zam Capital?
If you subscribed to Zamzam Capital and your experience did not match what was described, including a refund being refused for an unused subscription period, recommendations that did not include adequate risk parameters, or communication that disappeared after you paid, the formal complaint path is available.
File on SEBI SCORES under Research Analyst registration INH000016199.
The complete process for filing a complaint against a SEBI registered research analyst is on our complaint against SEBI registered research analyst page.
For SMART ODR and what happens after SCORES, the full conciliation and arbitration guide is available on our SMART ODR complaint portal page.
Not sure whether your situation qualifies as a formal complaint ground?
We will review your documents, identify every applicable SEBI violation, and represent you through SEBI SCORES, SMART ODR, and arbitration.
Conclusion
Zam Zam Capital holds genuine SEBI registration INH000016199 under founder Saif Ahmed.
The firm fills a specific gap in India’s research analyst landscape: systematic Shariah compliance screening combined with SEBI-regulated research output.
The free Halal Stocks List is a real product with a documented methodology. The smallcases are real investment vehicles on a regulated platform.
The registration is verifiable.
What deserves equal attention before paying is the no-refund policy against SEBI’s December 2024 refund amendment, the SEBI annual fee cap of Rs. 1,51,000 that applies to all plans, and the specific distinction between the free screening list and the subscription-based trading recommendations.
The firm is real. Verify the details before committing money.
Report. Recover. Stay Fraud Free.
Frequently Asked Questions
Zam Zam Capital holds SEBI Research Analyst registration INH000016199. The firm is also BSE enlisted under number 6158. Verify the current Active status independently at sebi.gov.in under the Research Analyst intermediary category.
Saif Ahmed founded Zam Zam Capital. He is described as a prominent Islamic Banking and Corporate Finance expert and former investment banker at Merrill Lynch in New York. He developed the firm's proprietary three-level Shariah screening methodology for Indian equity markets.
It is a free, publicly available list of NSE-listed companies with market caps above Rs. 500 crores that have passed the firm's three-level Shariah screening process. The list is updated semi-annually on March 31 and September 30. It tells you which stocks are Shariah-compliant by the firm's screening criteria. It is not a buy, sell, or hold recommendation.
The firm's published disclaimer states subscriptions are non-refundable unless SEBI suspends or cancels their registration. SEBI's December 2024 amendment to Research Analyst Regulations introduced a pro-rata refund obligation on early exit. Ask the firm directly how it applies this amendment before subscribing.
The firm uses a three-level process. Level 1 excludes companies in prohibited sectors like alcohol, tobacco, gambling, and conventional financial services. Level 2 checks financial ratios covering debt levels, accounts receivable, and impure income against defined thresholds. Level 3 limits eligibility to NSE-listed stocks with market caps above Rs. 500 crores. The list is updated twice yearly on March 31 and September 30.
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