SEBI Research Analyst Registration: Fees & Timeline (2026)
Registration starts with an eligible qualification, the applicable NISM certification, a client-count deposit, and an application through RAASB. SEBI's individual application fee is ₹2,000, with a separate ₹3,000 registration fee after approval.
Note: This is an informational guide, not legal or compliance advice. SEBI regulations change. Always verify current requirements at sebi.gov.in and consult a qualified professional before filing.
Who needs SEBI RA registration?
The SEBI (Research Analysts) Regulations, 2014 define a Research Analyst as any person who prepares or publishes research reports, or provides research recommendations on securities for direct or indirect consideration. A client need not pay a separate research fee for consideration to exist. Check the RA Regulations for exemptions before assuming a free channel sits outside them.
SEBI has been actively enforcing this since 2021. Unregistered individuals found accepting fees for equity research face fines, trading bans, and disgorgement of fees collected. The enforcement risk is real for anyone running a paid Telegram channel or Substack covering individual stocks.
Eligibility: three paths to qualification
The amended Regulation 7 provides a recognised graduate degree or CFA charter with relevant certification, or the specified NISM postgraduate programme. The table separates the graduate and CFA versions for clarity.
Path 1: Graduate degree + certification
A recognised graduate degree or equivalent educational qualification, plus relevant NISM certification.
Path 2: CFA charter + certification
A CFA charter from the CFA Institute, plus relevant NISM certification.
Path 3: NISM postgraduate programme
The specified NISM Post Graduate Program in the Securities Market (Research Analysis). Initial entry-level NISM certification is not required on this route, but renewal certification is.
The graduate and CFA routes require relevant NISM certification. Under the NISM postgraduate route, initial entry-level certification is waived, but relevant renewal certification must be obtained within three years of registration.
Free download
The 90-Day Setup Checklist for New SEBI Research Analysts
- All 12 steps across the three 30-day windows, with a tick box each
- What has to be live before you take your first fee
- A two-page printable you can keep next to your desk
Step 1: Confirm your certification route
If you use the graduate-degree or CFA-charter route, obtain the relevant NISM certification before applying. NISM administers the Series XV Research Analyst Certification Examination. Check its current exam page for format and fees:
- 100 questions, multiple choice. Duration: 2 hours.
- Passing score: 60% (60 correct answers).
- Exam fee: ₹1,500 per attempt, payable on the NISM portal.
- Certificate validity: 3 years from the date of passing.
- No limit on the number of attempts. A 2-week cooling period applies after a failed attempt.
The NISM Study Material for Series XV is the authoritative preparation resource. It covers financial statements, equity valuation, fixed income, derivatives, research report structure, and SEBI regulations. Most candidates report 4 to 6 weeks of part-time study is sufficient.
Step 2: Gather your documents
Prepare the documents RAASB requests for your qualification and applicant type. Check the current Form A instructions before uploading:
SEBI's RA FAQ says there is no capital-adequacy requirement. Maintain the deposit required for your client-count slab instead: ₹1 lakh up to 150 clients, ₹2 lakh for 151 to 300, ₹5 lakh for 301 to 1,000, and ₹10 lakh from 1,001 clients.
Step 3: Apply through RAASB
Submit Form A and supporting documents through RAASB (membershipraia.bseindia.com). The process:
- Complete Form A with your applicant and qualification details.
- Upload the supporting documents RAASB requests for your application.
- Pay the applicable SEBI application fee: ₹2,000 for an individual or partnership, ₹20,000 for a body corporate or LLP. Keep the acknowledgement.
- Submit and track RAASB's review and any queries through its current process.
RAASB scrutinises the application and recommends eligible applicants to SEBI. After approval, the separate SEBI registration fee is ₹3,000 for an individual or partnership and ₹30,000 for a body corporate or LLP. Continuation is subject to a further fee every five years.
What happens after registration
Registration is the start of the compliance obligation, not the end. These are the key ongoing requirements.
Regulation 25: 5-year record keeping
All research reports, recommendations, and client communications must be retained for 5 years in tamper-evident format. This is the single most commonly cited compliance gap among individual RAs.
Annual compliance report
RAs must file an annual report with SEBI by a prescribed date each year, covering the number of clients served, research reports issued, complaints received, and revenue earned.
Conflict of interest disclosures
If you or a connected person holds a position in a recommended security, that must be disclosed in the research report. SEBI inspections specifically check for undisclosed holdings in covered stocks.
Client agreement maintenance
Every client must sign the prescribed agreement before receiving any paid research. SEBI inspectors ask for signed copies. Verbal agreements or WhatsApp screenshots do not satisfy this requirement.
NISM renewal (CPE)
The NISM Series XV certificate expires after 3 years. RAs must complete a CPE program from an NISM-accredited provider and renew before expiry. Lapsing the certificate while operating triggers a violation.
Common mistakes that delay or derail registration
These are the most frequent errors seen in RA applications. Avoiding them saves weeks.
- Operating before registration is confirmed: SEBI is clear that the RA certificate must be in hand before you publish any paid research or accept fees.
- Using the old net-worth checklist: SEBI now requires a client-count deposit, not a minimum RA net worth.
- Using a non-compliant client agreement: the agreement must follow SEBI's prescribed format. Customising it without retaining mandatory clauses is a common cause of rejection.
- Letting the NISM certificate expire while the application is in review: if your NISM cert lapses mid-process, you need to reappear for the exam before SEBI can grant registration.
- Mixing personal and client funds: individual RAs sometimes hold the same securities they recommend. Regulation 16 requires 30-day lock-in after issuance of a report before you can trade in that security.
For registered RAs
Aktai for Research Analysts: built for Regulation 25 compliance
Once you are registered, Regulation 25 record keeping is the day-to-day compliance burden. Aktai for Analysts automates tamper-evident logging of every research note and client communication, with CSV export for SEBI inspection. Built specifically for independent SEBI RAs.
See Aktai for AnalystsFAQ
What is SEBI Research Analyst registration?
SEBI Research Analyst (RA) registration is required for covered research services provided for direct or indirect consideration, unless an exemption applies. Individuals and firms submit Form A with supporting documents to RAASB, which reviews the application and recommends it to SEBI.
Which NISM exam is required for SEBI Research Analyst registration?
Applicants using the graduate-degree or CFA-charter route need relevant NISM certification. The specified NISM postgraduate programme is another qualification route and does not require initial entry-level certification. Relevant renewal certification is required within three years of registration under that route.
What are the SEBI RA registration fees for individuals?
SEBI's application fee is ₹2,000 for an individual or partnership firm and ₹20,000 for a body corporate or LLP. Initial registration fees are ₹3,000 and ₹30,000 respectively. A separate continuation fee is due every five years: ₹1,000 or ₹5,000 respectively. RAASB administration fees are additional.
How long does SEBI RA registration take?
Submit Form A and supporting documents through the RAASB portal. RAASB scrutinises the application and recommends it to SEBI. Processing time depends on the application and any queries; check the portal for current status rather than relying on a fixed timeline.
What is Regulation 25 and why does it matter for Research Analysts?
SEBI (Research Analysts) Regulations, 2014, Regulation 25 governs record keeping. Every registered RA must maintain records of all research reports, client communications, and recommendations for a minimum of 5 years. Records must be tamper-evident: if a client disputes a recommendation, SEBI can request the original timestamped record. Failure to maintain compliant records is a common cause of SEBI show-cause notices to individual RAs.