Check a registered intermediary

SEBI's list of registered intermediaries lets you verify that a person or firm holds a registration in a category such as investment adviser, research analyst or stockbroker. Registration is a permission with a validity period. A registered adviser's name is often copied by impostors, so the contact details must match. This page explains the check in words.

Choose the category

SEBI's list is divided into categories: investment adviser, research analyst, stockbroker, portfolio manager and others. Choose the category that matches the service being offered. An investment adviser gives advice; a research analyst gives research; a stockbroker executes trades.

The category matters because the registration requirements differ. A person registered as a stockbroker is not registered to give investment advice. The category is shown on the list and on the registration certificate.

Search by name or registration number

The list can be searched by name or by registration number. The registration number is a unique identifier that SEBI gives to each registered intermediary. It is usually shown on the intermediary's website and in its disclosures.

If you search by name, you may get more than one result. Compare the details to find the right one. If you have the registration number, use it; it is more precise.

Read the validity field

The list shows a validity field for each registration. The registration is valid only for the period shown. If the registration has expired, the person is no longer registered. The validity field is the most important field on the list.

A registration is a permission with a validity period. It is not a permanent license. The intermediary must renew it before it expires. If the validity field is blank or expired, the person is not currently registered.

Compare contact details

The list shows contact details: phone number, email address, office address. Compare these with the details on the website, the app and the emails you receive. The details must match exactly; impostors often change one digit or one letter.

A registered adviser's name is often copied by impostors. The impostor uses the same name but different contact details. The only way to catch this is to compare the details on the list with the ones you are using.

What registration does not prove

Registration does not prove that the person is honest or competent. It does not prove that the advice will be profitable. It does not prove that the person will not steal your money. It proves only that the person holds a valid registration on the date shown.

Registration is a necessary check, but it is not sufficient. You should also read the intermediary's disclosures, check its disciplinary history and ask for references. But the first check is the registration.

What to do if the details do not match

If the contact details on the list do not match the ones you are using, do not proceed. The person you are dealing with is likely an impostor. Stop all communication and do not send any money.

You may wish to report the impostor to SEBI or to the cybercrime authorities. This site does not give advice on recovery. The important thing is to stop before you lose money.

Registration details change, so check them at the source

The SEBI list is a live record, not a static certificate. A firm can change its registered address, phone number or email after the initial approval. If you rely on a screenshot or a cached page from months ago, you may be looking at details that are no longer current. Always open the regulator’s website and run the search again at the moment you need it.

The validity field itself can change. A registration that is active today may be suspended or cancelled next month. SEBI updates this field when it passes an order. If you checked an intermediary last year and found a valid registration, that does not tell you whether the registration is still valid now. The check is only as good as the date you performed it.

This applies even when you are already a client. An intermediary can lose its registration while you are still dealing with it. If you have an ongoing relationship, make a habit of re-checking the validity field before every new transaction. A mismatch between what the firm tells you and what the live list shows is a reason to stop and ask questions.

The same name can appear under more than one category

SEBI registers intermediaries by the activity they are allowed to carry out. A single corporate group may have separate entities for stock broking, investment advisory and portfolio management. Each entity has its own registration number and its own validity field. Searching by name alone can bring up several results, and not all of them may be relevant to the service you are being offered.

A person who shows you a registration certificate for one category is not automatically authorised to offer services in another category. A registered stock broker cannot give investment advice unless it also holds a separate registration as an investment adviser. If you are being pitched a service, ask which category the person is registered under and check that exact category on the list.

The category matters because the rules differ. An investment adviser has a fiduciary duty to act in your best interest. A stock broker has a duty to execute your orders fairly but is not required to tell you what to buy. When you read the list, look at the category column before you look at the validity field. A valid registration in the wrong category is not a licence for the service you are being sold.

A registered name is not the same as a trading name

Many financial firms operate under a brand name that is different from the legal name on their SEBI registration. The app you download may show a catchy trading name, while the list shows a corporate name you do not recognise. That does not automatically mean something is wrong, but it does mean you need to connect the two names before you trust the registration.

The SEBI list is searchable by the registered legal name. If you only know the trading name, try searching for part of it, or look at the firm’s website or app store listing for its legal name. The firm should disclose its registered name and registration number in its terms and conditions or on its website. If you cannot find a legal name that matches a SEBI registration, treat that as a gap in your verification.

This distinction becomes critical when you compare contact details. The address on the app may be a marketing office, while the address on the SEBI list is the registered office. The two can be in different cities. That does not make the firm unauthorised, but it does mean you should know which address you are dealing with and which one the regulator holds on file.

A lapsed registration can still be shown to you

Some intermediaries let their registration lapse and then continue to operate. They may keep the old registration number on their website and in their app. A client who does not check the validity field may think the number is still active. The number itself does not tell you the current status; you have to read the field next to it on the SEBI list.

The lapse may happen without any public announcement. SEBI does not send a notice to every investor when an intermediary’s registration expires. The onus is on the person dealing with the intermediary to check the live list. If you see a registration number but the validity field shows 'expired' or 'cancelled', the number is no longer a proof of authorisation.

This is a common failure mode in pitches. A salesperson may quote a registration number that was valid at some point in the past. The number looks real, and the name matches. Only the date in the validity field reveals that the registration is no longer in force. Make the check part of your routine before you hand over money or sign any document.

The list cannot tell you if the person you are talking to works for the intermediary

A firm may be registered, but the individual who calls you may not be its employee. Fraudsters sometimes impersonate employees of registered firms. They use the firm’s name and registration number to gain trust, then direct you to pay into a personal account or a different platform. The SEBI list shows the firm, not the individuals who work there.

There is no public register of every employee of every registered intermediary. SEBI does not publish a list of sub-brokers, authorised persons or relationship managers. You can verify the firm, but you cannot verify the individual through the same list. If someone claims to represent a registered firm, call the firm’s registered phone number from the list and ask whether that person is authorised.

This verification step is often skipped because it takes time. But it is the only way to close the gap between the firm’s registration and the individual’s claim. A registered firm is responsible for the actions of its authorised persons, but only if the person is genuinely authorised. If the person is an impostor, the firm’s registration does not protect you.

Check the list before you pay, not after

The natural order is to verify first and pay later. Yet many people do it the other way round. They pay the intermediary, then later check the list and find a problem. By then the money is gone and the process of recovery is longer. The SEBI list is most useful when it is used as a gate before any money changes hands.

A pre-payment check takes only a few minutes. You need the intermediary’s name or registration number, which any genuine firm will provide on request. If a firm hesitates to give you its registration number, or gives you a number that does not match the name, treat that as a warning. The check itself is free and does not require any login.

The timing of the check matters because the list can change without notice. A firm that was valid when you first contacted it may not be valid a month later. Make the check as close as possible to the moment of payment. If there is a gap of several weeks between your check and your payment, run the check again.

A current registration is not a guarantee of future behaviour

SEBI's registration confirms that an intermediary met the entry standards and continues to file returns. It does not mean the regulator has approved every product the intermediary sells. A registered broker can still offer a bad investment idea, and a registered adviser can give advice that loses money. The registration is a licence to operate, not a rating of quality.

When you check the list, you are only verifying that the entity is allowed to use a title such as stock broker or investment adviser. You are not checking whether its advice will suit your goals. The regulator cannot stop a registered person from making a poor recommendation. It can act only after rules are broken.

This is why a validity field that shows an active registration should not be read as a signal to proceed. It is one check among several. You still need to understand the product, question the fee, and compare what is promised with what is written in the disclosure documents.