Whether you’re about to invest through a sub broker, take a loan through a DSA, or buy a policy from an insurance agent, there’s one simple step that too many people skip: actually verifying that the person is genuinely registered with the relevant regulator.
Fake or unregistered agents do exist, and dealing with one can mean anything from poor advice to outright fraud.
The good news is that verifying most of these professionals takes just a couple of minutes using free, official government and regulator portals.
Here’s exactly how to do it for each type of agent.
Why This Matters: The Cost of Not Verifying
Unregistered or fraudulent individuals posing as agents typically rely on the fact that most people simply don’t check.
They may promise unrealistic returns, collect money directly instead of routing it through proper regulated channels, or provide advice with no accountability behind it since they hold no actual registration.
Verifying credentials isn’t about distrust — it’s a basic financial safety habit, similar in spirit to checking a doctor’s medical registration before treatment.
How to Verify a Sub Broker / Authorised Person
Since SEBI discontinued the “Sub Broker” registration category in 2018 in favour of the Authorised Person (AP) framework (as covered in our Sub Broker vs Authorised Person vs Remisier guide), verification today means checking AP registration, not an outdated sub-broker license. Here’s how:
1. Check SEBI’s Recognised Intermediaries database, which lists registered stock brokers and depository participants searchable by name, trade name, registration number, location, and exchange.
2. Ask for their NSE or BSE authorisation certificate number directly — every genuine Authorised Person is registered with the exchange through their parent broker and should be able to provide this without hesitation.
3. Check the parent broker’s official website, since every legitimate stockbroker is required to display their SEBI, NSE, or BSE registration details publicly.
4. Cross-verify the parent broker itself on SEBI’s database if you’re unfamiliar with the brand, since an Authorised Person’s legitimacy is directly tied to their parent broker’s registration status.
How to Verify a Mutual Fund Distributor (ARN Check)
Verifying an MFD is genuinely one of the easiest checks in this entire guide, thanks to AMFI’s free, dedicated tool:
1. Visit AMFI’s “Locate a Mutual Fund Distributor” tool, officially known as the AMFI Agent Locator, available on the AMFI India website under the Distributor section.
2. Search using the distributor’s ARN code (preferred, since it gives the most precise match) or by name and location if you don’t have the ARN.
3. Confirm the distributor’s status is active, and check that the category and city shown match what you were told.
4. Never proceed with an investment through someone who cannot provide a valid ARN, or whose details don’t appear in AMFI’s locator — this is one of the clearest red flags of an unregistered or fraudulent individual.
It’s also worth asking for the agent’s EUIN (Employee Unique Identification Number) if they’re working under a larger distributor entity, since this pinpoints the specific individual advising you and adds an extra layer of accountability, as covered in our glossary of financial franchise terms.
How to Verify an Insurance Agent (IRDAI Check)
As covered in our IRDAI agent license renewal guide, you can verify an insurance agent’s status directly through IRDAI’s official channels:
1. Use the IRDAI Agency Portal, which allows PAN-based lookup to verify an individual agent’s license status and download their certificate.
2. Ask for their agent code and the specific insurer they’re appointed under — a genuine agent will have both readily available.
3. Confirm the agent’s category — whether they’re a POSP (limited to specific pre-approved products, as covered in our POSP meaning and eligibility guide) or a full IC-38 licensed agent — since this affects what products they’re actually authorised to sell you.
4. Cross-check with the insurer directly by calling their official customer care number if anything seems unclear, rather than relying solely on documents the agent shows you.
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How to Verify a DSA
Verifying a DSA works a little differently from the other three, since there isn’t a single centralised public database for DSA codes the way SEBI, AMFI, and IRDAI each maintain for their respective categories.
Since a DSA’s registration is tied directly to a specific bank or NBFC, the correct verification approach is:
1. Ask the DSA for their DSA code and the specific lender(s) they’re registered with, as covered in our DSA registration guide.
2. Call the lender’s official customer care number directly (never a number provided only by the DSA) and ask them to confirm whether that DSA code is active and genuinely associated with them.
