1.What registration means
A Research Analyst (RA) is a person or firm registered with SEBI under the SEBI (Research Analysts) Regulations, 2014 to publish research reports and buy or sell recommendations on securities. A registered RA must follow SEBI's rules on disclosures, conflicts of interest, fees, record keeping and advertising, and is supervised by SEBI and by BSE as the Research Analyst Administration and Supervisory Body (RAASB).
Registration is a licence, not a rating. It tells you who is accountable for the research and which rules they must follow. It does not tell you whether a call will work, and every RA must say so in a mandatory disclaimer.
2.Step 1: Find the registration number
A registered RA shows its registered name and SEBI registration number on its website and in its advertisements, including posts on social media and messaging apps. Note down three things exactly as shown:
- The registered name, which may differ from the brand or channel name.
- The registration number. For a Research Analyst it is INH followed by nine digits.
- Whether the registration belongs to a company, a partnership or an individual.
The prefix tells you the kind of registration. INH is a Research Analyst, INA is an Investment Adviser and INZ is a stock broker. Each registration allows different things; a broker's or an adviser's number is not a Research Analyst registration.
3.Step 2: Match it on SEBI's register
- Open SEBI's list of registered Research Analysts on sebi.gov.in (linked under Sources below).
- Search for the registration number, or for the registered name.
- Compare the entry with what you were shown: the exact registered name, the number, the address, the e-mail and the telephone number.
- If the number is not listed, or is listed under a different name, treat the claim as unverified and stop there.
Look-alike names and copied numbers are common. A channel can borrow a registered firm's name and number. What matters is whether the person you are dealing with uses the contact details on SEBI's register. If in doubt, contact the firm through those details and ask.
4.Step 3: Check the BSE (RAASB) enlistment
SEBI has recognised BSE Limited as the Research Analyst Administration and Supervisory Body (RAASB). Registered Research Analysts are enlisted with it, and BSE supervises how they work, including their advertisements. You can check an RA's enlistment on BSE's website, in its RAASB section.
5.Step 4: Check how you are asked to pay
- Fees go to the registered entity, in its registered name. A request to pay a personal account, a different company or a payment ID in another name is a warning sign.
- For individual and HUF clients, SEBI caps an RA's fees at ₹1,51,000 per annum per family, and an RA may not collect fees in advance for more than one year.
- If you end the service early, the RA refunds the unexpired part of the fee in proportion, with no breakage fee.
- Before you pay, the RA must complete your KYC and you must accept its terms of service, which include the Most Important Terms and Conditions (MITC).
- SEBI encourages clients to pay RA fees through the Centralised Fee Collection Mechanism (CeFCoM) run by BSE. It is optional.
6.Step 5: Check what a registered RA must tell you
- Its registered name, SEBI registration number, address and contact details.
- Contact details for its compliance and grievance officers.
- Its disclosures on conflicts of interest, for example whether the analyst holds the security a call is about.
- SEBI's standard warning, word for word, and the registration disclaimer.
- The Investor Charter for Research Analysts, and how to complain.
7.If something is wrong
- Write to the Research Analyst first, to its grievance contact.
- If it is not resolved, lodge the complaint on SEBI's SCORES portal (scores.sebi.gov.in).
- If you are still not satisfied, take the dispute to SMART ODR (smartodr.in) for conciliation and, if needed, arbitration.
If someone uses a registered firm's name or number without being that firm, tell the firm through the contact details on SEBI's register, and report it to SEBI.
