Investor Protection Guide

How to Verify a SEBI Registered Research Analyst

By Atish Shakergaye, SEBI Registered Research Analyst (INH000006086) · Last updated 07 June 2026

To verify a SEBI Registered Research Analyst, check their registration number — an INH number, the letters “INH” followed by nine digits — on the SEBI website (sebi.gov.in) and the BSE RAASB portal, then confirm the name and that the registration is active. Scoutstack’s registration is INH000006086.

How do I verify a SEBI Registered Research Analyst?

Match the analyst’s INH number and name against SEBI’s public register in four steps.

1	Ask for the INH number	Every SEBI RA must display it. No INH number means not a registered Research Analyst.
2	Search on sebi.gov.in	Go to the SEBI list of registered Research Analysts and search the INH number or firm name.
3	Cross-check BSE RAASB	BSE is the Research Analyst Administration & Supervisory Body; its portal also lists registered RAs.
4	Confirm the details	The name, registration number and active status should match exactly what the analyst claims.
5	Watch for copied numbers	Some fraudsters display a real RA’s INH number. Cross-check that the registered name and address — not just the number — match the official record.

What is an INH registration number and why does it matter?

An INH number is the unique identity SEBI issues to a registered Research Analyst — it is your proof the analyst is regulated and accountable.

The format is the letters INH followed by nine digits. It ties the analyst to SEBI’s rulebook: mandatory KYC, per-recommendation disclosures, a fee cap, record-keeping and a defined grievance process. An unregistered “tip” provider has none of these obligations — which is exactly why SEBI requires the number to be displayed.

How do I check Scoutstack’s SEBI registration?

Search INH000006086 — the registration of Scoutstack Technical Research — on sebi.gov.in or the BSE RAASB portal.

Scoutstack Technical Research is a SEBI Registered Research Analyst, registration number INH000006086, with RAASB being BSE Limited, based in Bhopal, Madhya Pradesh. You can read the full registration details, MITC and disclosures on the compliance page.

SEBI Research Analyst vs an unregistered tip provider

A SEBI RA is bound by regulation; an unregistered tip provider is bound by nothing.

	SEBI Registered RA	Unregistered tip
SEBI accountability	Yes — under RA Regulations	None
Fee cap	₹1,51,000 / family / year	Unlimited
Disclosures	Mandatory on every call	None required
Grievance redressal	SCORES + RAASB + ODR	No mechanism
Refund policy	Pro-rata, defined in MITC	At their discretion

Red flags of a fake or unregistered ‘advisor’

Walk away the moment you see any of these — they are exactly what SEBI registration exists to prevent.

Guaranteed returns or “sure-shot”, “100% accurate”, “no-loss” promises. No genuine RA can promise profits.
No SEBI registration number anywhere, or refusal to share the INH number.
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. An RA gives recommendations only; they cannot trade on your behalf.
Fees above the SEBI cap (₹1,51,000 per family per financial year).

How to file a complaint against an advisor

If something goes wrong, there is a defined escalation ladder — use it in order.

Raise it with the analyst’s official grievance email first.
Escalate to BSE RAASB (the Research Analyst Administration & Supervisory Body).
Lodge a complaint on SEBI SCORES — scores.sebi.gov.in.
For disputes, use SMART ODR — smartodr.in (online dispute resolution).

What investor protections does a SEBI RA give you?

Four concrete protections: a fee cap, mandatory disclosures, a pro-rata refund and a formal grievance ladder.

SEBI caps Research Analyst fees at ₹1,51,000 per family per year. Every recommendation must carry the analyst’s holdings and conflict disclosures. On cancellation you are entitled to a pro-rata refund for the unused period. And unresolved complaints escalate through a defined ladder — the analyst, then BSE RAASB, then SEBI SCORES, then SMART ODR. These obligations are what the INH number guarantees.

Frequently asked questions

What does INH stand for in a SEBI registration number?

INH is the SEBI prefix for a Research Analyst registration. The full number is the letters “INH” followed by nine digits — for example, Scoutstack’s registration is INH000006086. A registration that does not begin with INH is not a SEBI Research Analyst registration.

Is it safe to follow an unregistered “tip” provider on Telegram or WhatsApp?

No. Anyone giving buy/sell recommendations for a fee in India must be registered with SEBI as a Research Analyst or Investment Adviser. Unregistered tip providers carry no SEBI accountability, no fee cap, no grievance mechanism and no mandatory disclosures. Always verify an INH (or INA) number before paying.

How often does a SEBI Research Analyst registration need renewal?

Under the current framework a Research Analyst registration is continuous subject to ongoing compliance and fee payment to the Research Analyst Administration and Supervisory Body (RAASB, which is BSE Limited). You can confirm an analyst’s status is active on the SEBI and BSE RAASB portals.

Where do I complain about a SEBI Registered Research Analyst?

First raise it with the analyst directly. If unresolved, escalate to BSE RAASB, then to SEBI SCORES (scores.sebi.gov.in), and finally to the Online Dispute Resolution portal (smartodr.in). A SEBI RA must display these channels — Scoutstack lists them on its compliance page.

Does SEBI registration guarantee I will make a profit?

No. Registration means the analyst is regulated and accountable — it does not assure returns. Investments in the securities market are subject to market risks, and past performance is not indicative of future results.

Can a Research Analyst trade on my behalf?

No. A Research Analyst provides research and recommendations only. They cannot execute trades or manage your funds — you trade through your own broker and account.