How to Become a SEBI-Registered Research AnalystTo become a SEBI-registered research analyst you need a graduate degree (or a CFA Charter) plus NISM certification, a deposit linked to your client count, and an application in Form A filed through BSE, which acts as RAASB, before SEBI grants registration. This guide walks through each step as the rules stand in October 2026.  Last updated: 21 October 2026 If you want to know how to become a SEBI research analyst, the short answer is this: hold a graduate degree (or a CFA Charter) and pass the NISM-Series-XV Research Analyst exam, keep a deposit of ₹1 lakh or more depending on how many clients you serve, apply in Form A through BSE Limited (the Research Analyst Administration and Supervisory Body, or RAASB), and pay SEBI's registration fee once SEBI approves you. After registration, the real work begins: client agreements, KYC, records, reports and audits. Most new RAs run that day-to-day work on a CRM built for SEBI research analysts rather than spreadsheets. This guide covers eligibility for individuals and firms, the deposit that replaced the old net worth rule, RAASB enlistment, the registration steps, SEBI fees, what happens after you get your registration number, and the part-time RA route. It reflects the SEBI (Research Analysts) Regulations, 2014 as amended up to 10 October 2026 and the SEBI Master Circular for Research Analysts dated 6 February 2026. Rules change often, so check the current text on sebi.gov.in before you apply. This article is general information, not legal advice. Who needs SEBI registration as a research analyst?Under Regulation 3 of the RA Regulations, no person can act as a research analyst, or hold themselves out as one, without a SEBI certificate of registration. A research analyst is a person who, for consideration, is in the business of providing research services, which covers research reports, buy/sell/hold recommendations on listed or to-be-listed securities, and model portfolios. Paid research on securitiesIf you charge clients, directly or indirectly, for security-specific recommendations or research reports, you need registration. SEBI treats research given free to clients who pay you for another service as research "for consideration" too. Social media and paid groupsRunning a paid Telegram or WhatsApp group with stock calls is research activity. Doing it without registration breaches the RA Regulations and SEBI's rules on unregistered advice. Some people are exemptRegistered investment advisers, credit rating agencies, AMCs and fund managers who issue research do not need separate RA registration, but they must follow Chapter III of the RA Regulations. Principal officers, partners and staff of a registered RA are covered by the firm's registration. What are the eligibility criteria for a SEBI research analyst?SEBI looks at five things when it considers an application under Regulation 6: your legal form, qualifications and certification, the deposit, whether you are "fit and proper", and whether you are enlisted with RAASB. SEBI also checks that you have the infrastructure to run the business and looks at any past refusals or disciplinary action. Legal formYou can apply as an individual (including a sole proprietor), a partnership firm, a limited liability partnership (LLP) or a body corporate such as a private limited company. Fit and properThe applicant, its partners, employed analysts and persons associated with research services must meet the fit and proper criteria in Schedule II of the SEBI (Intermediaries) Regulations, 2008. InfrastructureForm A now asks for a declaration that you have the infrastructure needed to run research services. You no longer have to list office furniture and equipment. What qualifications do you need to become a SEBI RA?SEBI has relaxed the qualification rule twice. The December 2024 amendment removed the experience requirement for graduates, and the SEBI (Research Analysts) (Second Amendment) Regulations, 2025, effective 25 November 2025, simplified it further. Regulation 7(1) now gives two routes. The degree can be in any subject. Before November 2025 it had to be in finance, commerce, economics or a related field, so many older guides are now out of date. Who must hold these qualificationsThe individual RA, or for a firm the principal officer, every individual employed as a research analyst, partners engaged in research services, and persons associated with research services (PARS) must meet Regulation 7 at all times. Lighter exam for sales staffBy a SEBI circular dated 11 March 2026, PARS who only do sales and other non-core work can take NISM-Series-XXV-A instead of Series XV. Staff involved in research must still pass Series XV. Keep certification currentThe NISM-Series-XV certificate is valid for three years. You must get a fresh certification before it expires, for example by passing the NISM-Series-XV-B renewal exam. For exam format, syllabus and pass mark, see our guide to the NISM Series XV Research Analyst certification. Is there a net worth requirement for research analysts?No. Until 15 December 2024, Regulation 8 required individuals and partnership firms to have net tangible assets of at least ₹1 lakh, and companies and LLPs to have a net worth of at least ₹25 lakh. The SEBI (Research Analysts) (Third Amendment) Regulations, 2024, effective 16 December 2024, replaced that with a deposit. The deposit is the same for individuals and non-individuals and depends only on your client count. Form of the depositSince SEBI's circular of 12 August 2025, you can keep the deposit as a scheduled bank deposit or as units of a liquid or overnight mutual fund. Lien in favour of RAASBThe deposit is marked as a lien in favour of RAASB, in the manner RAASB specifies. It can be used if you fail to pay dues from arbitration or conciliation under the Online Dispute Resolution mechanism. Annual top-upIf your client count moves you into a higher slab, revise the deposit by 30 April of the next financial year. Accurate client counts matter, so keep a clean client register from day one. What is RAASB enlistment and why does it come first?SEBI recognised BSE Limited as RAASB (and as IAASB for investment advisers) for five years from 25 July 2024. Regulation 6(xi) makes enlistment with RAASB a condition of registration. For new applicants, enlistment and the application happen together: you apply to RAASB, and enlistment must be in place before SEBI grants the certificate. What RAASB doesRAASB checks new applications for completeness and sends a recommendation to SEBI. After registration it handles periodic reporting, deposits, administrative fees and much of the day-to-day supervision. What SEBI still doesSEBI keeps the core powers: granting registration, enforcement, and disciplinary or penal action. Administrative feesRAASB charges its own administrative fees on top of SEBI's fees. SEBI's master circular says the combined fees should be no higher than the total fees that applied before July 2024. Check the current RAASB fee schedule on the BSE portal before you apply. How do you register as a SEBI research analyst, step by step?The master circular's FAQs say to file Form A, with supporting documents, with RAASB at membershipraia.bseindia.com. RAASB then recommends the application to SEBI. In practice the process runs in this order.
