Eligibility Criteria for Research Analyst Registration

If you’ve decided that you need to register as a Research Analyst, you must meet specific eligibility criteria.

Qualification and Certification Requirements

To qualify, you should have one of the following:

• A professional qualification or postgraduate degree in finance, economics, business management, or a related field from a recognized institution.
• An NISM certification for Research Analysts, which involves passing the "NISM Series XV: Research Analyst Certification Examination."

Is NISM Certification mandatory for to become a Research Analysts?

No, it is not mandatory if you fulfill the first point criteria as mentioned above. However, it is recommended to have a NISM Certification for smooth registration process.

Some recognized qualifications include:

• Chartered Accountant (CA)
• Company Secretary (CS)
• Chartered Financial Analyst (CFA)
• MBA in Finance

General Information for Filling Form A for Research Analyst Registration

Following are some general information that will help you in completing Form A for SEBI Research Analyst registration.

1. Understand the Applicant:
   The term "applicant" refers to any individual or entity seeking registration as a Research Analyst. Make sure you know whether you are applying as an individual, company, partnership, or LLP.
2. Get Form A:
   Download and print Form A from the SEBI regulations. This form is important for your registration application.
3. Choose the Right SEBI Office:
   Identify the appropriate SEBI office based on your registered address. Your application must be submitted to the Head Office or the relevant Regional or Local Office.
4. Fill Out Form A:
   Complete the form using a computer to ensure clarity and professionalism. Avoid handwritten entries, as they can lead to misunderstandings.
5. Complete All Sections:
   Ensure that every relevant field in the form is filled out completely. If a section does not apply to your situation, write "Not Applicable" (NA) to avoid leaving blanks.
6. Use Extra Sheets if Needed:
   If you require more space for certain answers, use additional sheets. Clearly reference these sheets in your application to keep everything organized.
7. Self-Attest Your Documents:
   All supporting documents should be signed and stamped by an authorized person. This adds credibility to your application and ensures compliance with SEBI requirements.
8. Submit a Complete Application:
   Incomplete applications may be rejected. Double-check that you have filled out all sections and included all necessary documents to facilitate a smooth review process.
9. Include a Cover Letter:
   Write a cover letter that outlines:
• Whether you have provided research services prior to this application.
• Specific details about those services.
• Your intent to register as a new Research Analyst providing research services.
10. Attach Necessary Documents:
    Include the following with your application:
• A completed and signed Form A.
• A bank draft for the application fee made out to “The Securities and Exchange Board of India.” This fee is non-refundable.
11. Sign All Pages:
    Ensure that the authorized signatory signs every page of the application. The last page should also include their name and initial to affirm the submission.
12. Consider Your Legal Structure:
    Tailor your application based on your legal status—whether you are an individual, a corporation, a partnership, or an LLP. This influences the required documentation and declarations.
13. Meet Net Worth Requirements:
    Ensure compliance with the minimum net worth requirements:
• Individuals and partnerships must have a net worth of at least ?1 lakh.
• Corporations and LLPs must meet a minimum net worth of ?25 lakh.
• Include a recent net worth certificate or statement of assets and liabilities (not older than six months).
14. Prepare Declarations on Letterhead:
    Provide the following declarations on your organization’s letterhead, signed and dated:
• A declaration confirming that all employed research analysts meet the qualification standards set by SEBI.
• Assurance of compliance with ongoing certification requirements for research analysts.
• Confirmation that you have the necessary infrastructure to conduct research activities effectively.
• A statement affirming that you and your associates are fit and proper persons, as defined by SEBI regulations.
• A commitment to adhere to Chapter III of the Research Analyst Regulations.

Documents Required for Research Analyst Registration

Documents Required in case of Body Corporate/Company

1. 15 digit GST number or relevant declaration
2. PAN card of the body corporate/ company
3. Address Proof:

• If the Address is owned by the applicant: - Sales Deed/ Recent Utility Bill
• If the Address is not owned by the applicant: -

1. Registered Rent agreement or Bank Statement or Passbook AND
2. NOC from the Owner (only incase of Residential Address) AND
3. Ownership Proof (sales deed/ recent utility bill)

• (Address Proof to be in the name of Body Corporate/ Company): Registered Rent agreement or Sales Deed or Recent Utility Bill or Bank Statement or Passbook
• Address Proof to be in the name of Body Corporate/ Company)

4. Submit self-attested PAN and Aadhaar of the Compliance Officer
5. Certificate of Incorporation (COI) and 1st page of MOA
6. Whether the user is registered as an authorized person with any Stock Exchange?

