Last updated: 25 October 2026. Before you pay for any stock research or follow a recommendation, confirm the person or firm is actually registered with SEBI as a Research Analyst. The fastest way: find their registration number (it starts with INH), look it up on SEBI's public register of intermediaries, and check that the name matches and the status is active. This takes about two minutes and can save you from a costly scam.
Why this check matters
SEBI (Research Analysts) Regulations require anyone publishing or giving research reports or recommendations on securities, for a fee, to hold a valid SEBI Research Analyst registration. Unregistered 'advisors' running paid Telegram or WhatsApp groups, YouTube channels or messaging apps are extremely common, and SEBI has repeatedly flagged unregistered tipsters and finfluencers as a major source of investor complaints. A genuine registration doesn't guarantee good advice, but the absence of one is an immediate disqualifier.
Step 1: Ask for the SEBI registration number
Every registered Research Analyst must disclose their registration number on their website, research reports and client agreements. It follows the format INH000XXXXXX. If someone avoids giving you a straight number, or gives you only a company name with no number, that's reason enough to stop.
Step 2: Confirm it on SEBI's official register
SEBI maintains a public list of all registered intermediaries, including Research Analysts, on sebi.gov.in, under its Intermediaries / Research Analysts section. Search by the INH number or by name, and check three things:
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The registered name matches the person, app or firm contacting you exactly.
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The registration status shows as active, not suspended, cancelled or surrendered.
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If they're an individual or partnership RA, they're also enlisted with RAASB (the Research Analyst Administration and Supervisory Body, run by BSE), which most individual and partnership RAs must maintain alongside their SEBI registration.
Step 3: Cross-check on Finuro's directory of SEBI-registered analysts
As a second check, search the analyst or firm's name on Finuro's directory of SEBI-registered Research Analysts, which lists verified, registered analysts along with their registration details. If a name you've been given doesn't appear there or on SEBI's own register, treat that as a warning sign rather than an oversight.
Red flags that someone isn't really SEBI-registered
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No registration number, or a number that doesn't follow the INH000XXXXXX format.
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Promises of guaranteed, fixed or 'sure-shot' returns — no SEBI-registered RA can legally promise this.
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Pressure to pay quickly, join a 'limited seats' paid group, or pay in cash or to a personal account rather than the firm's own account.
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Requests to hand over funds or trading credentials for the analyst to 'manage' directly — a Research Analyst gives research, not portfolio management, and should never ask to hold your money or trade on your behalf.
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Refusal to share a client agreement or MITC (Most Important Terms and Conditions) before you pay.
Working with a verified SEBI-registered Research Analyst is the single biggest step you can take to protect yourself before paying for stock research. If something doesn't check out, don't pay, and consider reporting it to SEBI through its SCORES complaint portal.
Frequently Asked Questions
Common questions on checking a Research Analyst's SEBI registration before you pay for their research.
A genuine SEBI Research Analyst registration number starts with the prefix INH, followed by a series of digits (for example, INH000XXXXXX). If someone gives you a number that doesn't follow this pattern, or refuses to share one at all, treat that as a warning sign.
SEBI publishes a register of all registered intermediaries, including Research Analysts, on its official website, sebi.gov.in, under the Intermediaries section. You can search by the firm or individual's name or by their INH number to confirm the registration exists and is currently active.
No. SEBI registration is the underlying licence; RAASB (the Research Analyst Administration and Supervisory Body, administered by BSE) is a separate enlistment that most individual and partnership Research Analysts must also complete and maintain through filings. A genuine RA should be able to point you to both.
A valid registration confirms the person or firm is legally permitted to offer research, but it doesn't guarantee their conduct, their research quality, or any outcome from acting on it. Registration can also be suspended or cancelled, so always check current status rather than relying on an old screenshot or PDF someone sends you.
Common red flags include: a registration number that doesn't match the INH format, a name mismatch between the number and the person or firm contacting you, reluctance to share the number at all, promises of guaranteed or fixed returns, and requests to transfer trading funds directly to the analyst instead of your own broker account.
Don't pay for their research or act on their recommendations. You can look up genuine, verified SEBI Research Analysts on Finuro's directory, or report suspicious claims to SEBI through its SCORES complaint portal.
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