Is a SEBI registered research analyst the same as an investment adviser?

No. A research analyst is licensed under a separate set of regulations to research securities and publish buy, sell or hold recommendations, which are often distributed as the same report to many subscribers. An investment adviser builds a plan around one client’s specific situation. A firm can hold both registrations, but they are not the same licence.

Does SEBI registration mean the analyst’s calls will be right?

No. Registration is a conduct and competence standard, not a guarantee of accuracy. It means the analyst met qualification requirements, must disclose their own holdings in what they recommend, must keep records of the research they publish, and can be acted against by SEBI for misconduct. Every recommendation still carries real risk of being wrong.

What does an INH number mean?

Every SEBI registered research analyst is issued a registration number beginning with INH, for example INH000000016. It is the single identifier to check against SEBI’s register before you pay for anyone’s research or act on a tip.

Are the free stock tips on Telegram and YouTube from registered analysts?

Almost never. SEBI has repeatedly taken enforcement action against unregistered "finfluencers" giving stock recommendations without a research analyst licence. Giving recommendations for consideration, including indirect consideration like ad revenue or affiliate commissions, without registration is against SEBI regulations regardless of the platform.

How much should research cost?

SEBI regulates how research analysts can charge, typically a subscription fee or a per-report fee, with limits that are revised periodically. Confirm current limits on SEBI’s website. What matters more than the headline number is that the fee and what it buys are stated in writing before you pay.

What Is a SEBI Registered Research Analyst?

A SEBI Registered Research Analyst, usually shortened to RA, is a person or firm licensed by the Securities and Exchange Board of India under the SEBI (Research Analysts) Regulations, 2014 to research securities and publish recommendations for a fee. As on August 3, 2026 there were 2,134 of them registered across India.

That matters because almost none of the stock tips circulating on Telegram, YouTube and WhatsApp come from a registered analyst. SEBI has repeatedly acted against unregistered “finfluencers” giving recommendations without this licence. Anyone recommending specific stocks in exchange for money, ad revenue, or affiliate commission is required to be registered, whatever platform they use.

Research analyst or investment adviser?

The two registrations get confused constantly, and the difference is worth knowing before you pay for either.

	Research analyst (RA)	Investment adviser (RIA)
What they do	Research securities, publish buy/sell/hold calls	Build a plan for your specific situation
Personalised?	Usually not; same report to many subscribers	Yes, tailored to your goals and finances
Typical fee	Subscription or per-report	Fixed annual fee or percentage of assets
Registration number	INH prefix, verifiable on SEBI	INA prefix, a different register
Qualification bar	Graduate qualification plus NISM Research Analyst certification	Postgraduate qualification plus NISM Adviser certification

A firm can hold both licences, and some do. But research is not advice: an analyst telling a broad audience to buy a stock has not assessed your income, your goals, or what else is in your portfolio. Treat their output as one input, not a personal recommendation for you.

What registration does and does not mean

Registration means SEBI has checked the analyst's qualifications, that they must disclose any position they personally hold in a security before or when they recommend it, that they must keep records of the research they publish, and that SEBI can act against them for misconduct.

Registration does not mean SEBI has verified their track record, endorsed their methodology, or guaranteed that any call will be right. Research is inherently uncertain, and even a conscientious, fully compliant analyst will get calls wrong. It also does not mean the research suits your risk appetite or time horizon: a report aimed at short-term traders can be technically sound and still be the wrong read for someone investing for retirement.

How to verify an analyst in two minutes

Ask for the registration number. It begins with INH.
Open the official SEBI register yourself. Do not use a link they send you.
Match the number against the name and the registered address. A mismatch is a reason to stop.
Search SEBI's orders page for the analyst's name to see whether there has been any enforcement action.

A certificate image, a screenshot, or a “SEBI approved” badge on a Telegram channel proves nothing on its own. Check the register directly.

Questions worth asking before you pay

What is your SEBI registration number, and can I verify it now?: A genuine analyst will give it without hesitation. Check it on SEBI’s site while you are still talking, not afterwards.
Do you hold a position in the securities you are recommending to me?: SEBI requires this disclosure. An analyst who dodges the question is telling you something.
Is this research personalised to me, or the same report sent to everyone?: Most research analyst output is general research, not individual advice. Knowing which you are getting changes how much weight to put on it.
What is your track record, and can you show it in writing?: Verbal claims about past calls are unverifiable. A written, dated record is the only kind worth anything.
What happens to my subscription if a call goes wrong?: There is usually no refund mechanism, and there should not be one that depends on performance. Know that going in.
Have you ever been the subject of a SEBI action?: Orders are public on SEBI’s site. Asking directly tells you how straight they are with uncomfortable questions.

Warning signs

Guaranteed or “sure-shot” returns. Nobody can promise these legally.
Pressure to act within minutes, or a “limited seats” subscription offer.
A request to route trades through a specific broker or app tied to the analyst.
Screenshots of past profits as the main evidence of a track record.
Reluctance to state their registration number clearly and upfront.
Recommendations delivered only through a private Telegram or WhatsApp group with no registered entity named.

Where to go next

Research is easier to evaluate critically when you understand the basics of what makes a company worth owning. Our guides on economic moats and valuation cover the framework most credible research is built on. Reading them will not replace professional research, but it will make you much harder to sell a bad call to.

If what you actually need is a plan tailored to your own finances rather than research on individual stocks, that is the job of a SEBI Registered Investment Adviser instead. Read how that registration differs.

When you are ready, browse the 2,134 registered analysts by city.

Common questions

Is a SEBI registered research analyst the same as an investment adviser?: No. A research analyst is licensed under a separate set of regulations to research securities and publish buy, sell or hold recommendations, which are often distributed as the same report to many subscribers. An investment adviser builds a plan around one client’s specific situation. A firm can hold both registrations, but they are not the same licence.
Does SEBI registration mean the analyst’s calls will be right?: No. Registration is a conduct and competence standard, not a guarantee of accuracy. It means the analyst met qualification requirements, must disclose their own holdings in what they recommend, must keep records of the research they publish, and can be acted against by SEBI for misconduct. Every recommendation still carries real risk of being wrong.
What does an INH number mean?: Every SEBI registered research analyst is issued a registration number beginning with INH, for example INH000000016. It is the single identifier to check against SEBI’s register before you pay for anyone’s research or act on a tip.
Are the free stock tips on Telegram and YouTube from registered analysts?: Almost never. SEBI has repeatedly taken enforcement action against unregistered "finfluencers" giving stock recommendations without a research analyst licence. Giving recommendations for consideration, including indirect consideration like ad revenue or affiliate commissions, without registration is against SEBI regulations regardless of the platform.
How much should research cost?: SEBI regulates how research analysts can charge, typically a subscription fee or a per-report fee, with limits that are revised periodically. Confirm current limits on SEBI’s website. What matters more than the headline number is that the fee and what it buys are stated in writing before you pay.

Compiled from SEBI's public register of Research Analysts as on August 3, 2026. Registration details change: always confirm someone's current status on the official SEBI register before engaging them.

Inclusion in this directory is not an endorsement, recommendation, or assessment of any analyst. The Rational Investor is not affiliated with SEBI or with anyone listed, receives no payment for listings, and does not verify the services analysts offer. Read our full disclaimer.