3. Be cautious of anyone claiming to represent “many banks” without being able to name specific, verifiable lender relationships.
4. Never make any payment directly to a DSA — legitimate DSA commission comes from the lender, not from the borrower, so any request for upfront “processing fees” paid directly to the DSA is a significant red flag.
A Fresh Safety Tool: SEBI’s “@valid” UPI Handle System
Here’s a genuinely useful, relatively new safety measure worth knowing about if you’re dealing with SEBI-registered intermediaries:
SEBI, in partnership with the National Payments Corporation of India (NPCI), has rolled out a system that lets investors verify whether the entity receiving a payment is SEBI-registered, using specially allocated “@valid” UPI handles.
When making a payment via UPI to a SEBI-registered intermediary, look for a white “thumbs up” icon inside a green triangle — this visual confirmation indicates the payment is going to a verified, registered entity.
Only authentic, verified entities can be allocated these “@valid” handles, making this a strong additional safeguard against fraudulent collection of investor funds.
Red Flags That Signal a Fake or Unregistered Agent
- Refuses or hesitates to share their registration number, ARN, agent code, or DSA code
- Cannot name their parent broker, AMC, insurer, or lender confidently and specifically
- Asks for payment directly to a personal account rather than through official regulated channels
- Promises guaranteed or unusually high returns, which no genuine, regulated professional should ever do
- Details don’t match or don’t appear when checked against the relevant official portal (SEBI, AMFI, or IRDAI)
- Pressures you to invest, borrow, or buy immediately, without giving you time to verify their credentials independently
What to Do If You Suspect Fraud
If your verification check raises concerns, or you suspect you’ve been dealing with an unregistered or fraudulent individual:
1. Stop all further payments or transactions immediately.
2. Report the matter to the relevant regulator — SEBI SCORES for broking/investment-related complaints, AMFI for mutual fund distribution issues, or IRDAI’s grievance portal for insurance-related concerns.
3. File a complaint with local police or cybercrime authorities if money has already been transferred fraudulently.
4. Inform your bank immediately if payments were made via UPI, NEFT, or RTGS, to explore any possible recovery options.
Verification Checklist Summary
| Agent Type | Verification Tool/Method | What to Ask For |
| Sub Broker / Authorised Person | SEBI Recognised Intermediaries database; parent broker’s website | NSE/BSE authorisation certificate number |
| Mutual Fund Distributor | AMFI ‘Locate a Mutual Fund Distributor’ (Agent Locator) | ARN code, and EUIN if applicable |
| Insurance Agent | IRDAI Agency Portal (PAN-based lookup) | Agent code, appointing insurer, POSP/IC-38 category |
| DSA | Direct confirmation via the specific lender’s customer care | DSA code and the exact bank/NBFC name |
Frequently Asked Questions
Is there one single website to verify all four types of agents?
No. Each vertical has its own regulator and verification tool — SEBI’s database for sub-brokers/APs, AMFI’s Agent Locator for MFDs, IRDAI’s Agency Portal for insurance agents, and direct lender confirmation for DSAs, since there’s no centralised public DSA registry.
What is the fastest way to verify a mutual fund distributor?
Use AMFI’s “Locate a Mutual Fund Distributor” tool with the distributor’s ARN code — this is the quickest and most precise verification method among all four agent types.
Can I trust an agent who shows me a printed certificate?
Not on its own. Printed certificates can be forged or outdated. Always cross-check the details independently through the relevant official portal or by calling the parent broker, AMC, insurer, or lender directly.
What does the SEBI “@valid” UPI handle actually protect against?
It helps confirm that a payment you’re making via UPI is genuinely going to a SEBI-registered entity, reducing the risk of unknowingly transferring funds to a fraudulent or unregistered party.
Should I ever pay a DSA directly for loan processing?
No. Legitimate DSA commission comes from the lender, not the borrower. Any request for direct upfront payment from a DSA is a significant red flag and should be reported.