How to Check if a Stock Broker or Advisor Is SEBI-Registered in India

Short answer: search SEBI’s own register, not the broker’s website or WhatsApp profile. On sebi.gov.in, open Intermediaries / Market Infrastructure Institutions → Recognised Intermediaries, pick the category (stock broker, investment adviser, research analyst and so on) and search by name or registration number. A genuine broker has an INZ number, a research analyst an INH number and an investment adviser an INA number. If the name or number is not on that register, SEBI has not registered the person, and paying them for advice or trades is an avoidable risk.

General consumer information, not legal advice. Registers and rules checked against SEBI documents on 12 October 2026. Registration shows a person is allowed to operate; it does not say their advice is good.

Step 1: look them up on SEBI’s register

SEBI publishes a page called “Recognised Intermediaries” at sebi.gov.in/sebiweb/other/OtherAction.do?doRecognised=yes. Its dropdown lists the categories, including registered stock brokers by segment, investment advisers, research analysts, portfolio managers, merchant bankers, registrars and share transfer agents, depository participants and mutual funds. Each register can be searched by name, trade name, registration number, contact person, email or location. SEBI’s own investor FAQ for investment advisers tells investors that the list of advisers is at “Home » Intermediaries / Market Infrastructure Institutions » Recognised Intermediaries”, and its research analyst rules tell investors to “check for SEBI registration number” and to always deal with a registered analyst.

Search by the registration number as well as the name. A scammer can copy a real firm’s name and even its number; the register’s entry will show the real firm’s registered address, phone number and email, and those are what you compare against the person contacting you.

Step 2: read the registration number

On SEBI’s registers, most registration numbers are a three-letter prefix followed by nine digits. The prefix tells you what the person is registered as:

The prefix has to match what the person is doing. A broker’s INZ number does not by itself show registration as a research analyst or investment adviser, so someone selling you stock tips or “calls” should also appear on the Research Analyst or Investment Adviser register. In the other direction, an INH or INA number means registration as an analyst or adviser, not as a broker. The table above is based on the register under which each prefix appears on SEBI’s page. Rely on the register’s own search result rather than on the format of a number alone.

Step 3: check the money trail, not just the name

SEBI’s circular of 11 June 2025 (SEBI/HO/DEPA-II/DEPA-II_SRG/P/CIR/2025/86) created a dedicated payment-address system for registered intermediaries. Their UPI IDs use the handle @valid combined with a bank name, with a suffix showing the type of intermediary: .brk for stock brokers, .ra for research analysts, .ia for investment advisers, .dp for depository participants, .mf for mutual funds and .pms for portfolio managers. The circular says these handles are exclusively for payment collection by SEBI-registered intermediaries, available to investors from 1 October 2025. It also says that payments to registered intermediaries through these IDs show a “thumbs-up inside a green triangle” icon, and that the icon’s absence “would caution investors of the risk that they are making payments to unauthorised entities”.

Using the structured UPI address is optional for investors, but the circular makes it mandatory for intermediaries to obtain and offer it. In practice: if someone claiming to be a SEBI-registered broker or adviser asks you to pay a personal UPI ID, a current-account number in a different name or a payment link, stop. SEBI also runs a “SEBI Check” page at siportal.sebi.gov.in/intermediary/sebi-check where you can check a UPI ID or bank account details before sending money.

Step 4: check the exchange member lists

For a stock broker, NSE and BSE each publish a searchable directory of their trading members on their own websites. Use it as a second check alongside SEBI’s register, and confirm the broker’s name and SEBI registration number match in both places.

Unregistered advisers and “finfluencers”

The rule is plain. SEBI’s Research Analyst Regulations, 2014 say that “no person shall act as a research analyst or research entity or hold itself out as a research analyst unless he has obtained a certificate of registration” from SEBI. A social-media account with a large following, a Telegram channel or a “for educational purposes only” disclaimer does not change that. Two SEBI circulars make the position harder for the registered side too:

• A circular of 29 January 2025 (SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2025/11) says regulated entities and their agents shall not have any direct or indirect association with another person who gives advice on securities unless that person is registered or otherwise permitted by SEBI, or who claims returns or performance. Someone engaged solely in investor education, without doing either, is outside this.
• A circular of 26 February 2026 requires regulated entities and their agents to show their registered name and registration number on the home page of their social-media handles and at the start of each piece of securities-market content uploaded on or after 1 May 2026. A creator who claims to be registered but shows no number is a reason to check.

Registered research analysts must also show their registration number and address prominently on their website, advertisements, client agreements and similar material, and must carry the statement that registration, enlistment and NISM certification “in no way guarantee performance of the intermediary or provide any assurance of returns to investors”. SEBI’s advertisement rules for analysts prohibit “any promise or guarantee of assured or risk free return”. An adviser who guarantees returns is breaching the rules even when genuinely registered.

If the person is not registered, or you already paid

SEBI’s complaint system, SCORES, takes complaints against listed companies and SEBI-registered intermediaries, but its FAQ excludes complaints about unregistered or unregulated activity. If you have already lost money to an unregistered operator, follow the steps in what to do after losing money in an online trading or investment scam: 1930, cybercrime.gov.in and your bank, immediately. To judge a platform’s legitimacy as a business, use the website legitimacy checklist and how to research a company. For crypto platforms the registration question is different; see is a crypto exchange legal in India.

More in this series on scams and recovery: UPI payments sent to the wrong person or a scammer, fake customer care number scams and fake job offer and task scams.

Frequently asked questions

How do I check if a stock broker is registered with SEBI?

Go to SEBI’s “Recognised Intermediaries” page on sebi.gov.in, choose the registered stock brokers list for the relevant segment, and search by name or registration number. A registered broker has an INZ number. You can cross-check against the NSE and BSE member directories.

What do INZ, INH and INA mean?

They are the prefixes on SEBI registration numbers: INZ for stock brokers, INH for research analysts and INA for investment advisers. Each is followed by nine digits. The prefix must match the activity: only an INH or INA holder is registered to give investment recommendations.

Can someone on Instagram or Telegram legally give stock tips?

Not as a research analyst or investment adviser unless they hold SEBI registration. SEBI’s regulations say no person may act or hold themselves out as a research analyst without a certificate of registration, and regulated entities may not associate with unregistered people who give securities advice or claim returns. A 26 February 2026 SEBI circular also requires registered people to display their name and number on social media content from 1 May 2026.

Does SEBI registration mean my money is safe or the returns are guaranteed?

No. SEBI’s own required disclaimer says registration and certification “in no way guarantee performance” or provide any assurance of returns, and registered analysts are prohibited from promising assured or risk-free returns. Registration means the person is authorised to operate and answerable to SEBI’s rules.

How can I check that a UPI ID belongs to a SEBI-registered intermediary?

Registered intermediaries use UPI IDs ending in @valid plus a bank name, with a suffix such as .brk, .ra or .ia, and UPI apps show a thumbs-up-in-green-triangle icon for such payments. You can also use SEBI Check at siportal.sebi.gov.in/intermediary/sebi-check. If the payee is a personal UPI ID, do not pay.

Who do I complain to if a registered broker or adviser cheated me?

Use SEBI’s SCORES portal (scores.sebi.gov.in), within one year of the cause of action. The entity must upload its reply within 21 calendar days, and you can ask for a review within 15 calendar days of that reply. The SEBI helpline is 1800 266 7575 or 1800 22 7575. SCORES does not cover unregistered operators; for those, use 1930 and cybercrime.gov.in.