SEBI Registration: Choose, Structure and Apply
SEBI registration depends on what you do: advise, research, manage portfolios or pool investors’ money. Each activity has its own regulations, capital and qualification tests. We help you choose the right category, structure the entity, prepare Form A and the annexures, and handle SEBI’s queries and post-registration filings.
What it is
SEBI registration is the certificate of registration the Securities and Exchange Board of India grants to a market intermediary or fund. Section 12(1) of the SEBI Act, 1992 bars named intermediaries, such as stock-brokers, portfolio managers and similar players, from operating without one.
Most applications run under the SEBI (Intermediaries) Regulations, 2008 along with the specific regulations for your category. Regulation 3 requires Form A with the fee. SEBI then tests whether you and your key people are fit and proper, looking at integrity, reputation, character, competence and net worth, and Regulation 14 requires a compliance officer.
Who it applies to
People who advise or research
Give paid investment advice or publish research on listed securities, and you need the matching registration: investment adviser or research analyst. Research analysts follow slab-based deposits and a NISM certification.
People who manage money
A portfolio manager must keep a net worth of ₹5 crore at all times. Picture a Faridabad team launching a fund: it needs an AIF certificate before it launches a scheme. See AIF registration for that route.
Market infrastructure and brokers
Stock brokers, sub-brokers, trading members, clearing members and depository participants apply through their exchange, clearing corporation or depository, which examines the application first.
Why it matters
It is the licence to operate
Without the certificate, the activity itself is not lawful. Banks, platforms and investors ask for your registration number first.
Penalties are significant
Section 15HB of the SEBI Act provides a penalty of ₹1 lakh up to ₹1 crore for non-compliance where no separate penalty is provided.
The structure is set at day one
Net worth, objects clause and key-person qualifications are examined at the start. Fixing them later costs time. Our company registration and LLP registration teams set up the right vehicle first.
Documents required
Entity papers
- Certificate of incorporation or LLP registration
- MoA and AoA, or LLP agreement, covering the activity
- PAN and registered office proof
- Shareholding or partner details
Key persons
- Profiles, PAN and ID proof of directors, promoters and principal officer
- Educational and NISM certificates as the category requires
- Fit and proper declarations
- Compliance officer details
Financial and policy papers
- Net worth certificate from a chartered accountant, where net worth applies
- Audited financials or opening balance sheet
- Compliance, KYC and grievance policies
- Business plan and fee schedule
How it works
Match the activity to a category
We study what you will actually do and with whose money. That decides whether you need an investment adviser, research analyst, portfolio manager, AIF or another registration.
Fix the entity and capital
We check the objects clause, the net worth or corpus, and who the key persons are. If the entity is not ready, we incorporate it first.
Draft Form A and the annexures
We draft the application and the annexures from the checklist and file on the SEBI portal or the route that category uses. Portfolio managers apply on the SEBI Intermediary Portal with Form A.
Reply to SEBI’s queries
Expect questions on promoters, qualifications, net worth and systems. We draft the replies and follow up until the file closes.
Begin compliance on day one
Once you hold the certificate, we set up the calendar for periodic reports, audits and disclosures that apply to your category.
Which SEBI category fits you
A quick map. Capital and qualification rules differ, and we confirm current figures for your category at the start.
| If you… | Registration | Headline requirement |
|---|---|---|
| Publish research on securities | Research Analyst | NISM Series XV and a relevant degree; deposit of ₹1 lakh to ₹10 lakh depending on client count |
| Manage client portfolios | Portfolio Manager | Net worth ₹5 crore; minimum ₹50 lakh per client; application fee ₹1 lakh plus taxes |
| Pool money from investors | AIF (Category I, II or III) | Corpus ₹20 crore per scheme; application fee ₹1 lakh |
| Give paid investment advice | Investment Adviser | Qualification and capital rules under the IA Regulations, checked case by case |
Timelines
Exchange route: 30 days
For stock brokers, sub-brokers, trading and clearing members and depository participants, the exchange, clearing corporation or depository has 30 days to examine and forward the application to SEBI.
PMS certificate: valid until cancelled
A portfolio manager’s certificate stays valid unless SEBI suspends or cancels it, so continuing eligibility is the real test.
AIF launch: 10 working days
The private placement memorandum goes through a merchant banker at least 10 working days before launch under Regulation 12(2) of the AIF Regulations.
What happens if you miss it
Acting without a certificate
Section 12(1) bars the activity itself. Dealing without registration exposes you and the people who deal with you.
Monetary penalty
Section 15HB of the SEBI Act carries a penalty from ₹1 lakh to ₹1 crore for non-compliance where no separate penalty is provided.
Loss of the certificate
Regulation 9 of the Intermediaries Regulations makes continuing eligibility and compliance with SEBI directions conditions of the certificate. SEBI can add other conditions.
Frequently asked questions
Who needs SEBI registration?
Anyone carrying on a regulated activity in the securities market needs it. That includes portfolio managers, research analysts, investment advisers, AIFs, merchant bankers and stock brokers. Section 12(1) of the SEBI Act bars named intermediaries from operating without a certificate. Share what you plan to do and we will tell you which category applies.
What is Form A?
Form A is the application form for registration under Regulation 3 of the SEBI (Intermediaries) Regulations, 2008, filed with the prescribed fee and the information the category-specific regulations ask for. Portfolio managers submit it on the SEBI Intermediary Portal. We fill it, build the annexures and check them before you sign.
What net worth does a portfolio manager need?
A portfolio manager must maintain a net worth of ₹5 crore at all times. The manager must also accept at least ₹50 lakh, in cash or securities, from each client. The application fee is ₹1 lakh plus applicable taxes. We check your numbers before filing so the file does not stall.
Which SEBI registration suits a research or advisory business?
A business that publishes research needs a research analyst registration, and one that gives paid investment advice needs an investment adviser registration. Research analysts must hold NISM Series XV and a relevant degree, with a deposit of ₹1 lakh to ₹10 lakh by client count. We compare both and tell you which fits.
How does a stock broker apply?
Stock brokers, sub-brokers, trading members, clearing members and depository participants apply through their stock exchange, clearing corporation or depository. That body has 30 days to examine the application and forward it to SEBI with its recommendation. We prepare the papers for that first examination so it moves through smoothly.
What does SEBI check about the people behind the entity?
SEBI applies fit and proper criteria covering integrity, reputation, character, absence of convictions or restraint orders, and competence including financial solvency. This covers principal officers and key management too. A compliance officer is mandatory. We collect declarations early.
What is the penalty for operating without registration?
Section 12(1) of the SEBI Act bars the activity, and Section 15HB provides a penalty from ₹1 lakh to ₹1 crore for non-compliance where no separate penalty is provided. Separate action under the regulations can follow. If you may already be in this position, speak to us before SEBI writes to you.
Can one entity hold more than one SEBI registration?
It depends on the categories. Each activity needs its own certificate and meets its own capital and qualification tests, and the regulations for each category decide whether one entity can hold both. We check this before you apply and, where needed, propose separate entities.
What it costs
Our fee plus the government fee that applies to your case, quoted before you commit. Tell us the situation and we will price it exactly.
SEBI fees verified so far:
| Registration | Fee |
|---|---|
| Portfolio Manager | Application fee ₹1,00,000 plus applicable taxes |
| AIF | Application fee ₹1,00,000; registration fee ₹5,00,000 (Category I), ₹10,00,000 (Category II), ₹15,00,000 (Category III) |
Fees for other categories depend on the regulations that apply to them. We confirm them before you commit.
Ready to begin?
Tell us what you plan to do in the market. We will pick the category and map the capital, people and papers.