Quick Summary
Ethical Research Analyst holds SEBI registration INH000018179, granted August 2, 2024. Its own disclosure page shows a different number, INH000018719, a genuine, checkable discrepancy. SEBI’s SCORES data shows seven complaints in FY 2025-26, all resolved. The firm delivers calls by SMS. This page covers the registration record, the complaint data, the service delivery model, and what to check before subscribing.
A lot of investors feel reassured the moment they see one line on a website. “SEBI Registered Research Analyst.”
It sounds official, regulated, and safe.
But does SEBI registration alone mean everything else, refund policy, disclosures, terms, is investor-friendly?
Ethical Research Analyst, run by Kratika Yadav out of Indore, is exactly the kind of firm worth checking properly before you pay anything.
Ethical Research Analyst Review
If you’ve been exploring stock market research services, chances are you’ve come across names claiming to be SEBI-registered, professional, and reliable.
Ethical Research Analyst is one such platform.
On the surface, it presents itself as a SEBI-registered research entity, operated by Kratika Yadav, offering paid stock market recommendations through SMS and subscription plans.
That immediately creates a sense of legitimacy.
But in the stock market, registration alone doesn’t answer every question.
How Does Ethical Research Analyst Deliver Its Calls?
According to the FAQ section on the firm’s website, Ethical Research Analyst states plainly: “All calls are given by SMS only.”
A separate line reads: “Account gets active only after payment is received in our bank accounts.”
Tips arrive through SMS “with name of ‘Ethical Research'” or through a chat room.
This raises a few practical questions worth asking before you pay.
Are detailed disclosures attached to each recommendation? Is risk profiling completed before the service activates? Are terms formally acknowledged before payment goes through?
The delivery model itself isn’t inherently a problem.
But clarity around onboarding, documentation, and risk acknowledgement matters once real money is involved.
Is Ethical Research Analyst Safe?
That’s the real question, right?
When money is involved, “safe” doesn’t just mean legally registered.
It means transparency, consistent disclosures, and fair policies.
Ethical Research Analyst does show SEBI registration details on its website and offers subscription-based research calls.
But safety isn’t judged by one line in a footer.
It depends on the overall structure, refund rules, contractual clauses, and onboarding process.
Let’s start with the most basic layer of trust, the registration itself.
Ethical Research SEBI Registration
On its website footer, Ethical Research Analyst displays the following: SEBI Research Analyst No. INH000018179.
This indicates the entity is registered under SEBI’s Research Analyst Regulations, 2014.
At this stage, many investors feel reassured. Even the official SEBI website displays the same number for this firm.
But while reviewing the firm’s own Disclosure page, a different registration number appears: INH000018719.
The difference may look minor, just two digits rearranged.
But registration numbers are official identifiers. Investors often verify them directly on SEBI’s registry before subscribing.
Because of that, such details are generally expected to stay consistent across every official communication.
How to Verify Ethical Research Analyst’s Real Registration Yourself?
Checking this takes about two minutes.
Go to SEBI’s official website, navigate to Intermediaries, select Research Analyst as the category, and search using both numbers, INH000018179 and INH000018719.
Compare what comes back against what the footer and the disclosure page each show.
If one number returns a valid, active result and the other doesn’t, that tells you which one is genuinely correct.
Ethical Research Complaints Data: What the SCORES Trend Shows?
The SEBI SCORES complaint dashboard for Ethical Research Analyst shows the following trend of annual complaints.
| Year | Carried Forward | Received | Resolved | Pending |
|---|---|---|---|---|
| 2020-2021 | 0 | 0 | 0 | 0 |
| 2023-2024 | 0 | 0 | 0 | 0 |
| 2025-2026 | 0 | 7 | 7 | 0 |
| Grand Total | 0 | 7 | 7 | 0 |
What does this show?
In the current financial year, 2025-26, seven complaints were filed against Ethical Research on SEBI SCORES portal.
All seven have been marked resolved, with zero pending.
The presence of complaints tells you that at least some clients had experiences they felt warranted formal escalation to SEBI.
