How to Verify a SEBI Research Analyst Before You Pay Them
Anyone can call themselves a research analyst on Telegram. Only a registered one can legally sell you stock research, and checking takes about five minutes.
Note: This is general information, not investment or legal advice. The fee cap, the no-trading rule and the advertisement code points are from SEBI's own circulars. Confirm the registration itself on SEBI's site before you pay.
India has thousands of people selling stock tips. Some are registered Research Analysts. Many are not. The difference matters because a registered analyst works under a rulebook: standard terms and disclosures, a grievance route, record-keeping, and a cap on what they can charge individual clients. An unregistered one works under none of it, and you have no recourse when the tips go wrong.
The five-minute check
- Ask for the registration number in text. A SEBI Research Analyst registration number starts with INH followed by digits. Do not accept a screenshot of a certificate or a logo. SEBI's advertisement code requires the registration number on every advertisement, so a refusal or a runaround is already your answer.
- Search it on SEBI's own site. Use the intermediaries search on sebi.gov.in and look up the Research Analyst category by registration number or name. Do not use a link the analyst sent you. Type the address yourself.
- Match the name exactly. The name on SEBI's record must be the person or firm you are paying. Watch for phrases like "working under", "associated with" or "connected to" a registered entity. That wording usually means the person you are talking to is not registered themselves.
- Check validity and contact details. The record should show the registration as valid, with a registered address, email and phone. If the email or number you were given does not match the record, stop.
- Follow the money. The MITC you receive must state the mode of payment. Pay through that traceable channel, to an account in the registered analyst's own name. SEBI also provides an optional centralised fee collection mechanism (CeFCoM) that the analyst must explain to you. A personal account or an unnamed UPI ID under an urgent deadline is a red flag.
What a registered analyst should hand you
Registration is the entry ticket, not the whole story. Once you are a client, a registered Research Analyst works from a defined set of documents and disclosures. If you are missing any of these, ask for them before you pay a second time.
- A written client agreement that sets out the service, the fee and the term. See what the agreement must contain. Fees for individual and HUF clients are capped at โน1,51,000 per family per year under SEBI's January 2025 circular, with accredited and non-individual clients exempt. If your plan charges more than that, ask why.
- A Most Important Terms and Conditions (MITC) document, in plain language.
- Disclosures on conflicts of interest and holdings in the stocks they write about.
- A grievance route written into your terms, including the analyst's own grievance contact and SEBI's complaint platform.
Red flags that should end the conversation
Registered does not mean good
Passing this check proves the person is allowed to sell research. It does not prove the research is any good, and it does not remove market risk. Treat registration as the minimum bar, then judge the analyst on how clearly they explain their reasoning, whether they show losing calls alongside winning ones, and whether their terms are written down.
If you are a Research Analyst
Make yourself easy to verify. Put your registration number in your bio, on every page of your site, and in the footer of every message. Use a bank account in your registered name on every invoice. Our website disclosures checklist lists what should be visible. The analysts who get checked and pass in two minutes are the ones who win the client.
FAQ
How do I check if a research analyst is SEBI registered?
Ask for their INH registration number in text, then search it on the intermediaries section of sebi.gov.in under Research Analysts. Confirm the name, validity and contact details all match the person you are dealing with. The INH format and search fields come from third-party guides, so check them on the live SEBI page.
What does an INH number mean?
INH is the prefix SEBI uses for Research Analyst registration numbers. A genuine registered analyst has one, and it should appear on their website, social profiles and communications.
Can a registered research analyst guarantee returns?
No. Guaranteeing or assuring returns breaks SEBI's advertisement rules. Fees for individual clients are also capped at โน1,51,000 per family per year.
Where do I complain about a research analyst?
Start with the grievance contact in your terms, then escalate to SEBI through its complaint platform if it is not resolved.