Procedure for Registration of Research Analyst

Akanshi Verma

Akanshi Verma

Published on: May 6, 2026

Priya Gandhi

Updated on: May 6, 2026

★★★★★(1 Rating)

26

To operate as a Research Analyst in the Indian securities market, an entity or individual must obtain a Certificate of Registration from SEBI and must mandatorily be enlisted with a 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

• Be an individual or body corporate or partnership firm or limited liability partnership or research entity
• 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 or research entity
• 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
   • Deposit Requirement
     Applicant shall maintain the deposit, which is based on maximum number of clients, that has to be marked as lien, in favour of RAASB, as under:
     • Up to 150 clients – Rs. 1,00,000
     • 151 to 300 clients – Rs. 2,00,000
     • 301 to 1000 clients – Rs. 5,00,000
     • 1001 and above clients – Rs. 10,00,000.
   • 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 Research Analyst or Research Entity	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 Research Analyst shall be submitted in Form A of Schedule I, at the BSE Member portal, along with 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.
   • Investment Advisers, Credit Rating Agencies, Asset Management Companies and Fund Managers (i.e. Fund Managers of a mutual fund or alternative investment fund or venture capital fund or portfolio manager) are exempted from making application for grant of registration under Research Analyst Regulations.
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, to be paid to SEBI, is as follows:

   Category	Application Fees
   Individual / Sole Proprietor and Partnership Firms	Rs. 2,000
   Body Corporate including LLP	Rs. 20,000

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 to be paid to RAASB, is as follows:

     Category	Administrative Fees
     Individual / Sole Proprietor	Rs. 10,000
     Partnership Firm	Rs. 10,000
     Corporate/ LLP	Rs. 5,00,000

   • 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 to be paid to SEBI, is as follows:

     Category	Registration Fee (For First 5 years of Registration)
     Individual / Sole Proprietor and Partnership Firms	Rs. 3,000
     Body Corporate including LLP	Rs. 30,000

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 RESEARCH ANALYSTS

A research analyst shall:

• Abide by the Code of Conduct as specified in Third Schedule and maintain independence and transparency
• Use the term “Research Analyst” in all correspondence with client
• Maintain an arms-length relationship between research activity and other business activities.
• Maintain records of research reports, client interactions and communications
• Make the required disclosure in research reports and public appearances including financial interest, compensation, other conflicts
• Research analyst or research entity shall disclose to the client the extent of use of Artificial Intelligence tools in providing research services
• Submit periodic reports, compliance audit report and other information to RAASB
• Comply with trading restrictions, including restrictions on trading in securities covered by the research report.
• Comply with client-level requirement including disclosure
• 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.

ABREVIATIONS USED

• SEBI: Securities and Exchange Board of India
• RAASB: Research Analyst Administration and Supervisory Body
• NW: Net worth
• LLP: Limited Liability Partnership
• 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
• SI Portal: Securities and Exchange Board of India Intermediary Portal

IMPORTANT LINKS

• Weblink for making applications https://membershipraia.bseindia.com/
• 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