Many market participants believe that once a firm is registered with SEBI, its services automatically operate within a fully compliant and structured framework.
In reality, registration establishes regulatory boundaries and accountability standards, while investors are still expected to understand the scope and limitations of permitted services.
NA Supreme Research Private Limited operates as a SEBI-registered Research Analyst and publicly displays its registration credentials on its website.
In this blog, we take a closer look at the firm’s stated services, its regulatory positioning, and the broader framework that governs Research Analysts in India.
NA Supreme Research Review
NA Supreme Research is an SEBI-registered Research Analyst with the registration number INH000017745 and sole proprietorship of Neeraj Sen.
The website states that the firm provides:
- Equity and derivatives research
- Market analysis and recommendations
- Structured research services for traders and investors
The site also includes standard disclaimers:
- Market risk warnings
- No guarantee of returns
- Research-only positioning
At a structural level, these services fall within the category of activities typically permitted to a SEBI-registered Research Analyst.
However, the regulatory framework not only defines what a Research Analyst can do, but also clearly outlines what activities are not permitted under the Research Analyst Regulations.
What a SEBI-Registered Research Analyst Is Permitted to Do?
Under the SEBI (Research Analysts) Regulations, 2014, a registered Research Analyst can:
- Publish research reports based on technical or fundamental analysis, including assumptions, methodology, and risk disclosures.
- Provide buy, sell, or hold recommendations when supported by documented research and proper disclaimers.
- Share analytical opinions and market insights relating to equities, derivatives, sectors, or macro trends.
- Charge fixed and transparent fees agreed upon in advance, provided the compensation structure is not linked to trading profits or performance.
Their role is limited to research and advisory in nature. They do not execute trades on behalf of clients or manage investment portfolios unless separately registered under another regulatory category.
What a Research Analyst Is Not Allowed to Do?
SEBI regulations also place clear restrictions to protect investors. A Research Analyst cannot:
- Promise assured returns or guaranteed profits, since financial markets are inherently uncertain.
- Assure recovery of losses, or claim that future calls will compensate prior losses.
- Present market outcomes as certain, without acknowledging associated risks.
- Link fees to client profits or adopt profit-sharing arrangements, as this creates a conflict of interest.
- Engage in aggressive or misleading sales communication, including verbal assurances that contradict written disclaimers.
- Operate beyond the scope of research, such as managing funds or offering portfolio management services without appropriate registration.
Any communication or conduct that reduces the perception of market risk or implies certainty can raise regulatory concerns.
This framework helps investors evaluate whether a firm’s actual practices align with what is legally permitted under SEBI’s Research Analyst regulations.
What Should You Do If You Experience Issues with Your Research Analyst?
If you feel that a Research Analyst has acted in a way that seems misleading, non-compliant, or not aligned with regulatory guidelines, it is important to approach the situation in a calm and structured manner.
Here are the steps you should follow:
Step 1: Collect Evidence
Save:
- WhatsApp chats
- Call summaries
- Payment proofs
- Invoices
- Agreements
Step 2: Write to the Company First
Email the official support address and ask for:
- Written clarification
- Resolution timeline
Step 3: File a Complaint on SEBI SCORES
Mention:
- Alleged profit assurances
- Suitability issues
- Communication failure
- Attach documents
Need Help?
If you face any such issue with your Research Analyst, reach out to us.
We help investors:
- Understand the difference between registration and conduct
- Read agreements beyond fine print
- Structure strong SEBI complaints
- Avoid emotional decisions after losses
The focus stays on facts, evidence, and the correct process.
Conclusion
NA Supreme Research shows SEBI registration, formal invoices, and structured agreements, all of which indicate a regulated setup under the Securities and Exchange Board of India framework.
But registration mainly defines what a Research Analyst is allowed to do.
It sets boundaries for research, disclosures, and fee structures; it does not guarantee outcomes or remove market risk.
In the end, investors should look beyond the registration label and understand whether the services offered stay within SEBI’s defined limits.
Awareness of these boundaries is key to making informed decisions.
