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To become a SEBI-registered Research Analyst, you must follow a structured process:
Apply through BSE Portal: The application for Research Analyst enlistment and SEBI registration is to be submitted through the BSE portal https://membershipraia.bseindia.com. Alternatively, you can email the request for registration to the designated address.
Research Analyst – ra.membership@bseindia.com
BSE enlistment number and SEBI registration are mandatory for the commencement of Research Advisory, and it is valid for the next 5 years.
The checklist of documents to be submitted for enlistment as RA is available on www.bseindia.com under the RA tab.
Individual - Must be qualified and certified as specified.
Body Corporate - Research analysts employed must be qualified and certified.
Partnership Firm/LLP - Partners engaged in research must be qualified and certified.
General Requirements - Must hold a professional or postgraduate degree in relevant fields, or certification from NISM in Research Analysis, or at least 5years of experience in financial products or markets.
Appointment of Compliance Officer - A body corporate or LLP acting as a research analyst must appoint a compliance officer to ensure adherence to the Act.
Individuals/Partnership Firms - Minimum deposit of Rs. 1 lakh
Body Corporate/LLPs - Minimum deposits of Rs. 25 lakhs.
Existing Analysts - Must meet capital adequacy requirements within 1 year of the regulation's commencement.
Process - SEBI will issue the registration certificate after verifying compliance with requirements and receiving the registration fee.
Validity - The certificate remains valid until suspended or cancelled by SEBI.
Renewal - Existing registered analysts under earlier regulations are deemed registered upon fee payment.
- Name & Contact Information : Provide name, addresses (registered, correspondence, principal place of business), phone/fax/email.
- PAN : PAN of the applicant.
- Incorporation Details : Date and place of incorporation, including details if incorporated outside India.
- Previous Engagement : Whether engaged in research prior to application.
- Existing Registrations : Details of existing registrations with SEBI, RBI, IRDA, or PFRDA.
- Associates : Names and activities of associate companies or concerns.
- Applicant’s Activities : Write-up on the applicant’s activities.
- Legal Structure : Specify if the applicant is an individual, body corporate, partnership firm, or LLP.
- Ownership Pattern : Shareholding or beneficial ownership pattern, with identity and address proof.
- Qualifications : Confirm if research analysts and partners meet specified qualifications.
- Number of Analysts : Number of employed research analysts and their qualifications.
- Declarations : Declarations on compliance with qualification requirements and obtaining necessary certifications.
- Tax Documents : Income Tax Return or Form 16 for the last 3 years (for individual applicants).
- Net Worth : Net worth or assets statement certified by a Chartered Accountant.
- Proposed Services : Details of the proposed research services.
- Conflict of Interest : Internal policies to address conflicts of interest.
- Disclosures : Standard disclosures to be provided.
- Additional Information : Any other relevant information about research services.
- Infrastructure : Details on office space, equipment, communication facilities, and research capacity/software.
- Declaration : Confirmation of having necessary infrastructure for research activities.
- Disputes : Details of settled and pending disputes in the last 5 years.
- Previous Rejections : Information on any previous application rejections by SEBI.
- Disciplinary Actions : Details of any disciplinary actions taken by SEBI or other authorities in the last 5 years.
- Economic Offences : Information on involvement in economic offences by directors/promoters/partners in the last 5 years.
- Fit and Proper Declaration : Declaration of fitness and propriety based on SEBI criteria.
Regulatory Compliance Declaration of compliance with Chapter III of SEBI regulations.
- Additional Information : Any other relevant information about the services to be rendered.
- Declaration : Agree to the completeness and truthfulness of information, notify SEBI of any changes, and comply with SEBI regulations and guidelines.
Type of Fee | Legal Structure | SEBI Fee (INR) | Exchange Fee (INR) |
Application Fees | Individuals / Partnership Firms | ₹2,000 | NA |
Proxy Advisory Firms | ₹2,000 | NA | |
Body Corporates / LLPs | ₹20,000 | NA | |
Registration Fees | Individuals / Partnership Firms | ₹3,000 | NA |
Proxy Advisory Firms | ₹3,000 | NA | |
Body Corporates / LLPs | ₹30,000 | NA | |
Administrative Fees | Individuals / Partnership Firms | NA | ₹10,000 (₹2,000 per year) |
Proxy Advisory Firms | NA | ₹10,000 (₹2,000 per year) | |
Body Corporates / LLPs | NA | ₹5,00,000 (₹1,00,000 per year) | |
Renewal Fees | Individuals / Partnership Firms | ₹1,000 | ₹9,000 (₹1,800 per year) |
Proxy Advisory Firms | ₹1,000 | ₹9,000 (₹1,800 per year) | |
Body Corporates / LLPs | ₹5,000 | ₹4,95,000 (₹99,000 per year) |
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