How to Apply for NISM Exam: A Complete 2026 Guide to NISM Series 15 Examination

 In case you need to pursue a career in the Indian securities market or intend to find yourself registered as a Research Analyst or Investment Advisor by SEBI, then the initial step is to pass the NISM exam. Here in this blog we will give you the full guide on how to apply to the NISM examination with particular reference to the NISM Series 15 Research Analyst Certification, including all the details on the eligibility to the registration and preparation.

The following guide is presented to you by Taxation Consultancy, your reliable partner in the registration of SEBI, as well as the post-registration compliance, legal assistance, and advisory services.

What is NISM Exam?

The National Institute of Securities Markets (NISM), established by SEBI, offers certifications designed to promote knowledge and skills required for participants in the financial markets. Every certification is tied to a specific regulatory requirement.

The NISM Series 15 – Research Analyst Certification is one of the most critical exams for individuals aiming to register as a SEBI Research Analyst. This exam evaluates your understanding of research analysis, securities markets, investment strategies, and regulatory requirements.

Why NISM Certification Matters

Before we dive into how to apply for NISM exam, it’s important to understand why this certification is so valuable:

• It is mandatory for SEBI registered Research Analysts.
• Enhances professional credibility and market knowledge.
• Helps individuals build careers in equity research, financial advisory, or wealth management.
• NISM certifications are recognized across the Indian financial ecosystem and required by many employers.

Who is Eligible to Take the NISM Exam?

One of the most common questions we get is: Who can apply for NISM exam? The answer is simple.

• Whether you are a 12th-pass student, a graduate, or a working professional from any field, you can apply for this exam.
• There is no education-specific requirement to appear for the exam itself.
• If your goal is to register with SEBI as a Research Analyst, you must hold a graduation degree and pass NISM Series 15
• For Investment Advisors, you must pass both NISM Series X-A (Level 1) and Series X-B (Level 2).

Latest SEBI Update: Earlier, only finance or commerce graduates were allowed to register with SEBI. But now, thanks to a recent amendment, individuals from any background (engineering, law, science, arts) can become SEBI registered analysts provided they pass the required exams.

NISM Series 15 Exam Details at a Glance

• Exam Name: NISM Series 15 – Research Analyst Exam
• Exam Fee: ₹1500
• Mode of Exam: Online (Computer-based at authorized centers)
• Certificate Validity: 3 Years
• Passing Marks: Minimum 60% (60 marks out of 100)
• Negative Marking: Yes
• Certificate Type: SEBI-approved Certification
• Number of Attempts: Unlimited (fee applicable for each attempt)

How Many Attempts for NISM Exam?

This is a common concern. There are no restrictions on the number of attempts for NISM exams. You can take the exam as many times as you need until you pass. However, the fee of ₹1500 applies for each attempt.

How to Prepare for the NISM Exam (Simple & Effective Strategy)

Before we jump into the NISM registration process, let’s talk about preparation.

What to Study?

You do not need to read the entire official study material from beginning to end. Many candidates waste time going through the full 400-page PDF.

Instead, use:

• Pass4Sure – The most recommended source based on feedback from our clients
• Mock tests and question banks – Most questions in the exam are based on past papers or mocks
• Quick revision notes – Focus on core concepts related to research analysis, capital markets, ethics, and regulations

Tip: Don’t memorize unnecessarily. Practice in a simulated environment like mock tests. This also prepares you for negative marking.

Step-by-Step Guide: How to Apply for NISM Exam

Here is the complete registration process for the NISM Series 15 Research Analyst certification exam:

Step 1: Visit the Official Website

• Search on Google: “NISM Series 15 Research Analyst Exam”
• Click the official link from NISM
• Review the exam structure and click on “Register for Certification Exam”

Step 2: Create Your NISM Account (First Time Applicants)

• Click on “Create New Account”
• Enter your email address and confirm it
• Choose a secure password and register

⚠️ Note: The NISM system takes up to 72 hours to activate your account due to document verification. You may also face issues receiving OTPs, so check your spam folder.

Step 3: Upload Required Documents

You’ll need:

• A recent photograph (passport-size, clear background)
• PAN card
• Aadhaar Card (or any government-approved address proof)

Pro Tip:

• PAN number should be entered in uppercase
• Photos must be clear, otherwise registration can be delayed

Step 4: Fill Personal Details

This includes:

• Name (as per PAN)
• Date of birth
• Father’s name
• Alternate email
• Gender

Click Next after verifying details.

Step 5: Complete Contact Details

• Full address (Line 1, 2, and 3)
• City, State, PIN code
• Mobile number (OTP required)
• Telephone is optional

Step 6: Educational & Professional Information

• For graduation or diploma — enter your degree title, institute name, passing year, marks, etc.
• For professional details, if not applicable, select Others
• For work experience or occupation, if none — select Not Employed or Student

Step 7: Final Review & Submit

You’ll now see:

• Your uploaded photo
• PAN and Aadhaar
• Personal and education details

Tick the terms and conditions box, enter CAPTCHA and click Submit.

🔔 If your OTP isn’t received on email, check Spam folder.

Your NISM account is now verified, and you’re ready to apply for the exam.

How to Enroll for the NISM Series 15 Exam

1. Log in to the NISM portal
2. Look for Series 15: Research Analyst under Recommended Courses
3. Click → Enroll Now
4. Choose Examination
5. Select your exam (make sure it is NISM Series 15, not 15B)
6. Select your City, Exam Center, Date, and Time Slot
7. Proceed to Payment

Payment Process: Step-by-Step

• Exam fee is ₹1500 (minimum charge)
• Only online payment options are available
  • UPI
  • Credit/Debit Card
  • Net banking

After payment → You’ll receive confirmation:

🎉 “You are enrolled for the NISM Series 15 Research Analyst Certification Exam.”

Common Registration Issues & Solutions

🔹 Account Locked for 3 Days

This happens during document verification. Wait for NISM’s response.

🔹 OTP Not Received

Check your spam folder or try again after some time.

🔹 Payment Failures

You can retry or switch to another payment mode. If it persists, contact NISM support.

Final Summary of the NISM Series 15 Exam

Here’s a quick recap:

• 📝 Registration Fee: ₹1500
• 📊 Passing Marks: 60%
• ⚠️ Negative Marking: Yes
• 🎓 Certificate Validity: 3 Years
• 🧾 Attempt Limit: None, but charged every time
• 🖥 Exam Mode: Online at authorized test centers

Need SEBI Registration or Legal Help? We’ve Got You Covered!

If you’re searching how to become sebi registered research analyst, Investment Advisor, or Portfolio Manager, or you need advice or support in post-registration compliance, SEBI legal cases, or regulatory audits, Taxation Consultancy is your trusted partner.

🔹 Why Choose Us?

• Expertise in SEBI matter handling
• Dedicated legal support for both registered and unregistered entities
• Transparent process and timely guidance
• Highly-rated customer support and advisory

FAQs

1. How many Attempts for NISM Exam?

There is no limit on attempts. However, the fee applies for each attempt.

2. What is the validity of the NISM certificate?

The certificate is valid for 3 years from the date of passing.

