A lot of investors invest in stock markets through direct stocks or through mutual funds. However, researching a company or a stock or a commodity is not easy due to a variety of information available from different sources. Sometimes the information is raw and needs to be analysed using various financial tools to be able to make an investment decision. That is where a ‘Research Analyst’ comes into picture.
In short, a research analyst analyses a security including a stock or a mutual fund or a commodity and gives buy or sell or hold recommendation.
However, the views or recommendations of research analysts may not be independent and hence there could be potential conflict of interest.
To tackle this conflict and to ensure independence of research analysts, the regulator felt the need to regulate the activities of research analyst. Hence, SEBI introduced the SEBI (Research Analyst) Regulations, 2014.
It regulates individuals or entities whose business activity is issuance and publication of research reports or research analysis on securities.
In this post, you will know the procedure to register as a Research Analyst.
Let’s start.
What is a Research Analyst?
A research analyst is a person who is primarily responsible for preparation of the research report or making ‘buy/sell/hold’ recommendation or give price target or offer an opinion concerning public offer with respect to securities that are listed or to be listed in a stock exchange, like stocks. The analyst may or may not have the designation of ‘research analyst’.
The definition also includes-
- Entities like a company or a Limited Liability partnership (LLP) which issue research report of research analysis on listed securities like stocks, mutual funds etc.
- Any person who reports directly or indirectly to such a research analyst in connection with preparation or publication of research report. E.g. a person who is assisting a research analyst to gather information about a particular stock or mutual fund.
We should also look at the definition of a proxy adviser.
A proxy adviser is a person who advises an institutional investor or shareholder of a company, in relation to exercise of their rights in the company including recommendations on public offer or voting recommendation on agenda items in a meeting.
What is the eligibility criteria for a research analyst?
Once you are sure of the activity you will be doing and want to register yourself as a Research Analyst, you should check the following two eligibility criteria:
#1 The qualification and certification requirements
- Qualification : First, you should have a professional qualification or a post graduate degree or post graduate diploma in finance, business management, commerce, economics, capital markets, financial services, from a university or an institution recognized by the central government or any state government or a recognised foreign university or institution or association
OR
professional qualification or post-graduate degree or post graduate diploma which is accredited by All Indian Council for Technical Education, National Assessment and Accreditation Council or National Board of Accreditation or any other council/board/body set up under an Act of Parliament in India for the purpose;
OR
OR
A graduate in any discipline with working experience of at least five years in activities relating to advice in financial products or securities or fund or asset or portfolio management.
- Certification : Second, you should have a NISM certification for research analysts as specified by the Board or other certification recognized by the Board from time to time
NISM has come out with the certification examination for Research analyst. The examination is known as “NISM Series XV: Research Analyst Certification Examination”.
So, for example, if you have M.Com. degree and you take up the NISM examination, you fulfill the qualification and certification requirement.
But, if you have an engineering degree and do not have any working experience with a research firm, you do not fulfill the qualification requirements.
In case of non-individuals:
In case of a company or LLP, the representatives and the partners, respectively, have to fulfill the criteria.
So, if a director of a company is not the person who is going to offer the investment advice, he need not fulfill the eligibility criteria.
To know more about qualification and certification requirements, click here.
#2 The capital adequacy requirement
This refers to net worth, applicable to proprietors and partnership firms. The net worth, in the form of net tangible assets, should not be less than Rs 1 lac.
In case of non-individuals:
Body corporate such as a company or an LLP shall have the net worth of not less than Rs. 25 lacs. The net worth definition is given in the regulations.
In case the net worth of the company is below the requirement, the company can increase its paid-up capital. In case of LLP, the partners need to bring in more contribution.
The applicant has to get the net worth / net tangible assets certificate from a Chartered Accountant.
You should apply for the registration as Research Analyst only after you fulfill the above two requirements / criteria.
Submission of application
Once you have fulfilled the requirement, you have to make an online application to SEBI along with the documents on SEBI’s SI Portal.
Read more: 5 reasons why SEBI can put your application on hold.
Fees for registration
Application fees has to be paid along with the application form. Application fees is non-refundable.
Once SEBI approves the application, you have to pay the registration fees.
Below is the current schedule for fees:
Once you submit the application along with application fees, SEBI will revert in a month in case it needs more information or additional documents.
After you submit the additional information, if any, SEBI will send a communication that the application is approved and you are required to pay registration fees.
On payment of registration fees, SEBI will issue a certificate in your name which will be valid for till the certificate is suspended by SEBI Board. So, SEBI has granted permanent license to RAs. Click here to read more.
So, here are the steps in brief:
- Check the eligibility criteria – qualification, certification and networth.
- Prepare the documents and the details required in the application form
- Pay the application fees.
- Fill the details in the online form
- Communication by SEBI for further information
- Submit the additional information
- Communication by SEBI that the application is approved
- Pay registration fees
- Issue of certificate by SEBI
So, that is the entire process to register with SEBI as a Research Analyst.
