01 / Method
Research, not recommendations.
We publish detailed research notes — the thesis, the numbers, the risks. You make the decision. No tips, no buy-sell calls in WhatsApp groups, no panic alerts.
The Baniya's Approach
to the Markets.
Independent, SEBI-registered research for investors who prefer evidence over excitement. No tips. No targets. Just the thesis, the data, and the discipline.
SEBI Registration · INH000025993BSE Enlistment · 7109NISM-XV Certified
Markets are subject to riskPast performance is not indicative of future returnsResearch is not adviceRead all disclosures before investingVerify SEBI registration on sebi.gov.inNo tips · no targets · no assured returnsMarkets are subject to riskPast performance is not indicative of future returnsResearch is not adviceRead all disclosures before investingVerify SEBI registration on sebi.gov.inNo tips · no targets · no assured returns
हमारा काम
A different shape of research firm.
Three commitments that define how we work — and what we deliberately refuse to do.
02 / Temperament
Discipline over drama.
Markets reward patience. The model portfolio holds positions for weeks and months, not minutes — measured, not reactive.
03 / Disclosure
Honest about AI.
We use AI tools (including EquityMuni, a sister product) to accelerate research — screening, summarising filings, scanning earnings calls. Every published note is reviewed and signed off by Nitish Goyal. The Research Analyst remains solely responsible for all content (SEBI Reg. 19(vii) & 24(7)).
शोध-पत्र
From the research desk.
Research notes are published on The Bulletin — our sister-product publication on EquityMuni. Members receive the full thesis, data appendix, and disclosures.
LatestBulletin
Read the latest research notes on The Bulletin.
Full archive of research notes — thesis, data appendix, and disclosures — is published on the EquityMuni Bulletin. Members get the complete note; the public sees the headline thesis.
By Nitish GoyalPublic
SeriesMacro
Macro & sector views — weekly cadence.
Where the broader cycle sits, what credit/consumer/IIP data is whispering, and how the model portfolio rotates around it. Read on The Bulletin.
By Nitish GoyalMembers
SeriesEquity
Single-stock research with full disclosures.
Bottom-up notes on tracked names — the thesis, the assumptions, the risk, and where the analyst might be wrong. Every note carries the Reg. 19 disclosures.
By Nitish GoyalMembers
सेवाएँ
Research Plans.
All paid plans are for SEBI-registered research services by Nitish Goyal (INH000025993). Fees are within the ₹1,51,000 per year per family of client (applicable for Individual and HUF clients) ceiling specified by SEBI.
Free community
Baniya's Market Bulletin
₹0
Forever
- Educational market commentary
- Weekly learning posts
- Public WhatsApp community
- No research recommendations
Educational content only — not research services as defined under SEBI (Research Analysts) Regulations, 2014. Following free content does not create an advisory or client relationship.
Most popular
Baniya's Edge
₹599/ month
≈ ₹7,188 / year · monthly billing
- Weekly research notes (positional, 1–4 week horizon)
- Monthly model portfolio updates
- Earnings-season coverage for tracked names
- Pre-market notes, 3× per week
- Full archive access
- Email + WhatsApp delivery
For serious investors
Baniya's Insider
₹999/ month
≈ ₹11,988 / year · monthly billing
- Everything in Edge
- Monthly sectoral deep-dive reports
- Quarterly earnings previews & reviews
- One live Q&A session per month
- Priority email response (within 24 working hours)
- Annual outlook (January) + half-yearly review (July)
One-time course
Master the Charts
Coming Soon
Launching soon · register interest
- Six-week live Hinglish cohort
- Technical analysis fundamentals
- Risk management framework
- Trading journaling methodology
- Lifetime access to recordings
Educational programme — not a research subscription under SEBI (Research Analysts) Regulations.
कुटुंब-कार्यालय
Family Office Research — Custom.
