This guide is the practical verification checklist. For the comprehensive definition of what a Research Analyst is, the rules they operate under, and how the RA category differs from Investment Advisers, see the canonical guide: **What Is a Research Analyst? SEBI Definition, Registration & Services Explained**.
What makes a SEBI RA "genuine"?
A SEBI Registered Research Analyst (RA) is licensed under the SEBI (Research Analysts) Regulations, 2014. They are legally permitted to publish investment research, market intelligence, and trade recommendations. Every SEBI RA carries a unique registration number — for example, Sahib Singh Hora's SEBI registration is INH000026266.
"Genuine" is not a marketing label. It is a verifiable regulatory status. A genuine RA can prove all five of: (a) active SEBI registration with a number you can search; (b) NISM Series XV certification; (c) named individual or entity behind the research; (d) written conflict-of-interest disclosure on every report; (e) no guaranteed-return language anywhere.
5 ways to verify a SEBI Research Analyst
1. Check the SEBI Intermediary Portal
Go to sebi.gov.in → Registered Intermediaries → Research Analyst. Search for the registration number or analyst name. Verify three things: active status, validity period, and the registered entity name. For withSahib, search "INH000026266" or "Sahib Singh Hora".
2. Look for the registration number on every research note
Every piece of research from a genuine SEBI RA must display the registration number. If a "research service" — on Telegram, WhatsApp, YouTube or anywhere else — does not show a SEBI registration number, it is operating illegally under Section 12 of the SEBI Act, 1992.
3. Confirm NISM Series XV certification
SEBI RAs must be NISM Series XV certified. This exam — administered by NISM, SEBI's educational arm — tests securities market knowledge, valuation methodology, and ethics. Sahib Singh Hora is NISM certified. If an analyst cannot prove NISM certification, do not subscribe.
4. Read the conflict-of-interest disclosure
Genuine SEBI RAs must disclose conflicts of interest. If they hold a position in a stock they recommend, it must be disclosed in the research note itself. No disclosure block on a report is a clear red flag and a direct regulatory violation under SEBI RA Reg 19.
5. Listen for what they don't promise
No legitimate SEBI RA can guarantee returns. The phrases "guaranteed profit", "assured returns", "sure-shot", or "100% accuracy" are prohibited under SEBI advertising guidelines. Any service making such claims is operating outside Indian securities law — avoid them entirely. Genuine research talks about probabilities, defined risk, and stop-losses, not certainties.
What if a service refuses to show their SEBI number?
Walk away. There is no scenario in which a legitimate Research Analyst would refuse to publish their SEBI registration number — it is a regulatory requirement and a marketing asset. A service that hedges ("we work with SEBI experts" / "SEBI compliant team" / "approved by SEBI") without naming a registration number is almost always unregistered. Vague phrasing is the tell.
Common red flags
- "Limited slots — pay today" with no published fee schedule and no refund policy.
- Telegram or WhatsApp channels run by anonymous handles with no real identity behind them.
- Screenshots of "wins" with no losing trades shown.
- "Guaranteed accuracy" or "X% win rate" without sample size or methodology.
- Payment routed through personal UPI / bank transfer to an individual rather than to a registered firm.
The bottom line
SEBI registration is the minimum standard for any stock advisory service in India. It does not guarantee returns, but it guarantees accountability. A SEBI RA can be inspected, can be penalised, and can be complained against on SEBI SCORES — none of which is true for an unregistered tipster. Sahib Singh Hora (INH000026266) at withSahib.com operates under full SEBI compliance — verifiable at sebi.gov.in in under 30 seconds.
For the full process — including the exact SEBI search URL and red-flag checks — see the procedural guide: **How to Verify a SEBI Research Analyst Registration Number (Step-by-Step)**. For the broader regulatory framework, see the pillar: **What Is a Research Analyst? SEBI Definition, Registration & Services**.
Research by Sahib Singh Hora, SEBI RA INH000026266. Investments in securities markets are subject to market risk. Past performance is not indicative of future results. This is research, not investment advice.