For SEBI-registered Research Analysts in India
Fee management and GST invoicing for SEBI Research Analysts
Clients pay you directly. Aktai keeps the paperwork straight: fee plans checked against the SEBI limit before you send them, GST invoices, a check that your UPI ID is a SEBI validated handle, refunds worked out when a client leaves early, and renewal reminders in your name.
Included on: Professional and Firm
What it does
- Recurring or one-time fee plans per client.
- Fee plans are checked against the SEBI fee limit before you send them, and a plan that collects more than a year in advance is refused.
- Each client has a category, so the limit applies only to the clients SEBI applies it to.
- GST invoice PDF with your GSTIN, and paid status tracked per invoice.
- Your UPI collection ID is checked as a SEBI validated handle (name.ra@valid plus your bank).
- The refund is worked out for you when a client leaves early, or if your registration is suspended for over 60 days or cancelled.
- Renewal reminders go out in your name, once a day in the seven days before a plan ends.
- Stop research when a plan expires: a setting you switch on per firm that stops research 3 days after a client’s plan ends. It is off until you turn it on.
- Win-back email: on white-label accounts, an offer email you write yourself. It goes through the SEBI advertisement code check before it is sent.
How it works
Set up the plan
Pick recurring or one-time, the amount and the period. The limit check runs before you send it.
Raise the invoice
A GST invoice with your payment link. The client pays you, by UPI or your gateway.
Record the payment
Mark it paid, or let a website checkout payment record itself.
Renew or refund
Reminders run before the plan ends. If the client leaves early, the refund is calculated for you.
Before and after
| Task | By hand | With Aktai |
|---|---|---|
| Fee limit | Checked by memory, if at all. | Checked on every plan before it is sent. |
| Invoices | Spreadsheet plus a GST template. | GST invoice PDF from the client record. |
| UPI handle | Any UPI ID printed on the invoice. | Checked for the SEBI validated format. |
| Early exit | Refund worked out by hand, breakage fee argued over. | Unused period calculated, no breakage fee. |
| Renewals | Chasing clients after the plan has lapsed. | Daily reminders in the last seven days. |
The SEBI rule behind it
- RA Master Circular (6 Feb 2026), para 1.9(b) and (f)
- A fee limit per family for individual and HUF clients, and fees in advance for at most one year.
- RA Master Circular (6 Feb 2026), para 1.9(c) to (e)
- The limit excludes statutory charges and does not apply to non-individual, accredited or institutional clients.
- RA Master Circular (6 Feb 2026), para 1.9(g) and Annexure B item 8
- No breakage fee on early termination, and a pro-rata refund if the registration is suspended for over 60 days or cancelled.
- SEBI circular SEBI/HO/DEPA-II/DEPA-II_SRG/P/CIR/2025/86, 11 Jun 2025
- Intermediaries, RAs included, collect through validated UPI IDs with the "ra" suffix.
Summaries in plain words, not the legal text. SEBI amends its rules and circulars, so check the current version on sebi.gov.in before you rely on any of this. Aktai is the software and the record. Compliance stays with you as the registered Research Analyst. This is not legal advice.
What it does not do
- Aktai works out and records the refund. You pay it from your own account.
- Aktai sends reminders. It does not charge or auto-debit your clients, and it never holds client money.
- The UPI check looks at the shape of the handle. It does not confirm the handle is registered.
Frequently asked questions
Does Aktai collect fees from my clients?
No. Clients pay you directly through your UPI ID or payment link. Aktai records the invoice and the payment, and never holds client money.
What is the SEBI fee limit?
Para 1.9 of the RA master circular sets an annual limit per family for individual and HUF clients and allows fees in advance for at most one year. Check the current figure in the circular. Aktai checks each plan against it before you send it.
What is a validated UPI handle?
SEBI’s June 2025 circular moves intermediaries to UPI IDs in the form name.ra@valid plus the bank. Aktai checks the ID you enter has that shape.
What happens when a client leaves early?
Aktai works out the refund for the unused period, with no breakage fee, and records it. You pay the client yourself.
Can Aktai stop research when a client’s plan ends?
Yes, if you switch it on. It is a per-firm setting, off by default. When it is on, research stops 3 days after the plan ends.
Do renewals charge the client automatically?
No. Aktai sends a reminder in your name once a day in the seven days before a plan ends. Payment is still the client’s choice.
Related features
Run your research desk on Aktai
Open to SEBI-registered Research Analysts. Pick a plan on the pricing page and sign up online.