SEBI Registered Research Analyst & Investment Adviser Statistics (2026)
2341 research analysts and 1067 investment advisers are currently registered with SEBI. 777 research analysts (33%) registered in the last 12 months alone. Below: registrations by year, the states and cities with the most, and how many are individuals vs firms.
Last updated on 3 November 2026. Source: SEBI's public registers of research analysts and investment advisers, as listed in Finuro's directory.
SEBI registrations by year
Year of SEBI registration for those registered today. 2026 is the year to date.
| Year | Research analysts | Investment advisers |
|---|---|---|
| 2026 (to date) | 697 | 206 |
| 2025 | 497 | 180 |
| 2024 | 414 | 92 |
| 2023 | 203 | 92 |
| 2022 | 153 | 60 |
| 2021 | 58 | 47 |
| 2020 | 25 | 46 |
| 2019 | 37 | 63 |
| 2018 | 41 | 67 |
| 2017 | 43 | 70 |
| 2016 | 41 | 52 |
| 2015 | 120 | 29 |
| 2014 | 0 | 37 |
| 2013 | 0 | 26 |
| Before 2013 | 0 | 0 |
Top 10 states for SEBI research analysts and advisers
| Rank | Place | Research analysts | Investment advisers |
|---|---|---|---|
| 1 | Maharashtra | 688 | 398 |
| 2 | Madhya Pradesh | 314 | 41 |
| 3 | Karnataka | 161 | 165 |
| 4 | Gujarat | 234 | 75 |
| 5 | Delhi | 161 | 69 |
| 6 | Uttar Pradesh | 150 | 47 |
| 7 | West Bengal | 110 | 25 |
| 8 | Tamil Nadu | 67 | 60 |
| 9 | Haryana | 72 | 45 |
| 10 | Rajasthan | 96 | 20 |
Top 15 cities for SEBI research analysts and advisers
Individuals vs firms
| Registered as | Research analysts | Investment advisers |
|---|---|---|
| Individuals | 1715 (73%) | 545 (51%) |
| Companies and LLPs | 626 (27%) | 522 (49%) |
Frequently asked questions about SEBI research analyst and adviser numbers
- How many SEBI registered research analysts are there in India?
- 2341 research analysts (RAs) are currently registered with SEBI, according to SEBI's public register as listed on Finuro. 697 of them (30%) registered in 2026.
- How many SEBI registered investment advisers are there in India?
- 1067 investment advisers (RIAs) are currently registered with SEBI, according to SEBI's public register as listed on Finuro. 206 of them registered in 2026.
- Is the number of SEBI research analysts growing?
- Yes. 777 of the 2341 currently registered research analysts (33%) registered in the last 12 months, and 250 of 1067 investment advisers.
- Which state has the most SEBI registered research analysts and advisers?
- Maharashtra, with 688 research analysts and 398 investment advisers.
- Are most SEBI research analysts individuals or firms?
- 73% of research analysts and 51% of investment advisers are registered as individuals; the rest are companies or LLPs.
- What is the difference between a SEBI research analyst and an investment adviser?
- A research analyst (registered under the SEBI Research Analysts Regulations, 2014) publishes research reports and buy or sell recommendations. An investment adviser (registered under the SEBI Investment Advisers Regulations, 2013) gives personalised investment advice to individual clients. Registration numbers start with INH for research analysts and INA for investment advisers.
Methodology
Counts cover research analysts and investment advisers currently on SEBI's public register. Registrations that were cancelled or surrendered are not on the register, so the yearly figures show when today's registrants registered, not every registration SEBI has granted. Firms are identified by a legal name ending in Limited, Private Limited or LLP. Location is the state and city on the register.
Download the full lists: research analysts (CSV) and investment advisers (CSV). You may quote these figures with a link to this page.