Legal information notice: this article provides general information and isn't a substitute for advice from a qualified lawyer.
A “SEBI-registered advisor” calls with a guaranteed-profit portfolio, asks you to transfer money to his company account, or offers to handle your trading account for a share of the gains. Weeks later the profits are gone, the phone is off, or the “registration” turns out to belong to someone else. Investment advisor fraud works because it borrows the credibility of regulation — which is also why checking that regulation properly is your strongest defence.
Under the SEBI (Investment Advisers) Regulations, 2013, no one may act as an investment adviser without a certificate of registration from SEBI. Research analysts are registered separately. Registered advisers are subject to rules on fees, client profiling, conflicts of interest and disclosure. You can verify an adviser on SEBI’s website through the intermediary search: choose “Investment Advisers” and search by name or registration number (adviser numbers begin with INA), then match the registration details with what the adviser has shown you. Fraudsters sometimes copy a genuine number, change a digit, or forge a certificate, so always verify independently rather than trusting a document or screenshot sent to you.
Change trading, demat and email passwords, log out other sessions, and tell your broker if the adviser had access.
Search SEBI’s intermediary list by name and number. If the person is not registered, or the details do not match, it strengthens your complaint.
Give the bank every transaction detail and request that further debits be blocked and the receiving account flagged.
For cheating, impersonation or forged documents, file at cybercrime.gov.in or call 1930, and consider a written complaint at the local police station or Economic Offences Wing.
SEBI’s SCORES platform handles complaints against registered intermediaries, including investment advisers, with tracking and review stages.
Keep the advice you received in writing — messages, emails, call recordings where lawful, invoices and agreements. For registered advisers, documented breaches of conduct rules can be central to a SEBI complaint or a claim for compensation.
| Registered Adviser | Fraudulent Advisor |
|---|---|
| Registration visible on SEBI's intermediary search and matches | Registration number unverifiable, altered, or shown only in a screenshot |
| Fees disclosed; no promise of returns | Assured or guaranteed profits |
| Payments to verifiable business accounts; you keep control of your account | Personal accounts, or asks for your trading credentials |
| Suitability based on your profile and risk | Same pitch for everyone, urgency and pressure |
No. Reporting to your bank, the police, the cyber crime portal and SEBI SCORES is free.
Yes, for the initial complaints. A lawyer is valuable for large losses, disputes with a registered adviser, or when you want to claim compensation or pursue civil recovery.
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Use the intermediary search on SEBI’s website, choose Investment Advisers, and search by name or INA registration number. Match the details with what you were shown.
No. Guaranteed or assured returns on market investments are a red flag.
It means someone trades your account for a share of profits. SEBI has warned that such handlers are not registered, and losses stay with you.
On SEBI’s SCORES portal at scores.sebi.gov.in, alongside any police complaint for fraud.
Report to your bank, the police or Economic Offences Wing, and the cyber crime portal. SCORES is meant for registered intermediaries and listed companies.
Possibly, depending on the facts. A lawyer can advise on civil recovery and the strength of your evidence.
This article is for general information only and does not constitute legal or financial advice. Always verify an adviser’s registration directly on SEBI’s website before acting on advice.
