IndiaComplete Guide

SEBI Registered Research Analyst: The Complete Guide

Everything it takes to register and run a compliant Research Analyst practice in India, in one place. Start with registration, work through compliance, disclosures, fees, tools and client delivery, and brush up on the fundamentals behind the research. Every link goes to a focused guide.

India-focused. SEBI Research Analyst Regulations apply to research and recommendations on Indian securities. This is reference material, not legal or compliance advice; verify current rules against SEBI's official circulars.

What is a SEBI registered Research Analyst?

A SEBI registered Research Analyst is a person or firm registered under the SEBI (Research Analysts) Regulations, 2014 to publish research reports or recommendations on Indian securities for a fee. Registration is mandatory once you charge for research. Full steps, fees and timelines are in the registration guide.

Who must register
Anyone who prepares research reports or gives buy/sell views on Indian securities for a fee. Free views shared publicly do not trigger it; a paid channel or newsletter does.
Qualification
The NISM Series XV Research Analyst certification, kept current by renewal.
Who administers it
SEBI registers Research Analysts. RAASB, run by BSE, handles enrolment and ongoing supervision.
Deposit
A deposit under lien to RAASB replaced the old net-worth test. It scales with client count, from Rs 1 lakh to Rs 10 lakh.
Fee cap
Rs 1,51,000 a year per family for individual and HUF clients who are not accredited investors.
Records
Every report, recommendation and client communication kept for 5 years under Regulation 25.
The registered list
SEBI publishes every registered Research Analyst in the intermediaries section of sebi.gov.in. Search the INH registration number there and check the name and validity match.

Get registered

What a Research Analyst is, who needs to register, and how to go from zero to a SEBI registration.

From CA to SEBI Research Analyst→From AP or sub-broker to RA→From MF distributor to RA→NISM certification for your team→What is a SEBI Research Analyst?→SEBI RA registration: complete guide→NISM Research Analyst certification→How to start an RA practice→Research Analyst vs Investment Adviser→Deposit and net-worth requirements→Proprietor vs LLP vs company→Can you be a part-time RA?→Registration renewal→Surrender or cancel registration→Finfluencer rules in India→From finfluencer to registered RA→What is the RAASB?→SEBI Research Analyst FAQs→

Stay compliant: records and filings

The records you must keep, the audit and the filings, and the calendar that governs them.

SEBI compliance checklist→What is SEBI Regulation 25?→The Regulation 25 audit trail→Research report format and disclosures→Annual compliance audit→Annual return filing→Inspection readiness→Compliance calendar 2026-27→The 2026 master circular: what changed→Lessons from SEBI enforcement→The compliance burden, quantified→Outsourcing rules→Automate client notes for Reg 25→Why spreadsheets fail Reg 25→

Disclosures and conduct

The advertisement code, the disclosure rules, and the conduct lines you cannot cross.

The advertisement code→Social media disclosure→Conflict-of-interest disclosure→Dealing and insider-trading code→Insider and SAST trade monitoring→The investor charter→SCORES complaints handling→AI-use disclosure→AI information services compliance→Digital accessibility rules→Website disclosures checklist→Model portfolio framework→

Fees, tax and economics

What you can charge, what compliance costs, and how the practice adds up after tax.

What you can charge: fees in India→The cost of compliance→GST and income tax→RAASB fee breakdown→CeFCoM centralised fee collection→Software pricing compared→

Tools and software

What the software market looks like for a small RA practice, and how to choose.

Why not hire a freelance developer→Best software for SEBI RAs→RA software comparison→The solo RA tech stack→Cirrus alternative→TradingView alternative→AI equity-research tools→The RA marketplace→

Clients and delivery

Onboarding, KYC, the client agreement, and getting research to clients on the record.

How a research call reaches clients→What to tell clients in a 10% fall→AI stock bubble risk for client books→Hosting webinars as an RA→What separates a thriving practice→Scaling: what breaks at 25, 100, 500 clients→Client onboarding→Digital KYC→The client agreement→What is MITC?→MITC explained→MITC template and format→MITC, KYC and reporting→Client portfolio monitoring→WhatsApp compliance→Telegram channel rules→White-label WhatsApp delivery→Email marketing rules→Trade lifecycle management→Recommendation performance tracking→Tracking corporate actions→Material filings (LODR Reg 30)→BSE corporate filings guide→Earnings season workflow→How Aktai builds a Reg 25 audit trail→

Fundamentals and markets

The analysis behind the research: how to read the statements, the ratios that matter, and how to turn a market event into a note.

How to read an annual report→Balance sheet analysis→Income statement decoded→Cash flow statement analysis→Free cash flow analysis→P/E ratio explained→EV/EBITDA explained→Debt-to-equity ratio explained→ROE and ROIC→Working capital explained→EPS and book value→Dividend yield vs payout ratio→DCF valuation made simple→How to analyze quarterly earnings→Reading an earnings call transcript→How Research Analysts evaluate IPOs→Top-down vs bottom-up analysis→Portfolio rebalancing→Reading an RBI monetary policy→Union Budget 2026 for investors→Q1 FY27 earnings preview→

For SEBI-registered Research Analysts

Run your research desk on Aktai.

Draft factual notes from filings with AI, deliver them white-label to the clients who hold the stock over WhatsApp and email, and keep a 5-year audit trail. One tool.

✦ Filing to note in under 10 seconds⚡ White-label WhatsApp delivery🔒 Regulation 25 audit trail
Get started →See pricing →

For SEBI-registered Research Analysts · Start in minutes

What AKTAI stands for

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Not financial advice. Aktai is software for SEBI-registered Research Analysts. It is not a financial adviser, broker, Investment Adviser, or Research Analyst, and is not registered with SEBI or any other financial regulator. It surfaces public filings and news and drafts factual notes for the registered analyst to review, edit, and sign. Aktai does not author research, make recommendations, or decide what any security is worth. The view, the recommendation, and the regulatory responsibility stay with the registered analyst who sends the note. Full disclaimer →