How to get SEBI registered - Criteria & Qualifications Ltd — 2026

The Securities and Exchange Board of India (SEBI) is the statutory regulator responsible for regulating India’s securities market and protecting investors. Individuals and businesses that want to provide certain investment advisory services, publish paid stock research or operate securities-market intermediaries may need to obtain registration or authorisation under the applicable SEBI regulations.

SEBI registration can provide a regulatory framework for operating a financial services business, but the type of registration required depends on the services offered.

For example, a person providing personalised investment advice may need registration as an Investment Adviser (IA), while a person providing paid stock research and security-specific recommendations may need registration as a Research Analyst (RA).

This article explains the major SEBI registration categories, eligibility criteria, educational qualifications, NISM examinations, deposit requirements, fees and application procedures applicable in India.

Important: This article is for educational purposes. Applicants should verify the latest regulations, circulars and application requirements before applying.

1. What Is SEBI Registration?

SEBI registration is regulatory registration or authorisation required for carrying out specified activities in India’s securities market.

Depending on the business model, the relevant category may include:

• Investment Adviser (IA)
• Research Analyst (RA)
• Stock Broker
• Portfolio Manager
• Alternative Investment Fund (AIF)
• Investment-related intermediaries and other regulated entities

Each category has separate eligibility requirements, documentation, capital or deposit conditions, fees and compliance obligations.

A person does not become SEBI registered merely by passing an NISM examination. The relevant registration application must also be approved under the applicable regulatory framework.

2. Which SEBI Registration Should You Apply For?

Before beginning the application process, identify the services you intend to provide.

A. SEBI Registered Investment Adviser (IA)

An Investment Adviser provides investment advice concerning securities to clients, subject to the applicable regulations.

Typical activities may include:

• Providing personalised investment advice.
• Assessing clients’ financial objectives and risk tolerance.
• Advising on investment allocation and portfolio decisions.
• Charging fees for eligible advisory services.

Suitable for: Professionals who want to establish a fee-based investment advisory business.

Official resource: SEBI Investment Adviser Regulations

B. SEBI Registered Research Analyst (RA)

A Research Analyst provides research services, including eligible security-specific analysis and recommendations.

Typical activities may include:

• Equity research and company analysis.
• Fundamental and financial statement analysis.
• Technical analysis and securities research.
• Publishing research reports.
• Providing eligible buy, sell or hold recommendations.

Suitable for: Professionals who want to operate a stock research business, publish paid research reports or provide securities-related research services.

Official resource: SEBI Research Analyst Regulations

C. SEBI Registered Stock Broker

A stock broker facilitates the purchase and sale of securities for clients through the applicable exchange infrastructure.

This route generally involves stock-exchange membership, prescribed net-worth requirements, operational infrastructure, compliance systems and applicable registration requirements.

Suitable for: Entrepreneurs planning to establish a brokerage business rather than merely provide advice or research.

Official resource: SEBI regulations and legal resources

D. Other SEBI Registration Categories

Portfolio managers, AIF managers and other securities-market intermediaries operate under their respective regulatory frameworks. These categories may involve significantly different eligibility and capital requirements.

Do not assume that the requirements for an Investment Adviser or Research Analyst apply to these businesses.

3. Educational Qualifications Required for SEBI Registration

Educational qualifications depend on the registration category and the role of the applicant.

Investment Adviser qualification

SEBI amended the Investment Adviser framework in 2024 and 2025. Under the revised framework, a graduate degree or an equivalent qualification accompanied by the relevant certification can qualify an applicant under the applicable provisions.

Specified postgraduate programmes offered by NISM, including eligible programmes in Investment Advisory or Financial Planning, are also recognised routes under the relevant conditions.

The precise qualification and certification requirements should be checked against Regulation 7 of the Investment Advisers Regulations and the latest amendments.

Official reference: SEBI Master Circular for Investment Advisers, February 2026

Research Analyst qualification

Research Analysts must meet the qualification and certification requirements prescribed under the Research Analysts Regulations.

Recognised routes include eligible qualifications specified in the regulations and qualifying NISM postgraduate programmes in the securities market and research analysis, subject to the applicable conditions.

Applicants should review Regulation 7 of the Research Analysts Regulations and the latest SEBI Master Circular to determine whether their particular degree, postgraduate qualification or professional qualification is eligible.

Official reference: SEBI Master Circular for Research Analysts, February 2026

Is a graduation degree compulsory?

Do not assume that every graduate automatically qualifies for every registration category. Equally, do not assume that a particular finance degree is universally mandatory.

The applicable qualification rules, relevant certifications and role of the applicant must be checked for the specific registration category.

