Selecting a financial advisory service involves more than surface-level research; it requires a thorough assessment of its regulatory compliance, service model, and transparency.
Modern investors prioritise a clear understanding of how recommendations are formulated and how potential risks are conveyed before making any financial decisions.
Can we trust SEBI registered research analyst in India?
While registration is a mandatory mark of regulatory oversight, trust is further built by verifying a firm’s specific track record and adherence to ethical standards.
Ethical Research, led by Kratika Yadav, operates within India’s regulatory framework for research analysts and positions itself as a trusted source of market insights and trading guidance.
As a SEBI-registered research analyst firm, it emphasises credibility and adherence to compliance standards.
Established to deliver secure and reliable investment guidance, Ethical Research focuses on helping traders make informed decisions with reduced uncertainty.
The firm highlights that all recommendations are developed by experienced and qualified professionals, ensuring a research-driven approach to financial advisory services.
In this blog, we explore the firm’s background, its stated offerings, and its overall role within the financial advisory landscape, providing readers with a structured understanding of how it operates.
Kratika Yadav Review
In August 2024, amid India’s fast-evolving financial advisory ecosystem, Ethical Research, led by Kratika Yadav, began drawing attention as a structured and compliance-focused player.
At a time when unverified market opinions and social-media-driven advice dominate investor decisions, the firm distinguishes itself through a foundation built on regulatory recognition and research-backed insights.
Ethical Research is registered as a SEBI Research Analyst (Reg. No. INH000018179) under the framework of the Securities and Exchange Board of India.
This registration is significant because it reflects adherence to defined regulatory standards.
To ensure safety, investors should always check SEBI registered research analyst credentials on the official SEBI portal. In an environment often clouded by exaggerated return claims and speculative tips, such compliance acts as a marker of credibility.
It ensures that the firm operates within a prescribed scope, offering recommendations grounded in analysis rather than unchecked market sentiment.
The organisation was established with the aim of delivering safe, structured, and disciplined investment guidance. Rather than encouraging impulsive trades, Ethical Research emphasises a methodical approach to the markets.
The firm reports a 95% client retention rate, indicating a focus on sustained client relationships and consistent service delivery. Its advisory outputs are prepared by qualified professionals, with an effort to balance potential opportunities against associated risks.
From an operational standpoint, the company brings together over 21 years of combined experience, supported by a team of seasoned consultants.
It has managed thousands of advisory cases and offers services across multiple trading segments, including cash, futures, options, and index trading.
This multi-segment approach allows traders to engage with different market instruments based on their strategies and individual risk profiles.
The firm’s approach is anchored in a few core principles:
- Strong data security practices to protect client information.
- Transparency in services, ensuring clarity and accountability.
- A focus on discipline-driven trading, promoting structured decision-making.
In addition to its advisory services, Ethical Research provides market analysis and real-time trade updates through its online platforms, catering especially to active traders who rely on timely insights.
At first glance, this combination of regulation, experience, and structured delivery can appear reassuring.
However, it is important to recognise that SEBI registration defines both what a firm can do and what it cannot. While it authorises the provision of research-based recommendations, it does not assure profits or eliminate the inherent risks of trading.
Looking at complaint-related data, the overall volume remains very low. All complaints recorded in the financial year 2025–2026 were resolved within the same period, indicating prompt redressal and no pending backlog.
At the same time, the absence of complaints in earlier years could reflect either limited reporting activity or a smaller operational scale during those periods.
What SEBI Permits a Registered Research Analyst to Do?
As per the SEBI (Research Analysts) Regulations, 2014, individuals registered as Research Analysts (RAs) are authorised to offer research-driven insights and advisory services, provided they strictly comply with regulatory standards.
Key activities allowed:
1. Issuing Research Reports
Registered analysts can publish detailed reports covering listed companies, industry segments, or broader market movements.
These reports may include financial analysis, valuation perspectives, risk factors, and underlying assumptions.
2. Providing Research-Based Recommendations
RAs are permitted to offer buy, sell, or hold recommendations derived from structured research.
