Research that earns its price — or it's not worth your time.
You are already paying for research — in broker fees, in sponsored content, in conflicted opinions that sound authoritative. Desvelado charges a research fee and earns nothing else.
SEBI RA Reg. No. INH000028723 · BSE RAASB Enlistment No. 7338 · Fees are never performance-linked
Choose your research depth.
Every fee inside the SEBI ceiling of ₹1,51,000 per family per year across all our research services, excluding GST and other statutory charges. Every plan can be paid monthly, quarterly, six-monthly or annually. Paid in advance, never more than one year — and nothing is charged on day one.
Starter
per year, excluding GST
Annual. Paid in advance.
Individuals and HUFs building a first research habit
- Stock ideas (positional, fundamental, technical)
- Market commentary and sector notes
- Client portal access
- Research archive
- Research by email
Growth
per year, excluding GST
Quarterly, six-monthly or annual. Paid in advance, never more than one year.
Active investors who want structure across more than one approach
- Everything in Starter
- Intraday stock ideas
- Options strategies with a defined maximum loss
- Quality Momentum 100 (minimum investment ₹1,00,000) model portfolio
- Client portal access
- WhatsApp alerts
- Research archive
Signature
per year, excluding GST
Quarterly, six-monthly or annual. Paid in advance, never more than one year.
Investors who want the full Vantage coverage and desk access
- Everything in Growth
- Single option and futures ideas
- Model portfolios — Quality Momentum 100 (minimum investment ₹1,00,000) and Emerging Leaders (minimum investment ₹5,00,000)
- Client portal access
- WhatsApp alerts
- Live desk hours
- Research archive
Start with the 7-day trial — Starter research in your client portal for seven trading days. One trial per email address and per phone number; no card, nothing renews. Start your 7-day trial
Accredited, or not an individual?
Meridian is the private desk — for accredited investors holding a valid SEBI accreditation certificate, and for companies, LLPs, trusts, AIFs, PMS and family offices. Every Meridian tier includes everything in Signature, plus Meridian's own research and portfolios, on a fixed annual retainer. The commissioned-report menu is for Meridian clients only, priced separately.
Published retainers: Select ₹5,00,000 a year, Private ₹15,00,000 a year and Institutional from ₹40,00,000 a year. Fixed annual fees, never performance-linked; an Institutional mandate is scoped in writing before any work. Meridian is available only to accredited investors and non-individual clients, for whom the SEBI per-family fee cap does not apply. It applies only once the accreditation certificate or entity documents are on file.
Select
Accredited individuals holding a valid SEBI accreditation certificate
- Everything in Vantage Signature — every Vantage idea and document, Quality Momentum 100 (minimum investment ₹1,00,000) and Emerging Leaders (minimum investment ₹5,00,000), WhatsApp alerts and live desk hours
- Every Meridian idea and document
- Concentrated Equity (minimum investment ₹25,00,000) model portfolio
- Named contact
- Extra custom reports beyond your plan's allowance, priced separately
- Fixed annual retainer per Schedule I
₹5,00,000 a year, excluding GST
Fixed annual retainer, paid annually. Never performance-linked. Individuals and HUFs must be accredited investors.
Private
Accredited individuals and family offices
- Everything in Select
- Hedged Equity (minimum investment ₹50,00,000) model portfolio
- Dedicated analyst
- Extra custom reports beyond your plan's allowance, priced separately
- Fixed annual retainer per Schedule I
₹15,00,000 a year, excluding GST
Fixed annual retainer, paid annually. Never performance-linked. Individuals and HUFs must be accredited investors.
Institutional
Companies, LLPs, trusts, AIFs, PMS and family offices
- Everything in Private — Hedged Equity (minimum investment ₹50,00,000) and a dedicated analyst
- Tactical Opportunities (minimum investment ₹25,00,000) model portfolio
- Named desk with documented service levels
- A written coverage mandate: the companies and sectors you want researched, with 6 custom reports a year included
- Research on securities, never advice on your own portfolio
- Extra custom reports beyond the six a year, priced separately
- Fixed annual retainer per Schedule I
From ₹40,00,000 a year, excluding GST
Fixed annual retainer, scoped per mandate. Never performance-linked.
Who Meridian is for: individuals and HUFs must be accredited investors with a valid accreditation certificate on file; companies, LLPs, trusts, AIFs, PMS and family offices need not be. The fee is confirmed in a written agreement before any work.
