There's a quiet problem in the Indian investment advice market: most people calling themselves "investment advisors" are not legally allowed to give investment advice.
Mutual fund distributors call themselves advisors. YouTube finance influencers call themselves advisors. WhatsApp groups promising "guaranteed 25% returns" call their organisers advisors. Many of them are not SEBI-registered Investment Advisers (RIAs) — the regulatory category designed for personalised investment advice in India.
The difference matters because SEBI's framework imposes real obligations on registered advisors: fiduciary duty, client-paid advisory fees, risk profiling requirements, mandatory disclosures, and accountability to a regulator if rules are broken. If an entity is not registered for investment advisory services, those specific investor protections may not apply.
This guide walks through the three reliable ways to verify whether any platform, app, or person calling themselves an investment advisor is actually registered with SEBI. Takes 2 minutes per check. Do it before you give anyone access to your portfolio or pay anyone for advice.
Why SEBI registration matters
Under SEBI's Investment Advisers Regulations, 2013, anyone giving personalised investment advice in India for a fee must be registered as an Investment Adviser. Registration confers — and enforces — specific obligations:
- Fiduciary duty: The advisor must act in your best interest, not theirs
- Client-paid advisory fees: RIAs cannot accept product-manufacturer commissions for advisory recommendations; any group-level distribution activity must be segregated and disclosed
- Risk profiling: They must assess your risk capacity and tolerance using a structured framework before recommending anything
- Suitability: Advice must match your situation, not be a generic recommendation
- Disclosure: All fees, conflicts of interest, and material facts must be disclosed upfront
- Audit trail: Every recommendation must be documented and reviewable
- Regulator accountability: SEBI has authority to investigate, fine, or revoke registration if rules are broken
Unregistered "advisors" — whether they're YouTube influencers, distributor platforms, WhatsApp tipsters, or generic AI chatbots — are not bound by the same advisory framework. They may have different incentives, different disclosure standards, and far weaker accountability if recommendations are unsuitable.
The good news: verifying SEBI registration takes about 2 minutes. Here's how.
3 ways to verify any advisor
You don't need to take the advisor's word. SEBI maintains a public registry, and the recognised Investment Adviser Administration and Supervisory Body (IAASB) records can provide a secondary cross-check.
Method 1: SEBI's official intermediaries portal
This is the primary source — SEBI's own database.
Steps:
- Go to https://www.sebi.gov.in/intermediaries.html
- From the dropdown labelled "Select Category", choose "Investment Adviser"
- Click "Search"
- You'll see a paginated list of every registered RIA in India
- Use Ctrl+F, Cmd+F, or the in-page search to find the advisor's name or registration number
- Verify three things on the listing:
- Name matches what they call themselves
- Registration number matches what they display (format: INA followed by 9 digits — e.g., INA000018382)
- Status says "Active" or "Valid" (not "Cancelled", "Suspended", or "Surrendered")
If the listing exists and status is active, the advisor is legitimately registered under that legal entity. If you cannot find the entity or registration number, treat the claim as unverified until the advisor clarifies it.
The portal also shows the advisor's registered address and contact information, which is useful for cross-referencing with what's on their website or app store listing.
Method 2: Check the IAASB/BSE member record
SEBI uses a recognised Investment Adviser Administration and Supervisory Body (IAASB) for administration and supervision of Investment Advisers. BASL was historically referenced in this context; current member records may be routed through BSE/IAASB resources.
Steps:
- Go to the IAASB/BSE member resources linked from SEBI/BSE, or start from https://basl.bseindia.com/ if that is the page surfaced for advisor member records
- Look for the "Members", "Investment Advisers", or "Registered Investment Advisers" section
- Search by name or registration number
- Confirm the advisor appears as an active/enlisted member
This is a redundant check that can catch edge cases — for instance, advisors whose supervisory-body status has changed. Treat SEBI's own intermediary portal as the primary source and the IAASB/BSE record as a useful cross-check.
Method 3: Ask the advisor directly for their RIA number
Real RIAs should display their registration number openly. Look for it on their website footer, app store listing, signup screen, marketing materials, disclosures, and client communications.
If an advisor is hesitant to share their RIA number, that's a red flag by itself. A few things to check:
- Is the number visible on their website or app? Look in the footer, About page, or onboarding flow
- Do they tell you the entity name? The registered legal entity is often different from the app brand — for example, Genvest is the app brand; Coinwise Research Private Limited is the registered entity
- Are the entity name and RIA number consistent across their website, app, and SEBI's portal? Any mismatch is suspicious
For reference, Genvest's RIA number is INA000018382, registered under Coinwise Research Private Limited. You can verify both on SEBI's portal using either the registration number or the entity name.
What a valid RIA registration number looks like
SEBI follows a consistent format for RIA registration numbers:
INA000018382
For Investment Advisers, the registration number starts with INA followed by a 9-digit unique number. A few common variations:
- INA000xxxxxx — Investment Adviser registration
- INH000xxxxxx — Research analyst registration, sometimes confused with RIA but distinct
- INZ000xxxxxx — Stock broker code, not an Investment Adviser
If someone shows you a number that doesn't start with INA, they may be licensed for something else, but you should not assume they are a registered Investment Adviser. Brokers and research analysts operate under different rules and do not provide fiduciary personalised advice in the same way an RIA does.
Red flags: signs an "advisor" is not actually registered
Some patterns that should make you suspicious:
The registration number is hidden or not displayed. RIAs should make their registration details easy to find — usually in website footer, app store listing, and disclosures. If you have to ask repeatedly, that's a flag.
They promise specific returns. SEBI prohibits registered advisors from promising returns ("Earn 25% per year!", "Guaranteed 12% returns!"). Anyone making such promises is either unregistered or violating regulations.
