Can I run another business alongside my research practice?

You can, but the research has to be walled off from it.

Regulation 24(1) requires you to maintain an arm's-length relationship between your research activity and your other activities. Regulation 15 requires the mechanisms that make that real.

Note the terminology. An independent research analyst is someone whose *only* business activity is research analysis or preparing and publishing research reports. If you run something else as well, you are not in that category, and registering as a part-time research analyst may be the right route.

SEBI's FAQs do not answer directly whether you may run a publishing or media business alongside. The closest guidance is that definition and the journalist rules.

One caution about the paperwork. The standard terms in the Master Circular have an individual analyst declare they are not engaged in other professional or business activity that interferes with the independence of their research. Read the qualifier carefully before signing it if you do have another business.