The short answer
- A Research Analyst (RA) provides research and recommendations on securities — “buy this, here’s the entry, target and stop-loss”. Registration starts with INH.
- An Investment Adviser (IA) provides personalised advice based on your financial situation, goals and risk profile — closer to financial planning. Registration starts with INA.
Both are regulated by SEBI, but under different regulations and with different obligations.
What a Research Analyst does
- The research is general, not tailored to your personal finances.
- An RA gives you the idea; you decide whether and how to act on it.
- RAs cannot execute trades or handle your money.
- RAs follow SEBI’s research-analyst rules on disclosures, fees and conduct.
This suits traders and investors who want professional research inputs and make their own decisions — for example, intraday traders who want well-structured calls with defined risk.
What an Investment Adviser does
- Advice is specific to you (a suitability assessment is required).
- IAs operate under a fiduciary duty to act in your best interest.
- IAs typically charge fee-only and must separate advice from distribution.
This suits people who want a tailored plan — how much to invest, in what, for goals like retirement or a child’s education.
Side-by-side
| Research Analyst (RA) | Investment Adviser (IA) | |
|---|---|---|
| Registration prefix | INH | INA |
| What they give | General research & recommendations | Personalised advice for your situation |
| Tailored to you? | No | Yes (suitability required) |
| Executes trades? | No | No |
| Best for | Traders/investors who decide themselves | People wanting a personal plan |
Which one do you need?
- Want trade ideas and research to act on yourself? → a Research Analyst.
- Want a personalised financial plan? → an Investment Adviser.
Whatever you choose, verify the registration first — an RA’s INH number or an IA’s INA number — on SEBI’s official records. See our guide on how to verify a SEBI-registered Research Analyst.
A note on what neither can do
Neither an RA nor an IA can guarantee returns, promise “sure-shot” profits, or trade on your behalf. Anyone doing so is a red flag, regardless of what they call themselves.