How to check if a research analyst is SEBI registered
By CA Vaibhav Sandipan Mote, SEBI Registered Research Analyst (INH000019895). Updated 12 November 2026.
Short answer: Ask for the SEBI registration number, which for a Research Analyst starts with INH. Then search for that number in the list of registered Research Analysts on the SEBI website and confirm that the name there matches the person or firm you are dealing with. Pay only to an account in that registered name. If the number is missing from the SEBI list, do not pay.
Step by step
- Ask for the registration number. A Research Analyst number starts with INH followed by nine digits, for example INH000019895.
- Open the SEBI website (sebi.gov.in) and go to the list of recognised intermediaries, then choose Research Analysts.
- Search by the registration number or the name.
- Match the details: name, registration number, address and the validity of the registration.
- Check the BSE RAASB list. Research Analysts must be enlisted with BSE, which acts as the Research Analyst Administration and Supervisory Body.
- Check where your money goes. The bank account or UPI ID should be in the name shown on the SEBI list, not a personal account in another name.
What a registered analyst must show you
- The SEBI registration number on the website, reports and advertisements.
- The standard market-risk warning.
- Disclosures, terms of service and the Most Important Terms and Conditions (MITC) before you pay.
- KYC before the service starts.
- A grievance contact, and the SEBI SCORES and SMART ODR routes for complaints.
- Monthly complaints data on the website.
Warning signs
- Promises of guaranteed or fixed returns. A registered Research Analyst is not allowed to promise returns.
- No registration number, or a number that does not appear on the SEBI website.
- A registration number that belongs to somebody else. Always match the name.
- Requests to pay into a personal account, or to share your trading account login or OTP.
- Offers to trade on your behalf or to share profits.
- Screenshots of profits used as advertising.
Registration is not a guarantee
SEBI registration confirms that the person is authorised to publish research and is supervised. It does not guarantee the performance of the analyst or provide any assurance of returns.
Common questions
What does INH mean in a SEBI registration number?
INH is the prefix SEBI uses for Research Analyst registration numbers. Investment Adviser registration numbers start with INA.
Can a SEBI registered research analyst guarantee profit?
No. A SEBI registered Research Analyst is not permitted to promise or guarantee returns. Any such promise is a warning sign.
Important: This article is for education only. It is not investment advice and not a recommendation to buy or sell any security. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, enlistment with a SEBI recognised supervisory body and certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.