For HNI families and single-family investors who want deeper, personalised research engagement. Fees are determined case-by-case within SEBI's ₹1,51,000 per year per family of client (applicable for Individual and HUF clients) ceiling.
Request a ConversationNitish Goyal is not gst-registered. so no GST is charged on research fees. Payment accepted only via banking channels — cash payments are not allowed. Refunds available on a pro-rata basis for the unexpired period of service; no breakage fees are charged. Fees may be collected through the Centralised Fee Collection Mechanism (CeFCoM) of RAASB (BSE Limited).
See full terms in our Most Important Terms & Conditions (MITC) — standardised version effective 17 February 2025.
Meet the analyst
Nitish Goyal.
I am a SEBI-registered Research Analyst (INH000025993), enlisted with the Bombay Stock Exchange (7109), and NISM Series-XV certified. Registered on 10 April 2026 with perpetual validity. Trading Baniya is the formal expression of a practice I have run for over 8 years — disciplined, evidence-led, conservative.
The work is straightforward: read filings, build models, listen to earnings calls, conduct channel checks where possible, and document the thesis clearly — including where it might be wrong.
I do not run WhatsApp tip groups. I do not promise returns. I do not handle client funds. What you'll find here is the thesis, the data, and the disclosures.
I also build EquityMuni — a sister product, an AI-powered research assistant operated by the same proprietor. AI assists with screening, summarising filings, and scanning earnings calls; every published research note is reviewed and signed off by me, the SEBI-registered Research Analyst (SEBI Reg. 24(7) & 19(vii)).
SEBI · INH000025993BSE · 7109NISM · Series-XV CertifiedTrading Baniya (Proprietorship)
सहायक · AI Research Assistant
Equity Muni.
Sister product of Trading Baniya — an AI-powered research assistant built to support, not replace, the analyst's judgement. Operated by the same proprietor (Nitish Goyal). Disclosure as per SEBI Reg. 24(7) & 19(vii).
Now Live
Structured analysis, in plain language.
Equity Muni synthesises fundamentals, technicals and news to support your own research process. It surfaces both bull and bear scenarios, highlights key risk factors, and helps you understand companies without the jargon.
All AI-generated insights are supplementary. Every published research note is reviewed and signed off by Nitish Goyal, the SEBI-registered Research Analyst (INH000025993).
Try Equity MuniWhat it does
- Structured analysis
Synthesises fundamentals, technicals and news to support your research process.
- Balanced perspective
Reviews both bull case and bear case scenarios with supporting data.
- Plain-language output
Complex analysis explained without confusing jargon — for retail investors.
- Risk-first approach
Key risk factors, catalysts, and price levels highlighted upfront to aid your research.
निवेशक चार्टर
Investor Charter.
As mandated by SEBI vide the Master Circular for Research Analysts (Annexure D · published 02 June 2025). Tap each row to expand.
A.Vision & Mission
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.
B.Business Transacted with Investors
- Publishing research reports based on research activities of the Research Analyst.
- Providing an independent and unbiased view on securities.
- Offering unbiased recommendations, disclosing the financial interests in the recommended securities.
- Conducting audits annually.
- Ensuring all advertisements adhere to the Advertisement Code for Research Analysts.
- Maintaining records of interactions with all clients, including prospective clients.
C.Services Provided to Investors
- Sharing terms and conditions of research services; completing KYC of fee-paying clients.
- Disclosing material information including conflicts of interest and registration status.
- Disclosing the extent of use of Artificial Intelligence tools in providing research services.
- Maintaining confidentiality of all client communications.
- Treating clients with honesty, integrity and impartiality.
D.Grievance Redressal Mechanism
Step 1. Approach the Research Analyst directly. The grievance officer (Nitish Goyal, support@tradingbaniya.com) will work towards resolution within 21 calendar days.
Step 2. If unresolved, lodge a complaint on SCORES 2.0 at scores.sebi.gov.in.
