Recently, Nithin Kamath, Co-founder of Zerodha, a leading stockbroker in India, highlighted a significant challenge in the Indian financial market: the relatively low number of SEBI-registered investment advisors (RIAs) and research analysts (RAs). Despite the surge in unique investors from 3 crore in 2020 to 10 crore today, the growth in registered professionals has been minimal. In fact, the number of registered RIAs appears to be declining.

This observation raises an important question: How many SEBI-registered Research Analysts and Investment Advisors are currently active in India? Here are the latest statistics from official sources.

SEBI-Registered Research Analysts in India

As of August 15, 2024, there are 1,330 SEBI-registered research analysts in India, according to data from SEBI. The complete list is also available on the BSE India website.

Some key insights from the BSE India website include:

• Out of the 1,330 registered research analysts, 270 are limited companies.
• In March 2018, there were 467 entities offering research analyst services. This number increased by 57% to 733 by March 2021.

Although the number of SEBI-registered research analysts has been increasing, it remains low compared to the rapidly growing number of investors in the stock market and mutual funds.

SEBI-Registered Investment Advisors in India

As of August 15, 2024, there are 973 registered investment advisors in India according to the SEBI website. This data can also be found on the BSE India website.

Key figures include:

• Out of the 973 SEBI-registered investment advisors, 279 are limited companies.

Difference Between a Research Analyst and an Investment Advisor in India

Investment Advisors: These are professionals or entities who, for a fee, provide investment advice to clients, including advice on securities, investment products, and financial planning. Their services may be delivered through various channels, including written reports, oral consultations, or other forms of communication.

Research Analysts: These individuals or entities are responsible for preparing or publishing research reports, offering buy/sell/hold recommendations, giving price targets, or providing opinions on public offers concerning listed or soon-to-be-listed securities. Research analysts may or may not hold the official title of “research analyst,” but their role involves issuing research reports or conducting research analysis.