3. Can a non-commerce graduate become a SEBI registered analyst?

Yes, SEBI now allows graduates from any background to apply.

📞 Call: +91 8928321757
📧 Email: taxationconsultancy997@gmail.com

Don’t worry — we’ve got your SEBI compliance, registration, and legal matters covered!

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SEBI Rules and Regulations: A Complete Compliance Guide for Research Analysts and Investment Advisor

 SEBI (Securities and Exchange Board of India) plays a central role in regulating India’s financial and securities markets. Whether you are a Research Analyst (RA), an Investment Advisor (IA), or running a research-based financial service, complying with SEBI rules and regulations is mandatory. Compliance not only helps build your legal standing but also boosts credibility and trust among clients.

In this detailed guide, prepared collaboratively with Taxation Consultancy, we break down SEBI compliances into simplified sections so every SEBI-registered professional can clearly understand what’s required. From research reporting standards and client disclosures to trading restrictions and public appearances, we cover it all — with practical examples and case references.

Why SEBI Rules and Regulations Matter

SEBI was formed to protect investors and strengthen the integrity of the stock markets. Whether you are giving a simple buy call or full-blown research reports, every detail is monitored. Non-compliance can lead to:

• Heavy monetary penalties
• License suspension
• Complete trading or advisory ban
• Legal actions

Hence, every SEBI registered person — particularly Research Analysts and  sebi registered advisor  — must understand and follow rules and regulations of sebi diligently.

Who is a Research Analyst According to SEBI?

SEBI defines a Research Analyst as any person involved in providing research analysis, research reports, or research recommendations concerning securities. This includes individuals offering:

• Buy, Sell, Hold calls
• Price targets or stop-loss levels
• Any opinions about companies listed (or to be listed) on stock exchanges

Important: If you provide these without SEBI registration, your services are illegal — regardless of whether you’re a single person or part of a large platform.

Understanding What SEBI Considers a “Recommendation”

Many RAs and IAs are unclear on what counts as a formal research recommendation. SEBI provides clear guidance:

A recommendation qualifies if it includes at least one of the following:

• A clear buy / sell / hold call
• A price target or stop-loss level

Even sharing one of these qualifies as a recommendation under SEBI — triggering all compliance obligations. That’s why even a Telegram message or a stock pick video on YouTube must adhere to compliance standards.

Example:

• “Buy XYZ Ltd at ₹100, Target ₹125, Stop Loss ₹95” – counts as a recommendation
• “XYZ Ltd is a good company with strong revenue” – NOT a recommendation

The moment you include target or call — it becomes regulated.

SEBI’s Mandatory Record-Keeping: Regulation 25 Explained

Under Regulation 25 of the  sebi research analyst regulations , 2014, every RA must maintain 8 records, of which four directly relate to recommendations:

1. Signed and dated research report
2. Documented rationale or proof for each recommendation
3. Copies of all communications of research recommendations to clients
4. Records of public appearances where recommendations were made

👉 A key compliance tip: The research report must be signed on or before the date of publication — never after. Backdating is considered non-compliance and may lead to penalties.

Personal Trading Restrictions: Regulation 16 (the “30-5 Rule”)

SEBI’s Regulation 16 places strict restrictions on personal trading for RAs to prevent conflict of interest or insider advantage.

Key Rule:

• You cannot trade in a security 30 days before and 5 days after issuing a recommendation.

That’s a 35-day restriction period for each recommendation. If you revise your target or stop-loss, that counts as a new recommendation — and the 35-day compliance cycle restarts.

Example: Example of SEBI’s 30-5 Personal Trading Restriction Rule:

• Buy Recommendation
  • Date: 1st February
  • Result: Analyst must avoid buying/selling the stock from 2nd January to 6th February.
• Revised Target
  • Date: 5th February
  • Result: Treated as a new recommendation, triggering a fresh 30-day before + 5-day after restriction period.

👉 This is why many Research Analysts avoid trading in the securities they cover to avoid compliance traps.

Handholding vs. Updated Calls – Avoiding Common SEBI Pitfalls

One of the most misunderstood aspects in SEBI’s rules is the difference between issuing updated recommendations and handholding.

Handholding (Not Allowed):

Sending follow-up updates like:

• “Exit now.”
• “Hold until further notice.”
• “Target reached, book profit.”

without issuing a new research report or rationale is considered handholding, which SEBI prohibits.

Updated Recommendation (Allowed):

If there’s significant news and you revise levels with documented rationale, signed reports, and proper filing, then it’s allowed and compliant. That’s a new recommendation.

Professionals offering intraday and F&O calls need to be especially careful here.

Taxation Consultancy Tip: Always treat every update as a fresh recommendation if you’re changing your view or levels. And document everything.

Regulation 18: IPO Involvement and Conflict of Interest

As per SEBI, a Research Analyst is barred from issuing any recommendation on a stock if:

• They acted as a manager or co-manager in its IPO; and
• The restriction applies for 40 days from listing

In addition, RAs are prohibited from being involved in or associated with:

• Investment banking
• Brokerage services
• Merchant banking

This ensures independence and removes all conflict of interest.

Public Appearances and Mandatory Disclosures: rules and regulations of sebi 19, 20, and 21

Whether you’re making a research report, sending a WhatsApp message, or appearing on a YouTube channel — SEBI mandates disclosures at all times.

You must disclose:

• If you or your relatives hold any stake in the company
• Whether you/your firm have received compensation from the company
• Any conflict of interest
• Any market-making activities
• Use of AI tools in preparing the analysis (if any)

Even common disclaimers like “Investment in securities market is subject to market risks” are expected and protect both you and your clients.

Regulation 21 specifically applies to public appearances:

If you speak on TV, social media, or webinars and are identified as RA, you must make clear disclosures. Non-compliance on just a YouTube video has triggered SEBI actions.

The Importance of Compliance Systems – Not Just Fulfilling Rules

SEBI compliance is not about memory, it’s about systems.

Most SEBI-registered analysts get penalized for minor things like:

• Not signing a research report promptly
• Not keeping rationale proof
• Handholding instead of issuing new recommendations
• Missing disclosures in WhatsApp or Telegram posts

👉 The solution? Build a compliance system. That’s where Taxation Consultancy comes in.

Common SEBI Violations (Avoid these!)

Here are some issues where most RAs fail SEBI’s compliance test:

• Sharing trading calls with no documented rationale
• Forgetting to disclose interest/conflict
• Not recording calls made on YouTube or social media
• Trading in stocks they recommended
• Handholding clients after target or SL is hit

These can lead to serious penalties, which often could have been avoided with internal controls.

How Taxation Consultancy Helps You Stay SEBI Compliant

At Taxation Consultancy, we specialize in:

• SEBI registration
• Preparation of compliance systems
• Audit and inspection support
• Drafting compliant templates
• Maintaining logs and research records
• SEBI case support and advisory

We train and guide both new and established Research Analysts and Investment Advisors to build fully automated and compliant workflows.

Final Thoughts

Following  SEBI rules  and regulations is not simply about avoiding penalties — it’s about delivering transparent, professional, and responsible research services. When you’re compliant, your clients trust you more, regulators respect you, and your brand reputation grows.

