By Atish Shakergaye, SEBI Registered Research Analyst (INH000006086) · Last updated 12 July 2026
To choose a research analyst in India, verify their SEBI registration number, reject anyone promising guaranteed returns, confirm transparent disclosed fees, and check that every call carries a defined stop-loss and a market-risk disclaimer. Registration and honesty about risk matter more than any headline win-rate.
1. Verify the SEBI registration first
Every genuine Research Analyst has a number of the form INHxxxxxxxxx you can check on SEBI’s site.
Ask for it, then verify it against SEBI’s public list of registered intermediaries. A registered RA also shows a RAASB enlistment (the exchange body that administers analysts) and a full disclaimer on their material. Scoutstack is registered as SEBI Registered Research Analyst · INH000006086 · RAASB Enlistment No. 5291 · BSE Limited.
2. Reject prohibited promises
“Guaranteed”, “assured”, “sureshot” and “risk-free” are not marketing — they are violations.
SEBI prohibits a Research Analyst from promising assured or guaranteed returns. Any service that does, or claims losses are impossible, or pressures you to pay cash to a personal account, is a red flag regardless of how convincing the screenshots look.
3. Check fees, disclosures and track record
Transparent pricing and an unedited track record beat a cherry-picked highlight reel.
Fees for individual clients are capped and must be disclosed. Read the plan pricing and the Most Important Terms and Conditions (MITC) before paying. Ask whether closed calls are logged honestly — wins and losses — rather than only the winners being shown.
Frequently asked questions
How do I verify a SEBI Registered Research Analyst?
Ask for the analyst’s SEBI Research Analyst registration number (format INHxxxxxxxxx) and check it on the SEBI website’s list of registered intermediaries. A genuine RA displays the registration number, the RAASB enlistment (BSE/NSE administration) and a full disclaimer on their material. Scoutstack’s number is INH000006086.
What promises are a red flag?
Any claim of guaranteed, assured, “sureshot”, risk-free or fixed daily/weekly returns is prohibited for a SEBI RA and is a clear red flag. So is pressure to pay in cash to a personal account, or claims that losses are impossible. Legitimate research always carries a market-risk disclaimer.
How are research analyst fees regulated?
SEBI caps the fee a Research Analyst may charge an individual client and requires transparent, disclosed pricing. A registered RA will show plan pricing openly and will not demand a share of your profits. Always read the fee terms and the Most Important Terms and Conditions (MITC) before subscribing.
What can research realistically do for me?
Good research gives you a structured view with defined entry, target and stop-loss so your risk is known, and a documented track record you can review. It improves decision quality and discipline — it does not remove market risk or guarantee profit. Past performance is not indicative of future results.
Disclaimer: This page is educational and does not constitute investment advice or a research recommendation under SEBI (Research Analyst) Regulations. Investments in securities markets are subject to market risks; read all related documents carefully. Registration by SEBI and NISM certification do not guarantee returns or performance. Past performance is not indicative of future results. Scoutstack Technical Research · SEBI Registered Research Analyst · INH000006086 · RAASB Enlistment No. 5291 · BSE Limited.