4. NISM Certification Examinations

NISM, the National Institute of Securities Markets, offers certification examinations used to meet specified competency requirements in the securities industry.

NISM examinations for Investment Advisers

The commonly relevant certifications are:

• NISM-Series-X-A: Investment Adviser (Level 1) Certification Examination.
• NISM-Series-X-B: Investment Adviser (Level 2) Certification Examination.

Whether both entry-level examinations are required depends on the qualification route and applicable regulatory provisions. Applicants qualifying through specified NISM postgraduate programmes may be subject to different initial certification requirements, while renewal certification obligations may still apply.

NISM examination for Research Analysts

The principal certification is:

• NISM-Series-XV: Research Analyst Certification Examination.

The examination covers securities markets, research methodology, financial analysis, valuation and other relevant areas.

NISM introduced a revised Series XV examination effective January 20, 2026. Under the published examination details, the test is two hours long, carries 100 marks and requires 60% to pass, with negative marking for incorrect answers.

Examination details and enrolment:

• NISM Investment Adviser and Research Analyst certification information
• NISM certification registration portal

Important: Passing an examination is not equivalent to obtaining SEBI registration. Applicants must separately satisfy the applicable regulatory eligibility and application requirements.

5. SEBI Registration Capital and Deposit Requirements

Capital requirements are an important consideration when planning a financial services business.

One common misunderstanding is that every SEBI registration requires a fixed minimum net worth. This is not correct.

For Investment Advisers and Research Analysts, the current framework includes client-linked deposit requirements. Stock brokers and other intermediaries have their own capital or net-worth requirements.

Investment Adviser deposit requirement

Under the SEBI framework, the deposit is determined by the maximum number of clients on any day in the previous financial year.

Number of clients Prescribed deposit Up to 150 ₹1 lakh 151–300 ₹2 lakh 301–1,000 ₹5 lakh 1,001 and above ₹10 lakh

The deposit is maintained in the permitted form, such as a deposit with a scheduled bank or eligible liquid or overnight mutual fund units, and is marked as a lien in favour of the Investment Adviser Administration and Supervisory Body (IAASB).

Research Analyst deposit requirement

The prescribed deposit schedule is also linked to the maximum number of clients in the previous financial year.

Number of clients Prescribed deposit Up to 150 ₹1 lakh 151–300 ₹2 lakh 301–1,000 ₹5 lakh 1,001 and above ₹10 lakh

The deposit is maintained in the permitted form and marked as a lien in favour of the Research Analyst Administration and Supervisory Body (RAASB).

For both categories, the applicable deposit amount can change as the client count changes, in accordance with the prescribed rules.

Important distinction: These amounts are regulatory deposits, not the total cost of starting a business. They should not be confused with application fees, registration fees, professional fees, technology costs or the net-worth requirements applicable to other intermediary categories.

Official references:

• SEBI Master Circular for Investment Advisers
• SEBI Master Circular for Research Analysts

6. SEBI Research Analyst Registration Fees

The SEBI Research Analyst framework specifies application, registration and renewal fees.

The February 2026 Master Circular provides the following fee schedule:

Applicant category Application fee Registration fee for first five years Renewal fee for subsequent five years Individual and partnership firms ₹2,000 ₹3,000 ₹1,000 Proxy advisers ₹2,000 ₹3,000 ₹1,000 Body corporate, including LLP ₹20,000 ₹30,000 ₹5,000

Research Analysts must also pay the applicable administrative fees specified by RAASB.

These figures relate to the stated SEBI fees and do not represent the complete cost of establishing and operating a business. Applicants should verify the latest fee schedule, administrative charges, taxes if applicable, and payment instructions before submitting an application.

Source: SEBI Master Circular for Research Analysts, February 2026

What about Investment Adviser fees?

Investment Adviser applicants should consult the current Investment Adviser Regulations, Master Circular and IAASB application checklist for the applicable application, registration and administrative charges.

Do not use the Research Analyst fee table as an Investment Adviser fee schedule.

7. Documents Required for SEBI Registration

The exact checklist depends on the applicant category, legal structure and registration type.

Commonly requested documents may include:

1. PAN and identity documents.
2. Address proof.
3. Educational qualification certificates.
4. Relevant NISM or other recognised certification records.
5. Photographs and contact details, where required.
6. Details of the proposed business and services.
7. Business constitution documents, where applicable.
8. Details of directors, partners and the principal officer, where applicable.
9. Financial statements and other financial information, as required.
10. Details of the permitted deposit and supporting records.
11. Compliance policies, procedures and declarations.
12. Details of office infrastructure, systems and personnel, where required.
13. Undertakings, declarations and other documents prescribed in the official application checklist.

This is an indicative list, not a substitute for the current official checklist.

