SEBI Registered Research Analyst in India: The Complete Guide
The registration category that governs published market research in India — what it requires, what it permits, what it forbids, and why it is the single most useful filter available to anyone deciding whose research to pay for.
What a Research Analyst is under Indian regulation
A Research Analyst is a person or entity registered with SEBI under the SEBI (Research Analysts) Regulations, 2014, permitted to prepare and publish research reports and make recommendations relating to securities. Registration numbers issued under these regulations carry the prefix INH.
The regulations were introduced to address a specific problem: research was being published and monetised in India by parties with undisclosed conflicts of interest, no competence requirement, no record-keeping and no accountability. The RA framework attaches all four.
The defining characteristic of research, as distinct from advice, is that it is not personalised. An RA publishes a view on a security or a strategy. Whether that view is appropriate for your capital, your horizon or your risk tolerance is a judgement you make. An Investment Adviser, by contrast, is obliged to make that judgement for you.
A Research Analyst answers “what does the research say about this security or strategy?” An Investment Adviser answers “what should you do, given your circumstances?” Anyone charging for either without the corresponding registration is answering neither legally.
What registration actually requires
Registration is not a form-filling exercise. The framework imposes entry requirements and continuing obligations:
- Qualification. Prescribed educational qualifications and relevant professional experience for the research analyst and the principal officer.
- Certification. NISM certification for research analysts and for individuals engaged in preparing research, with periodic renewal.
- Capital adequacy. Net-worth or capital requirements, differing between individual and body corporate registrants, and revised from time to time.
- Compliance function. A designated compliance officer, documented internal policies, and procedures for managing conflicts of interest.
- Record keeping. Research, its basis, and related communications retained for prescribed periods and available for inspection.
- Annual compliance audit. An independent examination of adherence to the regulations.
- Investor Charter and complaint disclosure. Public display of services, timelines, investor rights and periodic complaint data.
The practical significance for a subscriber is that a registered analyst has something to lose. Registration can be suspended or cancelled; penalties can be imposed. That is a materially different incentive structure from an anonymous channel with no identity to protect.
What an RA is permitted to do
- Publish research reports on securities — equity, derivatives, commodities — including buy, sell and hold recommendations, target prices and price levels.
- Publish strategy research — documented, rules-based frameworks with their historical performance characteristics.
- Distribute research to subscribers for a fee, subject to the applicable fee conduct requirements.
- Provide research-linked signals derived from published methodology, with entry, target and invalidation levels.
- Publish performance of its own research or strategies, subject to the disclosure requirements and the advertisement code's restrictions on misleading use of past performance.
What an RA is prohibited from doing
- 01Personalised investment adviceRecommendations tailored to a specific individual's financial position require Investment Adviser registration.
- 02Custody of client funds or securitiesResearch analysts never hold client money. No exceptions, no “managed” arrangements.
- 03Trading a client's accountExecuting trades in a subscriber's account is not research and is not permitted under this registration.
- 04Profit-sharingConsideration cannot be a share of a client's gains.
- 05Assured or guaranteed returnsAny promise of profit, fixed return or monthly income from market activity.
- 06Superlative or misleading advertisingThe advertisement code prohibits claims such as “best” or “No. 1”, and misleading use of past performance. Advertisements require prior approval from the supervisory body.
- 07Undisclosed conflictsHoldings in a covered security or compensation from an issuer must be disclosed with the research.
- 08Front-running its own researchTrading ahead of a recommendation being published is prohibited and separately actionable.
What a compliant research report must contain
Beyond the recommendation itself, the regulations require disclosures that make the research assessable rather than merely assertive:
| Element | Why it exists |
|---|---|
| Basis of the recommendation | So the reader can judge the reasoning rather than take the conclusion on trust |
| Risks associated with it | So the downside is stated by the author, not discovered by the reader |
| Conflicts of interest | Holdings in the security, compensation from the issuer, any commercial relationship |
| Analyst identity and registration | So responsibility is attributable to a registered party |
| Prescribed disclaimers | Including that registration does not guarantee performance or assure returns |
A “research report” arriving as a one-line message with a stock name and a target contains none of these. That is not a stylistic difference — it is the absence of everything the regulation was written to require.
Supervision, audit and the advertisement code
SEBI grants registration; ongoing administration and supervision of research analysts is carried out through the Research Analyst Administration and Supervisory Body (RAASB), administered through BSE. Investment Advisers are supervised through BASL.