Hope this article is useful to you and helps you understand the process of registration.
In case of any queries, feel free to get in touch at kruti@cskruti.com.
All the best!!
Can Authorized Person become Research Analyst?
No, he / she has to surrender the AP license to become RA.
Hi, I have completed my diploma in mechanical engineering. I am now 42 years old and want to appear for sebi registered research analyst exam? Is it mandatory to have BCom or likewise degree for this? Or any diploma or short term course of 2 years or likewise will help me to get myself eligible for this exam?
Hi. If you are referring to NISM Series XV certification for RAs, then you can appear irrespective of whatever degree you have.
If you are referring to making an application to SEBI for getting RA license, then you will need PG degree or diploma in finance, accountancy, business management, commerce, economics, capital market, financial services or markets
If I am a CMT, can I substitute that with the Post Graduate diploma requirments?
Since CMT is not from a university which is recognised by UGC or from an institute/ association/university established by the central government or state government OR the course is not accredited by AICTE / NAAC/ NBA, it does not fit in the RA regulations. I suggest confirming the same with SEBI.
Hi Kruti,
I have experience in Mortgage Broking, Home Loan and Car Loan for more than 15 years and have completed by Graduation in Finance. Am I eligible for RA registration?
Hi Mohan, in my view, SEBI will not consider this experience. However, best is to get it confirmed by MIRSD (department) of SEBI. If you need further details please email to kruti@cskruti.com
Sir did u get clarification on this ? I have experience in banking sector but dont know SEBI will count this or not??
To confirm about experince for RA application, please get in touch with MIRSD (department) of SEBI.
I have passed LL B three years course,CAIIB examination conducted by the India Institute of Bankers Mumbai and NSIM RA certification. I superannuated as the Assistant General Manager on 31-01-2019 after rendering 36 years of service. Am I eligible to enrol as RA if so formalities to be completed.
If you have atleast 5 years of experience in activities relating to financial products or markets or securities or fund or asset or portfolio management then you fulfill the qualification requirements and certification requirements along with NISM Series XV certification.
After fulfilling other requirements you can make an application to SEBI. If you need professional help in making an application, please send an email to kruti@cskruti.com
Hi
I hold a Post Graduate Program in Finance & Marketing from Indian School of Business. Can I be eligible for Research Analyst License from SEBI.
Secondly, do I need to give the NISM exam
Hi,
As per the RA regulations, you need to have a post graduate degree or diploma in finance, accountancy, business management, commerce, economics, capital market, financial services or markets.
SEBI may not accept a PG program.
Yes, NISM Series XV certification is mandatory.
Hello Kruti,
I have completed my MCA degree from Mumbai University
Can I apply for the SEBI RESEARCH ANALYST registration?
In our view, if your course is accredited by AICTE or NAAC or NBA, then you fulfill the qualification requirements of Regulation 7(1)(ii). However, we suggest checking the same with SEBI’s head office.
Hi ma’am,
I have a quick query. If a company has an Investment Advisor registration and they want a Research Analyst certificate now, can they do so? I mean for the RIAs who want RA registration, is there any benefit or levy while applying? Or they need to apply as a separate application? And if you could tell the documents required except –
1. Proof of Identity
2. Proof of address
3. Income Tax Returns for the last 3 years
4. Net worth certificate from a Chartered Accountant
5. Profile of all the directors – Pan card and Adhar card of all the Directors
6. Pan card of the company
7. Proof of qualification (NISM exam certificates)
8. Internal Policy to address conflict of Interest
9. Declaration regarding infrastructure
10. Shareholding certificate
11. Business plan
12. AOA and MOA
It would be a great help.
It will be a separate application.
how to get registered if i m not commerce student and having a science degree
If you want to get registered as a Research Analyst, you will have to enroll yourself for a PG course in finance, accountancy, business management, commerce, economics, capital market, financial services or markets OR work with an investment adviser or research analyst or PMS entity for 5 years.
Hi Kruti,
I am holding Individual SEBI RIA license. I want to apply for RA certificate. Is there any levy in application process?
Regards
Dinesh P
Hi Dinesh, in my view, SEBI is not issuing two licenses to an individual. If you want RA license you might have to surrender the RIA license. However, I suggest to get in touch with BASL / SEBI for confirmation.
Hi kruti ma’am
I am a bcom graduate pg in mcom from distance mode I am eligible for research analyst exam
Hi Tanveer, MCom from a university recognised by the central or any state government or UGC will help you fulfill the qualification requirement. SEBI accepts such distance learning courses too.
Once you complete NISM Series XV certification, you fulfill the certification criteria. For appearing for NISM certification, there is no requirement of PG. Hope this helps.