Before applying, prepare a complete and internally consistent set of documents. Incorrect disclosures, missing information or an unsuitable business structure can delay the process.

8. Step-by-Step Process to Get SEBI Registered

Step 1: Identify the correct registration category

Determine whether you intend to provide investment advice, securities research, brokerage or another regulated service.

Your actual business activities matter more than the title you use on your website.

Step 2: Check your educational eligibility

Read the applicable regulations and confirm that your qualification is recognised for the category and role for which you intend to apply.

If you plan to apply through a company or LLP, also identify the requirements for the principal officer and other associated persons.

Step 3: Complete the required certification

Identify the applicable NISM examination or recognised certification route.

Register through the official NISM platform, prepare for the examination and complete any additional requirements that apply to your qualification route.

Step 4: Select the legal structure

Depending on the category, applicants may be able to apply as individuals, sole proprietors or eligible non-individual entities.

For a company or LLP, check the additional requirements for directors, partners, principal officers and compliance arrangements.

Do not incorporate a company solely on the assumption that incorporation itself makes the business eligible for registration.

Step 5: Prepare the business and compliance framework

Prepare the required policies, service descriptions, disclosures, agreements and operational arrangements.

Depending on the category, this may include client onboarding, conflict-of-interest controls, record-keeping, grievance handling, research documentation and other regulatory procedures.

Step 6: Arrange the applicable deposit and fees

Confirm the prescribed deposit requirements and fee schedule for your applicant category.

Make sure the deposit is maintained in the permitted form and follows the instructions of the relevant administration and supervisory body.

Step 7: Submit the application

For Research Analyst applications, SEBI’s February 2026 Master Circular directs applicants to submit the prescribed application in Form A with supporting documents to RAASB through the designated BSE application portal.

The official portal identified in the Master Circular is:

https://membershipraia.bseindia.com/

For Investment Adviser registration, follow the current IAASB application instructions available through the official SEBI/BSE framework.

Step 8: Respond to queries

The application may be scrutinised, and the applicant may be asked to provide additional information, explanations or documents.

Respond accurately and within the prescribed timelines.

Step 9: Obtain the registration certificate

You may begin providing the regulated services only when the required registration or authorisation has been granted and the relevant conditions for commencing business have been met.

An NISM certificate, application acknowledgement or payment receipt is not a substitute for the registration certificate.

9. How Long Does SEBI Registration Take?

There is no single processing timeline that applies to every SEBI registration category and applicant.

The time required can depend on:

• The type of registration.
• Completeness of the application.
• Qualification and certification verification.
• The legal structure of the applicant.
• Clarifications or additional documents requested.
• Compliance readiness and other regulatory checks.

Applicants should consult the relevant portal for current processing instructions and avoid relying on unofficial claims promising guaranteed registration within a fixed number of days.

10. Compliance Requirements After Registration

SEBI registration is not a one-time formality. Registered entities must continue to comply with the rules applicable to their activities.

Investment Advisers

Depending on the applicable provisions, responsibilities can include:

• Following client onboarding and suitability requirements.
• Executing an appropriate advisory agreement.
• Making prescribed disclosures.
• Maintaining records and required documentation.
• Following applicable fee rules.
• Managing conflicts of interest.
• Complying with segregation requirements for advisory and distribution activities.
• Meeting reporting, audit and grievance-redressal requirements.
• Maintaining the prescribed deposit.

Research Analysts

Responsibilities can include:

• Maintaining research reports and supporting analysis.
• Making required disclosures regarding conflicts of interest.
• Complying with restrictions on personal trading and compensation.
• Maintaining records and meeting reporting obligations.
• Following applicable advertisement and public communication rules.
• Complying with certification and deposit requirements.
• Disclosing the extent of the use of AI tools in research services when required under the applicable regulations.

SEBI registration does not guarantee business success, investment performance or returns to clients.

11. Can You Provide Stock Market Tips Without SEBI Registration?

Whether registration is required depends on the substance of the activity, the services provided and the applicable regulatory provisions.

Providing general educational information about financial markets is not automatically the same as offering regulated investment advice or paid securities research.

However, a person should not assume that describing a service as educational, calling it a community or publishing it on social media removes applicable regulatory obligations.

For example, security-specific recommendations, paid research reports and personalised investment advice can fall within the relevant regulatory framework.

Before launching a paid stock-tips channel, Telegram group, WhatsApp service, subscription website or investment-advisory platform, assess the actual service against the applicable SEBI regulations.

