Is a SEBI RA Licence Worth It?
The compliance load gets a lot of attention, but the actual money is smaller than the noise suggests. Put in your own numbers and see the running cost, the net, and how many clients it takes to break even.
Individual RA cap is โน1,25,000 per client per year
External CA, CS or Cost Accountant for the Reg 25(3) audit
Annual recurring revenue
โน6,00,000
Annual running cost
โน68,000
Net per year (steady state)
โน5,32,000
Break-even clients
3
at โน30,000 each
Year-one net (after setup)
โน5,17,500
setup โน14,500
Deposit locked (recoverable)
โน1,00,000
held under lien, can earn
What is in the numbers
- One-time setup: NISM Series XV exam โน1,500, SEBI registration โน10,000, CA certificate โน3,000, total โน14,500.
- Annual running cost: software โน48,000 a year plus the compliance audit โน20,000.
- The deposit is capital held under lien, not spent. It can sit in liquid or overnight funds and earn a modest return, so it is shown separately, not as a cost.
- Your time is the biggest line nobody invoices. It is not in these numbers.
Estimates from your inputs and figures published as of 2026. Descriptive only, not legal, tax or financial advice, and not a recommendation to register. Verify current fees and caps against SEBI circulars.
The cost lines, honestly
The fees and the deposit are one-off or small. The line that actually hurts is your time: screening the exchange sites for filings that touch your clients, writing each note from scratch, and reconstructing records before an audit. None of it appears on an invoice. For the full breakdown, see the cost of compliance guide and what RAs typically charge.
Before you register
If the numbers work, the next steps are the NISM exam and the SEBI application. Walk the full sequence in the registration guide, size your deposit with the deposit calculator, and map the year with the deadline calculator.
FAQ
What does it cost to become a SEBI Research Analyst?
One-time setup is modest: the NISM Series XV exam is โน1,500 per attempt and SEBI registration is โน10,000 for an individual or โน50,000 for a body corporate, plus a CA net-worth certificate. The recurring costs are the annual compliance audit and your software. Separately, you hold a deposit from โน1,00,000 under lien, which is recoverable capital, not a spend.
How many clients do I need to break even?
It depends on your fee. Break-even is your annual running cost divided by your average fee per client. For a solo desk running on a few thousand a month of software plus an audit fee, a handful of paying clients usually covers it. Enter your own numbers above to see the count.
Is the deposit a cost?
No. The deposit is capital held under lien to RAASB, not money spent. It can sit in liquid or overnight funds and earn a modest return, so this calculator shows it as locked capital separately from your running costs.
Does this tell me whether to register?
No. It is a descriptive estimate from your inputs, not a recommendation, and not legal, tax or financial advice. Verify current fees and caps against SEBI circulars and take professional advice for your own situation.