The rise of retail investors engaging and investing in the Indian Stock market has resulted in increased demand for legitimate stock advice and research based on data. There is, however, a high level of risk associated with giving stocks or equity research advice without providing proof of being a legal entity. Therefore, to operate as a Research Analyst (RA) legally and develop allegiance and credence to your clients, you must register with SEBI (Securities and Exchange Board of India) as a Research Analyst.
Due to certain changes made by SEBI between 2024 and 2025, it created a new governing body, RAASB (Research Analyst Administration and Supervisory Body). All the information pertaining to registering as a SEBI Registered Research Analyst will be discussed in this guide.
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What Is The Eligibility Criteria?
To protect investors, SEBI has established educational and certification standards. Thus, anyone wishing to provide investment advice must meet all of SEBI's educational and certificate (credential) qualifications.
Types of Educational Qualifications
As per SEBI (Research Analysts) Regulation, 2014, SEBI requires an individual to have one of the following educational qualifications:
A post-graduate, professional, or diploma in Insurance, Finance, Accountancy, Business Management, Commerce, Economics, Capital Markets, and Banking.
OR, A 5-year experience minimum working in the activities above (i.e., Research Analyst, Adviser, Fund Manager) in the securities markets if the individual has an undergraduate degree in a field of study.
Mandatory NISM Certification
No exceptions exist for skipping steps, and to participate, you must clear the NISM Series-XV: Research Analyst Certification Examination. Passing this exam will verify that you have an understanding of Fundamental Analysis in the Stock Market, together with the Technical Analysis component.
And as a tip, while preparing for this, refer to our guide on "How to score above 90 in SEBI NISM Certification Exams" to assist you with demonstrating your proficiency the first time around.
"Fit and Proper" Guidelines
SEBI determines your integrity — any occurrences of prior criminal convictions, history of fraud, or having been declared insolvent would make you ineligible.
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What Are The Financial Requirements?
Beginning in 2025, SEBI has made a large change to how they rate individuals by eliminating the traditional Net Worth certificates. From that date going forward, under the new RAASB guidelines, you will use the new Fixed Deposit Lien system.
The FDR System (Capacity-Based)
The Fixed Deposit (FDR) System (Capacity Based) — you will be required to provide a Lien against a Fixed Deposit Account for the RAASB. The value of the Lien will vary based on how many clients you will provide analysis to:
For example:
For 1-150 clients, you will need to have a Rs. 1,00,000 Deposit
For 151-300 clients, you will need to have a Rs. 2,00,000 Deposit
For 301-1,000 clients, you will need to have a Rs. 5,00,000 Deposit
With this requirement, you are ensuring you, the analyst, carry "skin in the game" and are able to meet any regulatory penalties or liabilities.
Step-by-Step Registration Process
Multiple Digital Layers are present in the process of becoming a SEBI Registered Research Analyst. Below is the streamlined Workflow to become a SEBI-registered research analyst.
NISM XV: You will need to pass the NISM XV to obtain your certificate. You may also find it helpful to research Top NISM Certification Courses for Specialized Training.
Listing with RAASB: You need to sign up with the Research Analyst Administration and Supervision Body Before You can Apply With SEBI.
SEBI Intermediary Portal (SIRE): Create an account on SIRE.
Filing of Form A: Filing Form A is the formal application of a SEBI Registered Research Analyst. You are Required to Upload.
Business Plan that is Detailed
Internal Policies (Conflict of Interest, Proxy Voting, etc.)
Details of Infrastructure (Office Space and Hardware/Software)
Payment of Fees: Pay the Application Fee Listed Below.
Review of Application by SEBI: Your application will be reviewed by a SEBI officer, and you will be required to answer any Queries Pertaining to the Research Methodology Used to analyze a Company’s Balance Sheet or the Research Methodology Used.
Issuance of Certificate: Once SEBI is Satisfied with Your Application, You Will Be Issued with a Unique Registration Number.
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Fee Structure
The SEBI RA Registration Fees consist of the Application Fee and the Registration Fee (Valid for 5 years).
Compliance & Post-Registration Responsibilities
Getting licensed is only Half of the Journey; it is Also Very Important to Stay Compliant to Prevent Penalty.
Disclosure of Interest: A Research Analyst Must Disclose Whether or Not They and/or Your Family Members Have Shares in Companies You Recommend.
Maintenance of Records: The records of all research reports used to prepare the Difference Between Technical and Fundamental Analyses, and all Client Communications must be maintained for a period of five years by every SEBI Registered Research Analyst.
Annual Audit: Each SEBI Registered Research Analyst is required to complete an annual audit of his or her compliance records by a practicing Chartered Accountant (CA) or Company Secretary (CS).
Advertising Code: No SEBI Registered Research Analyst may use superlative advertising phrases (i.e., "Best Analyst" or "Guaranteed Returns") in their marketing material.
Common Mistakes & Rejection Reasons
Numerous applications are denied because of avoidable errors; the most commonly made errors include:
Inadequate Infrastructure: Claiming to operate a research business from a bedroom without the appropriate data tools or software.
Lack of Clarity Regarding Your Business Model: SEBI requires an explanation of how you plan to generate revenue without creating a conflict of interest for your clients.
Failure to Disclose Prior History: You must disclose any prior denial or other regulatory actions.
Misunderstanding RA vs RIA: Make sure you understand the difference between the two. Registered research analysts provide research reports, and registered investment advisers provide personalized investment strategies. If you're interested in becoming an RIA, read our guide on How to Become A Certified Financial Planner in India.
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Conclusion
To become a SEBI Registered Research Analyst in 2025, you will need to be more than an expert in market research; you will also need to dedicate yourself to being transparent and disciplined with your research practice from a regulatory standpoint. By implementing RAASB and FDR into your training program, the path to becoming a SEBI Registered Research Analyst is now clearly defined and lends a great deal of credibility with investors.
For those new to the research business, you should first concentrate on mastering the fundamentals of research before going through the process of obtaining a SEBI Registered Research Analyst licence. You should develop your skills by learning to read stock charts and by developing a history of performing accurate analysis prior to applying for the SEBI Registered Research Analyst licence.
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