How to Verify a SEBI-Registered Research Analyst
Posted on October 17, 2026
A SEBI-registered Research Analyst (RA) is authorised by the Securities and Exchange Board of India to publish research and recommendations on securities. Registration brings obligations: qualifications, a code of conduct, disclosure of conflicts of interest, and a formal grievance process. Before you pay anyone for stock market research, it takes only a few minutes to check that they are genuinely registered.
1. Ask for the registration number
Every registered Research Analyst has a SEBI registration number. RA numbers begin with the letters INH followed by digits (for example, INH000XXXXXX). A registered RA should display this number clearly on their website, research reports, invoices and communications. If someone cannot or will not share it, treat that as a red flag.
2. Check the number on SEBI’s website
- Go to SEBI’s official website, sebi.gov.in.
- Open the list of registered Research Analysts under the Intermediaries section.
- Search by name or registration number.
- Confirm that the name, registration number and address shown match exactly what the analyst has given you.
3. Check the details match
Look carefully at the entity name. Fraudsters sometimes borrow a genuine registration number and use it with a different name, phone number or website. The registered name on SEBI’s list should match the name on the invoice and the bank account you are asked to pay into.
4. Look for the mandatory disclosures
Registered RAs are required to publish certain information on their website, including an Investor Charter, disclosures about conflicts of interest, details of their grievance redressal process, and monthly complaint data. Missing disclosures are another warning sign.
5. Pay only to the official account
Make payments only to a bank account in the registered entity’s name, and always ask for a GST invoice. Be wary of requests to pay into personal accounts or individual UPI IDs.
Red flags to watch for
- Promises of guaranteed, assured or “fixed” returns.
- Offers to trade on your behalf, or requests for your Demat login, password or OTP.
- Profit-sharing arrangements.
- Tips shared through anonymous groups or personal numbers with no registration details.
- Pressure to pay quickly or “before the offer closes”.
If something feels wrong
Do not pay, and do not share any account details. You can raise complaints about registered intermediaries through SEBI’s SCORES portal. Taking a few minutes to verify can protect you from significant losses.
This article is for investor education only and is not investment advice. Investments in securities markets are subject to market risks.
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