What should I check before choosing a research service?
Seven checks to run before choosing: registration, written terms, complaint data, performance verification, disclosures and privacy, the complaint route and the warning signs.
Published 12 November 2026 · Potoos Research Services
The short answer. Check the registration on SEBI's own list and read the written terms. Then read the complaint table, check any performance claim on the PaRRVA website, read the disclosures and privacy policy, and know where to complain and what an analyst must never ask for.
1. Check the SEBI registration
Ask for the provider's SEBI registration number. Then look it up on SEBI's list of registered research analysts and check that the name matches. The Investor Charter asks investors to do exactly this. Do not rely only on a logo or a social profile.
2. Read the written terms
The Investor Charter says an analyst shares its terms and conditions when you join, and must tell you the timelines for each service. Read what kind of research you get, how it reaches you and when. Keep a copy so you can compare it with what you receive.
3. Check complaint disclosures
Every research analyst must publish a monthly complaint table on its website. Look at cases still pending, cases pending for more than three months and the average time taken to resolve them, not only how many complaints came in.
4. Check how performance claims are verified
SEBI lets an analyst show past performance in public only if PaRRVA, SEBI's past-performance verification agency, has verified it. A verified claim must carry a link or QR code to the summary on the PaRRVA website, so open it and check the period it covers. SEBI set 4 May 2026 as the start of PaRRVA's regular services. Figures for earlier periods may be shared only privately, on your request, certified by an accountant and marked as not verified by PaRRVA. How to verify past performance.
5. Read the disclosures and privacy policy
The Investor Charter says an analyst must disclose facts that matter to your decision, such as its disciplinary history, risks and conflicts of interest, and how far it uses artificial intelligence (AI) tools. It also gives you a right to privacy and confidentiality and a right to fair and equitable treatment. Read these disclosures and the privacy policy before you share documents.
6. Know where to complain
Raise a complaint with the analyst first; the Investor Charter says it must try to resolve it within 21 days. If that does not settle it, file on SEBI's SCORES website (scores.sebi.gov.in) or email the research analysts' supervisory body (RAASB). If you are still not satisfied, you can take it to the SMART ODR platform for online conciliation or arbitration.
7. Know the warning signs
The Investor Charter lists what not to do. Do not give the analyst money to invest for you, and do not share the login or password of your trading, demat or bank account. Pay only through banking channels and keep signed receipts. Tell SEBI if an analyst offers assured or guaranteed returns.
Sources
- SEBI Investor Charter for Research Analysts. 2 June 2025. Annexure A: section C, services and disclosures (pages 3-4); section D, grievance redressal (pages 4-5); section E, rights of investors (pages 5-6); section F, do's and don'ts (pages 6-7).
- SEBI Master Circular for Research Analysts. 6 February 2026. Paragraph 7.3 (page 27) and Annexure E (pages 73-74), complaint data; paragraph 11.1(c)(xii) (page 36), past performance in advertisements; paragraph 23 (pages 47-48), certified figures before PaRRVA.
- SEBI circular on recognition and operationalisation of PaRRVA. 4 April 2025. Annexure B, item (vii) (page 15), link or QR code on every claim.
- SEBI PaRRVA operationalisation circular. 29 April 2026. Paragraph 3 (page 2), start of regular services.
Sources checked on 11 November 2026. Information cutoff: 11 November 2026, 18:00 IST
Common questions
What is the first thing to check?
Look up the provider's SEBI registration number on SEBI's list of registered research analysts and check that the name matches. Then read the written terms.
Why check complaint data before joining?
It shows cases still pending, cases older than three months and the average time to resolve, which tells you more than a count of complaints.
What if past performance is shown?
Ask for the PaRRVA link or QR code behind it and open it on the PaRRVA website. Under SEBI's rules, past performance shown in public must be verified by PaRRVA.
What should a research analyst never ask for?
Money to invest on your behalf, or the login and password of your trading, demat or bank account. The Investor Charter tells investors not to give either.
Potoos Research, SEBI-registered Research Analyst. Registration number INH000027380. SEBI is the Securities and Exchange Board of India.