Procedure for Registration of Part-time Research Analyst

Akanshi Verma

Akanshi Verma

Published on: May 11, 2026

Priya Gandhi

Updated on: May 12, 2026

★★★★★(1 Rating)

35

To operate as a Part-Time Research Analyst in the Indian securities market, an individual or partnership firm must obtain a Certificate of Registration, from SEBI and must mandatorily enlist itself, with Research Analyst Administration and Supervisory Body (RAASB), being a recognised stock exchange namely BSE Limited, under the revised regulatory framework covered in the SEBI regulations and circulars.

APPLICABLE PROVISIONS

• Regulation 3, 5, 6, 7, 8, 9, 10, 26 of the Securities and Exchange Board of India (Research Analysts) Regulations, 2014.
• Chapter 1 of SEBI Master Circular No. HO/38/12/11(1)2026-MIRSD-POD/I/4360/2026 dated February 06, 2026.

MANDATORY REQUIREMENTS

Applicant shall:

• Be an individual or partnership firm.
• Maintain necessary infrastructure, including office space, IT System and compliance staff.
• Have minimum qualification requirement and relevant NISM Certification.
• Be a “Fit and proper person”.
• Appoint Principal Officer and Compliance Officer by non-individual research analyst.
• Ensure mandatory enlistment with RAASB, which is a pre-condition for registration.
• Maintain deposit with RAASB as specified by SEBI which is based on maximum number of clients.

PROCEDURE

1. Ensure to Meet the Eligibility Criteria
   • Person shall be considered eligible for registration, if it is:
     • Member of ICAI or ICSI or ICMAI providing their statutory services or an insurance agent having license from IRDAI
     • Employed as a professor or a teacher etc. provided that his employer provides no objection certificate to take up the activity as part-time RA
     • Professional such as an architect, lawyer, doctor, etc
     • Employed as a professor or a teacher etc., or is engaged in education business or activity.

     Note:

     • If there is change in employer, Part-time RA shall ensure to provide the no objection certificate from his new employer to RAASB/SEBI to continue its activities as part-time RA.
     • Person shall not engage in any of the two prohibited activities under Regulation 16A of Securities and Exchange Board of India (Intermediaries) Regulations, 2008 i.e.:
       • Providing advice or any recommendation, directly or indirectly, in respect of or related to a security or securities, without being registered with or otherwise permitted by the SEBI to provide such advice or recommendation, and
       • Making any claim, of returns or performance expressly or impliedly, in respect of or related to a security or securities, without being permitted by the SEBI to make such a claim.
   • Deposit Requirement
     Applicant shall maintain the deposit of Rs. 1,00,000 which is based on maximum number of clients, i.e., 75, in case of Part-time Research Analyst, and that has to be marked as lien, in favour of RAASB.
   • Key Personnel Qualifications
     Qualification of Key Personnel are to be ensured as follows:

     Particulars	Minimum Qualification
     Registered Individual Research Analyst or Principal Officer of a Non-Individual Research Analyst Individuals employed as research analyst and Partners of Research Analyst, if any, engaged in research services or persons associated with research services	Graduate degree or any equivalent educational qualification or CFA Charter, and relevant certification from NISM or from any other organization or institution accredited by NISM, or Post Graduate Program in the Securities Market (Research Analysis) from NISM or any other SEBI specified NISM program
     Compliance Officer, or Independent Professional of Non-Individual Part-Time Research Analyst	Member of ICAI or ICSI or ICMAI or member of any other professional body and holds certifications from NISM by passing the following certification examinations: NISM-Series-XV: Research Analyst Certification Examination NISM-Series-XV-B: Research Analyst Certification (Renewal) Examination, and NISM-Series-III A: Securities Intermediaries Compliance (Non-Fund) Certification Examination.

2. Enlistment Application through RAASB Portal
   The Application for enlistment as a Part-Time Research Analyst shall be submitted in Form A of Schedule I, at the BSE Member portal, along with No objection Certificate from the employer if employed and other supporting documents, at the weblink: https://membershipraia.bseindia.com/.

