01 Read
What happened
A Research Analyst (RA) is a SEBI-registered intermediary under the SEBI (Research Analysts) Regulations, 2014, authorized to issue research reports and investment recommendations on securities. Registration is mandatory for individuals and entities publishing research for public distribution. SEBI maintains an updated public registry of all registered RAs on its website. As of June 21, 2026, SEBI's intermediary database lists registered Research Analysts, ensuring investor protection and accountability in securities analysis.
02 Understand
Why it matters
Research Analysts occupy a critical position in capital market integrity. Before the SEBI (Research Analysts) Regulations, 2014, unregistered entities could freely publish stock tips and investment advice, creating scope for front-running, pump-and-dump schemes, and conflicts of interest — all harming retail investors. SEBI's regulatory framework addressed this by mandating registration, imposing qualification requirements, and establishing strict disclosure and conflict-of-interest norms.
To register as an RA, an individual must clear NISM Series-XV (Research Analyst) certification and hold relevant educational qualifications. Entities (firms) must have a minimum net worth of ₹25 lakh; individuals and partnership firms need ₹1 lakh. RAs must maintain arms-length separation from trading desks and disclose any financial interest in covered securities.
Key obligations include: issuing research reports only on securities where no undisclosed conflict exists, maintaining records for five years, and not front-running their own recommendations. SEBI also prohibits RAs from receiving issuer payments without explicit disclosure.
The regulations were significantly amended in 2024, tightening the fee-charging framework — RAs can now charge clients fees only through SEBI-registered platforms. This move targets unregistered tip-providers exploiting social media. SEBI's public registry (searchable by name, registration number, or location) enables investors to verify authenticity before acting on any recommendation, making RA registration central to investor due diligence.
To register as an RA, an individual must clear NISM Series-XV (Research Analyst) certification and hold relevant educational qualifications. Entities (firms) must have a minimum net worth of ₹25 lakh; individuals and partnership firms need ₹1 lakh. RAs must maintain arms-length separation from trading desks and disclose any financial interest in covered securities.
Key obligations include: issuing research reports only on securities where no undisclosed conflict exists, maintaining records for five years, and not front-running their own recommendations. SEBI also prohibits RAs from receiving issuer payments without explicit disclosure.
The regulations were significantly amended in 2024, tightening the fee-charging framework — RAs can now charge clients fees only through SEBI-registered platforms. This move targets unregistered tip-providers exploiting social media. SEBI's public registry (searchable by name, registration number, or location) enables investors to verify authenticity before acting on any recommendation, making RA registration central to investor due diligence.
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