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Last updated: 2 October 2026
Publishing research reports or buy/sell recommendations on securities — including through social media, apps or paid groups — requires SEBI registration as a Research Analyst. Expertvuw’s team guides you through eligibility, NISM certification, the application and enlistment with the supervisory body.
Research analysts are regulated by the SEBI (Research Analysts) Regulations, 2014, which were substantially amended with effect from December 2024. Anyone who prepares or publishes research reports or makes recommendations on securities for consideration, directly or through apps and social media, generally needs registration.
The amendments allow partnership firms to register and created a part-time RA category for persons who carry on other activities, subject to conditions. Individual RAs and the persons associated with research at a non-individual RA need NISM certification and prescribed qualifications. Registered RAs must enlist with the Research Analyst Administration and Supervisory Body (RAASB), which is BSE.
RAs must maintain a deposit with a scheduled bank in favour of RAASB, based on the number of clients (for example ₹1 lakh for up to 150 clients). Fees charged to individual and HUF clients are capped per family per year under SEBI guidelines. Clients must be onboarded with agreed terms, and records of recommendations kept.
Basis: SEBI (Research Analysts) Regulations, 2014, as amended (effective December 2024); SEBI guidelines for research analysts (January 2025); BSE as RAASB. Last updated: 27 September 2026.
Anyone making securities recommendations or research for consideration, including via social media.
Individual, part-time, partnership firm and body corporate RAs.
NISM certification is required for the individual RA and research staff.
Registered RAs enlist with BSE as the supervisory body.
Linked to client numbers, e.g. ₹1 lakh up to 150 clients.
Fees for individual/HUF clients are capped per family per year.
Most RA compliance problems arise from how services are marketed.
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RA registration connects with these services.
Investment adviser registration.
Portfolio manager registration.
Mutual fund distributor ARN.
Agreements for finance content creators.
Check eligibility and category.
Complete NISM certification.
Compile application and policies.
File with SEBI.
Enlist with RAASB (BSE).
Create the deposit and start operations.
RAs have continuing obligations.
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Anyone who prepares research reports or makes buy/sell/hold recommendations on securities for consideration, including through social media or apps.
Yes. The December 2024 amendments allow partnership firms to register.
A category introduced in 2024 for persons who carry on other activities, subject to conditions.
The Research Analyst Administration and Supervisory Body, which is BSE, with which registered RAs enlist.
Yes. Fees for individual and HUF clients are capped per family per year under SEBI guidelines.
ACS – Director, Expertvuw Management Pvt Ltd
SEBI applications and filings are prepared by Expertvuw’s team. Certificates, audits and due diligence that SEBI regulations reserve for practising professionals or registered intermediaries are provided by independent registered professionals, and representation before SEBI or SAT is made by advocates or authorised professionals.