Investor education

The SEBI registered research analyst list, and how to read it

SEBI keeps one official list of every registered research analyst in India. It is public, free and searchable. It answers one question well: is this number registered, and to whom? The other questions are yours to ask.

Published 11 October 2026 · Potoos Research Services

In short. SEBI's official list of registered research analysts is on sebi.gov.in, under Intermediaries / Market Infrastructure Institutions, then Recognised Intermediaries, then Research Analyst. On 9 October 2026 it showed 2,271 entries, current as on 8 October 2026. Each entry gives the registered name, the INH registration number, contact details, address and validity. BSE, which SEBI recognised to administer and supervise research analysts, keeps a second list with each analyst's BSE enlistment number. Neither list tells you whether an analyst's research is any good, or whether a Telegram or WhatsApp account quoting a real number belongs to that analyst.

Where the official list of SEBI research analysts is

It is on SEBI's own website, with no login. These were the clicks on 9 October 2026.

Open sebi.gov.in. On the home page, find the link Intermediaries / Market Infrastructure Institutions. The same page opens from Intermediaries in the footer.
Click Recognised Intermediaries. You get a long list of categories, from stock brokers to mutual funds, each with a date beside it.
Click Research Analyst. That is the list. It opens on the first 25 entries, in alphabetical order.

Above the entries, a note gives the date the list is current to. On 9 October 2026 it said 8 October 2026. Read that date every time you check.

How many research analysts SEBI lists

On 9 October 2026, SEBI's Research Analyst page showed 2,271 records, current as on 8 October 2026. The summary table on the Recognised Intermediaries page gave the same count. The investment adviser category, a separate registration, showed 1,048 the same day.

The figure moves as people register, surrender or lose their registration. Treat any count in an article, this one included, as a reading on one date.

It is also why nobody should scroll the list. At 25 entries a page, 2,271 names run to 91 pages. You search it instead.

What each entry shows, and what it leaves out

Every entry is a short record. Not every field is filled in for every analyst.

Name: The registered name. An individual who trades under a business name appears as the person's name, then "proprietor of", then the business name. A firm or company appears under its own name.
Registration No.: The SEBI registration number. For a research analyst it begins with INH.
E-mail and Telephone: The contact details SEBI holds. Some entries leave these blank.
Address and Correspondence Address: The registered address with city, state and PIN code, and the address for letters. The two can differ.
Contact Person: The person to reach. For an individual analyst, usually the analyst.
Validity: The date the registration runs from, and its end. On the entries we read, the end said Perpetual.

What an entry does not show matters as much:

No performance. No returns, no accuracy figures, nothing about how past calls turned out.
No fees. What an analyst charges is on their own website and in their terms. Here is how fees work, and the legal cap that applies.
No description of the work. The entry does not say whether an analyst covers options, equity or anything else.
No social media. Nothing on the entry ties a Telegram channel, a WhatsApp number or a YouTube channel to the analyst.
No complaint history and no record of past regulatory action.

How to search and filter the list

Open the Search panel above the list. It has five boxes and a row of letters.

Name / Trade Name: Part of a name works. Typing Potoos finds our entry.
Registration No.: Needs the whole number. When we typed only part of a number, it returned nothing. Capital or small letters made no difference.
Contact Person: The person named on the entry.
Email: The email address on the entry.
Location: A state, a city or part of an address. On 9 October 2026, Chennai returned 40 entries and Tamil Nadu returned 67.
0-9 and A to Z: Shows only the names that start with that character.

To check one number properly, with the name and city matched against the firm's own website, use our step-by-step check. It takes about five minutes.

If a number does not come up at all, SEBI keeps one more list. Go back to Intermediaries / Market Infrastructure Institutions and open Details of Cancelled/ Surrendered/ Expired/ Suspended Intermediaries. Choose Research Analyst, and a status if you want one. Each entry there shows the name, the number, the type of intermediary and its status. A number that appears only there is not a current registration.

BSE's list of enlisted research analysts

SEBI grants the registration. BSE, which SEBI recognised from 25 July 2024 as the body that administers and supervises research analysts, enlists them. So BSE keeps a list too.

Open bseindia.com. Open Menu, then Research Analysts, then BSE Enlisted RA.
The page is titled BSE Enlisted RA Members. Each row shows the BSE enlistment number, the SEBI registration number, the name, the city and the state.
Type a registration number or a name into the search box. Pick the match from the list that drops down, then press Submit.
Click a name to open its detail page. It adds the entity type, the full address, the contact person, a phone number, an email, the date of BSE enlistment, and the website and social media accounts on record.

On 9 October 2026, BSE's list ran to 86 pages of 25, just over 2,100 entries, against SEBI's 2,271. The two are kept separately and need not match on a given day. When they differ, SEBI's register settles it, because SEBI grants the registration. BSE adds a second identifier, the enlistment number, to match against what an analyst publishes.

Individual and non-individual research analysts

An individual, a partnership firm, a limited liability partnership or a company can apply to be a SEBI registered RA. SEBI's rules call every kind other than an individual a non-individual research analyst.

Individual: One person, registered in their own name. If they use a business name, SEBI's entry shows them as its proprietor.
Non-individual: A partnership firm, an LLP or a company. The registration belongs to the entity. A partnership designates one partner as its principal officer. The research may be written by partners or employees.
Part-time: An individual or partnership firm that also does other work unrelated to securities. A part-time analyst must meet the same qualification and certification requirements as a full-time one.

Individual analysts, the principal officers of non-individual ones, and the partners and employees who do the research must all meet SEBI's minimum qualifications and hold NISM certification. BSE's detail page states the entity type in words. Ours reads Sole proprietor.

