Research analysts fail to keep pace with swelling stock investor base

There's only one RA per 73,000 investors now, as against one per 44,000 before pandemic

Research analyst numbers have grown slower than India’s base of stock market investors.

 

The number of registered research analysts (RAs) grew to 1,584 as of June 2025 from 620 in 2018-19. The number of unique investors has grown to 116.2 million from 27.5 million over the same period. The slower growth of RA registrations has meant that there is only one per 73,000 investors now, compared to one per 44,000 investors before the Covid-19 pandemic.

 

The Securities and Exchange Board of India (Sebi) recently released frequently asked questions (FAQs) around RA regulations. A regulated RA essentially brings out reports that