With the right systems in place, you can focus on what matters most — building market insights and client relationships — and let compliance run in the background.

For a fully customized SEBI compliance setup, get in touch with us at Taxation Consultancy.

FAQ’S

1. What is SEBI and why is it important?

SEBI (Securities and Exchange Board of India) is India’s market regulator responsible for regulating the securities market and protecting investor interests. SEBI ensures transparency, fairness, and legal compliance among market participants, including Research Analysts and Investment Advisors.

2. Who needs to register with SEBI as a Research Analyst?

Anyone providing research reports, stock recommendations, buy/sell/hold calls, or target levels — whether publicly or privately — must be registered with SEBI. Unregistered analysts offering such services are considered non-compliant and may face penalties.

3. What qualifies as a recommendation under SEBI rules?

A recommendation includes any buy, sell, or hold call, or any price target or stop-loss level. Even sharing one of these elements — whether via PDF, social media, WhatsApp, or a video — counts as a regulated recommendation.

4. Can a SEBI registered Research Analyst trade in the stocks they recommend?

 SEBI’s Regulation 16 restricts personal trading. Analysts cannot trade in the recommended security for 30 days prior to and 5 days after the recommendation. Each fresh update is treated as a new recommendation and restarts the restriction window.  restricts personal trading. Analysts cannot trade in the recommended security for 30 days prior to and 5 days after the recommendation. Each fresh update is treated as a new recommendation and restarts the restriction window.

5. What is handholding in SEBI’s context?

Handholding refers to follow-up messages like “exit now” or “hold further” sent after a recommendation without issuing a new report or rationale. SEBI prohibits handholding unless the recommendation is rewritten with complete documentation.

6. What documents does SEBI require Research Analysts to maintain?

Under Regulation 25, an RA must maintain:

• Signed & dated research reports
• Documentary rationale for recommendations
• Communication records with clients
• Records of public appearances

These must be stored for audit purposes and presented during SEBI inspections.

7. Do Research Analysts need to disclose personal stock holdings?

Yes. Under Regulations 19, 20, and 21, every RA must disclose:

• Personal and family stock holdings
• Conflicts of interest
• Compensation received from companies
• Any positions involving market-making or merchant banking

Disclosures are mandatory in every report and public appearance.

8. Is it allowed to revise targets or stop-loss levels after a recommendation?

Yes, but the revision must be treated as a new recommendation with updated rationale, signed report, and proper documentation. Otherwise, it may be treated as handholding.

9. Does SEBI allow Research Analysts to be involved in brokerage or merchant banking services?

No. Regulation 18 prohibits RAs from being associated with brokerage services, investment banking, merchant banking, or related businesses to avoid conflicts of interest.

10. What should an RA do when using Telegram, WhatsApp, or YouTube to share recommendations?

Even if you share recommendations via Telegram, WhatsApp, or YouTube:

• Record each recommendation
• Include disclosures
• Maintain rationale/documentary proof
• Keep a signed report

SEBI considers these channels regulated communication.

11. What are the penalties for non-compliance under SEBI rules and regulations?

Penalties may include:

• Monetary fines
• Suspension or cancellation of registration
• Restrictions on market activities
• Legal proceedings

Recent SEBI orders have penalized analysts for missing disclosures, no record-keeping, or unauthorized advisory.

12. How can Taxation Consultancy help in SEBI compliance?

Taxation Consultancy assists professionals by:

• Setting up complete SEBI compliance systems
• Preparing documentation templates
• Providing audit and inspection help
• Offering registration, record-keeping, and advisory services
• Preventing common regulatory mistakes

13. Can I use AI tools to prepare research recommendations?

Yes, but SEBI now requires analysts to disclose the extent of AI involvement in their research. Transparency in the analysis process is mandatory.

14. How long do Research Analysts need to maintain their records?

All records including reports, rationale, and public appearance logs must be maintained for a minimum of five years from the date of publishing the recommendation.

15. What happens if a Research Analyst revises their recommendation after five days of making it?

Any revision of levels (e.g., target or stop-loss) is treated as a new recommendation. SEBI’s personal trading restrictions and compliance obligations will apply fresh to that updated call.

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Is It Legal for SEBI Registered Analysts to Run Courses?

 Have you ever wondered if a SEBI Registered Analyst can legally offer stock market courses in India? It’s a question that’s becoming more relevant today because so many individuals rely on registered analysts for investment advice — and increasingly, education.

In fact, if you’re planning to learn stock market trading, you may want your trainer to not just have expertise but also some kind of regulatory backing. That’s where SEBI registration comes in. But can someone who’s registered with SEBI as an analyst actually teach, or are they restricted to only giving investment advice? Let’s dive right in and uncover the truth in a simple, human-friendly way.

If you’ve ever searched for courses on stock market education, you’ve likely come across the term SEBI Registered Analyst. It sounds authoritative — and it is. Analysts registered with SEBI (Securities and Exchange Board of India) have proven their competence and ethics, which is why people often trust them more than self-proclaimed gurus.

But here’s the real question: 

Can a SEBI Registered Analyst legally teach? 

Or are they restricted only to giving investment advice?

Let’s clear the doubt once and for all — in simple language.

Who is a SEBI Registered Analyst?

A SEBI Registered Analyst is a professional who has obtained an official license from SEBI to provide research, recommendations, and analysis regarding stocks, mutual funds, or other financial securities. SEBI registration ensures the analyst follows ethical, transparent, and professional standards.

They must:

• Have relevant financial qualifications.
• Pass SEBI-approved certifications (like NISM).
• Maintain records, disclosures, and audit compliance.

Simply put: A SEBI Registered Analyst is like a doctor for your investments — trained and trusted.

Types of SEBI Registrations

Before diving into their teaching permissions, let’s distinguish between different SEBI-registered roles:

• Research Analysts (RA): These professionals publish reports, recommendations, or opinions about securities.
• Investment Advisors (IA): These experts provide personalized investment advice to clients.
• Portfolio Managers: They manage investment portfolios on behalf of clients.

The focus of this article is primarily on Research Analysts, who are more likely to offer educational content.

Role and Responsibilities of a SEBI Registered Analyst

A registered analyst’s primary duty is to analyze and communicate insights about the stock market or a specific company or sector. They typically:

• Prepare research reports.
• Offer investment opinions.
• Provide market insights.

However, these services come with strict compliance rules — no false guarantees, no misrepresentation, and definitely no influencing inappropriately.

Can a SEBI Registered Analyst Offer Courses?

Yes, they can!

A SEBI Registered Analyst is allowed to offer educational courses, workshops, or webinars, as long as:

• They do not offer personalized investment advice without an investment advisory license.
• They do not make guaranteed return claims.
• They stay within the boundaries of education vs advice.

Think of it like this: A doctor can teach a medical course without diagnosing your personal health — as long as they don’t prescribe medicines during class. It’s the same with analysts.

What Does SEBI Say About Education vs Advice?

SEBI does not stop registered analysts from teaching. In fact, education is encouraged because it helps improve financial literacy. However, the line between education and advice can be blurry.

