SEBI RA vs IA distinction

Wed, 20 May 2026 00:00:00 +0000

Research Analyst (RA) and Investment Adviser (IA) 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.

Headline differences

Aspect	Research Analyst (RA)	Investment Adviser (IA)
SEBI regulation	SEBI (Research Analysts) Regulations, 2014	SEBI (Investment Advisers) Regulations, 2013
Primary activity	Publish research reports on securities	Personalised investment advice to clients
Client relationship	Impersonal (publishes reports)	Direct, advisory relationship
Fee model	Subscription or one-time for reports	Fee-based on AUA or flat
Conflict of interest	Allowed (with disclosure)	Strictly restricted
Suitability assessment	Not required	Mandatory before advising
Risk profiling	Not required	Mandatory
Custody of client funds	Not allowed	Not allowed
Distribution of products	Allowed (with separate entity / arm)	Not allowed for own clients

What an RA does

A Research Analyst:

Smallcase mutual fund baskets

Sat, 16 May 2026 00:00:00 +0000

Smallcase mutual fund baskets is a curated-combination investment product offered by Smallcase Technologies Private Limited that allows investors to invest in a pre-defined allocation across multiple direct-plan mutual fund schemes as a single transaction, organised around a common investment theme or strategy. The MF-basket product extends Smallcase’s core stock-basket methodology to the direct-plan-mutual-fund universe, providing investors with a thematic-investing entry point that requires only a single investment decision while obtaining diversified exposure across multiple AMCs and scheme categories.

Research Analyst on WebNotes

SEBI RA vs IA distinction

Headline differences

What an RA does

Smallcase mutual fund baskets