Questions, answered.

Yes. Desvelado Advisory Private Limited is registered as a Research Analyst with SEBI under Reg. No. INH000028723 (valid 3 July 2026 – perpetual) under the SEBI (Research Analysts) Regulations, 2014, and is enlisted with BSE Limited (RAASB) under Enlistment No. 7338. Research reports are not personalised investment advice — the full disclosures are at desvelado.in/disclosures.

Do not take our word for it. Every genuine Research Analyst registration number begins with "INH" followed by nine digits. Open sebi.gov.in → Intermediaries → Research Analysts, search INH000028723, and check three things: that the number exists and is shown as active, that the registered entity name reads Desvelado Advisory Private Limited, and that the address matches the one on our disclosures page. You can cross-check the enlistment separately with BSE Limited (RAASB). If any intermediary is evasive about their registration number, that alone is the answer.

A Research Analyst is an individual or entity registered with SEBI to publish investment research to a general audience. Registration requires NISM Series-XV certification, a lien-marked deposit held with the supervisory body, mandatory disclosures on every report, five-year record retention, an annual compliance audit and adherence to SEBI's code of conduct — including a bar on undisclosed conflicts of interest.

SEBI regulates and enforces; day-to-day administration and supervision sits with the Research Analyst Administration and Supervisory Body (RAASB), operated by BSE Limited (RAASB), where we are enlisted under No. 7338. Periodic reports, the annual compliance audit and the disclosure of every digital platform we use for research all go to RAASB. A complaint you escalate is reviewed by RAASB first and then by SEBI.

No, and the distinction is a regulatory one rather than a modest one. A Research Analyst publishes research to a general audience. Advice tailored to your finances, goals and risk tolerance is Investment Adviser activity and requires a separate INA registration, which we do not hold. Nothing we publish is calibrated to your portfolio, and nobody here will tell you how much of anything to buy. For that, consult a SEBI-registered Investment Adviser.

We earn only from subscription and mandate fees — no brokerage, no distribution commission, no corporate access fees, no IPO allocation income. When a research firm earns from transactions, its output tilts toward generating them. Every report we publish carries analyst holdings, conflicts and the methodology behind the rating on the first page rather than in a footnote.

No. We are registered as a Research Analyst only. We do not manage portfolios, do not run a PMS or an AIF, and hold no registration that would let us. We never take custody of your funds or securities, and we never execute a trade for you — SEBI's minimum terms for Research Analysts state that plainly, and it is one of the more useful lines in them.

We use AI tools to draft and format notes from analyst inputs, to summarise published research into briefs and segments, and to extract figures from public filings. We do not use them to form the view. Every recommendation, rating and price target originates from and is signed off by a certified Research Analyst before publication, and Desvelado remains fully liable for everything published in its name, AI-assisted or not — the Investor Charter of 2 June 2025 requires us to disclose the extent of that use, and the full statement is on our disclosures page.

Independent equity research notes, sector deep-dives, earnings and filing breakdowns, rules-based model portfolios, and recommendations carrying an explicit entry, target and stop with the rationale behind all three. Tiers differ by how many strategy streams and model portfolios are included, and by how the research reaches you: Starter — One strategy stream, delivered through the app and the client community. Growth — Two non-overlapping strategy streams plus the Core Compounders model portfolio. Signature — Three strategy streams, both model portfolios, and live desk hours. Nothing is published on a schedule for its own sake; a note goes out when there is something worth saying.

Yes. A Research Analyst may publish rules-based model portfolios under the framework SEBI prescribes for them, and ours are published to a subscription rather than tailored to anyone's holdings — which is the line that keeps them research rather than advice. What a model portfolio is not is a managed account: we never execute, never hold your funds, and never tell you what proportion of your capital to put in it.

For individual and HUF clients, fees may not exceed ₹1,51,000 per annum per family, across all research services taken from the same Research Analyst — not per person and not per product. The limit took effect on 8 January 2025 and applies to existing agreements as well as new ones. It excludes statutory charges such as GST, and it does not apply to accredited investors or non-individual clients. RAASB reviews the figure every three years against the Cost Inflation Index in consultation with SEBI, so it is a moving ceiling rather than a fixed one.

Vantage plans are annual fees, billed quarterly, and every one is priced inside the ₹1,51,000 per-family ceiling. Starter is ₹17,999 a year, Growth is ₹47,999 a year, Signature is ₹99,000 a year, excluding GST. Meridian mandates for accredited and non-individual clients are quoted to scope. Fees are never performance-linked and never profit-sharing — a Research Analyst charging on your gains would be a different registration and a different set of incentives.