From where to get procedure for the registration of research analyst with sebi
My article on which you have commented has the procedure as well. Do you have any specific query? If you are looking for professional help in making an application to SEBI, please let me know.
Hi Kruti,
Is there any requirement of Security Deposit for Research Analyst.
Can you please also elaborate about the Portfolio Management Services. Eligibility, Procedure and suitability.
Thanks
Hi Gurvinder, do you mean security deposit with SEBI? The answer is no, there is no such requirement.
For PMS, I would request you to go through my article – https://cskruti.com/pms-registration-with-sebi/
If you have any specific queries, please send an email to kruti@cskruti.com and we will be happy to help you.
Hi Kruti,
If we get a Sole proprietorship registered as Research Analyst, is it mandatory that the sole proprietor has to comply with the qualification of a Research Analyst? Is it possible that the Sole proprietor is not qualifying but hiring a consultant who is complying with the qualification of a Research Analyst?
Hi Veer, yes, the sole proprietor has to fulfill the qualification and certification requirements.
Hi Kruti!
I run a proprietary trading firm (I am 98% partner in a Partnership Firm. We trade in futures and options using borrowed money) We also carry out research of individual stocks which often includes having meetings with the companies we are researching (these meetings are disclosed to the Exchanges through filings). Sometimes we make a summary of our research and post it on our website and social media. The summary does not have price target or buy/sell/hold recommendation. It just examines what the company has already said in the public domain. This report is free to access, and we don’t have any clients. We trade using our own money, and the research is not sold.
In this situation, do I need to apply for a Research Analyst license? If yes, what norms would we have to apply for our trading?
Hi Siddharth,
If you are giving summary of information which is available in public domain and not giving any analysis, then, in my view, RA Regulations will not be applicable.
Dear Kruti,
When and how can we connect with you for a further consultation, and what charges are applicable for the same?
Hi Siddharth,
If you have further queries and would like to share more details, please send an email to kruti@cskruti.com.
Alternatively, if you wish to discuss over a call, you can opt for my phone consultation services. Here are the details – http://www.cskruti.com/consultation-services/
How can I contact you personally?
Please let me know your queries via email to kruti@cskruti.com and we can take it forward.
How to Get RA perpetual as there is no any specific direction.. Can you suggests on this..?
All research analyst licenses issued by SEBI are perpetual i.e. they are valid unless suspended or cancelled by SEBI. However you have to make the respective renewal fees every 5 years to keep the registration valid. Hope this helps.
But In my certification it has mentioned validity till particular year. How do i renew that after validity is over? Can you help me with the procedure? Where i have to pay renewal fees cause i can not see any link for renewal on website. Or i have to again appear in the examination?
If you are asking about NISM Series XV – RA certification, you can renew it either by giving the exam again or by CPE programs.
Renewal of SEBI registration certificate can be done by payment of renewal fee online on SEBI’s SI portal.
Hi Kruti,
I am currently working as a Research Analyst for a company. I want to start as individual Research Analyst. Currently i do not have office set up. Do i need to show my office set up when applying for RA licence? Or i can set up office once i get licence from SEBI.
Hi Nirmal, you will have to give an address for office space. It can be your home address too where you have the infrastructure.
Hi Kruti,
Suppose we want to give stock buy/ sell recommendation as capital service company by hiring sebi registered research analyst, what should be process?, does company also needs certificate from SEBI, what other requirement company (new startup) needs to fulfill?
Regards, ila
Hi Ila, can you please elaborate what “capital service company” means? You can email further details to kruti@cskruti.com.
Thanks for quick reply,
My qualification is B.E. (information Technology). I left job 5 years ago and since then managing my equity investment portfolio (Direct investment in selected stocks).
Now I want to start new business (Registered company), where we want to give stock market advise (buy /sell recommendation) to our clients online and offline. in this business we will recruit SEBI Registered Analyst.
Can i start this business?, what process i needs to follow,
Regards, ila
I want to work as tip provide in derivative ( NIFTY AND BANK NIFTY OPTIONS) which certificate and license. i would require from sebi
As per SEBI consultation paper for investment advisers, if you want to provide tips you need to get registered with SEBI as an Investment Adviser.
If you want to provide recommendations with research reports, you can get registered with SEBI as a research analyst.
HI CS KRUTI, I have completed My B.E Mechanical and MBA in HR & Mktg. is i am eligible to apply for the research analyst.
Hi Ramesh, If the MBA is accredited by All Indian Council for Technical Education, National Assessment and Accreditation Council or National Board of Accreditation or any other council/board/body set up under an Act of Parliament in India, then you fulfill the qualification requirements under Regulation 7(1)(ii).
However, there are other requirements to be fulfilled before you make an application to SEBI.
Hello
I have completed MBA in marketing. Its eligible for Individual research analyst.