Neither kind is better by definition. With an individual, you know who writes the calls. With a firm, ask.

INH means research analyst. INA means investment adviser.

Every number on SEBI's research analyst list begins with INH. Every number on its investment adviser list begins with INA. They are separate registrations for separate jobs, listed as separate categories on the same SEBI page. If the prefix does not fit what you are being sold, ask about that before anything else. The difference between the two is set out here.

What the list cannot tell you

The list confirms that SEBI granted a registration to a named person or firm, and that it stands on the date shown. Four things sit outside it.

Quality. Registration sets a floor of qualifications, certification and rules. It does not grade anyone's research.
Performance. The entry carries no track record.
Fit. Whether an analyst covers what you trade, at a pace you can follow around your day, is yours to judge.
Identity online. A Telegram channel or WhatsApp number that quotes a registration number may have nothing to do with the person on the list.

That last one is not a theory. In April 2025, SEBI warned the public about fraudulent trading platforms and WhatsApp and Telegram channels that impersonate SEBI-registered entities, and about fake SEBI certificates. In May 2025 it warned again about people who pose as registered intermediaries inside WhatsApp groups. Here is how a tip channel compares with a registered analyst.

When someone copies a real registration number

Copying a number costs a fraudster nothing. The number is public, and the name beside it is real. So the check is not whether the number exists. It is whether the person you are dealing with is the person on the entry.

Four checks before you pay anyone who messaged you first

Match the name. The name in the chat, on the invoice and on the payment screen should match the registered name. Same number with a different name: stop.

Contact them through the register. Use the email or phone number on SEBI's entry, not the one in the chat, and ask whether the account is theirs.

Check where the money goes. If you pay by UPI, SEBI's framework gives registered research analysts UPI IDs in which the part before the @ ends in .ra, and the part after it starts with valid, followed by the bank's name. Your payment app should show a white thumbs-up inside a green triangle. SEBI Check, on SEBI's intermediary portal (siportal.sebi.gov.in) and the Saarthi app, verifies a UPI ID, a QR code, or a bank account number with its IFSC.

Report it. SEBI asks the public to report unregistered entities offering advice through its Market Intelligence portal.

These UPI IDs have been open for investor payments since 1 October 2025. Using them is your choice. Having one is compulsory for the intermediary. If you have already paid someone who fails these checks, here is what to do next.

From 2,271 names to a shortlist

The list is alphabetical, not a ranking. Treat any ranked list you find elsewhere as a source of names to check, nothing more.

Decide what you want: research on securities, which is an INH registration, or advice on your own money, which is INA.
Decide what you trade and how much time you have during market hours. That narrows the kind of research that suits you.
Collect names from anywhere. Check each one on SEBI's list. Drop any that does not match.
Read each remaining website: the price for the full term, what arrives and when, and the grievance route.
Put the same questions to the few that are left. Here are ten to start with.

Look up our entry

Here is what SEBI's list and BSE's list returned for our number on 9 October 2026. Type INH000027380 into the Registration No. box and compare.

Name on SEBI's list: VINOTH KUMAR S PROPRIETOR OF POTOOS RESEARCH SERVICES
Registration No.: INH000027380
City: Chennai, Tamil Nadu
Contact person: Vinoth Kumar S
Validity: May 20, 2026 - Perpetual
BSE enlistment no.: 7210
Entity type on BSE's detail page: Sole proprietor (checked 27 October 2026)
BSE enlistment date: 11 June 2026

If any line differs from what you see, tell us before you pay us anything.

Potoos is the research practice of Vinoth Kumar S. Every Potoos plan includes both desks: positional NSE cash equity, and buy-side index option calls. Calls are published in the Potoos app the day before the market opens. Every call carries an entry range, staged targets, a stop-loss set before entry, and the reasoning in writing. Plans are Rs 2,999 for 3 months, Rs 5,499 for 6 months and Rs 9,999 for a year. See the plans.

Common questions

Where is the list of SEBI registered research analysts?

On SEBI's website. Open sebi.gov.in, go to Intermediaries / Market Infrastructure Institutions, then Recognised Intermediaries, then Research Analyst. The page shows the date the list is current to, and lets you search by name, registration number, contact person, email or location. BSE keeps a second list, BSE Enlisted RA Members, which adds each analyst's BSE enlistment number.

How many SEBI registered research analysts are there?

On 9 October 2026, SEBI's list showed 2,271 research analysts, current as on 8 October 2026. The count changes as analysts register, surrender or lose their registration, so check the live figure on SEBI's Research Analyst page. The same day, SEBI listed 1,048 investment advisers, which is a separate registration.

What is a SEBI RA?

A research analyst registered with SEBI under the SEBI (Research Analysts) Regulations, 2014. The registration number begins with INH. SEBI grants the registration and BSE enlists the analyst. Individuals, partnership firms, LLPs and companies can all register. An investment adviser is a separate registration, with numbers that begin with INA.

Does being on SEBI's list mean an analyst is good?

No. It means SEBI granted a registration, so the analyst has met SEBI's qualification and NISM certification requirements and works under SEBI's rules. It also means SEBI's complaint routes, SCORES and online dispute resolution, apply; SEBI has said they are not available against unregistered entities. It says nothing about the quality of the research or how past calls turned out.

How do I know a Telegram or WhatsApp account is really a registered analyst?

The list cannot tell you, because SEBI's entries carry no social media accounts. Match the name in the chat to the registered name. Then contact the analyst through the email or phone number on SEBI's entry and ask whether the account is theirs. If you pay by UPI, check the UPI ID on SEBI Check first. SEBI has warned that WhatsApp and Telegram channels impersonate registered entities.