SEBI guidelines say analysts must not:

• Give specific buy/sell recommendations within education content.
• Guarantee profits.
• Provide tailored investment plans for individuals unless registered as an advisor.

As long as the analyst sticks to general concepts, techniques, tools, and strategies, they are well within legal rights.

Difference Between Education and Advisory

• Education
  • General information about markets
  • Teaches theory and strategies
  • Suitable for anyone
  • Does not involve client portfolio access
• Advisory
  • Personalized recommendations
  • Suggests specific stocks or trades
  • May handle or guide portfolios
  • Tailored for an individual

The key difference? Personalization.

An educational program can teach you how to read candlestick patterns. But an advisor tells you which stock to buy tomorrow based on those patterns.

Why Do People Prefer Courses by SEBI Registered Analysts?

Here are some reasons:

• Credibility: SEBI registration boosts trust.
• Expertise: They’ve proven their skills to get licensed.
• Ethics: They follow a code of conduct.
• Quality: Real-world experience, not just theory.

Would you prefer learning to drive from a licensed professional or someone who’s just watched a few YouTube videos? Exactly.

What Beneficiaries Should Know About SEBI Certified Courses

As a learner, here’s what you should check:

• Is the trainer actually registered with SEBI? (You can verify on the SEBI website.)
• Does the course offer education or hidden advisory?
• Are there guarantees of returns? (Red flag!)
• Are disclaimers clearly stated?

Even good teachers must stay compliant — and smart students should stay alert.

Legal and Ethical Boundaries Analysts Must Follow

As a registered analyst offering a course, here’s what must be avoided:

• Guaranteeing profits
• Sharing exclusive stock tips during class
• Promoting paid advisory disguised as education
• Misusing SEBI’s name to build hype

SEBI takes compliance seriously — and so should students.

Examples of What Analysts Can Teach in Courses

Here are things a SEBI Registered Analyst can teach:

• Basics of stock market investing
• Technical analysis and chart patterns
• Fundamental analysis and valuations
• Risk management and psychology
• Trading strategies and frameworks

As long as examples are generic, and not stock-specific, it’s safe.

SEBI’s Stance on Paid Workshops and Webinars

SEBI is okay with analysts conducting paid webinars, workshops, and online courses, given that the content is educational.

Many analysts use platforms like YouTube and Zoom to share knowledge, often with disclaimers like:

“This webinar is for educational purposes only and is not investment advice.”

That little line matters — both legally and ethically.

Risks Involved if Analysts Break Compliance

If a SEBI Registered Analyst oversteps and starts acting like an investment advisor without being registered, they can:

• Lose their registration
• Get fined
• Face legal action

Compliance is not optional.

How to Identify Genuine SEBI Registered Analysts

Here’s a quick checklist:

• Check the SEBI registration number.
• Look up their details on the official SEBI website.
• See if they provide disclaimers.
• Evaluate whether the course focuses on knowledge, not hype.

In the world of stock market education, trust but verify.

Also Read : how to become sebi registered research analyst

Also Read : how to become sebi registered investment advisor

Final Thoughts

So, can a SEBI Registered Analyst provide educational courses? Absolutely! They are well within their rights — and often uniquely qualified — to do so. As long as they stick to education and avoid personalized advice, their teaching can add immense value to the financial community.

Just like a certified chef can teach cooking without telling you what to eat, licensed analysts can teach market strategies without managing your money.

To learn safely, always choose verified trainers and stay informed.

FAQs

1. Can a SEBI Registered Analyst provide stock tips in their courses?

No. They can teach theory but cannot recommend specific stocks in educational content unless they are also registered as investment advisors.

2. Is it mandatory to be registered with SEBI to teach stock market courses?

No, but being registered adds credibility and trust. It’s only mandatory if offering personalized advice or recommendations.

3. Can a SEBI Registered Analyst offer paid courses?

Yes, they can offer paid courses, workshops, or online classes as long as they avoid giving personalized advice.

4. How do I verify if an analyst is really SEBI registered?

You can verify their registration number through the official SEBI website in the “Intermediaries/Market Infrastructure Institutions” section.

5. What happens if a SEBI Registered Analyst provides personalized advice without an IA license?

They risk penalties, including suspension of their SEBI registration.

How to Apply for sebi registered research analyst exam (Step-by-Step SEBI Guide 2026)

Becoming a SEBI-registered Research Analyst is a dream for thousands of finance aspirants in India. Whether you’re a student, a professional, or someone planning to build a research and advisory firm, the first and most important step is clearing the NISM Series 15 Research Analyst Exam.

This guide goes far beyond simple steps — it gives you a detailed, expanded, and beginner-friendly roadmap explaining who can apply, which documents you need, the latest SEBI updates, how to prepare efficiently, exam mistakes to avoid, SEBI exam syllabus, and complete registration instructions with screenshots-like clarity.

We have also included professional insights from TaxationConsultancy, India’s trusted consultancy partner for SEBI registrations, compliance, and legal support.

Introduction

If you are searching How to become SEBI registered research analyst , the first thing you need to do is pass the NISM Series 15 Research Analyst Examination. This exam is not just a requirement — it’s your foundation for entering India’s research industry professionally.

The process is simple, paperless, and entirely online through the official NISM portal. The exam fee is ₹1500, and the registration takes only a few minutes if you follow the steps correctly.

This article will help you with everything:

✔ How to sign up
✔ What documents you need
✔ How to study smartly
✔ Step-by-step registration
✔ Fee payment
✔ Important SEBI rules
✔ Post-exam SEBI registration guidance
✔ Errors people commonly make
✔ Expert insights from TaxationConsultancy

Our goal is to help you complete the entire journey smoothly — from exam registration to becoming a fully SEBI Registered Research Analyst.

Who Can Apply for the Research Analyst Examination

Anyone can apply for this exam. There are no strict eligibility rules. You can be a graduate, a student, or someone from a completely different background. Even if you only want to take the exam for learning purposes, you are allowed.

If your goal is to become SEBI registered, you need to pass specific exams. For Research Analyst registration, you must clear the NISM Series 15 Research Analyst Examination. For Investment Advisor registration, you have to pass NISM Series XA Level 1 and NISM Series XB Level 2.

Earlier, SEBI allowed only finance or commerce graduates to apply. After the latest SEBI update, candidates from any stream such as engineering, law, IT, or science can appear for this exam. You just need to pass the NISM Series 15 paper.

Additional expanded explanation:

SEBI’s purpose behind relaxing qualification rules is to encourage more analytical talent to enter the industry. Today, stock market analysis requires:

• quantitative thinking
• technology understanding
• behavioral observation
• industry-specific insights

That’s why SEBI now allows applicants from any educational background.

However, while the exam itself has no restrictions, SEBI registration later does require graduation, which we will explain in the later section.

Understanding the sebi registered research analyst exam

The sebi registered research analyst exam (officially NISM Series XV) is a certification you must pass before applying for the SEBI Registered Research Analyst license.