Extra custom reports beyond a plan's allowance are for Meridian clients only, priced separately: Select and Private buy them as needed, and Institutional buys any beyond the six a year its coverage mandate includes. An Institutional mandate is scoped in writing before any work, and it is research on securities, never advice on your own portfolio.
Tell us the mandate and we will confirm which tier fits and the scope we would propose. No commitment.
Scoped in a call, agreed in writing, then researched.
A mandate is scoped in a call, put in writing with the fee before any work starts, researched against primary sources, delivered with the view on page one, and invoiced by the company. Two weeks of follow-up questions are included.
Every mandate is research on securities. We do not advise on your allocation, your weights or your risk profile, and we do not manage or execute — that is investment advice, and a Research Analyst is not registered to give it. You bring the names or the question; the decision stays yours.
Scope the question
You bring the actual decision: a stock, a sector, a forensic concern or a defined list of names. We confirm deliverable, turnaround and fee before work starts.
Lock confidentiality
Conflict check first. Mutual NDA on request, before detailed scoping. Your interest in a security stays inside the mandate.
Engagement letter, then work
Scope, deliverable, turnaround and fee in writing, countersigned. Nothing is researched on a verbal brief and nothing is invoiced that was not agreed.
Research against primary sources
Filings, call transcripts, exchange data and scoped checks form the base layer. Mid-engagement challenge calls keep the work aligned to your decision path.
Deliver a usable answer
The report lands with thesis up front, assumptions stated, disclosures intact and two weeks of follow-up questions included.
Invoice, in the company's name
A tax invoice from Desvelado Advisory Private Limited with GST stated separately, paid to the company bank account. Never to an individual, never to a UPI or wallet.
Questions institutional buyers ask before they engage
Does the annual SEBI fee ceiling apply to institutional clients?
No. The annual ceiling of ₹1,51,000 applies to individual and HUF clients. AIFs, PMS, corporates, LLPs, trusts and other non-individual entities are outside that cap. Accredited individuals are also outside it, once a valid accreditation certificate is on file.
What does onboarding look like for an entity rather than a person?
Entity KYC rather than individual: certificate of incorporation or registration, PAN, the constitution document, a board or trustee authorisation naming who may sign, and KYC for the authorised signatory. Then the research services agreement and the Most Important Terms and Conditions, signed by that signatory. We will send the list before you commit to anything.
How is it invoiced, and is GST extra?
A tax invoice from Desvelado Advisory Private Limited, with GST stated separately on top of the fee — the fee quoted to you is exclusive of GST. Paid to the company's bank account against that invoice, never to an individual, a UPI handle or a wallet.
Can reports be used internally with ICs, boards or client teams?
Yes. Internal use is standard. Wider redistribution, client-facing use or white-label packaging is defined during scoping and priced into the mandate where it applies — we will tell you which of those your intended use is before you sign.
Who leads the work?
Saizal Agarwal, our Principal Officer, is the analyst named on the report, and institutional mandates are run by the research desk directly. The service is not built on a junior analyst pool detached from the client conversation, which also means capacity is finite and honestly stated — if a turnaround cannot be met, you are told at scoping and not at delivery.
Will you sign an NDA before we discuss the name?
Yes, and it is the normal order: mutual NDA first, detailed scoping after. A conflict check runs before that discussion, so if there is a reason we should not take the mandate you learn it before disclosing anything sensitive.
What if the research contradicts our prior view?
Then the report says so. The point of independent commissioned work is to stress-test conviction, not decorate it. A mandate is never contingent on reaching a particular conclusion, and no fee is.
Will you review our portfolio and tell us what to hold?
No — that is investment advice and requires an Investment Adviser registration, which is a different licence from the one we hold. What we can do is publish research across a defined list of names you nominate, which is what most desks asking that question actually need. The allocation decision stays with you.
Do you use AI in producing research?
Where it helps with filing extraction and computation, and it is disclosed on the report that used it. The thesis, the valuation and the recommendation are the analyst's own, and the firm remains fully responsible for the output regardless of what assisted it.
Before you commit.
Nothing is charged today. KYC and a signed agreement come before any payment, and that signed agreement is the Research Services Agreement with Annexure B and MITC. No card, no auto-billing at this stage. One trial per email address, cancel in one click, pro-rata refund on exit.
Questions? Write to clientsupport@desvelado.in or see the FAQ on the homepage.