https://v2.webnotes.in/categories/investment-advice/Recent content in Investment Advice on WebNotesHugoen-INWed, 20 May 2026 00:00:00 +0000https://v2.webnotes.in/finfluencer-sebi-ban-impact-zerodha-referrals/Wed, 20 May 2026 00:00:00 +0000https://v2.webnotes.in/finfluencer-sebi-ban-impact-zerodha-referrals/<p>The <strong>finfluencer SEBI ban</strong> is a 2024 SEBI framework prohibiting unregistered influencers from providing investment advice, scrip-specific recommendations, or earning referral payments from brokers in exchange for promoting their services. The framework substantially changed how <a href="https://v2.webnotes.in/zerodha/">Zerodha</a> and other Indian brokers ran their referral programmes.</p> <h2 id="what-finfluencer-means">What &ldquo;finfluencer&rdquo; means</h2> <p>A <strong>financial influencer</strong> in the Indian context typically refers to:</p> <ul> <li>YouTube / Instagram / Twitter / Telegram personalities discussing stocks, options, or trading.</li> <li>&ldquo;Educators&rdquo; running paid courses on trading.</li> <li>Personalities offering &ldquo;tips&rdquo; or &ldquo;live calls&rdquo; to subscribers.</li> <li>Authors of investment blogs and newsletters.</li> </ul> <p>Many finfluencers operated in regulatory grey areas pre-2024:</p>https://v2.webnotes.in/sebi-ra-vs-ia-distinction/Wed, 20 May 2026 00:00:00 +0000https://v2.webnotes.in/sebi-ra-vs-ia-distinction/<p><strong>Research Analyst (RA)</strong> and <strong>Investment Adviser (IA)</strong> are two distinct SEBI-registered professional categories that retail investors often confuse. Both involve giving recommendations on securities, but the regulatory scope, fee model, and client relationship differ significantly. This article clarifies the distinction.</p> <h2 id="headline-differences">Headline differences</h2> <table> <thead> <tr> <th>Aspect</th> <th>Research Analyst (RA)</th> <th>Investment Adviser (IA)</th> </tr> </thead> <tbody> <tr> <td>SEBI regulation</td> <td>SEBI (Research Analysts) Regulations, 2014</td> <td>SEBI (Investment Advisers) Regulations, 2013</td> </tr> <tr> <td>Primary activity</td> <td>Publish research reports on securities</td> <td>Personalised investment advice to clients</td> </tr> <tr> <td>Client relationship</td> <td>Impersonal (publishes reports)</td> <td>Direct, advisory relationship</td> </tr> <tr> <td>Fee model</td> <td>Subscription or one-time for reports</td> <td>Fee-based on AUA or flat</td> </tr> <tr> <td>Conflict of interest</td> <td>Allowed (with disclosure)</td> <td>Strictly restricted</td> </tr> <tr> <td>Suitability assessment</td> <td>Not required</td> <td>Mandatory before advising</td> </tr> <tr> <td>Risk profiling</td> <td>Not required</td> <td>Mandatory</td> </tr> <tr> <td>Custody of client funds</td> <td>Not allowed</td> <td>Not allowed</td> </tr> <tr> <td>Distribution of products</td> <td>Allowed (with separate entity / arm)</td> <td>Not allowed for own clients</td> </tr> </tbody> </table> <h2 id="what-an-ra-does">What an RA does</h2> <p>A Research Analyst:</p>