If you want to know how to become sebi registered analyst, what qualifications are required, how much deposit you need to pay, and how recent amendments have changed the rules — this guide gives you everything in one place.

SEBI has implemented some important updates regarding qualifications, client-based deposit requirements, fees, certification, and applicability. Many people remain confused about these changes, especially after the December 2024 amendment.

This comprehensive guide explains the entire SEBI Research Analyst registration process in simple language, with all the new rules included, compliance requirements, and expert guidance so you can avoid penalties and illegal advisory issues.

According to the SEBI Research Analyst Regulations:

Any person who prepares research reports or provides stock recommendations, buy/sell calls, trading tips, or investment opinions in exchange for consideration (fees) must obtain SEBI Research Analyst registration.

If you provide stock market advice for money — in any form — you fall under SEBI RA regulations.
Providing research or tips without registration is illegal, and SEBI can take strict action, including penalties, warnings, or even market bans.

The term consideration has legal meaning under the Contract Act, but for practical understanding:

If you receive money, fees, commission, subscription, or anything of value in exchange for stock market advice — it is considered a “consideration”.

That means:

• Charging for calls
  
• Paid stock recommendations
  
• Subscription-based advisory
  
• Research-based Telegram tips
  
• WhatsApp, YouTube, or social media advice for money

ALL require SEBI Research Analyst (RA) registration.

If you are earning from stock tips — registration is mandatory.

Many people believe that SEBI RA registration is needed only for full-time analysts.

But this is wrong.

Whether you are:

• Doing a job
  
• Running a business
  
• Freelancing
  
• Providing evening research services
  
• Sharing research part-time

If you are giving advice and charging for it, you must obtain SEBI RA registration.

There is no concept of “small-scale advising” or “side income tips” — SEBI applies uniform rules to all.

A common question is:

“Can an NRI apply for SEBI Research Analyst registration?”

Here’s the clear interpretation:

• SEBI laws do not explicitly allow NRIs to register.
  
• SEBI laws do not explicitly restrict them either.
  
• However, SEBI registration is not issued to individuals operating from outside India.

This means:

A person living outside India cannot directly obtain SEBI RA registration.

But that does not mean NRIs cannot work in research.

Under Regulation 4:

Anyone residing outside India who prepares research reports on Indian securities must collaborate with a SEBI-registered Research Analyst or Research Entity based in India.

So NRIs cannot register independently, but they can work through a tie-up with an Indian RA firm.

This is a compliant and legally allowed way for NRIs to participate in the Indian market research ecosystem.

SEBI has removed the earlier experience requirement.

Now, experience no longer plays any role.

You must have:

A graduate or postgraduate degree, or a professional qualification, in any of the following fields:

• Finance
  
• Accountancy
  
• Commerce
  
• Business Management
  
• Economics
  
• Capital Markets
  
• Banking
  
• Insurance
  
• Actuarial Science
  
• Or any related financial field

You are eligible if your degree is in any of these subjects.

If you don’t have the above degrees, you can still become a Research Analyst through:

1. NISM Post Graduate Program (PGP) – 1-year full-time
   
2. CFA Charter or CFA Level completion

These are acceptable qualifications under SEBI RA regulations.

Earlier, the rules were different:

• Graduate degrees (any field) + 5 years experience made you eligible
  
• Any postgraduate degree qualified you
  
• Experience was accepted
  

• Experience requirement removed entirely
  
• Only graduates in specific subjects allowed
  
• Postgraduate degrees in unrelated fields no longer eligible
  
• Professional courses still valid (CFA, PGP)

Also:

Anyone working with you — sales staff, relationship managers, etc. — must also be graduates.

This improves the quality and accountability of research services.

To become a Research Analyst, you must have:

NISM Series XV Research Analyst Certification

This certification:

• Is compulsory
  
• Must be renewed periodically
  
• Has a renewal module (no need to take full exam again)
  

Without NISM Series XV, you cannot apply for registration.

This is one of the biggest changes.

Earlier, individuals needed:

✔ ₹1 lakh net worth

Now SEBI has replaced this with a client-based deposit system.

