SEBI Registered Research Analyst: The Complete Guide
Everything it takes to register and run a compliant Research Analyst practice in India, in one place. Start with registration, work through compliance, disclosures, fees, tools and client delivery, and brush up on the fundamentals behind the research. Every link goes to a focused guide.
India-focused. SEBI Research Analyst Regulations apply to research and recommendations on Indian securities. This is reference material, not legal or compliance advice; verify current rules against SEBI's official circulars.
What is a SEBI registered Research Analyst?
A SEBI registered Research Analyst is a person or firm registered under the SEBI (Research Analysts) Regulations, 2014 to publish research reports or recommendations on Indian securities for a fee. Registration is mandatory once you charge for research. Full steps, fees and timelines are in the registration guide.
- Who must register
- Anyone who prepares research reports or gives buy/sell views on Indian securities for a fee. Free views shared publicly do not trigger it; a paid channel or newsletter does.
- Qualification
- The NISM Series XV Research Analyst certification, kept current by renewal.
- Who administers it
- SEBI registers Research Analysts. RAASB, run by BSE, handles enrolment and ongoing supervision.
- Deposit
- A deposit under lien to RAASB replaced the old net-worth test. It scales with client count, from Rs 1 lakh to Rs 10 lakh.
- Fee cap
- Rs 1,51,000 a year per family for individual and HUF clients who are not accredited investors.
- Records
- Every report, recommendation and client communication kept for 5 years under Regulation 25.
- The registered list
- SEBI publishes every registered Research Analyst in the intermediaries section of sebi.gov.in. Search the INH registration number there and check the name and validity match.
Get registered
What a Research Analyst is, who needs to register, and how to go from zero to a SEBI registration.
Stay compliant: records and filings
The records you must keep, the audit and the filings, and the calendar that governs them.
Disclosures and conduct
The advertisement code, the disclosure rules, and the conduct lines you cannot cross.
Fees, tax and economics
What you can charge, what compliance costs, and how the practice adds up after tax.
Tools and software
What the software market looks like for a small RA practice, and how to choose.
Clients and delivery
Onboarding, KYC, the client agreement, and getting research to clients on the record.
Fundamentals and markets
The analysis behind the research: how to read the statements, the ratios that matter, and how to turn a market event into a note.