Hi. If the MBA is accredited by All Indian Council for Technical Education, National Assessment and Accreditation Council or National Board of Accreditation then you filfill the qualification requirements under Regulation 7(1)(ii). You also need to fulfill the certification requirements by clearing the NISM series XV certification.
Mam I am working in IT office as a website designer. Can i continue my job after getting Research analyst license.
Hi Jay. In most cases, SEBI has either asked the applicant to resign from their job or asked for a NOC from the employer. I would request you to get in touch with SEBI’s Mumbai Officer to get a confirmation on this.
Hi Mam My application approved last week. And I have paid registration fees also. Now what Next within how many days i will get my certification.
Hi Om. You will get registration number first and then the certificate. It takes around 7-10 days.
For next steps, you can refer to this – https://cskruti.com/5-things-to-do-after-getting-sebi-research-analyst-license/
Mam for score registration they will send user id and password or shall i have to send the application from as you mentioned in the article. https://cskruti.com/how-to-get-registered-on-sebi-scores/
You will have to make an application.
Hi CS Kruti
1) i am a B.COM Graduate in Finance and accounts as i also have 6 years of experience in finance and accounts field but don’t have Post Graduate Degree , can i appear for NISM exam and after that i will registered in SEBI or will have to complete M.COM
2) id 5 years experience in finance is equal to Post Graduate and 3rd things what type of finance experience required to register in SEBI?
Hi Parwez,
1 – There is no qualification requirement to appear for NISM. You will need PG degree / diploma / M.Com degree before you make an application to SEBI.
2 and 3 – If you are a graduate and have experience in activities relating to financial products or markets or securities or fund or asset or portfolio management then you do not need PG degree / diploma.
Hello kruti, I have done mcom pg degree with govt.university and nism research analyst certificate and mutual fund certificate , compliance certificate , Merchant banking certificate i don’t have 5 years experience so am I eligible for Ra registration with sebi..
Hi Anand, with M.Com and NISM RA certification, you fulfill the qualification and certification requirements under Regulation 7(1)(i) of the RA.
Hi…Can you please advise which exam I need to take in order to be eligible for SEBI registered analyst.
Hi. The details are given in the blog itself. Pls refer to regulation 7 of RA regulations for details.
Hi,
I have done MBA in Marketing from Sam Higginbottom University and have 2.5 years of experience working in NBFC company. I would like to know that whether I am eligible for SEBI RA or not?
Regards
Abhishek V.
Hi Abhishek, in most cases, SEBI does not accept MBAs which are not from an Indian University. I would suggest, you get in touch with SEBI’s local / regional office near you to get a confirmation.
If MBA is not considered, you will have to enroll for a course which will help you get PG degree / diploma in finance, accountancy, business management, commerce, economics, capital market, financial services or markets.
mam I am having MBA Marketing management from pune University ,Maharashtra, India .
please tell me whether I am eligible or not.
Hi Sunil, if the course is accredited by AICTE / NAAC / NAB, then you fulfill the qualification requirements of Regulation 7(1)(ii). However the officer may insist on a finance related degree. Best is to confirm it with SEBI local / regional office near you.
Hi CS Kruti, I am CA and doing Research Analysis only at personal level. I have around 20 years of experience in Corporate Finance (but not in Equity Research) and I want to register as RA.
I do fulfil education requirements, but can I register if I currently do not have experience in Research? Also, do I need to pass NISM RA exam too? Are there any exemptions from NISM certification requirement like CFP or CFA?
Thanks for your help.
Hi Madhur, currently, as per the regulations, experience requirement is not mandatory if you have a PG degree or a professional qualification in order to apply for RA. You will have to complete NISM certification to fulfill the certification requirements before making an application to SEBI.
Hi Kruti, Many thanks for the clarity.
Hello Madam,
I am looking to get registration for Research Analyst for partnership firm with 3 partners. Do all three partners need to satisfy the education qualification requirements or just the KMP? One of the partner is already registered Research Analyst.
Hi Aman, only those partners who are going to be involved in research services need to fulfill the qualification requirements. If all the 3 partners are not involved in research services, then all need not fulfill the education qualification requirements.
Dear ma’am,
My name is Mohammed Adil I done My MBA Finance in 2018 and i have total 4 year experience including only 1.5 year financial broking field experience.
I’m Cleared NISM XA, XB and also XV.
INVESTMENT ADVISOR LEVEL 1
INVESTMENT ADVISOR LEVEL 2
RESEARCH ANALYST
Please help me to find my path i really get confused and tired to get fake consulting.
I found you online and I felt you have bottomless knowledge of this field please help me out.
Sincerely yours
Hi Adil, do you want to get registered as an Investment Adviser or Research Analyst. I believe this will help – https://cskruti.com/should-i-register-with-sebi-as-investment-adviser-or-research-analyst/
hello ma’am,
I have completed my MBA in international business and i have also cleared nism exam of research analyst .
can i apply for research analyst?
