SEBI Registration for Research Analyst License

Securities and Exchange Board of India (Research Analysts) Regulations, 2014 defines Research Analyst as an individual who is primarily responsible for the preparation or publication of the content of the research report, providing research report, making recommendations for ‘buy/sell/hold’, giving price target or offering an opinion regarding public offer.

In order to become a Research Analyst in India, it is mandatory to obtain SEBI Registered Research Analyst (RA) License. Without SEBI registration for research analyst, an individual cannot practice as a Research Analyst in the country.

Types of Research Analysts

According to the Securities and Exchange Board of India (SEBI), the following are the different types of research analysts in India:

Whether you want to become a sell-side analyst, buy-side analyst or an independent analyst, RA registration with SEBI is mandatory.

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Services Offered by Research Analysts

A SEBI-registered RA provides the following services:

Eligibility for SEBI Registered Research Analyst License

As per Regulation 7 and Regulation 8 of the Research Analysts Regulations 2014, to become SEBI registered research analyst, the following eligibility criteria must be met:

• The applicant must have a professional qualification or postgraduate degree or post graduate diploma in any of the following fields: finance, accountancy, business management, commerce, economics, capital market, financial services or markets.

• The qualification/degree/diploma in the aforementioned fields must be provided by a university which is recognized by University Grants Commission (UGC) or by any other commission/council/board/body established under an Act of Parliament in India for the purpose or an institute/association affiliated with such university; or an institute/association/university established by the central government or state government or autonomous institute falling under administrative control of Government of India; or

• The applicant must have a professional qualification or postgraduate degree or postgraduate diploma which is accredited by All Indian Council for Technical Education, National Assessment and Accreditation Council or National Board of Accreditation or any other council/board/body which has been set up in India under an Act of Parliament for the purpose; or

• The applicant must have a professional qualification by completing a Post Graduate Program in the Securities Market (Research Analysis) from NISM of a duration not less than one year; or a graduate in any discipline with an experience of at least 5 years in activities which are related to financial products/markets/securities/fund/asset/portfolio management. 

• An individual registered an RA under the SEBI 2014 regulations, individuals employed as research analysts and partners of a research analyst, if any, shall have, at all times, a NISM certification for research analysts as specified by the Board or any other certification which is recognized by the Board from time to time.

• If the SEBI RA is an individual or partnership firm, it is mandatory to have net tangible assets of value not less than 1 lakh rupees. 

• In case, the SEBI RA is a body corporate or limited liability partnership firm, it is required to have a net worth which is not less than 25 lakh rupees. 

Documents required for Research Analyst License Registration

While filing the application for SEBI RA license registration, certain documents are required to be submitted along with the application form. These documents are mentioned below:

Along with above-mentioned documents, certain declarations shall also be submitted:

• Declaration of Compliance with Schedule II of SEBI Regulations.
• Declaration of Compliance with all the Relevant Clauses of Chapter III of the Regulations.  
• Declaration of Compliance with Regulation 7(1) of Research Analysts Regulations 2014.
• Declaration of Compliance with Regulation 7(2) of Research Analysts Regulations 2014.
• Declaration of Necessary Infrastructure Availability.

Read All Declarations in Brief

SEBI Research Analyst License Registration Process

The Research Analyst Registration process of SEBI involves the following steps:

For the grant of SEBI RA Registration, the applicant must file an application using Form A provided in the SEBI (Research Analyst) Regulations, 2014 from Page No. 25 - 29 and also attach all the necessary supporting documents along with it. While submitting the application, the prescribed application fee must also be paid.

The application must be submitted to the relevant SEBI Head Office, Regional Office, or Local Office within the jurisdiction of the applicant's registered address in order to be granted registration as a SEBI registered RA under the SEBI (Research Analysts) Regulations, 2014. 

For the purpose of considering the grant of registration for research analyst, SEBI will take into consideration all the requirements specified in the 2014 regulations. Upon reviewing the research analyst registration application, if SEBI is satisfied that the applicant meets all the requirements, it’ll approve the application and the applicant will be informed about the same.

Once the application has been approved by SEBI, the applicant is required to pay the prescribed registration fees by the way of bank draft in favor of SEBI. If the applicant is a body corporate or LLP, the registration fee is Rs. 5,00,000. If the applicant is an individual, partnership firm or proxy advisor, the registration fee is Rs. 10,000/ 

Once registration fee has been paid, SEBI will grant the applicant the Certificate of Registration. Upon receiving the Research Analyst Certificate from SEBI, the applicant can offer Research Analyst services as defined under SEBI (Research Analyst) Regulations, 2014.

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Frequently Asked Questions (FAQs) about Research Analyst Registration

Q1. How are the Research Analysts regulated in India?

A. The research analysts in India are regulated by the Securities and Exchange Board of India (SEBI) under the SEBI (Research Analysts) Regulations, 2014 (“RA Regulations”).

Q2. Who is a proxy advisor according to SEBI?

A. According to SEBI, a "Proxy adviser” refers to an individual who provides advice to institutional investors or shareholders of a company in relation to exercise of their rights in the company including recommendations on public offer or voting recommendation regarding agenda items.

Q3. Where should the application for Research Analyst be submitted?

A. The application for research analyst registration has to be submitted with either the SEBI’s Head Office (HO), the concerned Regional Office (RO) or Local Office under the jurisdiction of which the applicant’s registered address is located.

Q4. What is the capital requirement for becoming a SEBI registered research analyst?

A. A research analyst who is an individual or a partnership firm is required to have a net worth which is not less than Rs. 1 Lakh. A research analyst which is a body corporate or an LLP is required to have a net worth which is not less than Rs. 25 Lakh. 

Q.5 What documents are included under qualification certificates?

Educational Qualification Certificates such as Graduation and Post Graduation Certificates, NISM