SEBI Research Analyst Registration: Complete Guide 2026
SEBI has registered approximately 1,400 Research Analysts across India. Getting on that list takes a specific sequence: the right qualification, the NISM exam, a set of documents, a โน10,000 fee, and 30 to 90 days of SEBI processing. This guide covers every step.
Note: This is an informational guide, not legal or compliance advice. SEBI regulations change. Always verify current requirements at sebi.gov.in and consult a qualified professional before filing.
Who needs SEBI RA registration?
The SEBI (Research Analysts) Regulations, 2014 define a Research Analyst as any person who prepares or publishes research reports, or provides research recommendations on securities for a consideration. The key trigger is receiving payment, whether a subscription fee, consulting retainer, or performance fee. Publishing free content on social media does not require registration. Accepting any fee for research does.
SEBI has been actively enforcing this since 2021. Unregistered individuals found accepting fees for equity research face fines, trading bans, and disgorgement of fees collected. The enforcement risk is real for anyone running a paid Telegram channel or Substack covering individual stocks.
Eligibility: three paths to qualification
SEBI recognises three eligibility routes. You need to satisfy exactly one of them.
Path 1: Graduate + 5 years
Any bachelor's degree from a recognised university, plus at least 5 years of experience in financial services, securities markets, or a related field.
Path 2: Post-graduate + 2 years
Master's degree (MBA, M.Com, M.Sc Finance, etc.) from a recognised university, plus at least 2 years of relevant experience.
Path 3: Professional qualification
CA (ICAI), CFA (CFA Institute), CMA (ICMAI), or equivalent professional qualification with no minimum experience requirement. SEBI treats these as equivalent to post-graduate + experience.
All three paths also require passing the NISM Series XV-RA examination before applying to SEBI.
Step 1: Pass the NISM Series XV-RA exam
The National Institute of Securities Markets (NISM) administers the Series XV: Research Analyst Certification Examination at test centres across India and via remote proctoring. Key facts:
- 100 questions, multiple choice. Duration: 2 hours.
- Passing score: 60% (60 correct answers).
- Exam fee: โน1,500 per attempt, payable on the NISM portal.
- Certificate validity: 3 years from the date of passing.
- No limit on the number of attempts. A 2-week cooling period applies after a failed attempt.
The NISM Study Material for Series XV is the authoritative preparation resource. It covers financial statements, equity valuation, fixed income, derivatives, research report structure, and SEBI regulations. Most candidates report 4 to 6 weeks of part-time study is sufficient.
Step 2: Gather your documents
SEBI's online application portal will ask you to upload the following. Prepare all of them before starting the application. A missing document pauses the process and you cannot save a partial application easily.
The Net Worth certificate deserves attention. SEBI requires a minimum net worth of โน1 lakh for individuals. This is the lower bound in the market, but the certificate must be signed and stamped by a Chartered Accountant. A self-declaration is not accepted.
Step 3: Apply on SEBI's portal
Applications are filed at the SEBI Intermediary Registration portal (siportal.sebi.gov.in). The process:
- Create an account using your PAN and email address.
- Select "Research Analyst" under the intermediary type.
- Fill the application form: personal details, educational qualifications, work experience, proposed business address.
- Upload all required documents in the prescribed formats (PDF, under 2 MB per file).
- Pay the โน10,000 application fee via net banking or NEFT. Keep the payment acknowledgement.
- Submit. You will receive an acknowledgement number. Track status using this number.
SEBI assigns the application to a regional office based on your address. Queries from SEBI arrive by email to the registered address. Respond promptly; SEBI typically allows 21 days to reply before closing the application.
What happens after registration
Registration is the start of the compliance obligation, not the end. These are the key ongoing requirements.
Regulation 25: 5-year record keeping
All research reports, recommendations, and client communications must be retained for 5 years in tamper-evident format. This is the single most commonly cited compliance gap among individual RAs.
