  The decay mode $B\to K^*\ell^+\ell^-$ results in the measurement of a large
number of related observables by studying the angular distribution of the decay
products and is regarded as a sensitive probe of physics beyond the standard
model (SM). Recently, LHCb has measured several of these observables using $3
\text{fb}^{-1}$ data, as a binned function of $q^2$, the dilepton invariant
mass squared. We show how data can be used without any approximations to
extract theoretical parameters describing the decay and to obtain a relation
amongst observables within the SM. We find three kinds of significant
disagreement between theoretical expectations and values obtained by fits. The
values of the form factors obtained from experimental data show significant
discrepancies when compared with theoretical expectations in several $q^2$
bins. We emphasize that this discrepancy cannot arise due to resonances and
non-factorizable contributions from charm loops. Further, a relation between
form factors expected to hold at large $q^2$ is very significantly violated.
Finally, the relation between observables also indicates some deviations in the
forward-backward asymmetry in the same $q^2$ regions. These discrepancies are
possible evidence of physics beyond the SM.
