About Shah Capital Research
Shah Capital Research is an independent research and market analysis platform focused on providing well-structured, research-driven insights across Equity, Commodity, and Derivatives markets.
Founded by Neeraj Shah, a SEBI Registered Research Analyst ( Registration No. INH000026187 ), the objective of Shah Capital Research is to simplify market research for traders and investors through disciplined analysis, risk-focused strategies, and educational guidance.
We believe that successful market participation is built on:
- Proper research
- Disciplined execution
- Risk management
- Continuous learning
Our approach is not based on speculation, shortcuts, or unrealistic return expectations. Instead, we focus on creating a structured research framework that helps market participants make informed decisions.
Our Market Philosophy
At Shah Capital Research, we believe that markets reward discipline more than prediction.
Our philosophy is centered around:
- Price action understanding
- Market structure analysis
- Trend identification
- Risk-to-reward evaluation
- Data-backed decision making
We emphasize capital protection, controlled risk exposure, and long-term consistency over aggressive trading behavior.
Research Methodology
Our research process combines multiple analytical approaches, including:
- Technical Analysis
- Price Action Study
- Trend & Momentum Analysis
- Support & Resistance Mapping
- Volume & Market Structure Analysis
- Risk Management Planning
Every research view is developed through a systematic evaluation process rather than emotional or speculative decision-making.
Our Research Style
Our research style is focused on clarity, simplicity, and practical usability.
We aim to provide:
- Structured market insights
- Educational market understanding
- Swing and positional research views
- Intraday market observations
- Risk-aware analytical perspectives
We avoid sensational claims, unrealistic targets, and guaranteed-return narratives.
Why We Started
Shah Capital Research was established with the vision of creating a transparent and research-oriented platform where traders and investors can access analytical market insights in a simplified and responsible manner.
The goal is to bridge the gap between complex market analysis and practical understanding by delivering research in an easy-to-understand format while maintaining professional and ethical standards.
Educational Approach
We strongly believe that investor education is an important part of long-term market success.
Along with research services, we focus on helping market participants understand:
- Market behavior
- Risk management
- Trading psychology
- Analytical thinking
Our objective is not just to provide research ideas, but also to encourage informed and disciplined market participation.
Regulatory Disclosure
Neeraj Shah is a SEBI Registered Research Analyst under the Securities and Exchange Board of India (SEBI).
Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
Investments in securities markets are subject to market risks. Read all related documents carefully before investing.
Shah Capital Research is an independent research and market analysis platform focused on providing well-structured, research-driven insights across Equity, Commodity, and Derivatives markets.
Founded by Neeraj Shah, a SEBI Registered Research Analyst (Registration No. INH000026187), the objective of Shah Capital Research is to simplify market research for traders and investors through disciplined analysis, risk-focused strategies, and educational guidance.
We believe that successful market participation is built on:
- Proper research
- Disciplined execution
- Risk management
- Continuous learning
Our approach is not based on speculation, shortcuts, or unrealistic return expectations. Instead, we focus on creating a structured research framework that helps market participants make informed decisions.
Our Market Philosophy
At Shah Capital Research, we believe that markets reward discipline more than prediction.
Our philosophy is centered around:
- Price action understanding
- Market structure analysis
- Trend identification
- Risk-to-reward evaluation
- Data-backed decision making
We emphasize capital protection, controlled risk exposure, and long-term consistency over aggressive trading behavior.
Research Methodology
Our research process combines multiple analytical approaches, including:
- Technical Analysis
- Price Action Study
- Trend & Momentum Analysis
- Support & Resistance Mapping
- Volume & Market Structure Analysis
- Risk Management Planning
Every research view is developed through a systematic evaluation process rather than emotional or speculative decision-making.
Our Research Style
Our research style is focused on clarity, simplicity, and practical usability.
We aim to provide:
- Structured market insights
- Educational market understanding
- Swing and positional research views
- Intraday market observations
- Risk-aware analytical perspectives
We avoid sensational claims, unrealistic targets, and guaranteed-return narratives.
Why We Started
Shah Capital Research was established with the vision of creating a transparent and research-oriented platform where traders and investors can access analytical market insights in a simplified and responsible manner.
The goal is to bridge the gap between complex market analysis and practical understanding by delivering research in an easy-to-understand format while maintaining professional and ethical standards.
