AI-generated illustration by CyberShitty. Not a photograph or a document from the organisations named.

Only SEBI-registered investment advisers and research analysts may charge you for stock advice or recommendations. SEBI publishes searchable lists of every registered adviser and analyst with their registration number, contact details and validity.

Since 1 October 2025, registered intermediaries collect money through special UPI IDs ending in @valid followed by the bank's name, and SEBI Check lets you confirm a UPI ID or bank account belongs to a registered entity before you pay.

Use it when

Someone offers stock tips, a "VIP" WhatsApp or Telegram group, a trading course or research for a fee.
Someone offers to trade on your behalf ("account handling").
You are about to pay any broker, adviser or research analyst.

Not the right tool when

Money already paid to a scammer: call 1930 and file on cybercrime.gov.in.
Complaints about unregistered people: SEBI's SCORES does not handle them. Report them to the police and to SEBI's market intelligence portal.

Keep this ready

The registration number they gave you, and their name
The UPI ID, QR code, or bank account and IFSC you are asked to pay

Step by step

Open SEBI's list of investment advisers, or the research analysts list for someone giving stock recommendations.
Search by name or registration number and match every detail: number, name, email, phone and validity date. Contact them only through the details SEBI lists.
Check the UPI ID. A registered intermediary's ID ends in @valid plus the bank name, with a category tag: .ia for an investment adviser, .ra for a research analyst, .brk for a broker (for example abc.brk@validhdfc).
When you pay, look for the green triangle with a thumbs-up icon on the payment screen and in the middle of the QR code. SEBI says a missing icon is a warning sign.
Confirm the UPI ID or the bank account and IFSC on SEBI Check (siportal.sebi.gov.in, also in SEBI's Saarthi app) before paying.

What happens next

If the person is registered and you have a complaint, raise it with them first, then on SCORES (scores.sebi.gov.in) within one year. The entity must reply within 21 days, and you can ask for two reviews if you are not satisfied.
If the person is not registered, stop paying and dealing with them. SEBI has warned that "account handling" services and live trading tips on social media are not registered activities.

Know the limits

A registration number can be copied. Contact the adviser only through the details on SEBI's list, and pay only to a verified @valid UPI ID or account.
SEBI does not guarantee returns, and neither can a registered adviser.
SCORES does not take anonymous complaints or complaints without documents.