Under 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.
How to become a SEBI Research Analyst in India: (1) Pass NISM Series XV: Research Analyst Certification Examination. (2) Meet experience requirements — minimum 2 years in securities research, finance, or related fields. (3) Register with SEBI and pay the prescribed fee. (4) Maintain net worth requirements. (5) Register the entity with SEBI.
Research Analyst vs Investment Adviser: 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 disclosed. The withSahib fee structure is: Free (₹0), Basic (₹999/month), Pro (₹2,499/month), Elite (₹5,999/month). All fees are disclosed upfront with no hidden charges.
What legitimate SEBI RA research includes: (1) Full analyst name and SEBI registration number on every report. (2) Clear disclosure of analyst holdings in recommended securities. (3) SEBI-mandated risk disclaimer on every communication. (4) Research records maintained for 5 years. (5) No guaranteed return promises.
Common misconceptions: "SEBI registration means the analyst is good." No — registration means they are legally authorised and accountable. Performance depends on skill and methodology. "SEBI RA can give personalised advice." No — they can only provide general research. Personalised advice requires SEBI IA registration.
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.