• If not registered with Stock exchange , provide relevant declaration in pdf format on the letterhead of the Body Corporate/ Company & signed by the Authorised signatory

7. Shareholder details of the Body Corporate/ Company, on the Body Corporate/ Company's letter head
8. Personal Details: 

• PAN copy as Identity Proof
• Aadhaar Card or Passport as Address proof

9. Qualification Proof - Certificates of completion of the course(s) in terms of compliance of Regulation 7 of SEBI RA Regulations, 2014
10. Experience Proof - Experience certificates duly authorised by the employers on their respective letter heads in terms of compliance of Regulation 7 of SEBI RA Regulations, 2014
11. Certification Proof - Valid Certificate in terms of compliance of Regulation 7 of SEBI RA Regulations, 2014 Note: Aadhar is optional - Incase of Aadhar provided as proof, then submit masked Aadhar or consent letter (refer consent letter tab).
12. List of associated companies registered with SEBI, RBI, IRDA or PFRDA along with registration number

• If Yes, provide details
• If No, then provide relevant declaration in pdf format on the letterhead of the applicant company & signed by the Management

13. Details and copy of the assets and liabilities statement and certification of net worth of the partnership firm/ LLP certified by a Chartered Accountant
14. Copy of assets and liabilities (Balance Sheet) statement and certification of net worth of the entity certified by a Chartered Accountant CA (not more than 6 months old at the time of filing of application to SEBI) and the membership number of the CA must be included in the certificate
15. Copy of ITR return or copy of Form 16 of the last 3 years of the applicant
16. A document detailing the business plan along with proposed research analyst services
17. A detailed Document about internal policies and procedures to effectively address conflict of interest
18. A Detailed document about standard disclosures to be provided.
19. Infrastructure details & ensure the same Infra details are covered in the Infra details pdf document.
20. Details of all settled and pending disputes in the last 5 years:

• If Yes, provide details
• If No, then declaration stating the applicant has NO settled and pending disputes in last 5 years

Documents Required in case of Individual/Sole Proprietor

1. Incase of Proprietor, applicant name format should be “Individual Name (Proprietor: Name of the Proprietorship Firm)"
2. In case the applicant wishes to register himself in the name of proprietorship firm.
   Ghumasta Certificate or Certificate under Shops and Establishments Act must be submitted in terms of compliance of SEBI RA Regulations, 2014. And also the name of the proprietorship firm shall appear on the SEBI Registration in a pre-fixed format i.e “Individual Name (Proprietor: Name of the Proprietorship Firm). eg. “Abhishek Pandya (Proprietor: ABC Investments)”
3. 15-digit GST number or relevant declaration
4. PAN card of applicant
5. Address Proof

• If the Address is owned by the applicant: - Sales Deed/ Recent Utility Bill
• If the Address is not owned by the applicant: -

1. Registered Rent agreement or Aadhaar & Aadhaar Consent Letter or Passport or Bank Statement or Passbook AND
2. NOC from the Owner (only incase of Residential Address) and
3. Ownership Proof (sales deed/ recent utility bill)

• [Address Proof to be in the name of the applicant (for individual) or firm (for sole proprietor), having the same address as of the Applicant] Registered Rent agreement or Sales Deed or Recent Utility Bill or Passport or Bank Statement or Passbook or Aadhaar & Aadhaar Consent Letter [to be in the name of the applicant (for individual) or firm (for sole proprietor), having the same address as of the Applicant].