For a document-by-document checklist and a breakdown of what each fee covers, read our SEBI research analyst registration guide. For the RAASB side, including filings after registration, see RAASB enlistment and filings. How much does SEBI RA registration cost?SEBI's fees are set out in the Second Schedule to the RA Regulations, last revised with effect from 25 July 2024. On top of these you will need the deposit (₹1 lakh for up to 150 clients), the NISM exam fee, and your own costs such as a website, payment gateway, e-sign and software. Taxes and gateway charges may also apply to the fee payments, so check the amounts shown on the portal. Does the registration expire?No. Under Regulation 10 the certificate stays valid until SEBI suspends or cancels it, as long as you pay the five-yearly fee on time. How long does SEBI RA registration take?SEBI does not publish a fixed processing time for RA applications, so be wary of anyone who promises a date. How long it takes depends mostly on how complete your Form A is and how fast you answer queries from RAASB and SEBI. Until the certificate is issued, do not take fees, run a paid group, or call yourself a research analyst. What extra rules apply to firms (non-individual RAs)?Principal officerA company or LLP must have a principal officer who meets the qualification and certification rules. In a partnership firm, one qualified partner is designated principal officer. A firm with no qualified partner had to move to an LLP or company structure. Compliance officerUnder Regulation 26, a non-individual RA must appoint a compliance officer, or an independent CA, CS or CMA. The independent professional must hold NISM-Series-XV, XV-B and III-A certifications. Distribution segregationAn individual RA cannot provide distribution services. A firm must keep research and distribution clients separate at group level, with PAN as the control record. What are the first compliance steps after registration?Registration is the start. These obligations apply from your first client, and the annual compliance audit will check each one. The monthly compliance checklist for research analysts turns this into a recurring routine. Set up onboarding properlyRun KYC checks with a KRA, then MITC, then risk questions if you use them, then payment, in a fixed order so no client can pay before consenting. Finuro's e-KYC and e-sign onboarding lets you set this sequence for each product. Keep every call on recordEach recommendation needs a research basis, a disclaimer and a delivery record. Recommendation records keep calls, targets, stop-losses and status changes together for audits. List your profileOnce you have your registration number, claim your free profile in the SEBI research analyst directory so investors can check you. Can you become a part-time research analyst?Yes. Since 16 December 2024, an individual or partnership firm that also has another business or job can register as a part-time research analyst. The other activity must not be related to securities, must not involve handling client money, and must not involve giving investment advice or recommendations on any product. Same qualificationsPart-time RAs need the same degree and NISM certification as full-time RAs, and the same deposit. Client cap and labellingA part-time RA can have no more than 75 clients in total at any time and must use "part-time research analyst" in all client correspondence. Employer NOCIf you are employed, attach a no objection certificate from your employer to Form A, and give a new one if you change jobs. Who qualifies and which activities rule you out are covered in part-time research analyst rules after the 2024 amendment. If you also want to give personalised advice, read about dual registration as both RA and IA. What mistakes delay or derail a new RA?Starting before the certificateTaking fees or running "free" groups while your application is pending can count as unregistered activity and can hurt your application. Thin policiesCopied conflict-of-interest and trading policies that do not match your actual services lead to queries and audit findings. Letting NISM lapseCertification must be valid at all times. Diary the expiry date and plan the renewal exam well ahead. No records systemKeeping records across WhatsApp chats and personal email makes the five-year retention rule and the annual audit painful. Start your research practice on the right footingTo recap: qualify and pass NISM-Series-XV, prepare your policies, file Form A through RAASB, arrange the deposit, pay SEBI's fees and receive your certificate. Then set up compliant onboarding, records and reporting before your first client. Finuro's CRM for SEBI research analysts brings KYC, e-sign, recommendations, delivery logs, billing and audit trails into one system, so the records your auditor asks for already exist. Always check the latest SEBI regulations, circulars and RAASB notices before you act. This guide is not legal advice. Related Finuro features
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