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You find a stock tip on Telegram, WhatsApp, a website or any social media platform, and the message looks convincing. There is a target price, a stop-loss and maybe even screenshots of earlier calls that worked well. At the bottom, you notice an INH number with “SEBI Registered Research Analyst” written next to it. That makes the service look genuine and looks almost too good to ignore.
But there is one small problem. Seeing an INH number does not tell you whether it belongs to the person asking for your money. Anyone can copy a genuine Research Analyst’s registration number and put it on another website, social media page or message to scam others and get their hard-earned money. So, before you pay for stock research or recommendations, take a few minutes to check the registration yourself.
The good news is that you do not need to be a stock market expert for this. You mainly need the Research Analyst’s registration number, the SEBI website and a few minutes with little knowledge.
What is a SEBI Registered Research Analyst?
A Research Analyst provides research and investment recommendations related to the securities market. When a Research Analyst is registered with SEBI, it has to operate under the applicable regulatory framework provided by SEBI. This includes requirements related to disclosures, fees, records and investor grievances.
But there is something important to understand here.
SEBI registration does not mean the analyst can guarantee profits. A registered Research Analyst can still give a recommendation that does not work. The stock market can move in a completely different direction.
The registration mainly helps you know that you are dealing with a regulated entity rather than an unknown person selling stock tips without any formal accountability. There are a few details, like the INH number and others, that help you verify the research analyst in a few minutes. So, let’s understand everything one by one.
What is an INH Number?
A SEBI registration number for a Research Analyst begins with INH, which is followed by nine digits. The verification starts with the INH Number. For example, Swastika Research Analysts' registration number is INH000024073. You can also check the same number on Swastika’s website.
In some cases, you may also come across registration numbers beginning with INA. That prefix is used for Investment Advisers. A Research Analyst and an Investment Adviser are different categories, so you should make sure the registration matches the service being offered. If someone says they are a Research Analyst, an INH number is the registration detail you should look for. Similarly, use INA for investment advisers.
How to Verify a SEBI Registered Research Analyst?
Suppose an analyst has just sent you an INH number. You could simply look at it and move on. But that is exactly where a mistake can happen. Instead, you can use the number to check the analyst's official record.
Ask for the SEBI Registration Number
Before taking any tip or investment advice, ask the Research Analyst for their registration number if it has not already been provided. Do not be uncomfortable asking for it. If you are about to pay someone for stock research, checking their registration is a basic step.
You should be particularly careful if the person avoids giving you the number or keeps asking you to trust their website, past calls or social media presence.
Search the Number on SEBI's Website
Once you have the INH number, search for it in SEBI's public register of Research Analysts. This is more useful than checking a certificate screenshot sent to you on WhatsApp because you are checking the information yourself rather than relying on an image provided by the person selling the service.
If the number does not appear in the register, stop and find out why before making any payment. The reference material specifically recommends using SEBI's register as the actual check rather than relying on a certificate image.
Now Check the Name
Now, suppose the number does appear on SEBI’s website, then it’s good, but your job is not finished yet. Also look at the registered name in the SEBI record. Then look at the name of the person or company that is asking you for money.
Do they match?
This is important because a scammer does not necessarily need to invent a registration number. They could easily copy the INH number of another Research Analyst.
Check the City and Other Details
The same idea applies to the location and other available details. If the website says the Research Analyst operates from one city, but the SEBI record shows a different location, do not ignore the difference. Maybe they have a genuine explanation, but you should ask before paying.
A city or office address alone does not prove that someone is registered. It is simply another detail that can help you identify whether the official record and the business you found actually belong together.
Check the Current Registration Status
An old certificate sitting on a website does not tell you everything about the current registration status. You should check the latest information available in the official record. You can also repeat the check when you renew a research service. Make sure the registration you are relying on is still valid and belongs to the same person or entity.
Is Checking the INH Number Enough?
No, only relying on the INH number will not help you get helpful recommendations from an experienced analyst. Let’s understand it this way. If you find a website that says it is operated by “ABC Research”. It displays the registration number of a genuine Research Analyst called “XYZ Research”.
If you only check whether the number exists, you might think everything is fine, but when you compare the registered name, you discover that the number belongs to someone else. That is why you should check the verification in layers. The more details you compare, the harder it becomes for someone to misuse another analyst's registration.
Should You Check BSE RAASB too?
It is useful to cross-check the details with the BSE Research Analyst Administration and Supervisory Body, also known as BSE RAASB. Checking the details across the available official records can give you another layer of confidence before you pay for a service. You should still start with the SEBI registration record because that is where you can verify the registration itself.
Why Should You Not Trust a SEBI Certificate Screenshot?
When someone sends you a certificate with a proper logo, a registration number and what appears to be an official document. So, it looks convincing. But you have no way of knowing whether the image is real, whether it has been edited or whether the registration belongs to the person who sent it. So, you should not treat a certificate screenshot as the final proof.
