Research Analyst vs Investment Adviser: what is the difference?
By CA Vaibhav Sandipan Mote, SEBI Registered Research Analyst (INH000019895). Updated 12 November 2026.
Short answer: A SEBI registered Research Analyst publishes research reports and views that go to all subscribers and are not tailored to any one person. A SEBI registered Investment Adviser gives advice that is personal to you, after assessing your income, goals and risk tolerance. Research Analyst registration numbers start with INH, and Investment Adviser numbers start with INA.
Research Analyst (RA)
- Registered under the SEBI (Research Analysts) Regulations, 2014. Registration number starts with INH.
- Publishes research reports: a view on a security or index with the reasoning, levels, time horizon and risks.
- The same report goes to every subscriber of a service.
- Does not assess your personal finances, so a report cannot tell you whether a trade suits you.
- Does not manage your money or place trades for you.
Investment Adviser (IA)
- Registered under the SEBI (Investment Advisers) Regulations, 2013. Registration number starts with INA.
- Gives advice that is personal to the client.
- Must carry out risk profiling and check that the advice is suitable for you.
- Looks at your overall situation: goals, income, existing investments and risk tolerance.
What is common to both
- Both must be registered with SEBI and can be verified on the SEBI website.
- Neither is allowed to promise or guarantee returns.
- Both must complete KYC, share terms and disclosures, and offer a grievance process.
Which one do you need?
- If you want research views and will decide for yourself what to do with them, that is the work of a Research Analyst.
- If you want someone to tell you what suits your own finances and goals, that is the work of an Investment Adviser.
Profit Booster Analysis is a SEBI registered Research Analyst. It publishes research reports only and does not give personal investment advice.
Common questions
Can a Research Analyst give personal investment advice?
No. Advice tailored to one person is the role of a SEBI registered Investment Adviser. A Research Analyst publishes research that goes to all subscribers of a service.
How do I tell an RA from an IA by the registration number?
A Research Analyst registration number starts with INH. An Investment Adviser registration number starts with INA.
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.