Hi Bhoomi, if the MBA institute is recognised by Indian Government or the course is acrcedited by AICTE / NAAC then you can apply to SEBI. Of late, SEBI is also asking about experience in research.
Will CAIIB from Indian Institute of banking and Finance be considered as Professional Qualification?
Hi, I am a Mechanical Engineer (from an Approved AICTE University) with 3 year experience as officer in a Bank. I also have, during the same 3 year period, worked as IRDA registered corporate agent for General and life Insurance and also as Mutual Fund ACE (Amfi certified Employee). Can I register as RA? In case, I acquire 2 more years of work experience, can I register as RA?
Hi Kruti,
I have a BBA degree and apart from this parallely BA with maths+MCA. Do I need 5 yrs experience too?? Or I have to pursue a MBA after my BBA? Please help.
Hi Mayank. Is your MCA degree accredited by All Indian Council for Technical Education, National Assessment and Accreditation Council or National Board of Accreditation. If yes, then you may fulfill regulation 7.1.ii. However, in most cases SEBI officers ask finance related degrees. Best is to get in touch with SEBI’s regional office near you.
Hi ,
I have completed RA exam, and i am planning to register.
but have doubts to submit application and as many people told me its very difficult task to register with SEBI
how can i contact for submit entire application in SEBI
Hi Krishna, I will be happy to help you. Pls send an email to kruti@cskruti.com and also mention your education qualification.
I have a query. We are planning to form private limited company. We got to know that 50k would a amount for application fees to be deposited with SEBI..
Is this amount to be paid once application is accepted or after filling part A…
And if not then those paid amount as a application fee is refundable or not. If the application is not accepted and rejected by any chance.
Looking for a favorable and early reply ..
Thank in advance.
50K is the application fee to be paid to SEBI. This is a one time fee and is non-refundable. Once you make the payment of application fee on SEBI’s portal, you get the login credentials to file the application online. If the application is approved, then you pay the registration fee. If the application is rejected, the application fee is not refundable.
Hi, The company I am working for is registered as under the Research Analyst regulation. I am also planning to register as a Research Analyst. Does the capital adequacy requirement apply to me or the company or both?
Hi. If the company is going to provide research services, then the company need to get registered with SEBI. In that case company needs to fulfill the capital adequacy requirements. If you are the research analyst employed by the company, you need not get registered with SEBI separately. If you make an application with SEBI as an individual research analyst, SEBI will ask you to quit your job.
I have done bsc in statistics. Who can I become research analyst .
Hi Saurabh, you will either need a post graduation or atleast 5 years of relevant experience before you make an application to SEBI as a Research Analyst.
Hi Kruti,
I had a query about the 5 year experience that SEBI asks when registering for IA.
I have cleared both exams of IA and also meet the educational requirements, however I wanted to enquire about what kind of experience certificate is considered ok for the process.
I have been working with a CA in tax-saving fund related activity for more than 5 years, will a certificate from the CA stating this suffice? Also could you please give some examples of what other kind of experience certificates are sufficient for the process?
It will be of great help if you could answer my query.
Thank you!
Hi Aalok, the experience should be in activities relating to advice in financial products or securities or fund or asset or portfolio management. What was your role while working with the CA?
My role was assisting in client interaction on tax planning, advising on tax-saving and investment related financial securities like ELSS of MF’s, PPF, Mediclaim insurance products under section 80D, etc. based on their risk profile.
Okay, if you can get the experience certificate mentioning the same, then SEBI should accept your experience. However, best is to confirm with SEBI regional office near you.
Hello kruti mam
I am sub broker and also a technical analyst.
I wanted to start advisory services by charging fees from the clients for different services like intraday trades , positional trades etc do i need to get sebi registered as investment advisor or research analyst totally confused plz help me
Hi Milind, I would request you to read my article – https://cskruti.com/should-i-register-with-sebi-as-investment-adviser-or-research-analyst/
Hope this helps.
Hello Madam,
I am fresher Company Secretary working as KMP in Public company.
Simultaneously I also trade in derivatives.
Now, I want to start my own website where I can give paid buy, sell, hold recommendations.
My queries are:
1. Will there be any conflict of interest of mine working in existing company.
2. After clearing NISM Research Analyst exam, now much time SEBI takes for registration.
3. I have not filed by last 3 yrs ITRs (since income was within limits), will SEBI reject my application?
Hi Pratima, here is my response:
1. What is the existing company into? In most cases, SEBI asks the individual applicants to resign from their jobs.
2. It takes between 3-6 months time.
3. It depends on the officer who is assigned to your application. Best is to get in touch with the SEBI’s regional office near you.
Hi Kruti
Greetings!
I have completed a Diploma in Hotel Management & Catering Tech from Department of Technical Education, Tamilnadu
Also i have work experience under Sub broker for the past 17 years
Intend to complete NISM research analyst exam
Can you please let me know, if I am eligible for SEBI RA registration ?