Educational Approach
We strongly believe that investor education is an important part of long-term market success.
Along with research services, we focus on helping market participants understand:
- Market behavior
- Risk management
- Trading psychology
- Analytical thinking
Our objective is not just to provide research ideas, but also to encourage informed and disciplined market participation.
Regulatory Disclosure
Neeraj Shah is a SEBI Registered Research Analyst under the Securities and Exchange Board of India (SEBI).
Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
Investments in securities markets are subject to market risks. Read all related documents carefully before investing.
Neeraj Shah is a SEBI Registered Research Analyst providing research and analytical services in accordance with applicable regulations issued by the Securities and Exchange Board of India (SEBI).
Registration granted by SEBI and certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.
All investments in securities markets are subject to market risks. The information, research reports, recommendations, views, and opinions provided on this website, Telegram channels, WhatsApp groups, emails, social media platforms, or any other communication medium are for informational and educational purposes only and should not be construed as guaranteed returns or assured profits.
Research reports and recommendations are based on publicly available information, internal analysis, technical analysis, and market data believed to be reliable; however, Shah Capital Research does not guarantee the accuracy, completeness, or reliability of any information.
Past performance is not indicative of future results.
Clients are advised to independently evaluate all investment decisions and consult their financial advisor before acting on any recommendation.
Shah Capital Research, its proprietor, employees, associates, or representatives shall not be liable for any losses, damages, or investment decisions taken by clients based on research reports or recommendations.
By accessing this website or subscribing to our services, the user agrees to all terms, policies, and disclosures published by Shah Capital Research.
SEBI Registration Details
- Name: Neeraj Shah
- Type: Individual Research Analyst
- Registered with: Securities and Exchange Board of India (SEBI)
- SEBI Registration Number: INH000026187
- BSE Enlistment No.: 7080
- NISM Series XV-RA Certificate No.: 2510198828
- Valid until: June 18, 2028
- Disciplinary History: No disciplinary action has been initiated or is pending against Neeraj Shah by SEBI or any other regulatory authority.
Business Activity
Neeraj Shah provides research and analytical services related to securities markets including equities, commodities, derivatives, and other market instruments.
Conflict of Interest Disclosure
Neeraj Shah may or may not hold positions in securities discussed in research reports or recommendations.
Appropriate disclosures shall be made wherever applicable.
Compensation Disclosure
Neeraj Shah receives fees from clients for providing research services and subscription-based research products.
No Association Disclosure
Neeraj Shah is not affiliated with SEBI, NSE, BSE, MCX, or any government authority.
AI Usage Disclosure
Shah Capital Research may use artificial intelligence (AI) based tools for limited purposes such as content drafting, data organization, grammar improvement, formatting, or research assistance. However, all research reports, recommendations, views, market opinions, and investment-related communications are reviewed, verified, and approved solely by the SEBI Registered Research Analyst before being shared with clients.
AI tools are not used for automated investment decision-making or generation of personalized investment advice without human review and supervision.
Risk Disclosure
Investments and trading in securities markets are subject to market risks including capital loss. Clients should carefully assess their risk appetite before acting upon any recommendation.
Use of Research
Research reports and recommendations are intended only for the subscribed client and should not be redistributed, copied, reproduced, or forwarded without prior written permission.
All subscription fees and service charges paid to Shah Capital Research are subject to the terms mentioned below.
Non-Refundable Services
Fees shall be governed by the refund/cancellation policy and SEBI-prescribed MITC. In case of premature termination, pro-rata refund shall be provided for the unexpired period.
Compliance Verification Requirement
Activation of services is subject to successful completion of mandatory KYC verification, agreement execution, disclosure acceptance, and compliance review.
If a client fails to complete onboarding formalities within the specified timeline, Shah Capital Research reserves the right to:
- Reject the onboarding request
- Suspend activation
- Process refund deductions for administrative/compliance costs if applicable
Duplicate Payments
In case of duplicate payment transactions, excess payments may be refunded after verification.
Technical Issues
Refund requests arising from technical issues shall be reviewed on a case-by-case basis.
Processing Timeline
Approved refunds, if any, shall be processed within 7 to 15 working days.
In compliance with SEBI regulations and applicable laws, all clients are required to complete Know Your Customer (KYC) verification before availing research services.
