This is the canonical guide to what a SEBI Research Analyst is and what legitimate research looks like in India. Three companion articles cover narrower angles: **How to Identify a Genuine SEBI RA** (verification checklist), **SEBI RA vs Unregistered Tipsters** (the legal comparison), and **How to Verify a SEBI RA Registration Number** (step-by-step procedure).
The SEBI definition
Under the SEBI (Research Analysts) Regulations, 2014, a "research analyst" is defined as:
"any person who is primarily responsible for preparation or publication of the content of the research report; or making buy, sell or hold recommendations."
Anyone publishing stock recommendations commercially must be SEBI registered. The regulations have the force of law under the SEBI Act, 1992 — non-compliance is not a technical issue, it is a securities-law violation.
How to become a SEBI Research Analyst in India
The registration process is non-trivial, and that is by design — it keeps the bar high.
Step 1 — NISM Series XV
Pass the NISM Series XV: Research Analyst Certification Examination, administered by the National Institute of Securities Markets (NISM) — SEBI's educational arm. The exam covers valuation methodology, securities markets, financial statement analysis, and ethics. Certification must be kept current.
Step 2 — Experience and qualifications
Meet the SEBI experience requirements — minimum 2 years in securities research, finance, or related fields, with a relevant educational qualification (postgraduate degree in finance / economics / accounting, or a professional qualification like CA / CFA / MBA-Finance).
Step 3 — Net worth + fees
Maintain the prescribed net worth requirements and pay the SEBI registration and annual renewal fees. These are published on sebi.gov.in and are revised periodically.
Step 4 — SEBI registration + entity registration
Submit the application, supporting documents, and disclosures. SEBI conducts due diligence, including background checks. The licence is granted as either an individual RA or a corporate RA (registered entity). The registration number begins with "INH" — for example, INH000026266.
Research Analyst vs Investment Adviser
A common source of confusion. The two are different SEBI categories with different rules.
| Aspect | Research Analyst (RA) | Investment Adviser (IA) |
|---|---|---|
| Registration prefix | INH (e.g. INH000026266) | INA |
| What they publish | General research, accessible to all clients | Personalised advice based on client's individual profile |
| Fee model | Subscription fees, no SEBI fee cap | Fee-only or fee-and-commission, fee caps apply |
| Suitability assessment | Not required for RA | Mandatory KYC + risk-profile + suitability for IA |
| Service style | One-to-many (research notes) | One-to-one (advisory mandate) |
A Research Analyst (RA) publishes general research reports accessible to all clients — like Sahib Singh Hora's intraday picks on withSahib.com. An Investment Adviser (IA) provides personalised advice based on a client's specific financial situation, goals, and risk profile. The withSahib platform provides general research, not personalised investment advice.
SEBI registered analyst fees
SEBI RAs are permitted to charge fees for research services. Unlike Investment Advisers (who face fee caps), Research Analysts can set their own fee structures — provided they are clearly disclosed in advance.
The withSahib fee structure:
- Free — ₹0 — research preview
- Positional — ₹3,999/month — 8–12 high-conviction setups/month with written rationale
- Pro — ₹6,999/month — Positional + one of (Intraday / Stock Options / Index Options) + WhatsApp delivery
- Elite — ₹12,499/month — all services + 4 × 15-minute weekly strategy calls
All fees are disclosed upfront. There are no hidden charges, no inducement-pricing, and no "consultation fee" surprises. SEBI requires fee disclosure on the website before subscription — and on every renewal.
What legitimate SEBI RA research includes
Every research note from a legitimate SEBI RA carries five non-negotiable elements:
- Analyst name and SEBI registration number on the report.
- Conflict-of-interest disclosure — whether the analyst or family hold positions in the covered security.
- SEBI-mandated risk disclaimer on every communication ("Investments in securities are subject to market risk…").
- Research records archived for 5 years — available for SEBI inspection.
- No guaranteed return promises anywhere in the research, the marketing, or the communications.
If any of these five is missing, the research is non-compliant.
Common misconceptions
"SEBI registration means the analyst is good."
No. Registration means they are legally authorised and accountable. Whether the research is profitable depends on skill, methodology, and market conditions — none of which the regulator can guarantee. A registered RA can still lose money for subscribers; the registration ensures accountability, not performance.
"A SEBI RA can give personalised advice."
No. They can only provide general research that is the same for every client. Personalised advice — based on your individual portfolio, risk profile, or financial goals — requires a SEBI Investment Adviser (IA) registration, which is a different licence with different rules.
"A free SEBI RA report is just as binding as a paid one."
Yes. The regulatory obligations (disclosure, no guarantees, records) apply to every research note — free or paid. A free preview does not exempt the analyst from any of the rules.
How to verify a SEBI RA — the short version
- Go to sebi.gov.in → Registered Intermediaries → Research Analyst.
- Search for the registration number (e.g. "INH000026266").
- Confirm: active status, valid licence dates, and the entity name matches what the service displays.
Full procedural walkthrough: **How to Verify a SEBI Research Analyst Registration Number (Step-by-Step)**.
When to subscribe to a SEBI RA
Subscribe when you want:
- Documented research with a written rationale per recommendation.
- Accountability — a registered, named analyst you can complain about on SCORES if there is a grievance.
- Process consistency — a documented methodology you can read on the analyst's site.
- Risk discipline — entry, target, and stop-loss specified upfront.
Do not subscribe — to anyone — if the service can't produce a SEBI registration number you can verify in 30 seconds.
How withSahib operates
Sahib Singh Hora (INH000026266) at withSahib.com is a SEBI Registered Research Analyst. All research on the platform follows SEBI RA regulations — verifiable at sebi.gov.in. The methodology is documented at /methodology, the registration certificate is published at /sebi-certificate, and the grievance process is at /complaints.
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.