SEBI Research Analyst Registration: Eligibility, Deposit and Process
If you publish research reports or recommendations on listed securities, you need SEBI research analyst registration under the SEBI (Research Analysts) Regulations, 2014. We check your eligibility and prepare the application. We also set up the compliance that follows.
What it is
A research analyst, or RA, prepares and publishes research reports or recommendations on securities and shares them with clients or the public. SEBI allows this only for registered persons. Anyone who offers such advice without registration risks action under the SEBI Act.
The rulebook is the SEBI (Research Analysts) Regulations, 2014, amended in December 2024 and followed by SEBI’s January 2025 circular. Registration is a SEBI approval. The application runs through SEBI’s online intermediary system and the Research Analyst Administration and Supervisory Body (RAASB) under BSE Limited, which also holds your deposit lien and supervises compliance.
Who it applies to
Individuals who publish research
Picture a Faridabad finance graduate who writes a paid stock-research newsletter from home. She must register in her own name and hold the NISM certificate.
Firms, LLPs and companies
A research house with a team registers as a non-individual. A partnership firm needs a qualified partner as principal officer or has to restructure into an LLP or company.
Part-time analysts
SEBI now lets professionals such as a practising CA or CS register as part-time RAs, with the same qualification and certification as full-time analysts.
Why it matters
Charge for research, legally
Registration lets you take fees for research, within SEBI’s fee limits and with proper disclosure.
Earn subscribers’ trust
Investors can look up your registration number on SEBI’s records before they pay you a rupee.
Enter more easily than before
Since December 2024 the experience requirement is gone, and a graded deposit has replaced the old net-worth test.
Documents required
Qualification
- Degree certificates (graduate or postgraduate in a relevant field)
- NISM Series XV research analyst certificate
- Certificates for any associated persons who write research
Entity papers
- PAN, address proof and identity proof
- Certificate of incorporation, MOA/AOA or LLP agreement (non-individuals)
- Board or partner resolution authorising the application
Compliance set-up
- Bank deposit proof with lien in favour of RAASB
- Compliance officer details, or an independent professional’s appointment
- Client agreement, disclosure and grievance policies
How it works
Check eligibility and pick a structure
We confirm your degree, NISM certificate and whether you should register as an individual, LLP or company.
Complete the NISM Series XV exam
You, your principal officer and any research staff clear the exam. We tell you how to book it and give you the syllabus pointers.
Place the deposit
You place the deposit in a scheduled bank, with a lien marked in favour of RAASB. The slab depends on your client numbers.
Prepare and file the application
We draft the forms, policies and declarations, upload them on the SEBI portal and pay the applicable SEBI fees.
Answer queries and start compliance
We reply to SEBI’s questions. After registration we set up record-keeping, disclosures and your yearly audit calendar.
Deposit slabs and key limits
The deposit depends on the maximum number of clients you served on any day in the previous financial year.
| Clients | Deposit |
|---|---|
| Up to 150 | ₹1,00,000 |
| 151 to 300 | ₹2,00,000 |
| 301 to 1,000 | ₹5,00,000 |
| More than 1,000 | ₹10,00,000 |
Fees for individual and HUF clients who are not accredited investors are capped at ₹1,51,000 per family per year, excluding statutory charges. SEBI reviews the cap every three years against the Cost Inflation Index. Advance fees cannot exceed one year.
Timelines
8 January 2025
SEBI’s circular on research analyst compliance, including the fee cap and the deposit slabs, took effect from this date.
Six months from year-end
Your compliance audit must be done within six months of the financial year-end. The audit report goes to SEBI within one month after that.
Five years
Records of client interactions must be kept for five years. SEBI has also required disclosure when you use AI tools in your research.
What happens if you work without registration
Penalty under the SEBI Act
Section 15HB of the SEBI Act provides a penalty of ₹1 lakh to ₹1 crore for contravening SEBI rules where no separate penalty is given.
Regulatory action
SEBI can stop unregistered activity, order refunds to clients, or suspend a registered analyst who breaks the conditions.
Reputation risk
Investors check registration before they subscribe. Without it, clients drift away.
Frequently asked questions
Who needs SEBI research analyst registration?
Anyone who publishes research reports or recommendations on securities for clients or the public needs it. That covers a stock-research newsletter, a subscription Telegram channel and a research firm. The SEBI (Research Analysts) Regulations, 2014 apply to all of them. If you are unsure whether your activity counts, send us a sample of what you publish. We will tell you plainly.
What qualification do I need to become a research analyst?
You need a graduate or postgraduate degree in a relevant field and the NISM Series XV research analyst certificate. Since December 2024 SEBI no longer asks for prior experience. Persons associated with your research services also need the certificate. We check your degree against the rules before you pay any fee, so you do not hit a surprise later.
How much deposit is required?
The deposit runs from ₹1,00,000 for up to 150 clients to ₹10,00,000 for more than 1,000 clients. It sits in a scheduled bank with a lien in favour of RAASB. It replaces the old net-worth requirement. We work out your slab from your expected client numbers so you do not over-deposit.
Can a professional register as a part-time analyst?
Yes. SEBI allows part-time research analysts, such as practising CAs and CSs, to register while doing their regular work, provided the other business is permitted by their regulator or statutory body. They must meet the same qualification and certification as full-time analysts. We check whether your professional body allows the dual role.
Is there a cap on fees I can charge?
Yes, for individual and HUF clients who are not accredited investors. The cap is ₹1,51,000 per family per year, excluding statutory charges, and it is reviewed every three years. Advance fees cannot cover more than one year. Non-individual and accredited clients can agree fees by contract. We review your fee plan before you launch.
What audit does a registered research analyst face?
A registered analyst needs an annual compliance audit within six months of the financial year-end, with the report going to SEBI within one month of completion. The audit looks at your records, disclosures and client agreements. If we set up your systems from day one, the audit becomes a routine check, not an anxious scramble.
Can I appoint an outside compliance officer?
Yes. A non-individual research analyst can appoint an independent professional, such as a practising CA, CS or cost accountant, as compliance officer, if that person holds the relevant NISM certification. Your principal officer stays accountable. In practice, many small firms find an outside professional cheaper than a full-time hire. We explain the role so you can decide.
How long does registration take?
SEBI sets the pace, so we cannot promise a date. Most delay comes from a pending NISM exam, missing documents or a deposit not yet placed. Sort those out and the application moves cleanly. We keep you updated on every SEBI query and respond within a day.
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.
Ready to begin?
Tell us your qualification and how many clients you expect. We will map the structure, deposit and the steps.