What Is a SEBI Research Analyst?
A SEBI Research Analyst is a person or firm registered with the Securities and Exchange Board of India to prepare or publish research reports and make recommendations on securities for a fee. The licence is granted under the SEBI (Research Analysts) Regulations, 2014, and it is mandatory: anyone who accepts payment for equity research or buy/sell views must hold it. As of 2026, SEBI has registered roughly 1,400 Research Analysts across India.
Note: This is an informational explainer, not legal or compliance advice. SEBI regulations change. Always verify current rules and fee limits at sebi.gov.in and consult a qualified professional before you register.
What a Research Analyst actually does
The 2014 regulations define a Research Analyst as any person who prepares or publishes research reports, or provides recommendations on securities, for a consideration. The deciding word is consideration. If you take money for research, you are in scope. If you publish free content, you are not. In practice the role breaks down into four things.
Publishes research reports
Equity research notes, sector reviews, and company analysis prepared to a professional standard with the disclosures SEBI requires.
Issues recommendations
Buy, sell, or hold views on listed securities, distributed to subscribers or a general audience, not tailored to one person's situation.
Charges a fee for it
A subscription, retainer, or per-report charge. Accepting payment for research is exactly what triggers the registration requirement.
Keeps a compliant record trail
Regulation 25 requires every report and client communication to be retained for 5 years in tamper-evident form, ready for SEBI inspection.
The key boundary: a Research Analyst speaks to the market or to subscribers, not to one person. An RA shares a view with the required disclosures, and the client decides what to do. That is what separates research from personalised advice, which is a different registration.
What registration requires
Regulation 7 permits a recognised graduate degree or CFA charter with relevant NISM certification, or the specified NISM postgraduate programme. The latter route has an initial-certification exception, but requires renewal certification within three years of registration. Submit Form A and supporting documents through RAASB. SEBI's application fee is ₹2,000 for an individual or partnership, or ₹20,000 for a body corporate or LLP. Separate registration fees and a client-count deposit also apply.
Registration is the start of the compliance obligation, not the end. Regulation 25 requires you to keep every research report and client communication for 5 years in tamper-evident form. You also file an annual compliance report, disclose any holdings in covered securities, and have every client sign the prescribed agreement before they receive paid research. The full step-by-step sits in the SEBI Research Analyst registration guide.
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The 90-Day Setup Checklist for New SEBI Research Analysts
- All 12 steps across the three 30-day windows, with a tick box each
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Research Analyst vs Investment Adviser, in one line
A Research Analyst publishes a view on securities. A Registered Investment Adviser tells a specific client what they personally should do, takes on a fiduciary duty, and assesses whether the advice suits that person. An RA says “here is our view on this stock”; an RIA says “here is what you should do, given your situation”. Both can charge individual and HUF clients up to ₹1,51,000 per family per year (indexed to inflation), but only the RIA can charge on a percentage of assets under advice. If your product is research sold to subscribers, the RA model fits. If it is personalised advice, you need RIA registration. The full comparison is in Research Analyst vs Investment Adviser.
Where Research Analysts fit
SEBI registration is what separates a professional research practice from an unregistered tipster. Since 2021, SEBI has acted against people running paid stock channels without a licence, with fines, trading bans, and clawback of fees collected. The registration is the credibility marker that lets you charge a real fee, sign proper client agreements, and build a practice that survives an inspection. For an independent analyst, it is the foundation the whole business sits on.
For registered RAs
Aktai for Research Analysts: built for Regulation 25 compliance
Once you are registered, AI note drafting from uploaded filings, white-label delivery to clients over WhatsApp and Telegram, and a tamper-evident Regulation 25 audit trail are the day-to-day tooling. Aktai for Analysts handles all three, built specifically for independent SEBI RAs.
See Aktai for AnalystsFAQ
What is a SEBI Research Analyst?
A SEBI Research Analyst is a person or firm registered with the Securities and Exchange Board of India under the SEBI (Research Analysts) Regulations, 2014 to prepare or publish research reports and make recommendations on securities for a fee. The registration is mandatory for anyone who accepts payment for equity research or buy/sell views. As of 2026, SEBI has registered roughly 1,400 Research Analysts across India.
Do I need SEBI registration to share stock research?
You need it if you accept any fee for it. The trigger under the SEBI (Research Analysts) Regulations, 2014 is consideration: a subscription, retainer, or per-report charge. Publishing free views on social media does not require registration. Running a paid Telegram channel, Substack, or newsletter that recommends individual stocks does. SEBI has actively enforced this since 2021, with fines and disgorgement of fees for unregistered operators.
What is the difference between a SEBI Research Analyst and an Investment Adviser?
A Research Analyst publishes a view on securities for subscribers or a general audience. A Registered Investment Adviser gives personalised, suitability-based advice to a specific client and takes on a fiduciary duty. An RA says "here is our view on this stock"; an RIA says "here is what you specifically should do, given your situation". Crossing into personalised advice without RIA registration is the line an RA must not cross.
How do you become a SEBI Research Analyst?
Regulation 7 permits a recognised graduate degree or CFA charter with relevant NISM certification, or the specified NISM postgraduate programme. Submit Form A and supporting documents through RAASB. SEBI charges a ₹2,000 application fee and a separate ₹3,000 initial registration fee for an individual.