This post outlines the essential steps and requirements for registering as a Research Analyst in India, with detailed information on qualification, fees, documents, and FDR requirements. It is intended for individuals and firms seeking to obtain this registration.
January 09, 2024
Prerequisite Qualifications and Certification Requirements
Qualifications for Applicant (Individual): A graduate, postgraduate, or diploma in fields like finance, commerce, economics, capital markets, or related disciplines, OR A CFA Charter from CFA Institute, OR A Post Graduate Program in Securities Market (Research Analysis) from NISM (minimum one-year duration).
Certification Requirements: NISM Series XV certification as mandated by SEBI.
Importance of a Research Analyst Registration
Obtaining Research Analyst registration offers several advantages, including:
Legitimacy and Credibility: Registration establishes credibility and professionalism, enhancing trust among clients and stakeholders.
Market Access: Registered Research Analysts can provide research reports and analysis to clients, enabling access to the financial market.
Compliance with Regulations: Registration ensures compliance with SEBI regulations, protecting the interests of clients and promoting ethical practices.
Fee Details
Type of Fee | Legal Structure | Fee Payable to SEBI (INR) | Fee Payable to RAASB (INR) |
Application Fees (one-time, non-refundable) | Individuals/Partnership Firms | 2,000 | NA |
Registration Fees (for 5 years) | Individuals/Partnership Firms | 3,000 | 10,000 (2,000 per year) |
Renewal Fees (every 5 years) | Individuals/Partnership Firms | 1,000 | 9,000 (1,800 per year) |
For LLPs and Body Corporates, the fees range between 10 to 50 times the fees mentioned above.
Understanding the FDR Requirement
A Fixed Deposit Receipt (FDR) is required as a security measure to protect the interests of clients. The required FDR amount required to lien marked in favour of RAASB once get registered.
Number of Clients | Deposit Amount (INR) |
Up to 150 clients | 1,00,000 |
151 to 300 clients | 2,00,000 |
301 to 1,000 clients | 5,00,000 |
1,001 and above | 10,00,000 |
Process for Research Analyst Registration
The process for registering as a Research Analyst involves several key steps:
Submit Application: Begin by submitting the application form along with the required documents and fees to the Research Analyst Administration and Supervisory Body (RAASB).
Verification and Approval: RAASB reviews the application, verifying the documents and ensuring compliance with the necessary requirements.
Issuance of Certificate: Upon successful verification and approval, SEBI issues a certificate of registration to the applicant, allowing them to operate as a Research Analyst.
Compliance with Regulations: Research Analysts are required to adhere to specific regulations and guidelines set forth by SEBI to maintain their registration.
Research Analyst (RA) Registration Process
Disclaimer: This guide is for informational purposes only and does not constitute legal, financial, or professional advice. Readers are advised to refer to official SEBI regulations for specific guidance tailored to their circumstances. The information provided herein is based on the regulations and practices as of the date of publication and may be subject to change.
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