Step 3. For online dispute resolution, use SMARTODR at smartodr.in/login.
E.Rights of Investors
- Right to receive professional services from the Research Analyst.
- Right to information regarding registration, disclosures, and credentials.
- Right to receive research reports containing rationale and assumptions.
- Right to confidentiality of all communications.
- Right to be treated fairly and not be discriminated against.
- Right to grievance redressal as outlined above.
F.Do's and Don'ts for Investors
Do's
- Always deal with SEBI-registered Research Analysts only.
- Read all terms and conditions, fee schedules, and disclosures.
- Pay fees only through banking channels — never to personal accounts.
- Verify SEBI registration status on the SEBI website.
Don'ts
- Do not act on tips received outside formal research reports.
- Do not deal with unregistered entities offering “guaranteed returns”.
- Do not share trading or demat account credentials with anyone.
- Do not pay fees in cash.
शिकायत आंकड़े
Complaint Data.
Updated by the 7th of each succeeding month per Annexure E of the SEBI Master Circular for Research Analysts. Data for month ending: May 2026. As a newly-registered RA (effective 10 April 2026), all figures are NIL.
Last verified: 29 June 2026
| Received From | Pending Start | Received | Resolved | Total Pending | Pending > 3 Mo. | Avg Resolution (days) |
|---|---|---|---|---|---|---|
| Directly from Investors | 0 | 0 | 0 | 0 | 0 | 0 |
| SEBI (SCORES) | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Sources | 0 | 0 | 0 | 0 | 0 | 0 |
| Grand Total | 0 | 0 | 0 | 0 | 0 | — |
Number of complaints received during the month against the RA due to impersonation by some other entity: 0
घोषणाएँ
Disclosures & Disclaimers.
Required disclosures under SEBI (Research Analysts) Regulations, 2014 and the Master Circular.
A ·Standard Warning
Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the Research Analyst or provide any assurance of returns to investors.
B ·Registration Details
Nitish Goyal · Research Analyst (Individual) · SEBI Reg. INH000025993 · BSE Enlistment 7109 · Enlisted with BSE Limited (RAASB) · Registered on 10 April 2026 · Validity: Perpetual (unless surrendered/cancelled).
C ·AI Disclosure · Reg. 19(vii) & 24(7)
Trading Baniya uses Artificial Intelligence tools (including EquityMuni, a sister product) to assist with research processes — screening, summarising filings, scanning earnings calls. All published research notes are reviewed, edited, and signed off by Nitish Goyal before dissemination. AI tools do not autonomously publish recommendations; the Research Analyst remains solely responsible for all content.
D ·Conflict of Interest
The Research Analyst and/or his family members may, from time to time, hold positions in securities discussed in research reports. All material financial interests are disclosed at the point of recommendation in each individual note as required by Regulation 19. No compensation is received from subject companies.
E ·Scope of Service
Trading Baniya provides research services only. We do not provide investment advisory or portfolio management services, do not handle client funds or securities, do not execute trades on behalf of clients, and do not guarantee any returns. Following free educational content does not create an advisory or client relationship. All investment decisions rest solely with the client.
संपर्क
Contact & Grievance.
Required disclosures under Section 11.2 of the Master Circular for Research Analysts.
Registered Office
Trading Baniya
Proprietor: Nitish Goyal
SCO 17, Opposite Balaji-II, Lohgarh Road, Patiala Road, Zirakpur, Punjab – 140603
Tel: +91 79739 09683
Compliance Officer
Nitish Goyal
Tel: +91 79739 09683
As an Individual RA
Grievance Officer
Nitish Goyal
Tel: +91 79739 09683
Resolution timeline: 21 days from receipt
SEBI Toll Free Helpline: 1800 22 7575 / 1800 266 7575
SEBI Office: SEBI Bhavan, Plot No. C4-A, 'G' Block, Bandra-Kurla Complex, Bandra (East), Mumbai – 400 051