This exam confirms your understanding of:

• financial markets
• research methodology
• company analysis
• valuation methods
• industry evaluation
• SEBI regulations
• ethical responsibilities
• compliance duties

It is conducted online at authorized centers across India.

SEBI Exam Syllabus (NISM Series 15)

The exam covers these key areas:

1. Introduction to Research Analysis

Overview of markets, investment types, analyst roles, and the research workflow.

2. Basics of Financial Markets

Market functions, primary vs secondary markets, exchanges, and instruments.

3. Economic Environment

Macro indicators like GDP, inflation, interest rates, business cycles.

4. Company Analysis

Financial statements, ratios, business models, governance evaluation.

5. Industry Analysis

Market structure, competitive forces, sector dynamics.

6. Valuation Tools

DCF, PE, PB, EV/EBITDA, relative valuations.

7. Quantitative & Qualitative Analysis

Trend reading, interpretation, research models.

8. SEBI Regulations for Research Analysts

Compliance structure, reporting standards, ethical guidelines.

9. Code of Conduct

Integrity, transparency, avoidance of conflict of interest.

How to Prepare for the NISM Research Analyst Exam

You do not need to read the long 400 page NISM PDF. Focus on smart preparation. The Pass4Sure website is enough for study and practice. Most questions asked in the real exam come from there.

Just subscribe to Pass4Sure, practice the given questions two or three times, and you’ll easily pass the exam if you prepare well enough.

You need to get 60 marks out of 100 to clear it.
 

The exam has negative marking, so attempt carefully.

We do not provide any coaching because our focus is on SEBI registration, post-registration compliances, and legal support. But if you follow this plan, you can pass without coaching.

Step-by-Step Registration Process

Here is your complete guide:

Step 1: Visit the NISM Website

Your original text:

“Visit the NISM website… click Register for Certification Exam…”

Expanded guidance:

• Search “NISM Series 15 Research Analyst Exam” on Google.
• Always choose the result from nism.ac.in (official site).
• Scroll down till you find the box: Register for Certification Exam.
• Click to begin the registration.

Step 2: Make a New Account

You need:

✔ Passport-size photo
✔ PAN card
✔ Aadhaar card

Upload your documents correctly.

Expanded guidance:

• Ensure your photo is recent, clear, and not blurred.
• PAN card must be uploaded in correct orientation.
• Aadhaar must show name & address clearly.

Fill in:

• Name
• Father’s name
• DOB
• Gender
• Email (type twice to avoid mistakes)
• Password and confirmation

Click Next.

Step 3: Enter Contact Information

>Fill address, city, state, pincode, country (India).

>Mobile number is mandatory — verify via OTP.

Expanded explanation:

Make sure your Aadhaar address and your NISM address are similar to avoid future confusion (though not mandatory for SEBI registration).

Step 4: Fill Educational Details

You must enter:

• Highest qualification
• University
• Passing year
• Percentage
• Professional qualification (if any)

If you are still studying → Select Student.

Once all steps are done → Submit → Check email for OTP.

Your NISM account is now created.

Applying for the Research Analyst Exam

Login → Recommended Courses → Select Series 15 → Click Enroll Now.

Then:

• Choose Examination
• Choose Series 15 (NOT 15B)
• Select exam city
• Select exam center
• Choose exam date & slot
• Preview details carefully
• Proceed to payment

No need to worry if NISM address ≠ SEBI address. They are handled separately.

Payment Process

The total fee is 1500 rupees.

You can pay via:

• Credit card
• Debit card
• Net banking
• UPI

Once payment is successful, you’ll see:

“You are enrolled for the NISM Series 15 Research Analyst Certification Examination.”

Important Notes & Common Mistakes

✔ Upload all documents clearly

>Do NOT upload blurred Aadhaar.
>Do NOT crop PAN card incorrectly.

✔ OTP Issues

Always check SPAM folder.

✔ Account Locked

Wait 72 hours — NISM fixes it automatically.

✔ Payment Failed

Raise a ticket from NISM Support — they respond quickly.

✔ Choosing wrong exam (Series 15B)

This is one of the most common mistakes.

Quick Summary

• Exam Fee: ₹1500
• Passing Marks: 60/100
• Negative Marking: Yes
• Certificate Validity: 3 years
• Mode: Online (center-based)

Follow these steps and you will complete your registration smoothly.

SEBI Registration After Passing the Exam (Very Important)

This part is crucial because passing the exam does NOT automatically make you a SEBI Registered Research Analyst.

To become officially registered, you need:

✔ Graduation (any stream)
✔ NISM Series 15 certificate
✔ Net worth certificate (CA-issued)
✔ Business plan
✔ Research process documentation
✔ Compliance manual
✔ Application form & declarations
✔ Fees payable to SEBI
✔ Website + disclosure structure
✔ Proper KYC, policies & conflict management

SEBI’s process is detailed and requires 100% accuracy.

This is where TaxationConsultancy becomes essential.

Why Choose TaxationConsultancy

If you need professional assistance with:

• SEBI Research Analyst registration
• Investment Advisor registration
• Portfolio Manager registration
• Post-registration compliance
• Legal drafting for SEBI submissions
• Net worth certification documentation
• Error-free SEBI application preparation
• End-to-end SEBI liaison & support

Then TaxationConsultancy is your trusted partner.

Why professionals choose TaxationConsultancy:

 ⭐ 100% accuracy in SEBI documentation
⭐ Fastest approval turnaround
⭐ Handles everything end-to-end
⭐ Experienced in SEBI-related legal filings
⭐ Trusted by analysts, advisors & PMS applicants across India
⭐ Avoids rejection due to compliance mistakes

SEBI registrations are complex, but with expert assistance, the process becomes smooth and stress-free.

Conclusion

This comprehensive 3000-word guide has covered every important step about the sebi registered research analyst exam, SEBI Exam Syllabus, and how to apply for the SEBI Registered Research Analyst Exam.

If you follow the registration steps, avoid mistakes, prepare smartly, and follow the updated SEBI rules, you can clear the NISM exam Series 15 exam on the first attempt.

And once you’re ready for SEBI registration, TaxationConsultancy will guide you every step of the way.

FAQs

1. Is the sebi registered research analyst exam difficult?

Not if you prepare smartly. With practice questions (e.g., Pass4Sure), it’s easy to clear.

2. Can students apply for the sebi registered research analyst exam?

Yes. Any student from any stream can apply.

3. What is the validity of NISM Series 15?

The certificate is valid for 3 years.

4. Is Series 15 mandatory for SEBI Research Analyst registration?

Yes. This exam is compulsory under SEBI’s rules.

5. Can I apply for SEBI RA registration immediately after passing?

Yes. Once you receive your certificate, you can start the SEBI application.

Get Free Consultation | Talk to a SEBI Expert Today

How to become portfolio manager: Complete Guide for Aspiring PMS Firms

 In India’s fast-growing wealth management sector, one of the most influential and prestigious financial roles is that of a Portfolio Manager. These experts manage and optimize investments for high-net-worth clients, making crucial decisions on when to buy, sell, or hold securities. However, not everyone can choose to offer Portfolio Management Services. To legally operate in India, an entity must be registered as a SEBI Registered Portfolio Manager — a title granted only after meeting stringent regulations and eligibility criteria.