Two consequences a subscriber can actually observe:
- Advertisements require prior approval. A registered analyst's promotional material is reviewed before issue, and the applicable code prohibits superlative claims, assured returns, and misleading use of past performance.
- Complaints have a route. Grievances escalate to SEBI through the SCORES platform, and disputes can go to the online dispute resolution mechanism. Against an unregistered operator, neither exists.
Registration thresholds, fee conduct requirements and supervisory arrangements are amended periodically. Treat the framework described here as orientation and confirm current specifics from the regulations and the latest SEBI circulars.
Verifying an RA in ninety seconds
- 01Get the number in writingWebsite footer, invoices, agreement. Not a screenshot in a chat.
- 02Search sebi.gov.inRegistered intermediaries list. Match number, exact legal entity name and category.
- 03Confirm status is activeRegistrations lapse, get surrendered, suspended or cancelled.
- 04Check the service matches INHPublished research, yes. Personalised advice or account handling, no.
- 05Confirm the payeeFees to the registered entity's account. Never an individual or a wallet.
- 06Find the Investor CharterAnd the complaint data. Both are required disclosures.
How the RA model compares to the alternatives
| Registered RA | Registered IA | Unregistered tip channel | |
|---|---|---|---|
| Output | Published research and signals | Personalised advice | Stock names and targets |
| Suitability duty to you | No — you decide applicability | Yes | No |
| Conflict disclosure | Required | Required | None |
| Record keeping | Required, auditable | Required, auditable | Editable, deletable |
| Can hold your funds | No | No | Should not — often does |
| Advertising controlled | Yes, with prior approval | Yes, with prior approval | No |
| Complaint route | SCORES, ODR, RAASB | SCORES, ODR, BASL | None |
Choosing between registered research analysts
Registration is the filter, not the decision. Once several candidates pass it, the differentiators are disclosure quality and track-record integrity:
- Is the methodology explained in language you can restate?
- Is drawdown published alongside return, per strategy and per period?
- Are multiple time windows shown — 1, 3, 6 and 12 months — rather than one flattering period?
- Are losing months present in the published record?
- Is capital requirement stated, minimum and recommended?
- Is risk defined before entry on every published signal?
- Are costs addressed — is performance gross or net?
EqtPulse is registered with SEBI as a Research Analyst, Reg. No. INH000028565. We publish rules-based quantitative research across equity, index derivatives and MCX commodities, with each strategy's full performance history — four windows, maximum drawdown, profit factor and complete monthly P&L including negative months — published rather than summarised.
Frequently asked questions
What is a SEBI Registered Research Analyst?
An individual or entity registered with SEBI under the SEBI (Research Analysts) Regulations, 2014, permitted to publish research reports and make recommendations on securities. Registration numbers carry the prefix INH.
The research is a published product for subscribers or the public — it is not advice tailored to any individual's financial circumstances, which is the domain of a registered Investment Adviser.
Is a Research Analyst registration the same as an Investment Adviser registration?
No. They are separate registrations under separate regulations with different obligations. A Research Analyst (INH) publishes research; an Investment Adviser (INA) gives personalised advice after risk profiling and suitability assessment.
A firm holding one is not authorised to perform the other's function.
What qualifications does a SEBI Research Analyst need?
The regulations prescribe minimum educational qualifications, relevant experience, and NISM certification for research analysts and for individuals employed in research roles, along with net-worth or capital adequacy requirements that differ between individual and corporate registrants.
Specific thresholds are amended from time to time — confirm current requirements from the regulations and the latest SEBI circulars.
Can a SEBI Registered Research Analyst manage my money?
No. A Research Analyst cannot take custody of client funds or securities, cannot trade a client's account, and cannot accept a share of profits as consideration. Managing portfolios is a separate registration category with its own regulations.
How do I verify a Research Analyst's registration?
Search the registration number on sebi.gov.in in the list of registered intermediaries. Confirm the number is real, the legal entity name matches exactly, the category is Research Analyst, and the registration is currently active.
What must a research report from a registered analyst disclose?
The regulations require disclosures accompanying research reports, including the basis of the recommendation, associated risks, and conflicts of interest such as holdings in the subject security or compensation received. Reports must also carry the analyst's registration details and prescribed disclaimers.
Does SEBI registration mean the research will be profitable?
No. Registration is a standard of conduct, competence and disclosure — not a performance warranty. SEBI's own mandated disclaimer states that registration, membership of BASL and NISM certification in no way guarantee the performance of the intermediary or assure returns.