Research analysts a fraction of the number of brokers, says Sebi data

A number of registered research analysts would be independent ones. This means that they are not affiliated with a brokerage

Do most brokerages not provide any research services at all? Numbers from the stock market regulator seem to suggest so.

The number of research analysts who have already undergone registration with the Securities and Exchange Board of India (Sebi) is 618. There are over 3,984 brokers. This works out to around one research analyst registration for every six brokers.

Uttam Bagri, chairman, Bombay Stock Exchange Brokers Forum, said many brokers may offer limited, incidental advice to individual clients, but refrain from providing research services to the public at large, which would lead to a low number of research analyst registrations.

“Stock brokers who