SEBI RA Fee-Cap Checker
SEBI caps what a Research Analyst can charge one individual or HUF family in a year. Enter your annual fee and see whether it stays under the cap, with headroom to spare or over the line.
Across all fee structures combined
With the client's agreement, an RA may collect up to one year in advance
Within the cap
₹60,000 of ₹1,51,000
You have ₹91,000 of headroom under the cap of ₹1,51,000 per family per year.
The cap is per family per year, across all research services combined, and excludes statutory charges. It applies to individual and HUF clients who are not accredited investors, whatever entity type you registered under. RAASB revises the limit every three years. Descriptive guide only, not legal or compliance advice. Verify the current limit against the latest SEBI circulars.
How the cap works
The cap is per family, per year, across every fee arrangement combined. A retainer plus per-report fees all count toward the same limit. It applies to individual and HUF clients who are not accredited investors. Non-individual clients and accredited investors fall outside it. There is no ceiling on your total income, only on what a single family pays. The full picture, including permitted and prohibited fee structures, is in the Research Analyst fees guide.
Put the cap in your client terms
Your fee and the cap both belong in the Most Important Terms and Conditions you share with each client. Generate that document, pre-filled with your details, using the MITC generator, and sense-check whether the whole practice pays for itself with the cost calculator.
FAQ
What is the SEBI fee cap for Research Analysts?
SEBI circular dated 8 January 2025, restated in the 2026 Master Circular for Research Analysts, caps fees at ₹1,51,000 per annum per family for individual and HUF clients who are not accredited investors. The cap covers all fee structures combined and excludes statutory charges. It does not apply to non-individual clients or accredited investors, and it is the same whether you registered as an individual or a firm.
Is the cap per family or across all clients?
Per family. For individual and HUF clients, the cap applies to what one family pays you in a year across all services. There is no cap on your total income across all clients.
How much can I charge in advance?
If the client agrees, a Research Analyst may collect fees in advance for up to one year (SEBI circular of 2 April 2025, which raised the earlier limit of one quarter). If a client leaves early, the unexpired part of the fee is refunded proportionately and no breakage fee may be charged.
Is this checker official?
No. It is a free reference tool from Aktai, not from SEBI, and not legal or compliance advice. Fee caps can change; verify the current limits against the SEBI Research Analyst Regulations and circulars.