The resolution of all complaints suggests the firm engaged with the process.
However, a “resolved” status on SCORES doesn’t always mean the complainant received a full refund or was fully satisfied. It can also mean the grievance was reviewed and closed by the regulator.
If you’re considering engaging this firm, it’s reasonable to ask directly about the nature of these complaints and how they were resolved.
This brings us to an important clarification.
What Can a SEBI-Registered Research Analyst Actually Do?
SEBI registration allows a research analyst to operate legally.
It confirms the entity has been granted permission under the regulatory framework.
A Research Analyst is required to display the correct registration number wherever it operates.
Under the SEBI Guidelines for Research Analyst operations, these entities are strictly prohibited from promising guaranteed returns or managing a client’s demat account directly.
However, SEBI registration does not guarantee:
- Profit on recommendations
- Accuracy of every call
- Risk-free trading
- Automatic refund rights
In short, registration is a licence to operate, not a performance certificate.
What Isn’t Permitted for a SEBI-Registered Research Analyst?
Below is a clear breakdown of what a SEBI-registered Research Analyst is strictly prohibited from doing.
A Research Analyst cannot promise guaranteed profits, fixed daily income, or “assured” monthly returns. Any claim suggesting a specific or fixed return is a serious red flag.
A Research Analyst is legally barred from guaranteeing recovery of previous trading losses. No RA can claim their strategy is risk-free.
Research Analysts cannot charge fees based on a percentage of profits, or link compensation to the size of your capital in a performance-based manner.
Aggressive solicitation tactics, including repeated unsolicited calls, spamming, or creating false urgency, are not permitted.
How to Report a Research Analyst?
If you believe your concern hasn’t been addressed properly, a structured process exists.
Step 1: Write to the Company
Send a written complaint to the official email or support channel.
State your subscription details, payment date, the nature of the issue, and what resolution you’re seeking. Keep records of everything.
Step 2: File a Complaint in SCORES
If unresolved, approach SEBI’s Complaints Redress System.
You’ll need the entity’s registration number, payment proof, screenshots, and a written complaint copy.
Step 3: Lodge a Complaint in SMART ODR
If SCORES doesn’t resolve things, file a complaint through the Smart ODR Portal.
Step 4: Initiate Stock Market Arbitration
If earlier steps fail, arbitration through the stock exchange is the final legal remedy.
Confused about your rights, or unsure whether Ethical Research Analyst has followed the proper process?
You don’t have to figure it out alone. Tell us what happened, and we’ll help you organise your evidence and draft a structured complaint.
For the exact SEBI verification steps and the full registration snapshot, our page on Ethical Research SEBI registered covers that in full.
For details on who actually runs this firm, our page on Kratika Yadav covers her background separately.
Disclaimer: No SEBI order, adjudication, or arbitration ruling has been issued against Ethical Research Analyst or Kratika Yadav as of this writing. The observations above are based on the firm’s own published disclosures and publicly available SEBI SCORES data, shared for informational purposes only.
Conclusion
For anyone who searched “is Ethical Research SEBI registered,” the answer is yes, one of its two displayed numbers is valid and active per SEBI records.
That registration provides regulatory recognition, and at the time of writing, there’s no publicly available SEBI enforcement order against the entity.
But registration is only one part of the bigger picture.
The two-number discrepancy, the seven-complaint SCORES history, and the SMS-only delivery model all deserve careful attention before you subscribe.
Report. Recover. Stay Fraud Free.
Frequently Asked Questions
Yes, though two different registration numbers appear across its website, INH000018179 on the footer and INH000018719 on its disclosure page, worth verifying directly which one is genuinely correct.
Kratika Yadav operates the firm as a sole proprietorship out of Indore, Madhya Pradesh.
Seven, all filed in FY 2025-26 and marked resolved with zero pending, per SEBI's SCORES dashboard.
Exclusively by SMS, or through a chat room, according to the firm's own FAQ page.
No, no SEBI-registered Research Analyst is permitted to promise guaranteed profits, fixed income, or risk-free trading.
No public SEBI enforcement order exists against the firm as of this writing.
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