Mandatory Requirements
Clients may be required to submit:
- PAN Card
- Aadhaar Card or valid address proof
- Photograph
- Bank details
- Mobile number and email verification
- Any additional compliance documents if required
Digital Verification
KYC verification may be completed through digital onboarding partners, e-sign platforms, video verification, OTP authentication, or CKYC/KRA systems.
Service Activation
Research services shall only be activated after successful KYC verification and agreement completion.
Rejection Rights
Shah Capital Research reserves the right to reject onboarding requests in case of:
- Incomplete documentation
- Failed verification
- Suspicious activity
- Regulatory restrictions
Clients may request cancellation of subscription services by contacting the official support email of Shah Capital Research.
Cancellation Effect
Cancellation of a subscription shall stop future renewals where applicable but shall not automatically entitle the client to refunds for already activated services.
Compliance Failure
Services may be cancelled or suspended if:
- KYC remains incomplete
- False information is submitted
- Client violates terms or regulations
Termination Rights
Shah Capital Research reserves the right to terminate services in case of misuse, abusive behavior, unauthorized redistribution of research, or regulatory concerns.
Payment Terms
All payments for research services must be made through approved banking channels, payment gateways, or authorized business accounts only.
Cash payments may not be accepted.
Invoice
Clients may receive invoices, payment confirmations, or receipts for services purchased.
Taxes
Applicable taxes including GST shall be charged additionally wherever applicable.
Subscription Validity
Research service validity shall be based on the selected subscription plan and communicated at the time of purchase.
Unauthorized Payments
Payments made from third-party accounts or suspicious sources may be rejected or refunded after verification.
Neeraj Shah does not provide any guaranteed returns, assured profits, fixed income, or capital protection services.
All recommendations and research opinions are based on market analysis and are subject to market risks and uncertainties.
Client Acknowledgement
Clients acknowledge that:
- Securities markets are volatile
- Losses may occur
- Past performance does not guarantee future performance
Authorization Restriction
No employee, representative, associate, or agent of Shah Capital Research is authorized to provide any assurance or guarantee of profits or returns.
Shah Capital Research provides digital research and analytical services through online platforms including websites, mobile communication platforms, Telegram channels, WhatsApp, emails, webinars, and other digital mediums.
Nature of Service
The services provided are digital in nature and may include:
- Research reports
- Trading ideas
- Educational market insights
- Technical analysis
- Investment viewpoints
Access
Access credentials, group links, or digital access rights are intended solely for the subscribed client and shall not be shared, distributed, or resold.
Technical Interruptions
Shah Capital Research shall not be held responsible for interruptions caused due to:
- Internet issues
- Server downtime
- Platform outages
- Third-party application failures
- Force majeure events
Modification Rights
Shah Capital Research reserves the right to modify, suspend, or discontinue any digital service with prior notice wherever reasonably possible.
1. Vision and Mission Statements for Investors
Vision
Invest with knowledge & safety.
Mission
Every investor should be able to invest in right investment products based on their needs, manage and monitor them to meet their goals, access reports and enjoy financial wellness.
2. Details of Business Transacted by the Research Analyst with Respect to the Investors
- To publish research report based on the research activities of the RA.
- To provide an independent unbiased view on securities.
- To offer unbiased recommendation, disclosing the financial interests in recommended securities.
- To provide research recommendation, based on analysis of publicly available information and known observations.
- To conduct audit annually.
- To ensure that all advertisements are in adherence to the provisions of the Advertisement Code for Research Analysts.
- To maintain records of interactions, with all clients including prospective clients (prior to onboarding), where any conversation related to the research services has taken place.
3. Details of Services Provided to Investors (No Indicative Timelines)
Onboarding of Clients
- Sharing terms and conditions of research services.
- Completing KYC of fee-paying clients.
Disclosure to Clients
- To disclose information that is material for the client to make an informed decision, including details of its business activity, disciplinary history, the terms and conditions of research services, details of associates, risks and conflicts of interest, if any.
- To disclose the extent of use of Artificial Intelligence tools in providing research services.
- To disclose, while distributing a third party research report, any material conflict of interest of such third party research provider or provide web address that directs a recipient to the relevant disclosures.
- To disclose any conflict of interest of the activities of providing research services with other activities of the research analyst.
- To distribute research reports and recommendations to the clients without discrimination.
