SEBI regulates individuals and entities that publish investment research under the Research Analyst (RA) Regulations, 2014. Registration is mandatory before any person or firm issues buy/sell recommendations on securities. SEBI assigns a unique registration number — for instance, INH300005361 denotes a Tier A individual RA. The regulator maintains a public database of all registered analysts, classifying them by entity type and tier, ensuring investor protection and accountability in securities research.

The SEBI (Research Analysts) Regulations, 2014 created a formal licensing framework for anyone who, for consideration, issues research reports or recommendations on securities. Before 2014, unregulated 'tip providers' operated freely, exposing retail investors to manipulation and conflict-of-interest risks.

Key structural features:

**Who must register:** Individuals, partnership firms, LLPs, and companies that publish research reports or make buy/sell/hold recommendations on listed or to-be-listed securities.

**Tier system:** SEBI classifies RAs into Tier A (individual analysts) and Tier B (entities/firms). Registration numbers follow a pattern — INH for individuals (e.g., INH300005361) and INZ or similar for entities.

**Eligibility criteria:** A minimum qualification of a post-graduate degree in finance/economics/commerce or a NISM certification (NISM Series XV: Research Analyst Certification) is required. Individuals must also meet net-worth norms.

**Obligations:** Registered RAs must disclose conflicts of interest, maintain records of research for five years, separate research from trading activity, and not trade against their own published recommendations within a defined holding period.

**Regulator:** SEBI is the sole authority. The SEBI Complaints Redress System (SCORES) handles grievances against RAs.

This framework is part of SEBI's broader investor protection architecture, alongside regulations for Investment Advisers (IAs), Portfolio Managers, and Credit Rating Agencies.