"Research Analyst" and "Investment Adviser" sound similar, and many investors mix them up. But under SEBI's rules they do two different jobs — and knowing the difference tells you exactly what service you're getting. This is for learning only.
Research Analyst (RA)
A Research Analyst studies securities, sectors and companies, and publishes research and recommendations — for the general public. Think "here's what our research says about this stock, this sector, this strategy." An RA:
- shares general research and calls (the same information for everyone),
- does not manage your money, and
- does not tailor advice to your personal finances.
Investment Adviser (IA)
An Investment Adviser works at the individual level. Before advising, an IA considers your goals, income, and risk appetite, and then gives personalised advice for your money. It's a one-to-one relationship built around your specific situation.
| Research Analyst (RA) | Investment Adviser (IA) | |
|---|---|---|
| For whom | The general public | One specific client |
| Nature | General research & recommendations | Personalised advice |
| Looks at your finances? | No | Yes |
| SEBI-registered? | Yes | Yes |
A fee rule worth knowing
Both are regulated on fees. Since April 2025, both RAs and IAs may charge an advance fee for up to one year (if you both agree) — a change from the earlier, shorter limits.
How to protect yourself
- Ask for the SEBI registration number and verify it at sebi.gov.in before paying anyone.
- Be clear on what you're buying: general research (RA) or personalised advice (IA).
- Anyone offering "advice" without registration is operating illegally — a major red flag (see how to spot a stock-market scam).
For transparency: Sanjeev Research is a SEBI-Registered Research Analyst (Reg. No. INH000027423). That means we publish research, educational content and a model portfolio for everyone to learn from — we do not provide personalised, one-to-one financial advice. Knowing the difference helps you use our work the right way: as research to inform your own decisions.
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