Regulatory Disclosures
Mandatory disclosures as required under SEBI (Investment Advisers) Regulations, 2013 and SEBI (Research Analysts) Regulations, 2014. Last updated: May 2026.
1. Registration Details
Investment Adviser Registration
| Field | Details |
|---|---|
| Name as Registered with SEBI | Milan Kumar Sahu |
| Brand / Trade Name | Zen Wealth (zenwealth.ai) |
| Type of Registration | Individual |
| SEBI Registration Number (IA) | INA000021100 |
| SEBI Certificate Number | 1153 |
| Registration Valid From | 08 October 2025 |
| Registration Valid Till | Until suspended or cancelled by SEBI (fee paid for 5 years from date of certificate) |
| Registration Category | Investment Adviser — Individual |
| BASL Membership / BSE IA Enlistment Number | 2394 |
Research Analyst Registration
| Field | Details |
|---|---|
| Name as Registered with SEBI | Milan Kumar Sahu |
| Brand / Trade Name | Zen Wealth (zenwealth.ai) |
| Type of Registration | Individual — Full Time Research Analyst |
| SEBI Registration Number (RA) | INH000022710 |
| SEBI Certificate Number | 1392 |
| Registration Valid From | 13 August 2025 |
| Registration Valid Till | Until suspended or cancelled by SEBI (fee valid for 5 years from date of certificate; renewal due by August 2030) |
| RAASB / BSE RA Enlistment Number | BSE Limited (Research Analysts Administration and Supervisory Body) — Enlistment No. 6721 |
Contact & Address Details
| Field | Details |
|---|---|
| Registered Office Address | Flat CG04, Innovative Aquafront, Lake View Road, Doddanekundi, Bengaluru, Karnataka – 560037 |
| Correspondence Address | Flat CG04, Innovative Aquafront, Lake View Road, Doddanekundi, Bengaluru, Karnataka – 560037 |
| Principal Place of Business | Flat CG04, Innovative Aquafront, Lake View Road, Doddanekundi, Bengaluru, Karnataka – 560037 |
| Telephone — Investment Advisory (IA) | +91 83100 19657 |
| Telephone — Securities Research (RA) | +91 77608 73739 |
| Email — Investment Advisory (IA) | milansahuiara@gmail.com |
| Email — Securities Research (RA) | milankumarsahu@zenwealth.ai / milankumarsahu@gmail.com |
| Email — General Enquiries | help@zenwealth.ai |
| Website | www.zenwealth.ai |
| Principal Officer / Grievance Officer | Milan Kumar Sahu |
| Grievance Officer Email | milansahuiara@gmail.com |
| Grievance Officer Phone | +91 83100 19657 (IA) |
| Office Hours | Monday to Sunday, 8:00 AM to 8:00 PM IST |
| Associated SEBI Regional / Local Office | SEBI Southern Regional Office, Chennai D' Monte Building, 3rd Floor, 32, D' Monte Colony, TTK Road, Alwarpet, Chennai – 600 018 Tel: +91-44-24674000 |
2. NISM Certification Details
| Certification | Exam Name | NISM Registration No. | Valid Till |
|---|---|---|---|
| NISM Series X-A | Investment Adviser (Level 1) Certification Examination | NISM-202500054156 | 11 April 2028 |
| NISM Series X-B | Investment Adviser (Level 2) Certification Examination | NISM-202500054156 | 26 April 2028 |
| NISM Series XV | Research Analyst Certification Examination | NISM-202500054156 | 18 April 2028 |
Certificates can be verified at NISM Skills Registry.
