How to Apply for SEBI RA License Online (2026 Guide)

 If you plan to become a SEBI registered Research Analyst in India, the process is now simpler and fully online. Since December 2024, SEBI has shifted the registration system to the BSE (Bombay Stock Exchange) portal. Applicants can now create an account, upload documents, and track their applications easily without using the old SEBI intermediary platform.

At the same time, SEBI issued a consultation paper in August 2025 proposing further relaxation in educational qualifications and documentation. However, those changes are not yet implemented. The December 2024 process remains the valid procedure as of now.

The Research Analyst (RA) license allows professionals to provide investment research, publish analytical reports, and make recommendations to investors. The license ensures that public advice is given only by qualified and compliant professionals.

The current registration process begins on the BSE portal.

1. Visit the official BSE portal and open the Research Analyst Registration section.
2. Create an account using your PAN name, email address, and mobile number.
3. Verify your identity through an OTP.
4. Choose your applicant type – individual, partnership firm, or company/LLP.
5. Fill the application form with your education details, NISM Series XV certification number, business plan, and contact information.
6. Upload all required documents and pay the registration fee online.
7. The application is then reviewed by BSE and SEBI. Once verified, you receive a registration number starting with INH.
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To be eligible under the current process:

• You must hold a graduation or post-graduation degree in Finance, Commerce, Economics, Business Management, or a related field.
• No work experience is needed if you hold a finance-related qualification.
• You must have a valid NISM Series XV Research Analyst certificate.
• Instead of net worth, a fixed deposit in a bank account accessible to SEBI is required. The amount depends on your client base.

For individuals and partnership firms:

• PAN and Aadhaar
• Degree certificate
• NISM Series XV certificate
• Income tax returns for the past three years
• Address proof (rent agreement or electricity bill)
• Six-month bank statement
• Business plan and internal policies
• Required declarations

For companies and LLPs:

• Company PAN and incorporation certificate
• PAN and Aadhaar of directors or shareholders
• GST certificate or declaration
• Educational and NISM certificates of principal officers
• Shareholding pattern
• ITRs and bank statements for three years
• Compliance and policy documents

The deposit structure under the December 2024 rules is as follows:

• 0–150 clients: Fixed Deposit of ₹1,00,000 (lien in favor of BSE)
• 150–300 clients: ₹2,00,000
• 300–500 clients: ₹5,00,000
• Above 1,000 clients: ₹10,00,000 (maximum cap)

• Individuals and partnership firms: ₹10,000 for a five-year license
• Companies and LLPs: ₹3,50,000 for three years or ₹5,50,000 for five years
• 18% GST is applicable on all fees

Once registered, every Research Analyst must:

• Renew the sebi ra license before expiry
• Maintain updated disclosure documents
• File regular compliance reports
• Follow the SEBI Research Analyst Regulations, 2014

The consultation paper titled “Ease of Doing Business for Investment Advisers and Research Analysts” suggests:

• Allowing graduates from any discipline to apply
• Replacing supporting documents like CIBIL or infrastructure proofs with self-declarations
• Continuing to use the BSE portal for applications

These are still proposals. Until SEBI releases an official notification, the December 2024 process and eligibility remain in force.

• Present system: Active on BSE portal, finance-related degree required, standard documentation.
• Proposed system: Same portal, any graduate eligible, simplified documentation process.
  Implementation dates are pending, so applicants must still follow existing guidelines.

• Graduation or post-graduation in finance, commerce, economics, or business management remains valid.
• Non-finance graduates cannot yet apply.
• NISM Series XV certification is compulsory.
• Deposit requirement ranges from ₹1 lakh to ₹10 lakh based on client numbers.
• Processing time varies depending on document verification and response speed.

If you wish to apply for a sebi ra license today, start through the BSE portal. Keep your finance-related degree, NISM Series XV certificate, and all documents ready. Submit the application as per the December 2024 process, pay the correct fee, and maintain the required deposit.

The current route through the BSE portal is valid until SEBI officially implements the new proposals. Once approved, the changes may allow graduates from any field to apply, but for now, the December 2024 process remains the correct and legal route for sebi ra registration.

Also Read : How to Become SEBI Registered Research Analyst in India

A SEBI RA License is an official authorization granted by the Securities and Exchange Board of India (SEBI) that allows individuals or firms to operate as Research Analysts (RA) and provide research-based investment recommendations to clients legally.

To apply for SEBI RA registration, you must visit the SEBI Intermediary Portal, fill out Form A, and submit the required documents like educational qualification, experience proof, and fee payment receipt. Once verified, SEBI issues the RA License with a unique registration number.

To obtain a SEBI RA License, an applicant must have:

• A professional qualification such as CFA, MBA (Finance), or Postgraduate in Economics/Commerce.
  
• Minimum five years of experience in financial analysis or research.
  
• A valid NISM-Series-XV Research Analyst Certification.

The SEBI RA license remains valid until it’s voluntarily surrendered, suspended, or cancelled by SEBI. However, analysts must comply with ongoing regulatory and compliance obligations to maintain their license in good standing.

No, SEBI regulations do not permit holding both Research Analyst (RA) and Investment Adviser (IA) licenses simultaneously within the same entity. You must choose one registration based on your business model and service type.