You are entitled to a refund of the proportionate fee for the unexpired period. That is not our concession — it is one of the minimum terms SEBI requires every Research Analyst to disclose, and it applies whether you end the service or we do. Monthly subscriptions can be cancelled with seven days' notice before the next billing date. Our Terms of Service state it in the same words.

Yes, before any paid service begins — name, email, PAN and the identity documents SEBI requires, together with a signed research services agreement. No KYC is required to read Signal or to take the complimentary week; the obligation attaches to a fee-paying client relationship, not to a reader. No payment is needed to start the process.

MITC is a standard set of terms SEBI requires every Research Analyst to put in front of every client, so that the important things do not depend on how well a particular firm writes its contract. They cover the fee limit, the bar on us executing trades or holding your funds, the proportionate refund on early termination, conflict disclosure and the risk disclaimers. They are disclosed to you as part of onboarding and reproduced in our Terms of Service.

By cheque, bank transfer, UPI or the online gateway, to the company bank account of Desvelado Advisory Private Limited against a proper invoice. Cash is not an accepted mode for a Research Analyst. A fee is never paid to an individual's personal account, UPI handle or wallet — if anyone asks you to do that in our name, it is not us.

Your trading or demat credentials, your bank login, or an OTP — for any reason, at any stage, including during the free trial. We are a Research Analyst: we never handle your funds, never operate your account and have no use for those details. We will never promise assured or guaranteed returns. We will never ask you to pay into a personal account, wallet or UPI handle. We will never charge you for a job or an interview.

No, and nobody legitimately can. SEBI regulations prohibit a Research Analyst from promising assured returns, and honest research cannot deliver them in any case — a price target is an argued estimate, not a commitment. Anyone guaranteeing returns in our name, or any name, is telling you the one thing that proves they should not be trusted.

We operate no group offering stock tips, F&O calls, crypto advice or get-rich schemes. Research subscribers may be added to an official delivery group only with their explicit, separately recorded consent, and it carries research — not tips. Every platform we genuinely use for research is reported to RAASB and published; anything not on that list is not ours.

Report it to compliance@desvelado.in with whatever you have — screenshots, the number or handle, the URL — and to SEBI. Impersonation of registered firms is common enough that SEBI runs a whitelisting regime with the platforms for exactly this reason. Our only official channels are desvelado.in, signal.desvelado.in, our published LinkedIn page and email addresses ending in @desvelado.in.

Signal is our live markets newsroom at signal.desvelado.in — real-time NSE bulletins, a bulk-deal tracker, a screener covering more than 2,000 stocks, company intelligence, filings scored by materiality, and a 24/7 channel. It is free, and most of it needs no account and no login. It is journalism and market information rather than research recommendations; the research is the subscription.

A 24/7 market channel streamed from our own infrastructure — live indices, breaking NSE news and curated segments, over HLS. No YouTube, no advertising and no recommendation algorithm deciding what you see. It is at signal.desvelado.in/live and needs no account.

DRIP is the research platform behind the reports — an AI-assisted workspace that turns filings, facts and market signals into structured research, running on our own infrastructure with no data leaving it. Subscribers see its output through the client desk rather than the platform itself; access to the platform from outside the firm is not currently offered.

Email grievance@desvelado.in or use the form on our grievance page. It reaches Ansh Jain, our named Grievance Officer — not a shared inbox. We acknowledge within 3 working days and resolve within 21 days, the timeline set by the Investor Charter of 2 June 2025. Every complaint we receive is counted in the monthly table published on that page.

Escalate to SEBI through SCORES 2.0 at scores.sebi.gov.in, which routes the complaint to RAASB first and then to SEBI. For conciliation or arbitration, the Smart ODR portal at smartodr.in is the online route. Both are free to you, and neither depends on our cooperation. Our complaints position is published monthly whether or not it flatters us.

Tell us and we will fix it. The Investor Charter of 2 June 2025 gives every investor a right to accessible services, including differently-abled investors, and we build to WCAG 2.1 Level AA — skip link, keyboard operation, labelled forms, contrast, reduced motion and a text-scaling menu on every page. If any page or document defeats your assistive technology, write to grievance@desvelado.in with the address and what happened.

Five years, as the regulations require — every report and its rationale, the recommendations, distribution lists, advertisements, KYC and the grievance register. Since the 2025 charter that also covers records of interactions with prospective clients, before anyone becomes a client. Our privacy policy sets out what is held and what you can ask us to delete; some records we are legally required to keep, and it says which.