- To maintain confidentiality w.r.t. publication of the research report until made available in the public domain.
- To respect data privacy rights of clients and take measures to protect unauthorized use of their confidential information.
- To disclose the timelines for the services provided by the research analyst to clients and ensure adherence to the said timelines.
- To provide clear guidance and adequate caution notice to clients when providing recommendations for dealing in complex and high-risk financial products/services.
- To treat all clients with honesty and integrity.
- To ensure confidentiality of information shared by clients unless such information is required to be provided in furtherance of discharging legal obligations or a client has provided specific consent to share such information.
4. Details of Grievance Redressal Mechanism and How to Access It
Investors can lodge a complaint or grievance against a Research Analyst through the following channels.
Mode of Filing the Complaint with Research Analyst
In case of any grievance / complaint, an investor may approach the concerned Research Analyst who shall strive to redress the grievance immediately, but not later than 21 days of the receipt of the grievance.
Mode of Filing the Complaint on SCORES or with Research Analyst Administration and Supervisory Body (RAASB)
i. SCORES 2.0 — A web-based centralized grievance redressal system of SEBI for facilitating effective grievance redressal in a time-bound manner.
Two-level review for complaint/grievance against Research Analyst:
- First review done by designated body (RAASB).
- Second review done by SEBI.
ii. Email to Designated Email ID of RAASB
Investors may also use the designated email ID of RAASB for filing a complaint, as applicable.
SMARTODR Platform
If the investor is not satisfied with the resolution provided by the Market Participants, the investor has the option to file the complaint / grievance on the SMARTODR platform for its resolution through online conciliation or arbitration.
Address for Physical Complaints
Investors may send their physical complaints to:
Office of Investor Assistance and Education
Securities and Exchange Board of India
SEBI Bhavan, Plot No. C4-A, 'G' Block
Bandra-Kurla Complex, Bandra (E)
Mumbai – 400 051
5. Rights of Investors
- Right to Privacy and Confidentiality.
- Right to Transparent Practices.
- Right to Fair and Equitable Treatment.
- Right to Adequate Information.
- Right to Initial and Continuing Disclosure.
- Right to receive statutory and regulatory information.
- Right to Fair & True Advertisement.
- Right to Awareness about Service Parameters and Turnaround Times.
- Right to be informed of service timelines.
- Right to be Heard and for Satisfactory Grievance Redressal.
- Right to Timely Redressal.
- Right to Exit financial products/services per agreed terms.
- Right to Clear Guidance on High-Risk Products.
- Additional rights for vulnerable consumers.
- Right to accessible services for differently abled individuals.
- Right to provide feedback.
- Right against coercive/unfair/one-sided clauses in financial agreements.
6. Expectations from the Investors (Responsibilities of Investors)
Do's
- Always deal with SEBI-registered Research Analysts.
- Ensure Research Analyst has valid SEBI registration.
- Please refer to the list of all SEBI registered Research Analysts available on the SEBI website: SEBI Registered Research Analysts .
- Always pay attention towards disclosures made in the research reports before investing.
- Pay your Research Analyst through banking channels only and maintain duly signed receipts mentioning the details of your payments. You may make payment of fees through Centralized Fee Collection Mechanism (CeFCoM) of RAASB if the Research Analyst has opted for the mechanism. (Applicable for fee-paying clients only.)
- Before buying / selling securities or applying in public offer, check for the research recommendation provided by your Research Analyst.
- Ask all relevant questions and clear your doubts with your Research Analyst before acting on a recommendation.
- Seek clarifications and guidance on research recommendations from your Research Analyst, especially if it involves complex and high-risk financial products and services.
- Always be aware that you have the right to stop availing the service of a Research Analyst as per the terms of service agreed between you and your Research Analyst.
- Always be aware that you have the right to provide feedback to your Research Analyst in respect of the services received.
- Always be aware that you will not be bound by any clause, prescribed by the Research Analyst, which is contravening any regulatory provisions.
- Inform SEBI about Research Analysts offering assured or guaranteed returns.
Don'ts
- Do not provide funds for investment to the Research Analyst.
- Don't fall prey to luring advertisements or market rumors.
- Do not get attracted to limited-period discounts or other incentives, gifts, etc. offered by Research Analysts.
- Do not share login credentials and passwords of your trading, demat, or bank accounts with the Research Analyst.