Take the registration number from the certificate and search for it yourself on the official SEBI register. The same rule applies to screenshots of successful stock calls. A screenshot can show you what someone wants you to see. It does not tell you the complete story.
5 Warning Signs of a Fake Research Analyst
The registration check is important, but you should also pay attention to how the service behaves. Here are some warning signs of a fake research analyst:
Someone Promises Guaranteed Returns
This should immediately make you cautious. Stock market research cannot guarantee that a particular stock will rise or that you will make a fixed amount of money.
Promises like sure-shot calls, 100% accuracy, no-loss trades, or guaranteed monthly income should not be treated as proof of a good Research Analyst.
Moreover, the registered Research Analysts cannot publicly promote past performance, returns, accuracy rates or win rates as promotional material.
The Person Refuses to Share the Registration Number
If someone wants you to pay for research but does not want to give you their SEBI registration details, be cautious. You should be able to verify the service before giving them your money.
The INH Number Belongs to Another Person
This can be more difficult to spot because the number itself may be real. Always compare the registration number with the registered name and other details because a genuine INH number being displayed on a website does not automatically mean that the website belongs to the registered Research Analyst.
You are Being Pushed to Pay Immediately
“Pay now, only two slots left, today's call will be missed, etc.” These tactics are designed to make you act before you think. There is no reason to skip a basic registration check just because someone says the opportunity will disappear in a few minutes.
Someone Asks for Your Trading Login or OTP
A Research Analyst only provides research and recommendations. They never ask for your broker password, trading login, OTP or direct access to your account. Your trading account should remain under your control.
Payment Details Do Not Match the Registered Entity
You should also pay attention to where your money is going. This is a small detail, but it will help you save your hard-earned money.
If you have verified a particular company but someone suddenly asks you to transfer the fee to a personal account or another unrelated payment account, stop and check the details again. Also, if possible, ask for the registered account associated with the company name.
How Much can a SEBI Research Analyst Charge?
The maximum regulatory annual fee limit that a SEBI Registered Research Analyst (SRA) can charge an individual client or a family is ₹1,51,000 per annum. This mandatory ceiling protects retail investors and Hindu Undivided Families (HUF) from being overcharged, which means an analyst cannot bypass the limit by billing family members separately. However, this rule does not apply to corporate clients or accredited investors, and any statutory charges like GST are billed separately on top of this cap. So, if someone asks for a fee that appears to cross the applicable limit, ask for an explanation before paying.
What Protection Do You Get from a SEBI Registered Research Analyst?
This is another area where investors sometimes misunderstand what registration means. SEBI registration does not protect you from a falling stock. Instead, it gives you a regulatory framework around the service.
The protections include mandatory disclosures, fee limits, record-keeping, grievance mechanisms and a pro-rata refund for the unused period in case of cancellation, which is subject to the applicable terms. So, registration gives you a formal route to raise concerns if something goes wrong.
How to File a Complaint About a SEBI-Registered Research Analyst?
Suppose you have already paid for a research service and something goes wrong. Do not assume that your only option is to argue with the person on WhatsApp.
Start with the Research Analyst's official grievance mechanism. In this mechanism, SEBI SCORES provides a formal platform for investor complaints, while SMART ODR provides an online dispute resolution mechanism. A genuine Research Analyst should make its grievance process available to investors. Checking this before paying can save you trouble later.
Does SEBI Registration Guarantee Profits?
No. This is worth repeating again and again because the presence of a SEBI registration number can create a false sense of safety. A registered Research Analyst can provide research based on their analysis, but nobody can control what the market will do next.
Can a Research Analyst trade on your behalf?
A Research Analyst only provides research and recommendations based on their knowledge and analysis. It does not mean you should hand over control of your trading account.
You should be very careful if someone offering research asks for your broker login, password, OTP or direct access to your money. You can receive a recommendation and make the final trading decision through your own broker account.
A Five-Minute Check Can Save You from a Bigger Problem
When you are excited about a stock recommendation, checking a registration number may feel like an unnecessary delay, but it is not.
You may spend hours reading the analyst's posts, watching videos and looking at screenshots of previous calls. But none of that tells you whether the person asking for your money is actually the registered entity they claim to be.
The basic check is much simpler.
- Find the INH number.
- Search it on SEBI's Research Analyst register.
- Check the registered name.
- Compare the location and other details.
- Check the current registration information.
Then look at the service itself. Be cautious about guaranteed returns, copied registration details, pressure to pay and requests for access to your trading account.
You do not need to predict the market to perform these checks. You only need to verify who is standing on the other side of the payment, and that is probably the most important reason to check a SEBI Registered Research Analyst before subscribing to any stock research service.
Over to You
Be a wise investor. Your one mistake can cost you lakhs or crores, plus a regret for life. If you are not good at stocks and trading, it is good to hire an SEBI registered analysis for well-researched decision-making. Always research the person you are going to hire for your recommendations and ask questions before making the payment to ensure maximum satisfaction. For opening a demat account or more updates about the market and industry, you can visit Swastika Investmart.