Every recommendation must be supported by documented analysis, clearly outline associated risks, and must not contain any assurance of guaranteed returns.
3. Offering Analytical Insights
They may share informed views on equities, sectors, macroeconomic trends, and derivatives.
However, their role is limited to analysis and advisory; they are not allowed to execute trades or manage client funds.
4. Charging Fees Transparently
Research Analysts can charge clients for their services, but the fee structure must be fully transparent and compliant. Charges cannot be linked to profits, returns, or performance.
Maintaining independence and avoiding conflicts of interest is essential.
What SEBI-Registered Research Analysts Are Prohibited From Doing?
While RAs can provide valuable guidance, SEBI has established strict boundaries to safeguard investors. Being aware of these restrictions is crucial before engaging with any research analyst.
Activities not allowed:
1. Assuring Fixed Returns
RAs cannot promise guaranteed profits, fixed income, or daily earnings.
Such assurances are misleading and violate regulatory norms.
2. Claiming Loss Recovery
No analyst can offer plans that promise to recover past losses or present strategies as “risk-free.”
These claims create false confidence and go against SEBI’s core principle of fair and transparent advice.
3. Charging Performance-Based Fees
Fees cannot be dependent on client profits, portfolio size linked to returns, or deducted as a share of trading gains.
This ensures unbiased advice.
4. Using Aggressive Sales Tactics
Repeated calls, pressure to make quick payments, or creating urgency to close deals is not permitted.
Such tactics can push investors into rushed decisions without proper evaluation.
5. Skipping Proper Documentation and Disclosures
Analysts must provide formal agreements, risk disclosures, and complete service details before onboarding clients.
Any lack of proper documentation reduces transparency and can expose investors to unnecessary risks.
What to Do If You Face Issues With a Research Analyst?
If you suspect that a Research Analyst has engaged in misleading or unethical practices, it’s important to respond methodically and with proper documentation.
Steps to follow:
- Gather All Evidence: Start by collecting all relevant proof to support your complaint. This includes payment receipts, chat records, screenshots, bank transfers, and any communication with the analyst.
- Contact the Analyst First: Before escalating the matter, reach out to the analyst directly. Clearly explain your issue and allow them a fair opportunity to resolve it.
- Lodge a Complaint in SCORES: If you do not receive a satisfactory response, register your complaint on the SEBI SCORES portal. This ensures your grievance is formally recorded and directed to the concerned entity for resolution within a defined timeframe.
- Register a Complaint in SMART ODR: If the issue remains unresolved, you can take it further through the SMART ODR platform, which provides an online mechanism for dispute resolution.
- Share Market Arbitration: In case you are still not satisfied, you may opt for arbitration or counselling. This involves a more formal process where your case is reviewed directly with the analyst.
- Track SEBI Complaint Status Online: Keep track of your complaint status regularly and follow up whenever necessary to ensure timely action.
Need Help?
Many investors assume that SEBI registration automatically guarantees trustworthiness, which is not always the case.
When you register with us, we offer step-by-step guidance to help individuals navigate such situations effectively, including:
- Verifying the authenticity of SEBI registrations
- Identifying regulatory breaches and unethical conduct
- Drafting well-structured complaints for SEBI and cybercrime authorities
- Understanding when mis-selling crosses into fraud
The focus is always on factual evidence, correct procedures, and ensuring accountability through the proper legal channels.
Conclusion
Kratika Yadav, proprietor of Ethical Research, offers market analysis, trading signals, and educational guidance tailored for participants in the Indian stock market.
If you are planning to use these services, it’s essential to clearly understand the scope defined by SEBI regulations, what is permitted and what falls outside the advisory framework.
Before enrolling, take time to review the firm’s registration credentials, pricing structure, service policies, and risk disclosures. Ensure that any recommendations are based on thorough research and are not portrayed as assured returns.
Additionally, verify that all terms are properly documented and that communication around roles and responsibilities is transparent.
Making decisions after carefully evaluating these aspects can help set realistic expectations and avoid potential confusion later.
