IndiaComplete Guide

The SEBI Research Analyst 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.

Get registered

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

What is a SEBI Research Analyst?โ†’SEBI RA registration: complete guideโ†’NISM Research Analyst certificationโ†’How to start an RA practiceโ†’Research Analyst vs Investment Adviserโ†’Deposit and net-worth requirementsโ†’Proprietor vs LLP vs companyโ†’Can you be a part-time RA?โ†’Registration renewalโ†’Surrender or cancel registrationโ†’Finfluencer rules in Indiaโ†’From finfluencer to registered RAโ†’What is the RAASB?โ†’SEBI Research Analyst FAQsโ†’

Stay compliant: records and filings

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

SEBI compliance checklistโ†’What is SEBI Regulation 25?โ†’The Regulation 25 audit trailโ†’Research report format and disclosuresโ†’Annual compliance auditโ†’Annual return filingโ†’Inspection readinessโ†’Compliance calendar 2026-27โ†’The 2026 master circular: what changedโ†’Lessons from SEBI enforcementโ†’The compliance burden, quantifiedโ†’Outsourcing rulesโ†’Automate client notes for Reg 25โ†’Why spreadsheets fail Reg 25โ†’

Disclosures and conduct

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

The advertisement codeโ†’Social media disclosureโ†’Conflict-of-interest disclosureโ†’Dealing and insider-trading codeโ†’Insider and SAST trade monitoringโ†’The investor charterโ†’SCORES complaints handlingโ†’AI-use disclosureโ†’AI information services complianceโ†’Digital accessibility rulesโ†’Website disclosures checklistโ†’Model portfolio frameworkโ†’

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 Indiaโ†’The cost of complianceโ†’GST and income taxโ†’RAASB fee breakdownโ†’CeFCoM centralised fee collectionโ†’Software pricing comparedโ†’

Tools and software

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

Best software for SEBI RAsโ†’RA software comparisonโ†’The solo RA tech stackโ†’Cirrus alternativeโ†’TradingView alternativeโ†’AI equity-research toolsโ†’The RA marketplaceโ†’

Clients and delivery

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

Client onboardingโ†’Digital KYCโ†’The client agreementโ†’What is MITC?โ†’MITC explainedโ†’MITC template and formatโ†’MITC, KYC and reportingโ†’Client portfolio monitoringโ†’WhatsApp complianceโ†’Telegram channel rulesโ†’White-label WhatsApp deliveryโ†’Email marketing rulesโ†’Trade lifecycle managementโ†’Recommendation performance trackingโ†’Tracking corporate actionsโ†’Material filings (LODR Reg 30)โ†’BSE corporate filings guideโ†’Earnings season workflowโ†’How Aktai builds a Reg 25 audit trailโ†’

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 reportโ†’Balance sheet analysisโ†’Income statement decodedโ†’Cash flow statement analysisโ†’Free cash flow analysisโ†’P/E ratio explainedโ†’EV/EBITDA explainedโ†’Debt-to-equity ratio explainedโ†’ROE and ROICโ†’Working capital explainedโ†’EPS and book valueโ†’Dividend yield vs payout ratioโ†’DCF valuation made simpleโ†’How to analyze quarterly earningsโ†’Reading an earnings call transcriptโ†’How Research Analysts evaluate IPOsโ†’Top-down vs bottom-up analysisโ†’Portfolio rebalancingโ†’Reading an RBI monetary policyโ†’Union Budget 2026 for investorsโ†’Q1 FY27 earnings previewโ†’

For SEBI-registered Research Analysts

Run your research desk on Aktai.

Track filings across your client book, draft factual notes with AI, deliver them white-label over WhatsApp and email, and keep a 5-year audit trail. One tool.

โœฆ Filing to note in under 10 secondsโšก White-label WhatsApp delivery๐Ÿ”’ Regulation 25 audit trail
Get started โ†’See pricing โ†’

For SEBI-registered Research Analysts ยท Start in minutes

What AKTAI stands for

A

Always

K

Knowing

T

Trusted

A

Actionable

I

Instant

โš ๏ธ

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 โ†’