SEBI RA Registration: Documents, Fees, Timeline SEBI research analyst registration needs four things: a qualifying degree or CFA/NISM programme, a valid NISM Series-XV certificate, a deposit of ₹1–10 lakh based on client count, and an application with supporting documents plus enlistment with RAASB (BSE). Fees for an individual are ₹2,000 to apply and ₹3,000 on grant. This guide covers eligibility, the document checklist, fees and each step in order. Last updated: 20 October 2026.  ELIGIBILITY Who can register as a SEBI research analyst? Individuals, partnership firms and body corporates (including LLPs) can register. An individual analyst, and the principal officer and research staff of a firm, must meet these conditions at all times, not only on the day of filing. Qualification A graduate or postgraduate degree, diploma or professional qualification in finance, accountancy, economics, commerce, business management or capital markets, NISM's one-year PG Program in Securities Market (Research Analysis), or a CFA Charter. Other research staff need at least a graduate degree. NISM Series-XV certificate Pass the NISM Series-XV Research Analyst exam. The certificate is valid for three years; renew it before expiry by passing Series-XV again or the remotely proctored Series-XV-B renewal exam. Deposit, not net worth Since the December 2024 amendment, the net worth test is replaced by a deposit lien-marked to RAASB: ₹1 lakh up to 150 clients, ₹2 lakh for 151–300, ₹5 lakh for 301–1,000 and ₹10 lakh above 1,000. Fit and proper, with infrastructure Meet the fit-and-proper criteria of the SEBI (Intermediaries) Regulations, 2008, have adequate office and technology infrastructure, and disclose any past refusals or disciplinary action against you or connected persons. DOCUMENT CHECKLIST Documents required for SEBI RA registration Most delays come from incomplete files. Keep every document below ready, self-attested and current before you start the application in Form A. Identity and address proof PAN and Aadhaar or passport for the applicant, and for every partner, director and principal officer in a firm. Address proof for the registered office. Qualification proof Degree certificates and mark sheets, or proof of the NISM PG programme or CFA Charter, for the individual or the principal officer and each research analyst employed. NISM Series-XV certificate A valid certificate for each person who will produce research, with the expiry date clearly visible. Deposit proof Bank confirmation of the deposit lien-marked in favour of RAASB (BSE), matching the client slab you declare. Entity documents (firms) Partnership deed, or certificate of incorporation with MoA and AoA, or LLP agreement, plus a board or partner resolution authorising the application. Infrastructure details Office premises proof, staff details, and how you will deliver research, keep records and store call recordings and client communications. Website and policies Your website URL with the required disclosures, a draft of Most Important Terms and Conditions (MITC), and policies for conflicts of interest, personal trading and grievance handling. Declarations and fee payment Fit-and-proper and disciplinary-history declarations, and proof of the ₹2,000 (individual) or ₹20,000 (firm) application fee paid by NEFT, RTGS, IMPS or the SEBI payment gateway. SEBI RA registration fees SEBI fees under the Second Schedule as amended in 2024, for individuals and partnership firms. Body corporates and LLPs pay ₹20,000 to apply, ₹30,000 on grant and ₹5,000 to renew. RAASB (BSE) enlistment fees are charged separately. ₹2,000Application fee (non-refundable) ₹3,000Registration fee, on grant ₹1,000Renewal fee, every 5 years ₹1–10 lakhDeposit, by client count SEBI RA registration process, step by step💠Step 1 Clear NISM Series-XV and confirm qualification Pass the NISM Series-XV exam and collect proof of a qualifying degree, NISM PG programme or CFA Charter. Without both, the application cannot move. 💠Step 2 Set up the entity, office and website Choose individual, partnership or company/LLP, arrange the office and record-keeping setup, and publish a website with the disclosures and MITC SEBI expects. 💠Step 3 Create the deposit Place the deposit for your expected client slab with a bank and have it lien-marked in favour of RAASB (BSE). 💠Step 4 File the application with documents and fee Submit Form A with the document checklist and the application fee through the online route SEBI and RAASB specify, and complete enlistment with RAASB. 💠Step 5 Answer queries promptly SEBI and RAASB may raise queries on documents, qualification or infrastructure. Each round adds time, so reply completely, in one go. 💠Step 6 Pay the registration fee and go live On approval, pay the ₹3,000 (or ₹30,000) registration fee, receive your registration number, and display it with your RAASB enlistment on your website and every communication. SEBI research analyst registration: FAQs Short answers to what applicants ask most. Check SEBI's current circulars and the RAASB (BSE) page before you file, as rules change. AFTER REGISTRATION Run your registered RA practice on Finuro Once you have your registration number, the work shifts to compliance: client KYC and e-sign, risk profiling, MITC acceptance, research delivery on Telegram and WhatsApp, and records ready for your annual audit. Finuro is a CRM built for SEBI research analysts that keeps all of it in one place.  |