• 0–150 clients: ₹1,00,000 deposit
  
• 151–300 clients: ₹2,00,000 deposit
  
• 301–1000 clients: ₹5,00,000 deposit
  
• 1000+ clients: ₹10,00,000 deposit

Instead of net worth certificates, SEBI now wants an FD or deposit maintained with a scheduled bank.

This ensures capital adequacy based on scaling.

Earlier, someone with just ₹1 lakh net worth could serve thousands of clients.

Now, if you want to serve more clients, your deposit must increase.

Many call this “ease of doing business,” but practically:

It feels more like the “fees of doing business.”

Still, it brings more accountability to analysts handling large client bases.

A major advantage in the new rules:

SEBI RA Registration Certificate is valid forever — unless suspended or cancelled by SEBI.

There is:

• No expiry period
  
• No need to reapply
  
• No need to resubmit documents

To keep registration active, you must:

• Pay renewal fee every 5 years
  
• Maintain NISM certification
  
• File compliance reports
  
• Follow SEBI guidelines

Failing to follow compliance can lead to cancellation or suspension.

SEBI has not changed the fee structure.

• Individuals: ₹2,000
  
• Non-individuals: ₹20,000
  

• Individuals: ₹3,000
  
• Non-individuals: ₹30,000
  

• Individuals: ₹1,000
  
• Non-individuals: ₹5,000
  
• Additional administrative fee (non-individuals): ₹5,00,000
  

• Individuals: ~₹15,000 + GST
  
• Companies/Firms: ~₹5,50,000 + GST
  

This cost does not include advisory setup, compliance, audit support, or documentation assistance.

Here is a simplified  step-by-step guide:

Ensure you meet the qualification criteria or alternative pathways (PGP/CFA).

This is mandatory for all RAs.

You will need:

• KYC documents
  
• Qualification certificates
  
• Experience (if any)
  
• NISM certificate
  
• Address proof
  
• Deposit proof
  
• Income tax details
  

Register on SEBI SI Portal.

Upload documents and pay the application fee.

Deposit amount must match your client capacity.

SEBI examines your documents and may ask for clarifications.

Once approved, SEBI issues the RA Certificate with your registration number.

After approval, you can legally provide:

• Research reports
  
• Trading/investment analysis
  
• Equity/derivative research
  
• Buy/sell/hold recommendations
  
  

Unregistered advisory is punishable under the SEBI Act.

SEBI may:

• Send show cause notices
  
• Impose penalties
  
• Order refunds to clients
  
• Ban the advisor from markets
  
• Initiate legal action
  

Never provide paid tips without registration.

how to get sebi registered?, you must have a relevant graduate degree, mandatory NISM Series XV certification, and client-based deposit. Submit Form A on SEBI portal, pay fees, and follow compliance norms. Registration is valid permanently unless SEBI cancels it.

A graduate degree in finance, commerce, economics, business management, or a related field. CFA/PGP also qualify.

Yes. Without NISM Series XV, you cannot apply for registration.

₹1 lakh to ₹10 lakh depending on the number of clients.

No, NRIs living outside India cannot register directly. They may collaborate with an Indian registered RA.

It is valid permanently unless SEBI cancels or suspends it.

Yes. Even part-time research providers must register.

No. Experience requirement has been removed.

Usually 30–90 days, depending on document accuracy.

It is illegal, and SEBI can take strict action including penalties and bans.

If you want hassle-free SEBI Registration, be it:

• Research Analyst (RA)
  
• Investment Advisor (IA)
  
• PMS Registration
  
• Post-registration SEBI Compliance
  
• Help with SEBI Show Cause Notices
  
• Assistance with Unregistered Advisory Cases

Then TaxationConsultancy is your trusted partner.

Phone: +91 8928321757

Email: taxationconsultancy997@gmail.com

• Expert team specializing in SEBI registrations
  
• Zero-error documentation
  
• Fast approval assistance
  
• Post-registration compliance support
  
• Help with SEBI audits and legal notices
  
• Support for both registered and unregistered advisory cases
  

TaxationConsultancy — Your Trusted Partner for SEBI Registrations, Compliance, and Legal Support.