A plain-language guide to what a Research Analyst may and may not do

If you know the four things a registered Research Analyst is never allowed to do, you can spot most market frauds in under a minute.

The SEBI (Research Analysts) Regulations set clear boundaries. Knowing them protects you better than any amount of due diligence on a track record, because fraudulent operators almost always cross one of these lines immediately.

Four things that are never permitted

1. Guaranteeing returns. No registered analyst may promise assured, fixed or guaranteed profit — or a specific accuracy percentage. If you are hearing it, walk away.
2. Handling your money or securities. A Research Analyst cannot take custody of client funds or shares under any arrangement.
3. Trading on your behalf. No power of attorney, no access to your broking credentials, no "we will place it for you".
4. Collecting fees personally. Payment goes to the registered entity's bank account, against an invoice. Never to an individual, a wallet, or in cash.

What they should do

• Display the registration number, and the standard SEBI disclaimer, on every page and every report.
• Give you a client agreement, collect KYC, and assess your risk profile before onboarding.
• Disclose conflicts of interest and any holding in a security they write about.
• Publish a grievance process and honour the escalation path to SCORES and Smart ODR.

How to verify in one minute

Take the registration number — a Research Analyst registration begins with INH — and check it on the SEBI website's intermediary search. Confirm the entity name matches the bank account you are being asked to pay. That is the whole check, and it catches almost everything.

Published in the interest of investor awareness.

Published 03 August 2026 · 2 min read · 247 words