Hi Hariharan, based on your experience, in my view you fulfill regulation 7.1.iii of RA regulations. However, SEBI might ask you to surrender your sub-broker license before approving the registration.
Thank you Kruti…Will get back to you
Hi , I am Btech graduate . How can I be research analyst
Hi Varun, do you have experience in research and analysis? In some of the regional offices of SEBI, engineering degree is considered as a professional qualification provided it is accredited by AICTE or NAAC. Best is to confirm with SEBI’s regional office near you.
Respected Madam,
1. I have a BBA degree and I have cleared the NISM XV RA exam recently. Am I eligible for registration with SEBI as Registered RA ?
2. I have 3yrs of work experience in financial industry. Do I have to show this to prove my eligibility ?
3. Beside that I am also AMFI certified Mutual Fund Distributor and I am engaged with NJ wealth as partner. Do I have to leave it to become a Registered RA ? And I am IRDA certified insurance agent also.
Please reply to my query. Thank You.
Hi Parthajit, for how long are you a MFD? What do you mean by you are a partner with NJ? Are you ready to surrender the MFD license once you get registered with SEBI as RA? PLs share the details on kruti@cskruti.com
I am already sebi registerd research analyst.
I want to start mutual fund distribution business and sub brokership. There is any restriction??
In my view, SEBI will see this as a conflict of interest and will not allow you to have distribution / broking license as an individual. I suggest to confirm further with SEBI.
Do LIC insurance agent & Health Insurance agent in Hdfc ergo with experience of 5
years comes under Financial product experience for sebi registered research analyst, rest graduation and Nism series 15 is done.
I am not sure. You will have to confirm with SEBI’s regional office near you as the experience is in insurance domain and not securities market.
Hello Mam,
My name is Hardik Upadhyay and I am a Chartered Market Technician (CMT) with an overall experience of over 16 years in the stock markets. I am also registered as an Authorised Person with one of the reputed stockbrokers on a brokerage sharing basis.
I would like to introduce my Model Portfolios on the Smallcase platform which requires you to be registered as an RA. Now I have the following queries as far as RA registration is concerned…
1. can I get registered as RA if I am also running a brokerage business?
If not, can the brokerage business be run in the name of a family member?
2. Is CMT qualification sufficient to get registered as RA?
3. Can research analysts provide paid educational training/courses/webinars etc to investors?
4. If I am providing a stocks watchlist or my portfolio holdings & transactions or a model portfolio just for the information of the subscribers, do I need to get registered as RA? I mean I’m just sharing my model portfolio details and charging fees to access the info and not providing any kind of personalized advice, do I need the certification?
It is understandable that you must be receiving a lot of queries like this but I would really appreciate your help here!
Looking forward to your response…
Thanks in advance
Hardik Upadhyay
Hi Hardik, here are my views:
1. No, a RA cannot be a broker simultaneously. Yes, you can have brokerage business in the name of a family member.
2. No, you will need a post graduate degree or diploma.
3. Yes
4. Yes, you need to get registered as RA.
Hope this helps.
Hello Mam, I am a mechanical engineer. I have been working for an IT company for more than 4 years. I also trade and invest directly in equity market. Is there any possibility for me to become a SEBI registered analyst? Thanks in advance
Hi Barun, you either need a post graduate degree / diploma or need 5 years of working experience before making an application to SEBI.
Does one has to leave job before applying for RA after 5 years of work experience.
It depends on whether SEBI sees any conflict of interest with your job as well as providing service as a Research Analyst.
I have done MBA (finance) also cleared NISM RA exam, i am planning to provide buy/sell Recommendation to clients in shares & commodities, My queries are :
1. Does i need MBA degree to apply for RA license or My MBA mark sheet is enough?
2.Can i give my home address? as i want to operate from home.
3. Does i need 5 years experience certificate? As there there are new enhance qualification requirement for IA.
4. Does i have to share service detail with SEBI which i will offer to clients ?
Thanks
1. You will need the degree certificate
2. Yes
3. currently, no.
4. Yes
If you need professional help in making an application to SEBI, pls write to me at kruti@cskruti.com
Provisional degree certificate can work? or the applicant must have the main degrees for both bachelors & post graduation?
SEBI will ask for degree certificate for graduate and post-graduate degree.
Thanks Kruti for wonderful article
My doubt is if a person start a website where she gives “Model portfolio” as per different risk profile without any Buy/sell/hold recommendation. So when she update any change in model portfolio , users automatically gets notified ,
Also on the site clear disclosure that your investment should not be based on our portfolio , you can use this as a input for the decision making .
Should I do register as RIA or Research analyst in this case ?
Hi Margi, the word “portfolio” is used in IA regulations and any advice on portfolio, including rebalancing comes under RIA regulations. However, if it just list of securities without the weightages to individual securities and proper research reports, then SEBI may consider it in RA regulations.