Annual compliance report
RAs must file an annual report with SEBI by a prescribed date each year, covering the number of clients served, research reports issued, complaints received, and revenue earned.
Conflict of interest disclosures
If you or a connected person holds a position in a recommended security, that must be disclosed in the research report. SEBI inspections specifically check for undisclosed holdings in covered stocks.
Client agreement maintenance
Every client must sign the prescribed agreement before receiving any paid research. SEBI inspectors ask for signed copies. Verbal agreements or WhatsApp screenshots do not satisfy this requirement.
NISM renewal (CPE)
The NISM Series XV certificate expires after 3 years. RAs must complete a CPE program from an NISM-accredited provider and renew before expiry. Lapsing the certificate while operating triggers a violation.
Common mistakes that delay or derail registration
These are the most frequent errors seen in RA applications. Avoiding them saves weeks.
- Operating before registration is confirmed: SEBI is clear that the RA certificate must be in hand before you publish any paid research or accept fees.
- Skipping the Net Worth certificate: many first-time applicants overlook this. SEBI returns the application, adding weeks to the timeline.
- Using a non-compliant client agreement: the agreement must follow SEBI's prescribed format. Customising it without retaining mandatory clauses is a common cause of rejection.
- Letting the NISM certificate expire while the application is in review: if your NISM cert lapses mid-process, you need to reappear for the exam before SEBI can grant registration.
- Mixing personal and client funds: individual RAs sometimes hold the same securities they recommend. Regulation 16 requires 30-day lock-in after issuance of a report before you can trade in that security.
For registered RAs
Aktai for Research Analysts: built for Regulation 25 compliance
Once you are registered, Regulation 25 record keeping is the day-to-day compliance burden. Aktai for Analysts automates tamper-evident logging of every research note and client communication, with CSV export for SEBI inspection. Built specifically for independent SEBI RAs.
See Aktai for AnalystsFAQ
What is SEBI Research Analyst registration?
SEBI Research Analyst (RA) registration is a mandatory licence issued by the Securities and Exchange Board of India under the SEBI (Research Analysts) Regulations, 2014. Anyone who publishes research reports, issues buy/sell recommendations, or provides equity research to clients for a fee must hold this registration. Individuals apply directly to SEBI; firms apply as an entity. As of 2026, SEBI has registered approximately 1,400 Research Analysts across India.
Which NISM exam is required for SEBI Research Analyst registration?
The NISM Series XV: Research Analyst Certification Examination is the mandatory qualification. The exam covers securities markets, financial statement analysis, valuation, research report writing, and SEBI regulations. It is a 100-question MCQ paper, 2 hours long, with a passing score of 60%. The certificate is valid for 3 years and must be renewed via a CPE (Continuing Professional Education) program before expiry.
What are the SEBI RA registration fees for individuals?
The application fee for an individual Research Analyst is โน10,000 (non-refundable), paid via SEBI's online portal at sebi.gov.in. For a body corporate or partnership firm, the fee is โน50,000. Additionally, NISM exam fees apply separately (currently โน1,500 per attempt). There is no separate annual renewal fee, but SEBI may levy inspection or compliance fees.
How long does SEBI RA registration take?
After submitting a complete application via SEBI's SCORES/Intermediary portal, SEBI typically takes 30 to 90 days to process it. Incomplete applications are returned, resetting the clock. The most common delays are missing Net Worth certificates, incorrect NISM certificate details, and deficiencies in the Client Agreement template submitted with the application.
What is Regulation 25 and why does it matter for Research Analysts?
SEBI (Research Analysts) Regulations, 2014, Regulation 25 governs record keeping. Every registered RA must maintain records of all research reports, client communications, and recommendations for a minimum of 5 years. Records must be tamper-evident: if a client disputes a recommendation, SEBI can request the original timestamped record. Failure to maintain compliant records is a common cause of SEBI show-cause notices to individual RAs.