12. Difference Between Investment Adviser and Research Analyst

Feature Investment Adviser Research Analyst Main function Investment advice Securities research and analysis Personalised client advice Central to the role Not the defining function Research reports May form part of permitted services Core research activity Common business model Advisory fees Research or subscription fees, subject to applicable rules NISM route Relevant Investment Adviser certification route Relevant Research Analyst certification route Deposit requirement Based on applicable client-linked schedule Based on applicable client-linked schedule Regulatory framework SEBI Investment Advisers Regulations SEBI Research Analysts Regulations

A business that wishes to conduct both activities must determine whether it needs both registrations and comply with the relevant segregation, disclosure and other requirements.

13. Can You Get SEBI Registration With a Small Budget?

Potentially, yes, depending on the registration category, qualification route, legal structure and services you plan to offer.

For an individual considering Investment Adviser or Research Analyst registration, it is important to distinguish between the regulatory deposit and the total business budget.

Your financial planning should account for:

• Certification and preparation costs.
• Application and registration fees.
• The prescribed regulatory deposit.
• Professional or compliance assistance, if needed.
• Website, software and data costs.
• Record-keeping and security systems.
• Ongoing reporting, audit and operational expenses.

For a stock brokerage or other capital-intensive intermediary, the financial requirements may be substantially higher.

A low-cost business plan should never assume that passing an examination is sufficient to start providing regulated services.

14. Official SEBI and NISM Resources

Use official sources to verify current rules before applying.

• SEBI official website: https://www.sebi.gov.in/
• SEBI regulations: https://www.sebi.gov.in/legal/regulations.html
• Investment Adviser Master Circular: https://www.sebi.gov.in/legal/master-circulars/feb-2026/
• Research Analyst Master Circular: https://www.sebi.gov.in/legal/master-circulars/feb-2026/master-circular-for-research-analysts_99571.html
• NISM official website: https://www.nism.ac.in/
• NISM certification portal: https://cert.nism.ac.in/
• Research Analyst application portal: https://membershipraia.bseindia.com/

Always check the latest amendments and portal instructions because eligibility, examination requirements, fees and compliance obligations can change.

Frequently Asked Questions (FAQs)

1. Is graduation enough to get SEBI registered?

Not necessarily. An eligible graduate qualification may satisfy part of the requirements for certain categories, but the applicant must also meet the relevant certification, application, deposit and other regulatory conditions.

2. Which NISM exam is required for SEBI Research Analyst registration?

The principal examination is NISM-Series-XV: Research Analyst Certification Examination, subject to the applicable qualification and certification rules.

3. What is the minimum deposit for a Research Analyst?

Under the client-linked schedule in SEBI’s February 2026 Master Circular, the prescribed deposit is ₹1 lakh for up to 150 clients. Higher client counts attract higher deposit requirements.

4. Is there a capital requirement for a Research Analyst?

The February 2026 Master Circular states that there is no capital adequacy requirement for an RA. However, the prescribed client-linked deposit and other applicable financial obligations must be met.

5. Can I apply as an individual?

Eligible individuals can apply under the relevant Investment Adviser or Research Analyst framework, provided they meet all applicable requirements. Research Analyst applications may also be made by an eligible sole proprietor.

6. Can I start a stock advisory business after passing NISM?

No. Passing the relevant NISM examination does not itself grant SEBI registration. You must satisfy the applicable requirements and obtain the required registration before starting regulated services.

7. Is SEBI registration permanent?

Registration is subject to the applicable regulatory framework. For Research Analysts, the February 2026 Master Circular states that registration remains valid until suspended or cancelled, subject to applicable fees every five years. Other categories may have their own continuing obligations.

8. Can I operate a paid stock-recommendation website?

Potentially, subject to the nature of the service and applicable regulatory requirements. Before offering paid security-specific research or personalised investment advice, determine which registration or authorisation is required.

9. Does SEBI registration guarantee investment returns?

No. Registration and NISM certification do not guarantee investment performance or returns.

10. Where can I apply for SEBI Research Analyst registration?

The February 2026 SEBI Master Circular identifies the BSE RAASB application portal: https://membershipraia.bseindia.com/. Verify the current instructions before submitting an application.

Conclusion

Getting SEBI registered in India requires selecting the correct regulatory category, meeting the applicable educational and certification criteria, preparing the required documents, arranging the prescribed deposit and fees, and completing the application process.

For individuals planning to build a financial services business, Investment Adviser and Research Analyst registration are two important routes to understand. The appropriate choice depends on whether the intended service is personalised investment advice, securities research or another regulated activity.

Before investing time or money in the application process, review the latest SEBI regulations and NISM requirements and confirm your eligibility for the exact business model you intend to operate.

Disclaimer: This article is intended for general educational purposes and does not constitute legal, financial or regulatory advice. Regulations, fees and eligibility criteria may change. Consult the latest official SEBI circulars and the relevant administration and supervisory body before applying.