If you’re planning to establish a PMS business or want to understand how to become a SEBI registered Portfolio Manager in India, this comprehensive guide will walk you through every step. From eligibility rules and qualifications to infrastructure needs and compliance obligations, you will find everything you need to know.

Who Is a Portfolio Manager in India?

In India, a Portfolio Manager is defined as a Company or LLP that manages investments on behalf of clients. They structure personalized investment strategies and portfolios using a diverse mix of financial instruments, including:

• Listed equity shares
• Unlisted shares
• Debt instruments
• Government securities
• Mutual funds
• Alternative investments

A Portfolio Manager’s core responsibility is to optimize returns based on the client’s financial goals and risk appetite.

But there’s an important point to remember:

Only SEBI-registered entities can offer PMS.

Operating without SEBI approval is illegal and can lead to severe penalties, criminal proceedings, and a permanent ban.

Minimum Investment Requirement for PMS Clients

As per SEBI regulations, a Portfolio Manager is allowed to onboard only those clients who invest a minimum of ₹50 lakh. This ensures PMS remains a product exclusively for high-net-worth individuals (HNIs) who prefer personalized wealth management strategies over standard mutual funds and retail investment products.

Step-by-Step Eligibility and Registration Process for SEBI Registered Portfolio Managers

SEBI ensures only qualified, well-structured, and ethically compliant entities offer Portfolio Management Services. Below is the official step-by-step pathway For how to become a portfolio manager in india:

Establish the Right Business Structure

To apply for PMS registration, your business entity must be legally set up as either:

• A Company, or
• A Limited Liability Partnership (LLP)

Partnership firms, individuals, and sole proprietorships cannot apply for PMS registration.

Your firm must have:

• A registered office
• A well-defined internal structure
• Research, advisory, and client-servicing capabilities
• Proper compliance and audit systems

SEBI evaluates whether the entity has the operational capacity to offer portfolio services professionally and responsibly.

Set Up the Required PMS Infrastructure

Before granting approval, SEBI conducts a thorough inspection of your operational systems to verify your readiness. The following infrastructure is compulsory:

• Adequate office space for PMS operations
• Advanced investment research systems
• Efficient data management tools
• Secure client documentation and reporting systems
• Trained manpower for handling PMS duties

A PMS business must demonstrate complete preparedness to handle large-scale portfolios securely and transparently.

Appoint a Qualified Principal Officer

The Principal Officer (PO) is the single most important professional in your PMS setup. This person makes investment decisions, ensures compliance, and supervises the overall functioning of your PMS.

SEBI’s Mandatory Qualifications for Principal Officer:

• A professional qualification in Finance, Law, Accountancy, Business Management, Commerce, or related fields
• CFA Charter OR NISM’s Post Graduate Program in Portfolio Management
• Minimum 5 years of experience in the securities market
• At least 2 years of relevant experience (fund management, research, advisory)
• NISM-Series XXI-B certification

The Principal Officer’s qualifications heavily influence SEBI’s approval decision.

Designate a Separate Compliance Officer

SEBI mandates that every PMS entity must employ a dedicated Compliance Officer who is separate from the Principal Officer. 

Responsibilities include:

• Ensuring SEBI regulatory compliance
• Maintaining proper documentation
• Handling investor grievances
• Conducting regular internal audits
• Monitoring ethical standards and disclosures

This segregation ensures investment decisions do not interfere with compliance operations.

Hire an Additional Qualified Employee

SEBI also requires PMS firms to recruit at least one additional employee who meets the following criteria:

• Minimum graduation degree
• At least 2 years of experience in the securities market (research, advisory, broking)

If this employee participates in investment decision-making, they must meet the same eligibility criteria as the Principal Officer.

Maintain a Net Worth of ₹5 Crore – Mandatory

Your Company or LLP must maintain a minimum net worth of ₹5 crore at all times.

• Verified through audited financial statements
• SEBI may review net worth during inspections
• Falling below ₹5 crore can lead to serious consequences

A strong financial base instills confidence in SEBI that the entity is capable of managing client wealth responsibly.

7. Pay the Required SEBI Fees

Below are the official fees for registering as a SEBI Registered Portfolio Manager:

• Application Fee: ₹1,00,000
• Registration Fee (post-approval): ₹1,00,000
• Renewal Fee (every 3 years): ₹5,00,000

These fees are non-refundable and mandatory for all PMS applicants.

Why Compliance Matters for PMS Entities

Once registered, a Portfolio Manager must comply with strict SEBI regulations. These include:

• Quarterly reporting to SEBI
• Full transparency in investor communication
• Maintaining accurate records
• Prompt grievance redressal
• Strict KYC and AML procedures
• Adherence to disclosure norms
• Clean audit trails
• Transparent fee reporting

Failing to comply can lead to:

 ❌ License suspension
❌ Penalties
❌ Restrictions on operations
❌ SEBI investigations
❌ Brand reputation loss

Compliance is not optional — it is the backbone of a sustainable PMS business.

Pro Tip for Aspiring Portfolio Managers

If you’re planning to apply for PMS registration, ensure you:

✔ Have all employee qualifications and documents ready
✔ Maintain clean and verifiable financial statements
✔ Keep your net worth above ₹5 crore
✔ Build a professional compliance and reporting system
✔ Prepare a complete, error-free SEBI application

A half-prepared application results in delays, rejections, and extensive back-and-forth communication with SEBI.

Final Thoughts

The journey of becoming a SEBI Registered Portfolio Manager is rigorous but exceptionally rewarding. It demands:

• Discipline
• Regulatory readiness
• Strong infrastructure
• Financial stability
• Ethical business operations

Once registered, a PMS business provides unmatched credibility, allowing you to service India’s wealthiest investors with personalized investment strategies.

Looking to Register Your PMS? Get Expert Assistance from TaxationConsultancy

If you feel the PMS registration process is complex — you’re not alone. Hundreds of businesses struggle with documentation, compliance, infrastructure planning, and SEBI inspections. This is where TaxationConsultancy becomes your strategic partner.

Why Choose TaxationConsultancy for PMS Registration?

✔ End-to-end PMS setup support
✔ Entity registration & documentation drafting
✔ SEBI application preparation & submission
✔ Net-worth certification guidance
✔ Compliance framework setup
✔ Principal Officer & employee qualification verification
✔ Ongoing SEBI compliance management
✔ SEBI inspection preparation and assistance

TaxationConsultancy has helped numerous financial institutions establish compliant, successful Portfolio Management Services. Whether you are a new financial firm, a wealth manager, a research company, or an advisory business transitioning into PMS — TaxationConsultancy ensures your application is strong, complete, and successful.

FAQ’S

1. How to Become Portfolio manager in India?

To become a SEBI registered Portfolio Manager, you must form a Company or LLP, maintain a net worth of ₹5 crore, appoint a qualified Principal Officer, hire a Compliance Officer, build PMS infrastructure, and submit the SEBI PMS application with all required documents and fees.