3. Fee Disclosure
| Parameter | Details |
|---|---|
| Fee Mode | Fixed Fee mode (as per Regulation 15A of SEBI Investment Adviser Regulations) |
| Annual Fee — Investment Advisory | ₹10,000 per annum per client (inclusive of quarterly review and rebalancing) |
| Maximum Fee Limit (Fixed Fee mode) | ₹1,51,000 per annum per family of client (as prescribed by SEBI/IAASB) |
| Fee Payment Methods | Account payee cheque, demand draft, NEFT/RTGS/IMPS/UPI, or CeFCoM (Centralised Fee Collection Mechanism managed by BSE Limited). Cash payments are strictly not accepted. |
| @valid UPI Handle (RA) | milan.sahu.ra@validhdfc — SEBI mandated @valid UPI handle for Research Analyst fee payments |
| Advance Fee | Advance fee shall not exceed the period stipulated by SEBI (presently one year) |
| Refund Policy | In case of premature termination by client or IA, fees for the unexpired period shall be refunded. A maximum breakage fee of one-quarter of the annual fee may be retained by the IA. |
| Commissions / Third-party Payments | Nil. We do not accept any commissions, referral fees, or incentives from any third-party product providers. |
| Securities Research Fees | To be disclosed separately in each research agreement/report |
4. Investor Complaints Status
As mandated by SEBI, the following table discloses the status of investor complaints received and resolved. This table is updated monthly.
Monthly Complaints Data (Current Year)
| Month | Complaints Received | Complaints Resolved | Complaints Pending | Average Resolution Time |
|---|---|---|---|---|
| October 2025 | 0 | 0 | 0 | N/A |
| November 2025 | 0 | 0 | 0 | N/A |
| December 2025 | 0 | 0 | 0 | N/A |
| January 2026 | 0 | 0 | 0 | N/A |
| February 2026 | 0 | 0 | 0 | N/A |
| March 2026 | 0 | 0 | 0 | N/A |
| April 2026 | 0 | 0 | 0 | N/A |
| May 2026 | 0 | 0 | 0 | N/A |
Table updated as of May 2026. Update this table by the 7th of each month.
Grievance Redressal Mechanism
Step 1 — Contact Us Directly
In case of any grievance or complaint, please contact us first. We are committed to resolving all complaints within 30 days.
Email: milansahuiara@gmail.com
Phone: +91 83100 19657 (IA)
Hours: Mon–Sun, 8 AM–8 PM IST
Step 2 — SEBI SCORES Portal
If your complaint is not resolved satisfactorily within 30 days, you may lodge a complaint on SEBI's SCORES (Securities and Exchange Board of India Complaint Redress System) portal.
SEBI SCORES Mobile App is also available on Google Play Store and Apple App Store.
Step 3 — ODR Portal
If you remain dissatisfied with the outcome of the SCORES complaint, you may consider Online Dispute Resolution (ODR) through the Smart ODR portal.
Physical Complaints
For physical complaints, investors may send their 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. Standard Regulatory Warnings & Other Disclosures
Mandatory SEBI Warning
Registration granted by SEBI, membership of BSE Administration and Supervision Limited (BASL) and certification from National Institute of Securities Markets (NISM) in no way guarantee performance of the Investment Adviser or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
Conflict of Interest Disclosure
| Item | Status |
|---|---|
| Commissions from third-party product providers | None — fee-based model only |
| Distribution services for securities products | Not provided |
| Registration with AMFI as distributor | No |
| Registration as Authorised Person with any Stock Exchange | No |
| Ownership/Directorship in any company | Nil |
| Partnership interest in any firm / LLP | Nil |
| Power of Attorney sought from clients | Never sought or accepted |
| Access to client trading/demat accounts | Not sought or maintained |
Annual Compliance
| Item | Details |
|---|---|
| Annual Compliance Audit | Conducted annually as mandated under SEBI (Investment Advisers) Regulations, 2013 |
| Digital Accessibility Audit | Initial audit to be submitted to BSE Ltd. by April 30, 2026; Final remediation report by July 31, 2026 as per SEBI Circular SEBI/HO/ITD-1/ITD_VIAP/P/CIR/2025/131 |
| WCAG Compliance Target | WCAG 2.1 Level AA (as per Rights of Persons with Disabilities Act, 2016) |
| KYC Registration | Clients are registered with Know Your Client Registration Agency (KRA) and Central Know Your Customer Registry (CKYC) |
Important Links for Investors
- Investor Charter — Rights, responsibilities, and service commitments
- SEBI SCORES Portal — Lodge complaints online
- Smart ODR Portal — Online Dispute Resolution
- SEBI List of Registered Investment Advisers
- SEBI Useful Links
- SEBI Investor Charter (Official)