SEBI regulates individuals and entities that publish investment research under the Research Analysts Regulations, 2014. A registered Research Analyst (RA) must meet eligibility norms—educational qualifications, NISM certification, net-worth requirements, and a code of conduct—before offering research services to clients. Registration number INH300005361 is a Tier A individual RA registration. SEBI maintains a public database of all registered analysts, enabling investors to verify credentials and protecting markets from unregistered, potentially biased research.

The Research Analysts (RA) Regulations, 2014 were introduced by SEBI to bring accountability to equity and securities research, a space historically prone to conflicts of interest. Before this framework, brokers and promoters could publish buy/sell recommendations without disclosure of their own holdings or fee arrangements.

Key pillars of the framework:
1. Registration mandate — No person can publish research reports or recommendations for consideration without SEBI registration. Individual analysts are categorised as Tier A or Tier B based on qualification and experience.
2. Eligibility — A postgraduate degree or professional qualification (CA, CFA, MBA Finance) plus NISM Series XV: Research Analyst certification is required. Five years of relevant experience can substitute the postgraduate requirement.
3. Net worth — Individual RAs must maintain a minimum net worth of ₹1 lakh; non-individual entities face higher thresholds.
4. Conflict-of-interest disclosures — RAs must declare holdings in covered securities, fees received from subject companies, and any commercial relationships.
5. Code of conduct — RAs are prohibited from trading contrary to published recommendations within a cooling-off window and from front-running.
6. Grievance redressal — Clients can escalate complaints through SCORES, SEBI's centralised portal.

The public register on SEBI's website (searchable by registration number like INH300005361) is a critical investor-protection tool. This framework sits squarely within SEBI's mandate under Section 11 of the SEBI Act, 1992 to protect investor interests and develop the securities market.