These terms and conditions, and consent thereon are for the research services provided by the Research Analyst (RA) and RA cannot execute/carry out any trade (purchase/sell transaction) on behalf of the client.
Thus, the clients are advised not to permit RA to execute any trade on their behalf.
Fee Structure
The fee charged by RA to the client will be subject to the maximum amount prescribed by SEBI / Research Analyst Administration and Supervisory Body (RAASB) from time to time (applicable only for Individual and HUF Clients).
2.1. The current fee limit is Rs 1,51,000/- per annum per family of client for all research services of the RA.
2.2. The fee limit does not include statutory charges.
2.3. The fee limits do not apply to a non-individual client / accredited investor.
Advance Fees & Refunds
RA may charge fees in advance if agreed by the client. Such advance shall not exceed the period stipulated by SEBI; presently it is one quarter.
In case of pre-mature termination of the RA services by either the client or the RA, the client shall be entitled to seek refund of proportionate fees only for the unexpired period.
Mode of Payment
Fees to RA may be paid by the client through specified modes like cheque, online bank transfer, UPI, etc.
Cash payment is not allowed.
Optionally, the client can make payments through Centralized Fee Collection Mechanism (CeFCoM) managed by BSE Limited.
Conflict of Interest
The RA is required to abide by the applicable regulations, circulars, and directions specified by SEBI and RAASB from time to time in relation to disclosure and mitigation of any actual or potential conflict of interest.
The RA will endeavor to promptly inform the client of any conflict of interest that may affect the services being rendered to the client.
No Assured Returns
Any assured, guaranteed, or fixed returns schemes or similar schemes are prohibited by law.
No scheme of this nature shall be offered to the client by the RA.
Risk Disclosure
The RA cannot guarantee returns, profits, accuracy, or risk-free investments from the use of the RA's research services.
All opinions, projections, and estimates are based on the analysis of available data under certain assumptions as of the date of publication of the research report.
Investments based on research recommendations are subject to market risks and do not provide any assurance of returns.
Any reliance placed on the research report shall be based on the client's own judgment and assessment.
SEBI & NISM Disclaimer
The SEBI registration, enlistment with RAASB, and NISM certification do not guarantee the performance of the RA or assure any returns to the client.
Grievance Redressal
Step 1: The client should first contact the RA using the details provided on the website or grievance escalation matrix.
Step 2: If the resolution is unsatisfactory, the client can lodge grievances through SEBI's SCORES platform.
Step 3: The client may also consider Online Dispute Resolution (ODR) through the Smart ODR portal.
Client Responsibilities
- Clients must keep contact details updated with the RA at all times.
- The RA shall never ask for login credentials or OTPs.
- Never share trading account, demat account, or banking OTPs with anyone including the RA.
AI Usage Disclosure
Shah Capital Research may use artificial intelligence (AI) based tools for limited purposes such as content drafting, data organization, grammar improvement, formatting, or research assistance.
However, all research reports, recommendations, views, market opinions, and investment-related communications are reviewed, verified, and approved solely by the SEBI Registered Research Analyst before being shared with clients.
AI tools are not used for automated investment decision-making or generation of personalized investment advice without human review and supervision.
Neeraj Shah is committed to complying with applicable Anti-Money Laundering (AML) laws and regulations.
Neeraj Shah shall undertake reasonable measures to prevent misuse of its services for money laundering, financial fraud, terrorist financing, or unlawful activities.
Customer Verification
All clients are required to complete mandatory KYC verification and submit valid identification documents before activation of services.
Monitoring
Transactions and client onboarding activities may be monitored for suspicious or unusual behavior.
Reporting
Neeraj Shah reserves the right to report suspicious transactions or activities to relevant regulatory or law enforcement authorities wherever required by law.
Refusal of Service
Services may be denied, suspended, or terminated if:
- False information is provided
- Suspicious activity is detected
- KYC verification fails
- Regulatory concerns arise
Important Information
Registration granted by SEBI, membership of BSE and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
SEBI Office Details
SEBI Bhavan, BKC, Plot No. C4-A, ‘G’ Block,Bandra-Kurla Complex, Bandra (East),
Mumbai – 400051, Maharashtra
Disclaimer
Investments in securities market are subject to market risks. Read all the related documents carefully before investing.