SEBI Research Analyst Deposit Requirement: The Slabs and Deadlines (2026)
SEBI scrapped the old net-worth test for Research Analysts and replaced it with something simpler: a deposit that grows with the size of your client base. It is good news for small practices, who now lock up far less capital. Here is how the deposit works, the slabs, and the forms it can take.
Note: General information, not legal advice. The deposit slabs have been refined through SEBI circulars; confirm the exact band that applies to you before you act.
Net worth out, deposit in
The earlier rule asked Research Analysts to maintain a net worth. SEBI replaced it with a deposit, held with a scheduled bank and marked as a lien in favour of RAASB, the BSE-run body that administers Research Analysts. The shift matters most for small and new practices: instead of demonstrating a balance sheet, you place a fixed deposit sized to your client count.
The slabs
The deposit is graded by the maximum number of clients you had on any single day in the previous financial year:
Slabs as commonly reported. Verify the exact band against the current SEBI circular, since the requirement has been refined since it was introduced.
What the deposit can be held as
Originally the deposit had to be a scheduled-bank fixed deposit under lien to RAASB. A later circular widened this to allow liquid mutual fund or overnight fund units held under lien. That means the money does not have to sit idle; it can earn a modest return while still serving as the deposit.
Deadlines and upkeep
Existing Research Analysts had to put the deposit in place by 30 April 2025; new applicants meet it from registration. After that it is an upkeep item, not a one-off. As your client base grows across a slab boundary, top up the deposit to match. Add a line to your compliance calendar to review it whenever your client count changes materially.
FAQ
Did SEBI remove the net-worth requirement for Research Analysts?
Yes. SEBI replaced the net-worth requirement with a deposit that scales with the number of clients you serve. The deposit is held with a scheduled bank and marked as lien in favour of RAASB (BSE Ltd).
How much is the deposit?
It is graded by your maximum number of clients on any single day in the previous financial year, ranging from 1 lakh rupees for a small client base up to 10 lakh for the largest. Verify the exact slab applicable to you against the current SEBI circular, since the bands have been refined over time.
What forms can the deposit take?
A scheduled bank fixed deposit under lien to RAASB was the original form. A later circular also allows liquid mutual fund or overnight fund units held under lien, so the deposit can sit somewhere that earns a small return rather than idle cash.
By when did existing RAs have to comply?
Existing Research Analysts were required to put the deposit in place by 30 April 2025. New applicants have to meet it from registration. As your client count moves between slabs, you keep the deposit aligned.