Every RA must maintain a deposit as a Fixed Deposit Receipt (FDR) with a scheduled commercial bank, lien-marked in favour of BSE Limited (RAASB). This replaced the earlier net-worth certificate — no CA net-worth certificate is required anymore.
- FDR designation: “BSE Ltd. A/c. [Name of the Research Analyst]”
- Tenure: minimum 5 years, with auto-renewal of the principal; interest is credited to the RA’s own account.
- Deadline: existing RAs by 30 April 2025; new RAs immediately on registration. Review/revise by 30 April every year based on the previous FY’s client count.
Deposit amount — based on the maximum number of clients on any day during the previous financial year:
- Up to 150 clients — ₹1,00,000
- 151 to 300 clients — ₹2,00,000
- 301 to 1,000 clients — ₹5,00,000
- 1,001 clients & above — ₹10,00,000
It is mandatory to get the BSE Enlistment Number as soon as you get the RA certificate. Follow up with BSE officials and ask them to update your enlistment number.
Every SEBI-registered RA must register on the SCORES platform. Email SCORES if you have not received login details automatically upon receiving your certificate.
Registration on SEBI's SMART ODR platform is mandatory for all RAs to enable online dispute resolution. After SCORES registration and getting your enlistment number, contact the SMART ODR team.
As a financial intermediary, every RA must obtain registration with the Financial Intelligence Unit (FIU-IND).
SEBI mandates that every RA must maintain a properly working website with prescribed disclosures and compliance-friendly content — including disclosures, disclaimers, investor charter and grievance redressal mechanisms.
RAs must perform KYC of their clients. Registration with a KYC Registration Agency (KRA) is needed to enable direct KYC uploads. Recommended: KFIN KRA — currently the most cost-effective option, with no extra charges. Note: CVL KRA has started taking a deposit. Other KRAs available: NDML (NSDL), NSE KRA and CVL (CDSL).
Submission of documents to your bank for creation of a @valid UPI handle. For any UPI issues, contact BSE officials Krishna Pandey or Neeky Subramaniam only. Documents required: KYC, bank statement, RA certificate.
Compliance is mandated under the Rights of Persons with Disabilities Act, 2016 (WCAG 2.1 or latest, Indian GIGW, IS 17802). It applies to ALL digital platforms: websites, mobile apps, investor portals and all digital documents. Currently, an accessibility audit is expensive — kindly write an email about the high, unaffordable cost of the Accessibility Compliance Audit.
RA must submit a half-yearly periodic report to the Research Analyst Administration and Supervisory Body (RAASB). Reports cover periods ending March 31 and September 30, due within 30 days of the respective half-year end.
SEBI Research Analysts must provide half-yearly reporting to SEBI, including an undertaking on compliance with SaaS (Software as a Service) solutions. Periods: March 31 and September 30. Report submitted within 30 days of period-end. This is now filed through the SEBI IARA portal (earlier it was submitted via email only).
Must be conducted annually by a qualified auditor (CA/CS/CMA). Mandatory from FY 2024-25 (year ending March 31, 2025) onwards for all Registered RAs. The audit covers:
- Your advertisement
- Your appearance on media
- Your research report
- Research recommendations
- Your NISM certificate validity
- Your chat or communication with clients / prospects
- All payment records
- Research recommendation records
For each new client, an RA must execute a written agreement / T&C before onboarding and charging any fee.
- Print MITC (SEBI prescribed format), get the client's wet-ink signature and maintain physical records; OR
- Use e-sign / digital signature platforms (Aadhaar-based eSign via NSDL, CDSL, etc.)
You must have proper systems in place for maintaining client records, KYC documents, communications and copies of research reports. Records must be retained for a minimum of 5 years.
Where a Research Analyst uses Artificial Intelligence (AI) tools in providing research services, SEBI requires the RA to disclose to clients the extent of such AI usage. The RA remains fully responsible for the security and confidentiality of client data and for every output generated, regardless of the AI tool used.
SEBI has set up the Past Risk and Return Verification Agency (PaRRVA) to independently verify and certify the past risk & return of RAs, IAs and algo providers. Do not publicly display unverified performance or returns.
- Once enrolled with PaRRVA, share every recommendation with it; it verifies performance only for the period after enrolment (not prior).
- Care Ratings Ltd (CRL) is the recognised PaRRVA. Pilot from 8 Dec 2025; regular services from 4 May 2026.
- Interim rule: ICAI/ICMAI-certified past performance may be shared only on a client’s specific request, one-to-one — never publicly displayed, with a disclaimer that it is not PaRRVA-verified and that past performance does not guarantee future results. After 2 years from PaRRVA’s operational date, only PaRRVA-verified metrics may be used.