SEBI Research Analyst Deposit Calculator
SEBI sizes the Research Analyst deposit by how many clients you serve, not by a fixed net-worth test. Enter your peak client count from the previous financial year and see the slab that applies.
SEBI sizes the deposit by your peak client count, not your count today.
Your deposit band
₹1,00,000
Up to 150 clients, held with a scheduled bank under lien to RAASB.
Descriptive guide only, not legal or compliance advice. Deposit slabs have been refined through SEBI circulars. Confirm the exact band that applies to you against the current SEBI circular before you act.
How the deposit works
SEBI replaced the old net-worth requirement for Research Analysts with a deposit held under lien to RAASB, the BSE-run body that administers RAs. The amount is set by the maximum number of clients you had on any single day in the previous financial year, so a small practice locks up far less capital than the old rule implied. For the full background, see the deposit requirement guide.
Keep the deposit aligned as you grow
The deposit is upkeep, not a one-off. When your client base crosses a slab boundary, top it up to match. Add a review to your compliance deadline calculator and your compliance calendar so it never slips.
FAQ
How is the SEBI Research Analyst deposit calculated?
It is graded by the maximum number of clients you served on any single day in the previous financial year. Up to 150 clients is ₹1,00,000; 151 to 1,000 is ₹2,00,000; 1,001 to 10,000 is ₹5,00,000; more than 10,000 is ₹10,00,000. The deposit is held with a scheduled bank under lien to RAASB.
Did SEBI replace the net-worth requirement with a deposit?
Yes. SEBI replaced the old net-worth test for Research Analysts with this deposit, which scales with client count. Existing RAs had to put it in place by 30 April 2025; new applicants meet it from registration.
Can the deposit earn a return?
A scheduled-bank fixed deposit under lien was the original form. A later circular also allows liquid mutual fund or overnight fund units held under lien, so the money can earn a modest return rather than sit idle.
Is this calculator official?
No. It is a free reference tool from Aktai, not from SEBI or RAASB, and not legal or compliance advice. Confirm the exact band that applies to you against the current SEBI circular before you act.