   Note:

   • BSE Limited has been recognised as RAASB for administration and supervision of Research Analyst, for a period of 5 years, effective from July 25, 2024.
   • SEBI registered Stock Brokers, Merchant Bankers and other intermediaries except those who are exempted from making registration application, under RA Regulations, are required to make application for grant of registration under RA Regulations, if they are engaged in issuance of research reports or research analyses.
3. Forwarding of Application to SEBI by RAASB
   Application is scrutinised by RAASB, upon submission and when found satisfactory, such application is forwarded to SEBI, through the SEBI Intermediary (SI) Portal, where a unique application ID is generated.
4. Payment of SEBI Application fees
   • SEBI application fee challan is generated by RAASB and the applicant is required to make payment of the application fee, directly to SEBI, within 48 hours, and if failed then the application is not processed further.
   • One-time, non- refundable application fees of Rs. 2000, to be paid by Individual and Partnership Firms to SEBI.
5. SEBI to Seek Clarification
   During the review process, SEBI may request additional information or clarifications. These requests are routed through RAASB, and applicant must submit all required responses and supporting documents, back through the RAASB portal, for final transmission to SEBI.
6. Approval and Payment of SEBI Registration Fees
   
   • After reviewing the application and finding the application satisfied, SEBI grants approval, following which RAASB generates a Virtual Account Number, for payment of administration fees of exchange. One-time, non- refundable administrative fees of Rs. 10,000 to be paid by Individual / Sole Proprietor/ Partnership Firm to RAASB.
   • Applicant is required to pay such fees and submit the original Fixed Deposit Receipt, towards deposit as applicable.
   • After receipt of administration fees and deposit, the RAASB generates the SEBI registration fees challan and the applicant is required to make the payment within 48 hours.
   • One-time, non- refundable Registration fees of Rs. 3,000 to be paid by Individual / Partnership Firms to SEBI.
7. Final Enlistment and Grant of Certificate of Registration
   • Upon confirmation of all payments and fulfilling the requirements, RAASB enlist the applicant and upload the recommendation letter on SEBI SI portal.
   • Pursuant to which, SEBI issues the Registration Number and E-Certificate of Registration and RAASB provides enlistment letter and relevant documentation.
   • Such certificate remains valid until suspended or cancelled by SEBI.

KEY CONDITIONS FOR PART-TIME RESEARCH ANALYSTS

A Part-Time Research Analyst shall:

• Abide by the Code of Conduct as specified in Third Schedule and maintain independence and transparency.
• Use the term “Part-Time Research Analyst” in all correspondence with client.
• Part-time research analyst shall disclose to the client the extent of use of Artificial Intelligence tools in providing research services.
• Maintain a functional website with prescribed updated details.
• Ensure research reports are based on reliable information and supported by relevant data and analysis.
• All records shall be maintained either in physical or electronic form and preserved for atleast 5 years.
• Ensure segregation of research services and distribution services at client level, where applicable.
• Must prominently display a disclaimer (minimum font 10) on other service documents and invoices, stating that these services are outside SEBI’s purview and cannot be escalated to SEBI.
• Not trade or deal recommended securities within 30 days before and 5 days after report publication.
• Not deal or trade directly or indirectly in securities that he reviews in a manner contrary to his given recommendation.
• Not purchase or receive securities of the issuer before the issuer’s IPO, if the issuer is principally engaged in the same types of business as companies that the research analyst follows or recommends.
• Maintain an arms-length relationship between research activity and other business activities and provide a formal undertaking confirming this separation.
• Disclose all external activities to prevent conflicts of interest with Research Analyst (RA) operations or employment, ensuring all required disclosures including financial interests, compensation, and other conflicts are clearly stated in research reports and public appearances.

ABREVIATIONS USED

• SEBI: Securities and Exchange Board of India
• RA: Research Analyst
• RAASB: Research Analyst Administration and Supervisory Body
• NISM: National Institute of Securities Markets
• CFA: Chartered Financial Analyst
• ICAI: Institute of Chartered Accountants of India
• ICSI: Institute of Company Secretaries of India
• ICMAI: The Institute of Cost Accountants of India
• IRDAI: Insurance Regulatory and Development Authority of India
• SI Portal: Securities and Exchange Board of India Intermediary Portal
• IPO: Initial Public Offering

IMPORTANT LINKS

• Weblink for making applications https://iaraportal.sebi.gov.in/
• User Manual for Registration https://www.bseindia.com/downloads1/Registration-process-Research_Analyst.pdf
• Forms and Checklist for Enlistment https://www.bseindia.com/static/iara/ra-enlistandpost
• Standard Operating Procedure (SOP) for enlistment and post enlistment activities of BSE for Research Analyst (RA) and Investment Adviser (IA) https://www.bseindia.com/static/iara/basl_member_ra