What a 'SEBI-registered Research Analyst' actually means
The Securities and Exchange Board of India (SEBI) regulates anyone who provides research, recommendations or “tips” on securities for a fee. A Research Analyst (RA) must register under the SEBI (Research Analysts) Regulations, 2014, and follow strict rules on disclosures, fees and conduct.
A genuine RA will have:
- A registration number that starts with INH followed by digits (for example, INH000006086).
- Administration under RAASB — the Research Analyst Administration and Supervisory Body, operated by BSE Limited.
- Mandatory risk disclaimers and a grievance/complaint process on every communication.
Registration does not mean SEBI guarantees profits — it means the analyst is accountable to a regulator and bound by rules.
Why verification matters
Unregistered operators promise “guaranteed returns” and “100% accurate calls”, take payment (often in cash) and vanish when trades go wrong. Because they are not registered, you have little recourse. A registered RA, by contrast, is on SEBI’s official records, can be reported to SEBI, and is subject to inspection and penalties. Two minutes of checking can save you from a large loss.
Step-by-step: how to verify a Research Analyst
- Find the registration number. A genuine analyst displays their SEBI RA number (the INH… number) openly — on their website footer, plans page and communications. If you can’t find it, that’s already a red flag.
- Go to SEBI’s official website. Open sebi.gov.in and find the list of registered intermediaries / Research Analysts. SEBI publishes a searchable record of all registered RAs.
- Search by name or registration number. Confirm the number exists and is shown active/valid, the registered name matches the business, and the address/location matches the website.
- Cross-check RAASB / BSE. RA supervision is administered by RAASB under BSE Limited; confirm the analyst appears in the official RA records there too.
- Check the details line up. Name, registration number and contact details should be identical to the official record. Mismatches are a warning sign — some fraudsters copy a real RA’s number.
If everything matches and the registration is active, you’re dealing with a genuinely SEBI-registered Research Analyst.
Red flags of a fake or unregistered 'advisor'
Walk away if you see any of these:
- Guaranteed returns or “sure-shot”, “100% accurate”, “no-loss” promises. SEBI prohibits this — no genuine RA can promise profits.
- No SEBI registration number anywhere, or refusal to share it.
- Cash payments or payment to a personal account. Registered RAs cannot accept cash.
- Pressure tactics — “limited slots”, “pay now for today’s call”.
- Claims of executing trades or handling your money. A Research Analyst gives recommendations only; they cannot trade on your behalf.
- Fees above the SEBI limit (the maximum a registered RA may charge a family is capped per SEBI/RAASB rules).
What a genuine Research Analyst will always show
- SEBI RA registration number (INH…) displayed openly.
- The mandatory disclaimer that investments are subject to market risk and that registration/certification do not guarantee returns.
- A clear grievance redressal path, including SEBI SCORES (scores.sebi.gov.in) and SMART ODR (smartodr.in).
- No public display of specific win-rates or profit figures (SEBI restricts public performance claims).
How to file a complaint against an advisor
- Raise it with the analyst’s official grievance email first.
- Lodge a complaint on SEBI SCORES at scores.sebi.gov.in.
- For disputes, use SMART ODR at smartodr.in (online dispute resolution).
For a focused walkthrough of checking an INH number, see our guide on how to verify a SEBI Research Analyst. To understand which kind of professional you actually need, read Research Analyst vs Investment Adviser.