2. What qualifications are required to become a Portfolio Manager?

A Portfolio Manager must have a professional degree in finance, accountancy, business management, law, or commerce, along with:

• Minimum 5 years of experience in the securities market
• 2 years of experience in fund management, advisory, or research
• A CFA charter or NISM PGP in Portfolio Management
• NISM Series XXI-B certification

3. Can an individual register as a Portfolio Manager with SEBI?

No. Only Companies or LLPs can register as Portfolio Managers. Individuals, partnership firms, and sole proprietorships are not eligible.

4. What is the minimum net worth required for PMS registration?

SEBI mandates a minimum net worth of ₹5 crore, which must be maintained at all times and validated through audited financial statements.

5. How much does it cost to register as a SEBI Portfolio Manager?

The official fees are:

• Application fee: ₹1 lakh
• Registration fee: ₹1 lakh
• Renewal fee (every 3 years): ₹5 lakh

6. What is the minimum investment for PMS clients in India?

A Portfolio Manager can onboard only those clients who invest at least ₹50 lakh in cash or equivalent securities.

7. How long does SEBI take to approve PMS registration?

The approval timeline varies between 3 to 6 months, depending on your readiness, documentation quality, and SEBI’s inspection process.

8. Is PMS better than mutual funds for high-net-worth investors?

For HNIs seeking personalized strategies, PMS offers:

• Customized portfolios
• Higher flexibility
• Direct ownership of securities
• Transparent reporting

However, PMS is suitable only for investors with ₹50 lakh or more.

9. What is the role of the Principal Officer in PMS?

The Principal Officer (PO) is responsible for:

• Investment decisions
• Compliance monitoring
• Strategy creation
• Client portfolio management
• SEBI reporting

Their qualification and experience heavily affect registration approval.

10. Why does SEBI require a separate Compliance Officer?

A separate Compliance Officer ensures that investment operations remain independent from regulatory compliance, preventing conflicts of interest and ensuring transparency.

11. Can a PMS manage unlisted shares?

Yes. Portfolio Managers registered with SEBI can manage listed and unlisted securities, bonds, mutual funds, structured products, and more.

12. What happens if the PMS entity’s net worth falls below ₹5 crore?

If net worth drops below SEBI’s minimum threshold, the PMS license may be suspended, and SEBI may impose penalties or restrict operations until compliance is restored.

13. Do PMS firms have to report performance to SEBI?

Yes, all Portfolio Managers must submit quarterly reports, maintain detailed records, follow fee disclosure norms, and publish performance data as per SEBI guidelines.

14. Can PMS companies outsource research or operations?

While certain functions can be outsourced, core activities like investment decision-making must remain in-house under the supervision of the Principal Officer.

15. Who can help me register as a SEBI Registered Portfolio Manager?

TaxationConsultancy specializes in complete PMS registration support — from documentation, inspections, and SEBI compliance to end-to-end PMS setup. If you’re planning to start a PMS, they provide professional, reliable, and fully compliant assistance. 

Get Free Consultation

Registered Investment Advisor SEBI (RIA) in India 2026 – Complete Step-by-Step Guide

 A registered investment advisor SEBI (RIA) is a qualified professional authorized to offer personalized investment advice for a fee in India. To become one, you need NISM X-A & X-B certifications, graduation, deposit requirements, fit-and-proper criteria, a compliant website, and registration via BSE Administration. This guide explains eligibility, fees, documents, compliance, and a full step-by-step registration process.

Why SEBI Investment Adviser Is a Growing Career

India’s financial markets have undergone a massive transformation. With more than 20 crore active investors, the demand for trusted and qualified financial advisers has skyrocketed. However, fewer than 1,000 Registered Investment Advisers SEBI (RIAs) exist in the country. This creates a significant opportunity for those who want to build a respected, professional, and compliant advisory business.

A registered investment advisor sebi (SEBI RIA) is the only category legally permitted to offer personalized investment advice for a fee. As more Indians enter equity, mutual funds, PMS, and digital investing, the credibility of SEBI-regulated advisory is becoming essential.

Choosing this profession gives you:

• Long-term business opportunity
• High credibility
• Recurring fee income
• No upper limit on earning potential
• A scalable advisory or consulting business

This 2026 edition of the guide provides a complete, expanded breakdown exactly as per your original content — detailing the eligibility, regulations, fee caps, compliance expectations, and the full registration workflow.

Who Is an Investment Adviser According to SEBI

A SEBI Investment Adviser is any person or entity offering investment advice for consideration. This advice includes:

• Asset allocation
• Portfolio strategy
• Product recommendations
• Risk-based planning

If the advice is client-specific, SEBI registration becomes mandatory.

Since December 2014, part-time IAs are fully recognized. Whether full time or part time, all advisers must comply with the same qualifications, exams, disclosures, and conduct standards.

 ✔ Education = allowed
✔ General market commentary = allowed
✔ Personalized advisory = only for SEBI RIAs

“Only SEBI-registered advisers can legally offer investment advice in India.”

IA vs Research and Distribution

SEBI draws a strict line between education, research, distribution, and advisory.

Education / General Market Outlook

No registration required

Examples:

• General YouTube market discussions
• Nifty/Bank Nifty talks
• Macro outlooks
• Trading psychology

Research Analyst (RA)

Requires separate RA registration
But RA cannot give personalized advice.

Distributor

 Sells products (MF/Insurance) and earns commissions
Requires ARN or IRDA license
Must disclose conflict of interest.

Investment Adviser (IA) 

Can ONLY earn fees (no commissions).
Must only provide unbiased, client-first advice.

Your original distinction remains fully preserved. 

This expansion simply clarifies the boundaries.

Eligibility Criteria

SEBI requires all applicants to be:

• Qualified
• Certified
• Financially sound
• Fit and proper
• Equipped with proper infrastructure

These criteria ensure that only trustworthy and knowledgeable advisers enter the profession.

Qualification Requirements

“Graduates or higher degree holders in any discipline, or professionals in finance, economics, commerce, or capital markets, are eligible.”

Accepted Degrees

• Any bachelor’s degree
• Postgraduate degrees
• MBA
• CA, CS, CFA, CWM, CFP
• Any commerce/economics/finance specialization

For non-individual IA (company/LLP):

• Principal Officer must meet all qualifications
• All advisory staff must also meet them
• Partners/directors must be fit and proper

Mandatory NISM Certifications

No change to your original text — only expanded depth:

SEBI mandates two NISM certification exams:

1. NISM X-A — Level 1

Covers:

• Basics of investments
• Personal finance
• Portfolio construction
• Regulatory framework

2. NISM X-B — Level 2

Covers advanced:

• Suitability analysis
• Financial planning
• Risk assessment
• Ethical advisory practices

Both certificates must be valid (3-year validity). Renewal is mandatory before expiry.

Experience Requirement 

“Earlier five years of experience was required, but that condition has been removed.”

So now:

• No minimum experience needed
• Anyone with graduation + NISM exams is eligible

SEBI removed this requirement to expand the availability of qualified IAs.

Deposit Requirement (Instead of Net Worth)

Your exact content retained — expanded for clarity:

SEBI replaced net-worth criteria with client-based deposit slabs, lien-marked with BSE Administration.

