RA Fee Limits & Payment Rules (incl. UPI)The research analyst fees limit is ₹1,51,000 per family per year for individual and HUF clients, excluding GST and other statutory charges. Fees must come through banking channels like UPI, cheque or bank transfer, never cash, and early cancellations get a proportionate refund with no breakage fee.  Last updated: 21 October 2026 Research analyst fee limits under SEBI cap what you can charge individual and HUF clients at ₹1,51,000 per family per year for all your research services, excluding statutory charges such as GST. Fees must be paid through banking channels such as cheque, online bank transfer or UPI, never in cash. Advance fees and refunds on early termination follow fixed rules. The limits apply only to individual and HUF clients who are not accredited investors. A subscription billing system for research analysts helps you charge, invoice and refund within these rules. This guide covers the fee cap, who it applies to, advance fees, refunds, allowed payment modes, the @valid UPI handle and the optional CeFCoM mechanism. It is based on the RA Regulations and the RA master circular dated 6 February 2026, and is not legal advice. Fee rules have changed several times since December 2024, so check the current SEBI master circular and RAASB announcements before setting prices. How much can a SEBI research analyst charge?Regulation 15A of the SEBI (Research Analysts) Regulations, 2014 lets an RA charge fees in the manner SEBI specifies. Para 1.9 of the master circular sets the rules:
The MITC that every client receives states the limit applies to all research services of the RA. So if a family takes your equity calls, an options service and a model portfolio, the combined annual fee from that family counts towards one cap. What does "per family" mean?Regulation 2(1)(fc) defines "family of client" as the individual client, dependent spouse, dependent children and dependent parents. Dependent members are those whose assets come from the income of the single earning member, and the client gives an annual declaration or periodic update on them. Practically, you need to know which clients belong to one family to apply the cap. Capture dependent family members at onboarding and check the family's total billing before you renew or add a plan. Who do the fee limits apply to?The fee provisions (fee limit, payment modes, refunds, advance fees and breakage fees) apply only to individual and HUF clients who are not accredited investors. Even where the cap does not apply, the terms and conditions must still be disclosed. For pay-per-call pricing under the cap, see our guide to pay-per-call fee rules for research analysts. Can a research analyst charge fees in advance?Yes, if the client agrees. Para 1.9(f) of the master circular, which refers to SEBI's circular of 2 April 2025, says the advance must not exceed fees for one year. There is an inconsistency to be aware of. The standard MITC text in Annexure B of the same master circular still says advance fees must not exceed the period stipulated by SEBI, "presently it is one quarter". Because clients see the MITC wording, a client could read it as limiting you to three months. Until SEBI or RAASB updates the MITC text, check the current position with RAASB or your compliance adviser, and make sure the advance period in your own terms matches what you collect. Our MITC guide covers the full text. What are the refund rules for research analyst fees?Early termination by either sideIf services end early under the agreed terms, the client must be refunded proportionate fees for the unexpired period. No breakage feeYou cannot charge any breakage or cancellation fee for early termination. Suspension or cancellation of your registrationIf SEBI suspends your registration for more than 60 days or cancels it, you must refund fees pro rata from the effective date to the end of the subscription period. A simple example: a client pays ₹24,000 for a 12-month plan and cancels after 3 months. Nine months are unexpired, so the proportionate refund is ₹18,000. Decide in your terms how you calculate the unexpired period (for example in days) and apply it consistently. Which payment modes are allowed?The MITC says fees may be paid through specified modes "like cheque, online bank transfer, UPI, etc." and that cash payment is not allowed. The investor charter tells clients to pay through banking channels only and keep signed receipts with payment details. Also remember that no fee may be charged until the client has consented to your terms and conditions, as para 1.12 of the master circular requires. What is the @valid UPI handle for research analysts?SEBI's circular of 11 June 2025 on "Adoption of Standardised, Validated and Exclusive UPI IDs for Payment Collection by SEBI Registered Intermediaries from Investors" applies to RAs. Its key points: Mandatory for you, optional for clientsIntermediaries must obtain a structured UPI ID and make it available to investors. Clients may still choose other permitted modes. FormatA username chosen through SEBI's utility, the suffix ".ra" for research analysts, and a bank handle starting with @valid, for example abc.ra@validhdfc. Verification signsPayments to these IDs show a thumbs-up icon inside a green triangle, and SEBI's "SEBI Check" lets investors verify a UPI ID or bank account. TimelineThe IDs were to be available for payments from 1 October 2025, and old UPI IDs were to be discontinued within 180 days of the circular. The handle is issued by self-certified syndicate banks listed in the circular, using your existing bank account. Check with your bank for current issuance steps and with SEBI for any later changes to the timelines. What is CeFCoM?The Centralised Fee Collection Mechanism for IAs and RAs (CeFCoM) is an optional platform run by BSE as RAASB, operational from 1 October 2024, where clients pay fees through a designated portal so they can see the payment is going to a registered RA. It is optional, but your terms and conditions must include guidance on CeFCoM, and SEBI asks RAs to encourage clients to use it. What payment records should you keep?Regulation 25 requires a client register with each client's PAN, the date and nature of the service, the securities covered and the fee charged. Keep invoices, payment references by mode, consent dates and refund workings for at least five years, as your annual auditor will test fees against these records. How Finuro handles research analyst billingFinuro's billing supports plans, trials, coupons, recurring payments, manual subscriptions and pause, resume, extend or cancel, through Razorpay, Cashfree or HDFC, with GST invoices and split settlement. You set the plan prices and durations, so it is still your job to keep each family within the cap, set advance periods that match your terms and calculate refunds. Finuro does not give legal advice or issue @valid UPI IDs, which come from your bank. Payment gateway charges and taxes are extra to Finuro's plan fees. 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