They earn commissions from products they recommend. RIAs cannot take product commissions for advisory recommendations. If the business model is "free advice, paid by the funds", check carefully whether you are dealing with a distributor, a separate distribution entity, or a registered advisor with a properly segregated structure.
The brand name doesn't match the registered entity. SEBI registration is in the legal entity's name, which may differ from the brand name. This is normal and OK — but the entity should be findable on SEBI's portal. If neither the brand nor an associated entity appears anywhere, that's a problem.
No risk profiling before recommendations. SEBI requires every RIA to administer a risk profile assessment before giving advice. If a platform jumps straight from signup to "here's what to buy", they're either skipping a required step or not actually operating as a registered advisor.
No documented fee structure. Registered RIAs must disclose fees upfront. If pricing is vague, conditional, or "performance-based" without clear documentation, be cautious.
Anonymous or pseudonymous "advisors". YouTube finance personalities, WhatsApp tipsters, or Telegram channel admins giving advice without revealing their legal name and registration are not regulated.
SEBI's public warnings mention them. SEBI periodically issues public warnings about unauthorised advisors. Check SEBI's public notices and investor alerts if something feels off.
What to do if you suspect fraud
If you've been given advice or sold a product by someone who claims to be SEBI-registered but isn't, or whose advice has caused you loss:
-
File a complaint via SCORES (SEBI Complaints Redress System)
- Portal: https://scores.sebi.gov.in/
- Free, online, takes 10 minutes
- SEBI investigates and can take regulatory action against the unauthorised entity
-
Report through the IAASB/BSE grievance route
- If the entity claims RIA registration but the conduct is suspicious
- Use the supervisory-body grievance mechanism surfaced through SEBI/BSE/BASL resources
-
Use the Online Dispute Resolution (ODR) Portal
- SEBI's smart-ODR system is designed for retail investor disputes against SEBI-registered intermediaries
- Faster than civil courts; uses online arbitration
-
In cases of financial fraud, file a police complaint
- Especially if money has been transferred outside regulated channels
- Cyber Crime cell handles online financial frauds
-
Warn others carefully
- Share verified facts, not speculation
- Avoid defamatory claims unless you have documentation
Frequently Asked Questions
How do I check if Genvest is SEBI registered?
Genvest operates under Coinwise Research Private Limited, SEBI RIA registration number INA000018382. You can verify directly on SEBI's intermediaries portal — select "Investment Adviser" from the dropdown and search for either "INA000018382" or "Coinwise Research". The registration should appear as active.
What's the difference between an Investment Adviser and a Mutual Fund Distributor?
A SEBI-registered Investment Adviser is licensed to give personalised investment advice for a fee. They cannot earn commissions from product manufacturers for the advice they provide. A Mutual Fund Distributor sells mutual funds and earns commission from fund houses — a different role from fiduciary personalised advice. Many platforms describe themselves ambiguously; the SEBI registration tells you which legal entity you are actually dealing with.
Are major investment apps SEBI-registered advisors?
Do not rely on brand names alone. Large platforms often operate through multiple legal entities and licences, such as broking, distribution, research analysis, portfolio management, and sometimes investment advisory. The safe approach is to check the exact legal entity giving you advice, the registration number displayed to you, and the service terms you are accepting. If the entity giving personalised advice is not listed as an active SEBI Investment Adviser, treat the output as general information rather than fiduciary advice.
How long does SEBI take to register an Investment Adviser?
Timelines vary based on documentation, queries, and SEBI review. SEBI verifies qualifications, business plan, capital adequacy, infrastructure, and background before approving registration.
Can a SEBI-registered Investment Adviser also be a Mutual Fund Distributor?
SEBI's rules require strict separation because the conflict of interest is structural. Some groups may operate advisory and distribution through different legal entities or segregated structures, but you should verify which entity or service line is serving you, what licence it holds, and how it is paid.
What happens if a SEBI-registered RIA gives bad advice?
If the advice was suitable for your profile and properly disclosed but the market simply moved against you, that's not actionable — registered advisors cannot guarantee outcomes. However, if the advice was unsuitable, conflicts were undisclosed, fees weren't disclosed properly, or the RIA violated SEBI rules, you can file a complaint via SCORES and SEBI can take action.
Is it safe to share my financial data with a SEBI-registered RIA?
Generally yes, especially if they use the Account Aggregator framework and comply with India's Digital Personal Data Protection Act, 2023. SEBI-registered RIAs are bound by confidentiality rules. Always verify that the advisor is registered, that they use regulated consent flows, and that they are not asking for banking passwords or scraping data from email.
Closing thought
The 2-minute SEBI portal check is the single highest-leverage thing you can do before trusting anyone with your portfolio. The cost of skipping it — paying for "advice" that's actually a sales pitch, or losing money to unauthorised tipsters with no accountability — can run into lakhs.
If you're evaluating any investment platform, app, or human advisor, do this:
- Find their RIA registration number or confirm they do not claim to be one
- Verify it on SEBI's portal
- Cross-check the IAASB/BSE member record where available
- Confirm the entity name matches what's on their app, website, and terms
If all four check out, they're legitimately registered and operating within SEBI's framework — which is the minimum bar for trusting them with your money.
If you'd like to see what AI-powered, SEBI-registered investment advisory looks like in practice, Genvest's free portfolio analysis is a simple place to start once you've granted Account Aggregator consent. Try the free portfolio analysis.
For a deeper look at how AI wealth advisory works in India — what it does, what it can't do, and how to evaluate one — read our complete guide: AI Wealth Advisor in India: A Complete Guide to AI-Powered Investing in 2026.
Investments in securities market are subject to market risks. Read all related documents carefully before investing. Registration granted by SEBI, enlistment with IAASB and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. The information in this article is for educational purposes and is not personalised investment advice.