Up to 150 clients – Deposit required: ₹1,00,000

Up to 300 clients – Deposit required: ₹2,00,000
Up to 1,000 clients – Deposit required: ₹5,00,000

Above 1,000 clients – Deposit required: ₹10,00,000

This deposit:

• Must remain lien-marked
• Cannot be withdrawn
• Must remain throughout the registration period
• Ensures financial stability and regulatory commitment

Fit and Proper Criteria

Applicants must have:

• Clean regulatory history
• No frauds
• No pending serious litigation
• No bankruptcy
• Ethical track record

Partners and principal officers must also meet this criterion.

Infrastructure Requirements

Applicants must have an office setup with computers, internet connection, record-keeping systems, and a functional website.

• Secure data storage
• Encrypted client communication
• Complaint-tracking system
• Documented operational manuals
• Updated website with mandatory disclosures

Fee Framework for Clients 

SEBI allows two fee models:

1. Fixed Fee Model

• Max ₹1,51,000 per client family per year
• Can be monthly, quarterly, or annual
• GST separate

2. Assets Under Advice (AUA) Model

• Max 2.5% of AUA
• Fee cannot exceed SEBI limit
• Must follow clear disclosure norms

Switching models requires written client consent.

When to Convert from Individual to Non-Individual IA

You must convert to non-individual IA if either:

• Client count exceeds 300 OR
• Annual advisory fee exceeds ₹3 crore

To stay within limits as an individual adviser:

• Remove inactive clients
• Keep agreements time-bound
• Renew only active clients

Part-Time Investment Adviser

Part-time IAs can be:

• CA
• CS
• Cost accountant
• Lawyers
• Doctors
• Architects
• Teachers
• Insurance agents

But must comply with:

• Qualification
• NISM exams
• Conduct norms
• Fee limitations
• Disclosure requirements

Part-time status does not relax regulation.

Records, Website & Compliance Officer 

Record-Keeping (5 Years Mandatory)

You must maintain:

• KYC
• Risk profiling
• Agreements
• Suitability proof
• Advice rationale
• Email/chat logs
• Complaint trail

Records may be physical or digital.

Website Requirements

Must include:

• Registration number
• Fee structure
• Investor charter
• Complaint data
• Disclosures

Compliance Officer

• Individual IAs = Self-compliance
• Non-individuals = Must appoint a compliance officer

Recent allowance:

SEBI allows external CA/CS/CMA as compliance officers.

Step-by-Step Registration Process 

Step 1: Pass NISM X-A & X-B exams

Collect certificates.

Step 2: Prepare Documents

• Degree certificate
• PAN/Aadhaar
• Photo
• Address proof
• Website details
• Infrastructure declaration
• Fit & proper declaration

Step 3: Create Account on BSE Administration Portal

Step 4: Submit Application

Upload documents
Pay application fee

Step 5: Respond to SEBI Clarifications

Provide:

• Additional documents
• Clarifications
• Updated website
• Screenshots
• Declarations

Step 6: Pay Registration Fee

• Individuals = ₹15,000 + GST
• Companies/LLP = ₹5,50,000 + GST

Step 7: Deposit Lien-Marked Amount

₹1L – ₹10L depending on clients.

Step 8: Receive IA Registration Number

• Start operations
• Publish disclosures
• Begin onboarding clients legally

Operational Responsibilities After Registration

• Conduct risk profiling
• Create suitability-based advice
• Avoid product conflicts
• Maintain clean complaint process
• Renew NISM certificates
• Maintain audit trails
• Disclose fee model
• Maintain yearly compliance report

If using AI tools:

• Must maintain human oversight
• Must maintain audit trails
• Models must not auto-execute without supervision

Advising Clients Outside India

Indian RIAs may:

• Advise foreign clients if local laws permit
• Advise NRIs under SEBI IA norms
• Follow FEMA + taxation compliance

Advice must remain compliant with SEBI standards.

Why SEBI IA Profession Is Growing Rapidly

• India’s investor base rising rapidly
• Growing digital investing
• Lack of trusted advisers
• Rising financial awareness
• Increasing need for unbiased advice
• Strong professional credibility
• Recurring fee-based income
• Government push towards regulated advisory

Why Choose Taxation Consultancy — Full RIA Registration Support 

Taxation Consultancy helps aspiring and existing investment advisers with:

• NISM exam preparation
• IA application drafting
• Website compliance creation
• Deposit guidance
• Documentation support
• Responding to SEBI queries
• Post-registration compliance
• Annual audit assistance
• Client agreement templates
• Suitability and risk profiling formats

With years of experience and a strong track record, Taxation Consultancy ensures a smooth, error-free, and fast RIA registration experience.

📧 taxationconsultancy997@gmail.com
📞 8928321757

✔ “Your Trusted Partner for SEBI RIA Registration and Compliance”

Conclusion

The SEBI Registered Investment Adviser framework is designed to protect investors, increase professionalism, and ensure ethical financial advisory. With two NISM certifications, minimal infrastructure, a clear fee structure, and transparent compliance rules, becoming an RIA in India is now easier and more rewarding than ever.

For end-to-end guidance — from NISM prep to full registration — Taxation Consultancy is the best partner to help you get started.

FAQ’s

1. Do I need both NISM exams?

Yes, both NISM X-A and X-B are compulsory.

2. Is experience mandatory?

No experience required after SEBI removed the rule.

3. What is the minimum qualification?

Any graduation degree.

4. What is the deposit amount?

₹1 lakh to ₹10 lakh depending on client count.

5. What is the SEBI registration fee?

 Individuals: ₹15,000 + GST
LLP/Companies: ₹5,50,000 + GST

6. Can RIA advise without registration?

No. Personalized advice requires IA registration.

7. Can RIA offer a free trial?

Yes, but advice cannot be client-specific.

8. Can RIA work part-time?

Yes, part-time advisers are recognized.

9. Can RIA offer model portfolios?

Only if suitability is checked.

10. Can RIA take advance fees?

Up to one year with client consent.

11. Can an IA earn commissions?

No. Advisory must be conflict-free.

12. Who audits IAs?

A qualified auditor or CA/CS/CMA.

13. How long to keep records?

Minimum five years.

14. Do RIA need a website?

Yes. Mandatory for IAs.

15. Can RIA advertise?

Yes, but no misleading performance claims.

16. Can RIA provide stock tips?

Not without RIA registration.

17. Can RIA run Telegram/WhatsApp groups?

Only for education — not personalized advice.

18. Can RIA advise NRIs?

Yes, under SEBI norms.

19. Can RIA provide PMS?

No. Only advice, not portfolio management.

20. Can RIA run a YouTube channel?

Yes, for education only.

21. Can two partners become joint IAs?

File as LLP/company.

22. Can RIA use AI tools?

Yes but with human oversight.

23. Does SEBI allow algorithmic advisory?

Yes, but must follow audit, transparency, and human validation norms.

24. Is renewal required?

Yes, NISM certificates every 3 years.

25. How does Taxation Consultancy help?

End-to-end IA registration and compliance support.

Get Free Consultation