SEBI registered investment adviser: how to check before you pay

What did SEBI actually order?

SEBI directed the academy and Avadhut Sathe to refund ₹546.17 crore and to pay ₹67.87 crore in interest, which makes ₹614.04 crore in total (₹546.17 crore + ₹67.87 crore). The 171-page final order also carries a penalty of ₹11.5 crore. It bars the academy and its founder from the securities market for two years, or until the refund is made if that is later (Moneylife, read 25 October 2026).

SEBI found that advice and research recommendations were sold through paid programmes, sessions and WhatsApp groups without the registration the rules require. The academy had collected about ₹601.38 crore since inception, and ₹546.17 crore of that came from the programmes SEBI named for refund. That is 90.8 percent of the total (546.17 ÷ 601.38).

The academy argued that it was a victim of a regulatory vacuum and that its market examples were only for conceptual clarity. SEBI's chairperson rejected the argument and said there was no regulatory vacuum. These are findings as reported, in a final order that has an earlier history before the Securities Appellate Tribunal.

Why does a following not prove a licence?

A following measures attention, while a registration is a legal status, and SEBI's order shows how far apart the two can sit.

In the flagship programme SEBI recorded 311 trainees who each paid ₹6.75 lakh. Over six months, 186 of them collectively lost ₹1.93 crore, which is about ₹1,03,763 each on average (₹1,93,00,000 ÷ 186). The fee alone was the larger number. ₹6.75 lakh is 6.75 percent of a ₹1 crore portfolio, paid before a single trade.

I hold that a paid tip is a fee-charging counterparty like any other. You ask who is licensed to take your money, and you ask before the first payment. A name you recognise from videos is not an answer to that question.

How do you check a SEBI registered investment adviser?

The check has five steps. Run them in order and stop at the first one that fails.

Ask for the name and the registration number in writing

A registered investment adviser or research analyst has a registration number and can give it to you. Ask by message, so you hold the answer in writing. A reply that moves to testimonials, a screenshot of profits or a countdown to a closing date is an answer to a different question.

Look the name up on SEBI's own list

SEBI publishes lists of registered investment advisers and research analysts on sebi.gov.in. SEBI's intermediary portal states that registration and post-registration work for both categories has moved to BSE Ltd (SEBI Intermediary Portal, read 25 October 2026). Search the person or firm name, then match the registration number they gave you against the entry, and read the status.

A name that is missing, a number that belongs to someone else, or a status that is not current is a failed check. Do not argue the point with the seller. Stop there.

Match the category to what is being sold

Registered investment advisers and registered research analysts do different jobs. SEBI's investor site says a research analyst provides research and market insights, and that an investment adviser offers personalised advice on a fee basis (SEBI Investor, read 25 October 2026).

So ask which one the seller is registered as, and then ask whether what they sell fits that category. A seller registered as a research analyst who runs a live room of buy and sell levels is worth a second question. So is an adviser who sells a course on an unrelated subject.

Read how the fee is charged

The same SEBI page describes advisers as fee-based, with the client paying directly, and describes research analysts as paid by subscription or research fee. Compare that with what you are being asked to pay.

Take a ₹5 lakh lump-sum offer for a six-month mentorship. Ask what you receive in rupees per month: ₹5,00,000 ÷ 6 = ₹83,333. If the answer is access to a chat group, that is a fact about the product and it belongs in your decision.

Find out where a complaint goes

SEBI's investor site says research analysts must respond to complaints within 21 days. Ask the seller where you would complain and in what time, before you pay. A registered entity has an answer to that, and an unregistered one usually has a story.

What does the check not tell you?

A registration says someone is licensed. It does not say the advice is good, and it does not predict anything about outcomes. Registered or not, no one can promise you a result, and a promise of one is itself something to weigh against the seller.

The check also covers only the seller you asked about. A tip forwarded by a friend, a post screenshot or a Telegram forward has no seller you can look up. The only check left is the rule you set for yourself.

What replaces a tip?

A rule you can read, set before the day it is needed. An investor who follows calls waits for a message and then acts on someone else's timing. An investor who follows a rule has already decided.

QSI Growth is built that way. It holds Bitcoin, Ethereum, Solana, Gold and a stable reserve, and it rebalances monthly on a published methodology. The weights are on the index pages for anyone to read, so you can work out what a given amount buys without receiving a call from anyone.

The same discipline is behind a Bitcoin SIP, an Ethereum SIP or a Solana SIP: the amount and the date are fixed in advance, and the schedule does the waiting.

What to do next

Before the next payment to any provider of tips, courses or signals, run the five steps above and keep the written answers. Two earlier pieces sit next to this one. What SEBI's new PMS rules change covers a neighbouring regulated service. How a crypto index decides which coin gets in and which gets cut shows what a published rule looks like. The methodology pages hold the full QSI rules.

Sources: Moneylife report on the SEBI final order, read 25 October 2026. SEBI Intermediary Portal, read 25 October 2026. SEBI Investor, Market Intermediaries and Services, read 25 October 2026.

Frequently asked questions

How do I check if an investment adviser is SEBI registered?

Ask for the name and registration number in writing, then search both on SEBI's list of registered investment advisers at sebi.gov.in. The name, the number and the status must all match the entry. A missing name or a number that belongs to someone else is a failed check.

What is the difference between an investment adviser and a research analyst?

SEBI's investor site describes a research analyst as someone who provides research and market insights for a subscription or research fee. It describes an investment adviser as someone who offers personalised advice and is paid a fee directly by the client. Both need SEBI registration.

Who processes SEBI registration for advisers and analysts?

SEBI's intermediary portal states that registration and post-registration activities for investment advisers and research analysts have been transferred to BSE Ltd. The registered lists are published on sebi.gov.in.

How much did SEBI order Avadhut Sathe Trading Academy to refund?

SEBI ordered a refund of ₹546.17 crore plus ₹67.87 crore in interest, a total of ₹614.04 crore, along with a penalty of ₹11.5 crore. The order was for providing investment advice and research without registration.

Does Qatobit rely on tips or calls to run its indexes?

No. The QSI indexes follow a published methodology and rebalance monthly. The fee is 0.35 percent per basket transaction, including each rebalance, with no annual management fee.

Crypto investments are subject to market risk. Not financial advice.