Hello! Wanteed to Know if there is a specific format of FORM A as required by SEBI for Research Analyst Application. Is it available online or do we have to make our own format?
Hi Puja, you have to refer to Form A given in the regulations for guidance and file the application online.
Hi, mam, I am engineering graduate and have 6 years experience working under a sub broker, am I eligible for sebi ra?
Hi, in my view you fulfill the qualification requirements under Regulations 7.1.iii. However, SEBI might ask you to surrender the sub-broker license as SEBI will see it as a conflict of interest.
Kruti madam. I am authorised person
Associated with stock broking firm for more than a 13 years. I am science graduate. I also cleared nism ra exam too. Can i registered my self with sebi as registered research analyst ?
Regards
Samir
Hi Samir, yes, SEBI will consider the experience as a AP. However, SEBI might ask you to surrender your AP license if you want to get registered as a RA.
Hi,
I want to provide share market training along with stock recommendations on my website. I want to know whether there be any conflict of interest If I obtain a Sebi registered research analyst certificate.
I have more than five years of experience in banks and PGM in Finance. Is it compulsory to obtain Research Analyst Certificate from NISM?
You can provide stock recommendation once you get RA registration. I do not see any conflict of interest in your training activity as against RA activity. However, best is to get in touch with SEBI’s regional / local office near you for further confirmation. Yes, NISM certification is mandatory.
Hello! Can you clear this query?
If a person is only a mutual fund distributor, without any SEBI registration, then does he need to take registration as a research analyst under the SEBI (Research Analyst) Regulations if he merely sends research reports to his clients which are issued by other entities?
That is, would mere distribution of research reports come under the ambit of SEBI (RA) Regulations?
Will you be giving research reports to your distribution clients only? If yes, then you need not get registered with SEBI as a RA.
Hi Kruti,
I was aiming at becoming a SEBI Registered Independent Investment Advisor. I have 2.5 years of work experience in corporate finance and I am a post graduate with a degree in Banking and Financial Services. Due to the pandemic my NISM certification exams got delayed. I couldnt submit my application before commencement of new laws. Now, as per the newly changed laws, I believe I am not eligible for applying for IA anymore. I would like to know the following:
1. Am I still eligible for IA?
2. Does trading in own account count as a relevant work experience for IA?
3. In case I am not eligible for IA, what are the career prospects in case I register as an RA? Do you need to be employed by financial intermediaries or can RA practice independently? Are there any cap to the fees charged by RA to their clients?
Thank you,
Shruti
Hi Shruti,
1. No, you will need 5 years of experience
2. No.
3. You can practice RA independently. Currently there is not cap on fee to be charged by RA.
Hi Kruti. Thanks for this informative post. Is it possible for a NRI to register as a RA or RIA? Are there any requirements for resident tax returns?
Hi Ankit, SEBI does not allow NRIs to get registered as an individual RIA. For RA, there is a provision in the regulations that they have to tie up or get into an arrangement with a RA registered in India to provide services.
Thanks. So it seems that as an NRI only RA type services can be provided and not RIA? Would this also impact PMS registration? As in – I won’t be able to register as PMS either?
Hi Kruti, I am an Authorized person for upstox, will that be a showstopper for RA application?
Yes, SEBI may ask you to surrender the AP registration.
Hi Kruti,
I’ve completed MCA and recently completed NISM: XV Research Analyst certification.
Am I eligible to register SEBI as Research Analyst.
Hi Praveen, SEBI, in most cases requires a post graduation in degree in finance, business management, etc. I would suggest you to get in touch with SEBI for further confirmation.
hi mam
i am commerce graduate . i cleared nism examination of reasearch analyst .
i am a registered sub broker/ap as 2006 with adroit financial ser pvt ltd.
can i registered with sebi as a reasearch analyst.
Hi Anu, In my view, you will fulfill the qualification requirements with experience as sub-broker. SEBI may ask you to surrender the sub-broker registration.
Hi,
Iam planning to establish new advisor company it is related to provide buy sell recommendations on equity, stocks futures and index futures intraday and delivery calls and have target, for this I need to have IA or RA and after getting certificate how to get registration number from SEBI
I would suggest you read this – https://cskruti.com/should-i-register-with-sebi-as-investment-adviser-or-research-analyst/
Also keep in mind that SEBI wants tip providers to get registered as an Investment Adviser with SEBI. Do you plan to issue research reports too?
Hi, First of all, thanks to have a great information.
I’m planning to do RA with Sebi. I’m an engineering graduate. do not have NISM. how to move forward. Any advice is appreciated. please help me more on this
Hi. You will have to first fulfill the qualification and certification requirements before you move forward. The details are already given in the article. You need to have PG degree or diploma as well as NISM certification before you apply to SEBI.
