How to Verify a SEBI Registered Research Analyst Before Joining Any Course
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The single most protective step you can take before joining a stock market course or paying for investment advice in India is a two-minute verification on sebi.gov.in. It is free, it is public, it is definitive — and most people skip it. This guide walks you through exactly how to do it, what a legitimate result looks like, and what to do if the verification fails.
This is not a technicality. SEBI registration is a legal requirement. Any person or organisation that provides research reports, investment recommendations or buy-sell calls for a fee must be registered with the Securities and Exchange Board of India as a Research Analyst under the SEBI (Research Analysts) Regulations, 2014. Operating without this registration is a violation of Indian securities law. The registrations are publicly searchable precisely so that investors can protect themselves.
Why SEBI registration matters
A SEBI Registered Research Analyst has met several baseline requirements before their registration was approved:
- NISM certification: The individual (or at least the principal research analyst at a firm) has passed the NISM Series XV Research Analyst examination — a regulated assessment of knowledge in securities markets, research methodology and ethics.
- Compliance framework: Registered entities must maintain a compliance officer, follow a defined research methodology, maintain records and submit periodic reports to SEBI.
- Code of conduct: SEBI's Research Analyst regulations impose a specific code of conduct including disclosures of conflicts of interest, restrictions on personal trading and requirements for fair and honest research.
- SEBI oversight: Registered analysts are subject to inspection and enforcement action by SEBI. Investors who are defrauded by a registered RA have a formal grievance mechanism through SEBI's SCORES portal. Those defrauded by an unregistered operator have no such mechanism.
None of this is a guarantee of quality or profitability. But it is a floor — a minimum level of accountability that unregistered operators entirely lack.
5-step verification on sebi.gov.in
Open the SEBI website
In any browser, go to sebi.gov.in. You do not need to log in or create an account. The intermediary directory is publicly accessible.
Navigate to the Intermediaries section
On the homepage, look for the menu item labelled "Intermediaries / Market Infrastructure Institutions" or use the search function on the SEBI website to find the intermediary database. SEBI periodically updates its website layout — if you cannot find it immediately, search for "Research Analyst" in the SEBI site search bar.
Select "Research Analyst" from the category list
SEBI regulates many types of intermediaries — brokers, portfolio managers, mutual funds, investment advisors and more. Select Research Analyst specifically. Do not confuse it with Investment Adviser (IA) — these are distinct registrations with different regulatory obligations.
Search by name or registration number
Enter the name of the individual analyst, the firm's name, or the registration number (if you have been given one). Search by name first — registration numbers can be misquoted or fabricated. If you are searching for a Jabalpur-based institute, try searching by the individual proprietor's name, the firm name and any variation you know.
Confirm the result details
A valid result will show: the registered name, the INH... registration number, the registration date, and — most importantly — the current status. Status should read Active. A "Suspended", "Cancelled" or "Expired" status means the registration is no longer valid even if the entity continues operating under the old name.
What a valid registration looks like
Checklist — what the SEBI result should show:
What to do if you find no registration
If you search SEBI's database and cannot find the analyst or institute you are evaluating:
Step 1: Try multiple search terms. Use the individual's full name, the organisation's full name, any abbreviation you have seen used, and the stated registration number if you have one. SEBI's search may require exact or near-exact spelling.
Step 2: Ask directly. Contact the institute and ask them to provide their SEBI registration certificate — which all registered entities receive and must display. A registered entity will provide this immediately. Evasiveness is information.
Step 3: Do not pay until verified. This is non-negotiable. Paying a fee before confirming SEBI registration removes your primary protection. If you later suffer a loss due to bad or fraudulent advice and the entity was unregistered, your legal recourse is significantly more limited.
Step 4: Report if you believe fraud has occurred. SEBI's SCORES portal (scores.gov.in) allows investors to file complaints against SEBI-registered entities. For unregistered operators, you may approach SEBI directly at sebi@sebi.gov.in or contact the Economic Offences Wing of your local police.
Frequently asked questions
What is the format of a SEBI Research Analyst registration number?
A SEBI Research Analyst registration number begins with INH followed by a series of digits, for example INH000012345. The INH prefix distinguishes Research Analysts from other SEBI-registered intermediaries such as Investment Advisers (INA prefix).
Is teaching a stock market course the same as providing investment advice?
General financial education — how options work, how to read a chart — does not require SEBI registration. However, if an institute provides specific buy-sell recommendations or "calls" as part of or alongside a course, that activity requires SEBI registration as a Research Analyst. The line between education and advice is often crossed by unregistered operators.
Can an unregistered person legally provide stock market tips or investment advice?
No. Under SEBI (Research Analysts) Regulations, 2014, any person or entity that provides research reports, recommendations or investment advice for consideration must be registered with SEBI. Providing such services without registration violates SEBI regulations.
What should I do if an institute claims SEBI registration but cannot be found on sebi.gov.in?
Do not pay any fees until the registration is independently verified. Try searching by both the individual's name and the organisation's name, as registration may be in either. If you still cannot find a result, contact SEBI's SCORES helpline or the local SEBI office. A legitimate institute will welcome the verification, not resist it.
Is Jabalpur Share Bazaar SEBI registered?
Yes. Jabalpur Share Bazaar is a SEBI Registered Research Analyst based in Jabalpur, Madhya Pradesh. We actively encourage every prospective student to verify our registration on sebi.gov.in before enquiring about any programme. We consider this verification to be your right as an investor.
We welcome verification. In fact, we expect it.
Jabalpur Share Bazaar is a SEBI Registered Research Analyst. Verify us on sebi.gov.in first — then enquire about our options hedging programmes.
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