For SEBI-registered Research Analysts in India
Client agreement and MITC for SEBI Research Analysts
No research and no fee until the client has agreed to your terms. Aktai gives you an agreement with SEBI’s mandatory terms and the MITC, has the client sign it with Aadhaar eSign, records which version each client signed, and holds back notes and calls until onboarding is done.
Included on: All plans
What it does
- A default client agreement with the Annexure B terms and the MITC, filled in with your firm’s details and registration date.
- Clients sign with Aadhaar eSign. The signed PDF has both parties on the cover, page numbers and the consent reference.
- Versions: the owner publishes a new version, and the Client consent tab shows who signed which one.
- An MITC consent certificate for each signed agreement: time, IP, city, document version and how long the client read it.
- Website checkout asks for consent to the terms before the fee.
- No note or call reaches a client until onboarding is complete and a current risk profile is on file.
How it works
Your agreement is ready
Start from the default with the Annexure B terms and MITC, or publish your own version.
The client reads and signs
They read the terms and sign with Aadhaar eSign from a link sent in your firm’s name.
Proof is filed
The signed copy and the consent certificate land on the client record.
Research unlocks
Once onboarding is complete and a risk profile is on file, the client can receive notes and calls.
Before and after
| Task | By hand | With Aktai |
|---|---|---|
| Agreement text | Copied from a template, clauses missing. | Default built on SEBI’s Annexure B terms and MITC. |
| Signature | Printed, signed, scanned and emailed back. | Aadhaar eSign from a link. |
| Which version a client signed | Guesswork once the terms change. | Client consent tab lists it per client. |
| Research before consent | Possible by mistake. | Held back until onboarding is complete. |
The SEBI rule behind it
- RA Regulations 2014, Reg 24(6); RA Master Circular (6 Feb 2026), para 1.12(b)
- Neither research nor a fee until the client has consented to the terms and conditions.
- RA Master Circular (6 Feb 2026), Annexure B
- The mandatory terms and conditions, with the Most Important Terms and Conditions (MITC) in item 12.
- RA Regulations 2014, Reg 24(7); RA Master Circular (6 Feb 2026), para 1.7
- Use of AI tools in the research service is disclosed to clients at the time of the terms.
- RA Master Circular (6 Feb 2026), para 1.12(f) and Annexure B item 10
- Existing clients consent to changed terms before renewal or the next fee, and voluntary clauses change only after notice.
Summaries in plain words, not the legal text. SEBI amends its rules and circulars, so check the current version on sebi.gov.in before you rely on any of this. Aktai is the software and the record. Compliance stays with you as the registered Research Analyst. This is not legal advice.
What it does not do
- Read time on the consent certificate is reported by the client’s browser. It shows the client opened and scrolled the terms, not that they understood them.
- For RA clients, publishing a new version does not lock out clients who signed an earlier one. Use the Client consent tab to see who still needs to consent before renewal.
Frequently asked questions
Do I have to use the default agreement?
No. The default carries SEBI’s Annexure B terms and the MITC. The owner can publish a new version, and each client’s consent is tied to the version they signed.
How does the client sign?
With Aadhaar eSign, from a link emailed in your firm’s name. The signed PDF lands on the client record.
What is on the MITC consent certificate?
The time of consent, IP address, city, document version and how long the client spent reading. Read time comes from the client’s browser.
Can a client get research before signing?
No. Notes and calls are held back until onboarding is complete and a current risk profile is on file.
Does the agreement cover AI use?
Yes. The default terms include a disclosure of AI use in the research service, which Reg 24(7) asks for at the time of the terms.
Related features
Run your research desk on Aktai
Open to SEBI-registered Research Analysts. Pick a plan on the pricing page and sign up online.