How to Check a SEBI-Registered Research Analyst

Social media is full of people selling stock tips, "VIP" groups and trading calls. Only individuals and companies registered with SEBI as Research Analysts (RAs) may provide research and recommendations for a fee. Checking takes a few minutes and can save you a great deal.

Five checks before you pay anyone

1. Find the registration number

A registered research analyst must show its SEBI registration number, name and contact details on its website and in its communications. Research analyst numbers start with INH followed by digits. No number, or a number hidden in fine print, is a warning sign.

2. Match it on SEBI's website

SEBI publishes lists of registered intermediaries on sebi.gov.in. Look up the research analyst list and check that the exact name, entity type and number match. Fraudsters often copy a real number and attach a slightly different name.

3. Pay only to a validated UPI handle

Since 1 October 2025, SEBI-registered intermediaries that collect money from investors by UPI use a structured, validated UPI ID ending in an exclusive @valid bank handle. The ID carries a category suffix; for a research analyst you would expect .ra, as in name.ra@validbank. Your UPI app shows a green thumbs-up icon for these handles.

4. Verify with SEBI Check

SEBI Check lets you confirm a UPI ID, or a bank account and IFSC, before you pay, by typing the details or scanning a QR code.

5. Read the fee terms

For individual and HUF clients, SEBI caps research analyst fees at ₹1,51,000 per family per year, and fees can be collected in advance for at most one year. Fees should be paid to the registered entity, never to a personal account. Accredited investors are treated differently under the rules.

Red flags

Guaranteed or "fixed" monthly returns.
Profit-sharing arrangements instead of a stated fee.
Requests for your trading login, password or OTP, or to "manage" your account.
Payments to a personal bank account or an ordinary UPI ID.
Pressure to join a paid group quickly, or screenshots of huge profits.
Performance claims without a link to a verified report.

If something goes wrong

Complain to the research analyst first and keep a written record. If it is not resolved, you can escalate through SEBI SCORES, the regulator's complaint system, and then through the securities market's online dispute resolution process.

A note about us

Amulya Holdings is not yet registered with SEBI. We are applying for registration as a Research Analyst. Until it is granted we do not offer research, recommendations or paid services. When registration is granted, our number will appear on every page of this site, and you should check it the same way.

Quick answers

How do I know if a research analyst is SEBI-registered?

Find their registration number, which for research analysts starts with INH, and match the exact name and number on the list of registered research analysts on sebi.gov.in. Before paying, verify their UPI ID or bank account with SEBI Check.

What is an @valid UPI handle?

Since 1 October 2025, SEBI-registered intermediaries that collect money from investors use structured UPI IDs ending in an exclusive @valid bank handle, with a category suffix such as .ra for research analysts. UPI apps show a green thumbs-up icon for them.

Is there a limit on research analyst fees?

Yes. For individual and HUF clients, research analyst fees are capped at ₹1,51,000 per family per year, and advance fees can cover at most one year. Accredited investors are treated differently.

Sources

Education only. This article explains general concepts. It is not research, a recommendation or investment advice, and it does not refer to any security. Amulya Holdings is not yet registered with SEBI. Investments in the securities market are subject to market risks.

How to check if a research analyst is SEBI-registered