SEBI registered research analysts and investment advisers in India, by state
India has 3,381 advisers on SEBI's registers: 2,319 research analysts and 1,062 investment advisers. 1,028 of them began their current registration in the last 12 months.
New registrations by year
| Year | Advisers |
|---|---|
| 2013 | 26 |
| 2014 | 37 |
| 2015 | 149 |
| 2016 | 93 |
| 2017 | 113 |
| 2018 | 108 |
| 2019 | 101 |
| 2020 | 73 |
| 2021 | 101 |
| 2022 | 213 |
| 2023 | 295 |
| 2024 | 501 |
| 2025 | 677 |
| 2026 (to 28 October 2026) | 894 |
New registrations by month, last 12 months
| Month | Research analysts | Investment advisers |
|---|---|---|
| November 2025 | 21 | 21 |
| December 2025 | 60 | 23 |
| January 2026 | 30 | 12 |
| February 2026 | 37 | 24 |
| March 2026 | 44 | 15 |
| April 2026 | 93 | 25 |
| May 2026 | 108 | 28 |
| June 2026 | 96 | 29 |
| July 2026 | 77 | 15 |
| August 2026 | 46 | 8 |
| September 2026 | 75 | 18 |
| October 2026 (to 28 October 2026) | 89 | 25 |
By state
| State | Research analysts | Investment advisers | New, last 12 months |
|---|---|---|---|
| Maharashtra | 677 | 394 | 270 |
| Madhya Pradesh | 313 | 41 | 129 |
| Karnataka | 160 | 163 | 101 |
| Gujarat | 233 | 75 | 97 |
| Delhi | 158 | 70 | 61 |
| Uttar Pradesh | 148 | 45 | 68 |
| West Bengal | 109 | 24 | 36 |
| Tamil Nadu | 67 | 60 | 45 |
| Haryana | 70 | 45 | 38 |
| Rajasthan | 94 | 20 | 42 |
| Telangana | 65 | 31 | 29 |
| Kerala | 39 | 17 | 16 |
| Punjab | 36 | 10 | 17 |
| Andhra Pradesh | 25 | 12 | 16 |
| Chhattisgarh | 25 | 8 | 11 |
| Bihar | 26 | 5 | 13 |
| Odisha | 15 | 4 | 8 |
| Uttarakhand | 14 | 2 | 11 |
| Jharkhand | 7 | 2 | 4 |
| Assam | 8 | 1 | 4 |
| Chandigarh | 3 | 4 | 0 |
| Goa | 2 | 3 | 1 |
| Himachal Pradesh | 2 | 3 | 3 |
| Jammu and Kashmir | 2 | 1 | 0 |
| Puducherry | 1 | 2 | 1 |
| Daman and Diu | 1 | 1 | 0 |
| Pune | 1 | 1 | 1 |
| Bengaluru | 0 | 1 | 0 |
| Meghalaya | 0 | 1 | 0 |
| India | 1 | 0 | 1 |
| Arunachal Pradesh | 1 | 0 | 1 |
| Indore Indore | 1 | 0 | 1 |
Want to join the register? We prepare the documents, file on the portal and answer BSE until SEBI decides.
How we count: every adviser on SEBI's research analyst and investment adviser registers, placed in the state of the address it lists, read on 28 October 2026. 31 entries list no state we could read and count only in the India total. The year is when the current registration began, as the register shows it. Source: SEBI, Recognised Intermediaries: Research Analysts and Investment Advisers registers (sebi.gov.in).
BuildWright Consultants provides documentation, application-drafting, and compliance facilitation for SEBI Investment Adviser and Research Analyst registration. This is not legal advice and does not replace a qualified professional. We are not SEBI and do not guarantee registration outcomes. Eligibility, deposit, fee, and timeline requirements are as prescribed by SEBI from time to time. Every figure we publish names the SEBI document it came from and the date it was read, and we re-confirm it against the current circular during scoping.