6. Personal Details: PAN copy as Identity Proof, Aadhaar Card or Passport as Address proof, Qualification Proof- Certificates of completion of the course(s) in terms of compliance of Regulation 7 of SEBI RA Regulations, 2014, Experience Proof- Experience certificates duly authorised by the employers on their respective letter heads in terms of compliance of Regulation 7 of SEBI RA Regulations, 2014, Certification Proof- Valid Certificate in terms of compliance of Regulation 7 of SEBI RA Regulations, 2014

Note: Aadhar is optional - Incase of Aadhar provided as proof, then submit masked Aadhar or consent letter

7. List of associated companies registered with SEBI, RBI, IRDA or PFRDA along with registration number

• If Yes, provide details
• If No, then provide relevant declaration in pdf format on the letterhead of the applicant & signed by the Management

8. Details and copy of the assets and liabilities statement and certification of networth/net tangible assets certified by a Chartered Accountant (not more than six months old at the time of filing of application).
9. Copy of ITR return or copy of Form 16 of the last 3 years of the applicant
10. Details of the proposed research services
11. Any other relevant information pertaining to research services provided
12. Details about internal policies and procedures to effectively address conflict of interest
13. Details of the infrastructure, viz, office space, office equipment, furniture and fixtures, communication facilities, research capacity, research software for undertaking research analyst services
14. Declaration that the applicant has the necessary infrastructure to effectively discharge the activities of research analyst
15. Details of all settled and pending disputes in the last 5 years.

• If Yes, provide details
• If No, then declaration stating the applicant has NO settled and pending disputes in last 5 years

Documents Required in case of Individual/Sole Proprietor

1. For Partnership Firms- Registered Partnership Deed & For LLPs - LLP Agreement
2. 15 digit GST number or relevant declaration
3. PAN card of the LLP/ Partnership Firm
4. Address Proof:

• If the Address is owned by the applicant: - Sales Deed/ Recent Utility Bill
• If the Address is not owned by the applicant: -

1. Registered Rent agreement or Bank Statement or Passbook
2. NOC from the Owner (only incase of Residential Address)
3. Ownership Proof (sales deed/ recent utility bill)

• Registered Rent agreement or Sales Deed or Recent Utility Bill or Bank Statement or Passbook
  Note: (Address Proof to be in the name of LLP/ Partnership Firm)

5. Submit self-attested PAN and Aadhaar of the Compliance Officer
6. Whether the user is registered as an authorized person with any Stock Exchange?

• If not registered with Stock Exchange, provide relevant declaration in pdf format on the letterhead of the LLP/ Partnership Firm & signed by the Authorised signatory

7. Beneficial Ownership Pattern Details
8. Personal Details:

• PAN copy as Identity Proof
• Aadhaar Card or Passport as Address proof
• Qualification Proof- Certificates of completion of the course(s) in terms of compliance of Regulation 7 of SEBI RA Regulations, 2014
• Experience Proof- Experience certificates duly authorised by the employers on their respective letter heads in terms of compliance of Regulation 7 of SEBI RA Regulations, 2014
• Certification Proof- Valid Certificate in terms of compliance of Regulation 7 of SEBI RA Regulations, 2014
• Note: Aadhar is optional - Incase of Aadhar provided as proof, then submit masked Aadhar or consent letter

9. List of associated companies registered with SEBI, RBI, IRDA or PFRDA along with registration number

• If Yes, provide details
• If No, then provide relevant declaration in pdf format on the letterhead of the applicant company & signed by the Management

10. Details and copy of the assets and liabilities statement and certification of networth of the partnership firm/ LLP certified by a Chartered Accountant
11. Copy of ITR return or copy of Form 16 of the last 3 years of the applicant
12. A document detailing the business plan along with proposed research analyst services
13. A detailed Document about internal policies and procedures to effectively address conflict of interest
14. A Detailed document about standard disclosures to be provided
15. Details of the infrastructure, viz, office space, office equipment, furniture and fixtures, communication facilities, research capacity, research software for undertaking research analyst services
16. Details of all settled and pending disputes in the last 5 years

• If Yes, provide details
• If No, then declaration stating the applicant has NO settled and pending disputes in last 5 years

Step-by-Step Research Analyst Registration Process

Following is the Online Process for Research Analyst Registration on BSE Portal:

1. Access the Portal: Go to membershipraia.bseindia.com and click on Register to create a new account. Complete the registration process by setting up your login credentials.

