Research analyst or investment adviser: which do you need?
Two SEBI registrations. Two different jobs. And one word used so loosely in marketing that plenty of people buy the wrong one. The prefix on the number settles it.
Published 23 September 2026 · Potoos Research Services
The short answer. A Research Analyst publishes research and recommendations on securities. That registration begins with INH. An Investment Adviser advises you on your own portfolio and circumstances. That is a separate registration, and it begins with INA. If you want a view on a stock, that is research. If you want a plan built around your life, that is advice. Potoos is registered for the first, INH000027380. We are not registered for the second.
The two registrations, side by side
| Research Analyst | Investment Adviser | |
|---|---|---|
| Registration begins | INH | INA |
| What they produce | Research and recommendations on securities: buy, sell or hold views, with reasoning | Advice built around your own situation, goals, income and risk profile |
| Is it personal to you | No. The same research goes to every subscriber on that desk | Yes. It is supposed to be specific to you, after understanding your circumstances |
| Typical question it answers | Is this stock worth buying, and at what price | How should I allocate what I have, and what should I own at all |
| Fees | Capped at ₹1,51,000 per family per year for individual and HUF clients | Also capped, under its own regulations |
| Can either promise a return | No. Neither may promise returns, accuracy rates or sure-shot calls, and neither may publish past performance in public material. | |
The practical test
Ignore the vocabulary. The question is simple. Do you want a view on a security, or a plan for your money?
Maybe you want to know "is this worth buying, where do I get in, where do I get out". That is research. A Research Analyst is the registration for it. Maybe you want to know "I have this much, I earn this much, I want to retire at this age, what should I do". That is advice. An Investment Adviser is the registration for it. Asking a Research Analyst the second question is asking for something they are not registered to give you.
A view on a stock is research. A plan for your life is advice. They are different registrations because they are different jobs.
Why the confusion costs people money
Two reasons, and both show up in the same way.
The first is that "advisory" is used loosely in marketing. A service calling itself a stock advisory may hold either registration, or neither. The word on the website tells you nothing. The prefix on the registration number tells you everything. So ask for the number before you read the brochure.
The second is that an unregistered operator gains from the blur. If you are not sure which registration should apply, you are also not sure what is missing. And "we give personalised calls" can be said by someone who holds no registration at all. Know which of the two you are shopping for. The vague unease then becomes a specific question you can check in a minute.
What neither of them is
Neither is a broker. A broker carries out your orders and holds your account. That is its own registration again. No Research Analyst needs access to your trading account, your password or a one-time password to do the job. No Investment Adviser needs that either. If anyone asks you for any of those, that is the clearest signal there is to stop.
Neither is a portfolio manager either. A portfolio manager runs money on your behalf. That is a separate registration, with its own minimum. Somebody may offer to trade your account for a share of the profits. That is a different activity from both of the ones on this page. Find out exactly what they are registered to do before you agree to anything.
Which one is Potoos
A Research Analyst. The registration is INH000027380, in the name of Vinoth Kumar S, in Chennai. We publish research and recommendations with an entry, a target and a stop-loss. They are sent the evening before the market opens. We do not build plans around your personal circumstances. We do not hold or touch your money. We are not registered to do either. What we do, and what we earn from, is set out here.
How to tell which one you are being sold
Ask for the registration number
INH is a Research Analyst. INA is an Investment Adviser. If neither prefix appears, ask why.
Check it on SEBI's register
They are two separate registers. Search the number on the right one. Match the name and the city. The four-step check is here.
Listen to what is being offered
The pitch may be about your goals, your retirement and your whole portfolio. If the number begins INH, the offer and the registration do not match.
If it is research you are after, our prices are published. The three plans are on the homepage. And what a stock advisory costs in India covers the fee cap. It also covers how to judge any price against your own capital.
Common questions
What is the difference between a research analyst and an investment adviser?
A Research Analyst publishes research and recommendations on securities. That SEBI registration begins with INH. An Investment Adviser gives advice built around your own situation, goals and risk profile. That is a separate registration, and it begins with INA. Research is the same for every subscriber. Advice is supposed to be specific to you.
Which do I need, a research analyst or an investment adviser?
Ask one thing. Do you want a view on a security, or a plan for your money? Is a stock worth buying, and at what price? That question is research. What should you own at all, given your income, goals and timeline? That question is advice. They are different registrations because they are different jobs.
What does INH mean in a SEBI registration number?
INH is the prefix for a SEBI-registered Research Analyst. INA is the prefix for an Investment Adviser. They are separate registers with separate permissions. So check that the prefix matches what you are actually being offered.
Can a research analyst manage my money or place trades?
No. A Research Analyst publishes research and recommendations. Your money stays in your own account. You place your own orders. No part of the service needs access to your funds, your login or a one-time password. Running money on your behalf is portfolio management. That is a separate registration again.
Is Potoos a research analyst or an investment adviser?
A Research Analyst, registration INH000027380, in the name of Vinoth Kumar S, in Chennai. Potoos publishes research with an entry, a target and a stop-loss. It is sent the evening before the market opens. Potoos does not build plans around personal circumstances. It is not registered to do so.