Research Analyst
Aspiring Research Analyst can leverage our end-to-end solutions to obtain SEBI Research Analyst registration, from eligibility assessment and documentation to licensing and ongoing compliance.
Introduction & Regulatory Background
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The SEBI (Research Analyst) Regulations, 2014, are the primary regulatory framework governing Research Analysts (RAs) in India. These regulations ensure transparency, accountability and avoidance of conflicts of interest in the preparation and dissemination of research reports.
Research Analysts are also expected to comply with SEBI circulars, guidelines and any additional compliance requirements of stock exchanges or intermediaries where their research may be disseminated.
Entity Requirement: A Research Analyst can be: an individual, a partnership firm, a Limited Liability Company (LLP) or a Company.
Types of Research Analyst Entities
Individual RA
Requirements:
Legal entity: Personal capacity.
Qualification: Graduate degree in any discipline (preferred in finance / commerce / economics) + NISM RA Certification.
Persons associated with research: All employees/associates dealing with research must hold a relevant qualification + NISM RA Certification.
Full time RA limit: Max 300 Clients.
Part time RA limit: Max 75 Clients.
Partnership Firm RA
Requirements:
Legal entity: Partnership firm (non-individual RA).
Qualification: Principal Officer (One designated partner) must have a Graduate degree + NISM RA Certification.
Persons associated with research: All employees/ associates dealing with research must hold a relevant qualification + NISM RA Certification.
Full time RA limit: No limit.
Part time RA limit: Max 75 Clients.
Body Corporate / LLP RA
Requirements:
Legal entity: LLP/Company (non-individual RA).
Qualification: Principal Officer (Director/Partner/Managerial person) must have a Graduate degree + NISM RA Certification.
Persons associated with research: All employees/associates dealing with research must hold a relevant qualification + NISM RA Certification.
Full time RA limit: No limit.
Part time RA limit: NA.
Eligibility & Net Owned Fund
Deposit Requirement
The deposit requirement is based on client bands and applies to all entity types:
Up to 150 clients: ₹1 lakh
151-300 clients: ₹2 lakh
301-1,000 clients: ₹5 lakh
Above 1,000 clients: ₹10 lakh
Fit and Proper Criteria
Individual RA: The individual must fulfil SEBI's "fit and proper" criteria.
Partnership firm: The applicant and its key persons/partners must fulfil SEBI's "fit and proper" criteria.
Body corporate/LLP: The applicant and its key persons/directors must fulfil SEBI's "fit and proper" criteria.
Infrastructure
Website: Must maintain a functional website with mandatory disclosures.
Step by Step Registration Process & Fee
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Step 6
Step 1
Application
Apply online through the SEBI Intermediary Portal (SI Portal) using the prescribed Form A.
Step 2
Document Upload
Upload required documents including PAN, Aadhaar, qualification proofs, NISM certificate, net worth or deposit proof and compliance policies.
Partnerships: Submit the partnership deed and partner KYC.
Companies: Submit the incorporation certificate, MOA/AOA/LLP Agreement and board resolution.
Step 3
Application Fee
Pay the prescribed application fee to proceed with the regulatory review and approval process.
Fee: ₹ 2,000
Step 4
SEBI Review
Respond promptly to queries raised by SEBI during the regulatory review and approval process.
Step 5
Registration Fee
Upon grant of the certificate, pay the prescribed registration fee to complete the regulatory onboarding process.
Fee: ₹3,000 (individual/partnership).
Fee: ₹30,000 (Body corporate/LLP).
Step 6
Certification
Obtain the Certificate of Registration upon successful completion of all regulatory requirements and fee payments.
Key Compliance Requirements After Registration
Once registered, the following compliance requirements must be met:
Must have passed the NISM XXI-B exam.
Ensure proper disclosure of financial interests and potential conflicts of interest.
Put in place a code of conduct as per SEBI RA regulations.
Submit periodical reports or information sought by SEBI.
Mandatory disclosures on financial interests, compensation and use of AI.
Maintain segregation of research activities from advisory or distribution activities.
How SecMark Assists
Advising on matters related to entity structure, entity formation, infrastructure and team requirement, etc. for exchange / CC membership and SEBI registration
Assistance in applying for registration with exchanges.
Advising on qualification and experience required for getting the licenses.
Assistance in regular compliance and overviews.
Assistance for compliance and the owners.
Responding to queries of exchanges and SEBI, getting certificate of registration.
Assistance in setting up operations.
Designing policies, procedures and operational processes.
Providing Technology Solutions including E-KYC, Back Office, PMLA and Surveillance Software and Compliance Software.