2. Log In: After registering, use your credentials to log into the portal.

3. Start a New Application: Select New Application from the menu, then choose your Application Type and Entity Type from the drop-down list.

4. Complete All Tabs: The application consists of 12 tabs. You will need to enter information in each tab and save your progress.

5. Applicant Details Tab: Here, fill in the fields under Applicant Details and upload any required documents. Once done, click Save & Draft and then Save & Next. A green tick will appear on the completed tab.

6. Address Details Tab: In this tab, choose the Address Type (e.g., Correspondence) from the dropdown and fill in the fields. For each address type, click Add at the end of the page. Once all address types are filled, click Next to move on.

7. Other Details Tab: Enter the required data and attach the relevant documents.

8. Personnel Details for Non-Individual Entities: If you are applying as a Partnership, Body Corporate, or Company, fill in the fields under Personnel Details based on the selected Type. Upload attachments, click Save as Draft, and then Save & Next.

9. Personnel Details for Individual Entities: If applying as an Individual, complete the fields in the Personnel Details Tab following similar steps as for non-individual entities.

10. Associate Companies Tab: Fill in the information under Associate Companies based on the Type chosen and upload any necessary attachments.

11. Shareholder Details Tab: Enter the information for Major Shareholders as per the dropdown options and provide relevant documents.

12. Other Registration Details Tab: Select Yes or No based on your details and upload the needed documents. Click Save as Draft and then Save & Next.

13. Infrastructure Facilities Tab: Fill in data for each Item chosen from the dropdown and upload the attachments.

14. Other Information Tab: Answer each field as Yes or No, select the Status from the dropdown, and provide the required attachments.

15. Change in Control Tab: Fill in data, select Yes or No as per your situation, and attach relevant documents. Click Save as Draft and then Save & Next.

16. Questions Tab: Complete the fields in the Questions Tab and upload the required attachments. Click Save as Draft and then Save & Next.

17. Bank Details Tab: Enter the details of your Primary Bank Account (selecting it as the Default Bank). To add additional bank accounts, click Add & Save. Then click Save & Next.

18. Declaration Tab: Carefully read the declarations, select the I Agree checkbox, and click Submit to finalize your application.

19. Application Status: You can check your application status and other relevant details under the My Application tab.

Benefits of SEBI Research Analyst

Registering as a Research Analyst with the Securities and Exchange Board of India (SEBI) offers various benefits that can increase both the effectiveness of financial businesses, and the value provided to clients. Following are some key benefits:

1. High-Quality Research Standards

SEBI-registered research analysts follow strict quality standards, ensuring that the research they conduct is trustworthy and broad. This increases the clarity of risk assessments, helping clients make informed investment decisions.

2. Exclusive Information Access

These analysts gain access to information that is not available to the public, allowing them to provide insights that can significantly influence investment strategies. This unique access gives clients with valuable data to optimize their financial activities.

3. Enhanced Credibility and Qualifications

The registration process requires careful vetting of research analysts, ensuring that only credible and qualified individuals are recognized. This not only improves the quality of research outputs but also increases trust in the financial reports generated by SEBI-registered analysts.

4. Advanced Problem-Solving Skills

Research analysts own massive knowledge and skills in financial systems, enabling them to identify and analyze issues that may arise within these frameworks. Their ability to find problems immediately allows organizations to implement effective solutions quickly.

5. Support for Portfolio Management

SEBI-registered research analysts play an important role in portfolio management by conducting thorough research and analysis of market securities. Their expertise helps clients in making strategic investment choices that support their financial goals.

Post-Registration Compliance for Research Analysts

Once a Research Analyst (RA) is registered, they are required to follow some compliance measures:

1. Reporting Obligations

The RA must fulfill all reporting requirements set forth by SEBI, which may evolve over time. Staying compliant with these mandates is important for maintaining their registration.

2. Staying Updated

It is the responsibility of the RA to regularly monitor the SEBI website for any updates, circulars, or guidelines that pertain to their activities. Keeping abreast of these changes is crucial for ongoing compliance.

3. Reporting Material Changes

Should there be any major changes to the information previously submitted to SEBI, the RA must inform the regulatory body within a reasonable timeframe. Timely communication of such changes is important to ensure that all records remain accurate and up-to-date.