Hello Mam,
I have doubt regarding the difference between Sebi registered investment advisor and research anslyst as i can seen above have mentioned above that a investment advisor doesnt have to apply for research analyst. kindly throw some light into it as i m confused for which of license i should go with .
Thanks and Regard
Mohit Negi
Hi Mohit. I would request you to go through my other article – https://cskruti.com/should-i-register-with-sebi-as-investment-adviser-or-research-analyst/
Hope this helps.
Hi Kruti Ji ,
I appreciate your blog on this topic . i cant expect . This is very helpful. My query is what is difference between RA & IA in SEBI terms .
Actually i want to start my own advisory firm (For distributing tips of stocks on delivery basis ) . So which registration i required IA or RA .
Hello. SEBI wants tip-providers to get registered as an IA. However, I would suggest you read this – https://cskruti.com/should-i-register-with-sebi-as-investment-adviser-or-research-analyst/
Hope this helps.
Hi Kruti,
Your article is very helpful. I just need a help if i have withdrawn an application of research analyst due to some personal issues, how would confirmation of withdrawal will be received ? and for fresh application with same name do i need to create another login or i would be able to file application from old login only.
Hi Komal, you will have to communicate in writing that you want to withdraw the application and SEBI will close the file. You will have to reapply as fresh application and new login credentials will be given to you.
Hello Kruti,
Most appreciated for sharing the information regarding this. I am holding the Master’s degree in Business and Financial Laws from University of East London. I am not sure about I am eligible to get register as a RA. Also, I want to know, is it necessary to clear a exam by NISM to get register as a RA. It would be really great if you could help me with this. Thank You in advance.
Hi Pradeep, you will have to confirm with SEBI about your degree as in my experience, SEBI does not accept foreign degrees. Yes you will have to clear NISM certification before you apply to SEBI.
Very nice initiative…I also need a small help that i want to renew my RRA but i dont know how to make online payment because i cant create user id aas nd password on SI Portal. Pls guide me
Thank you Jyoti. Login credentials are given by SEBI at the time of making an application. I suggest you get in touch with the portal help team. Here are the contact details:
Portal Help Desk – 022-26449364 or email at portalhelp@sebi.gov.in
Alternatively, pls get in touch with SEBI’s regional office near you and submit the application for renewal to them.
Hey kruti,
After getting certificate we can give provide calls to client and also along with that we can do job also ?
Hi Ayushi, in my view you can be in employment provided there is no conflict of interest between your employment and your business of providing tips. However, best is to get in touch with SEBI for further confirmation.
HI ,
Does NISM Equity Research Analyst Certificate Holds Any Value Alone, If Not Wanted To Go For SEBI Registration, Can One Still Can Tips legally Upon NISM Research Equity Analyst Certificate
Hi Ankur, if you want to provide tips you need to get register with SEBI as an Investment Adviser. Only doing NISM and not getting registered with SEBI will be non-compliance of SEBI regulations.
To provide tips, one has to register as Investment Advisor or Research Analyst?
As an Investment Adviser
Is CFA (USA) Fulfill the qualification requirement for SEBI register RA ?
In case of RA, SEBI usually does not accept degrees from foreign universities or institutes. Best is to confirm with SEBI’s local / regional office near you.
maam does posting videos on youtube count as being a research analyst and wether discussing amongst friends also count as it?
Hi Shravan, f you are giving views or giving buy / sell recommendation or price targets, then it will come under Research analyst regulations.
If you are discussing on a closed platform with friends, SEBI might not interfere. Only discussing stocks and not giving any view is allowed by SEBI as long as the information used during discussion is publicly available.
You can refer to this article for further information – https://cskruti.com/when-sebi-research-analyst-regulations-do-not-apply-to-you/
Hello Madam,
I am an Engineering Graduate and cleared my NISM RA. I am now pursuing PG executive in Banking and Finance from IIM Calcutta which is supposed to be completed in February 2021.
Can you please let me know, if I am eligible for SEBI RA registration ?
Hi Udaykiran, will the PG course give you post graduate degree or diploma? If yes then once you complete your PG course, you will fulfill the qualification and certification requirements. I am assuming that NISM certification will be valid till then.
Hello Mam , I have completed Engineering , now plz suggest which course i should do ? also tel me if i do such course online then is it valid enough ?
Hi Nilesh, you should do a course in finance, accountancy, business management, commerce, economics, capital market, financial services or markets from a university / institute recognised by a central or state government. Yes, distance learning courses are accepted by SEBI.
hello kruti i completed 3years law should i become sebi registerd analyst
Hi Dinesh. Does it amount to a post graduate degree or diploma? Also, post-graduate degree or post graduate diploma has to be in
finance, accountancy, business management, commerce, economics, capital market, financial services.
Hii , for getting Registration if I do Post Graduation Diploma in Banking and Finance , will it do for the SEBI registration as a research Analyst , or it should be only finance . Please guide
Hi Bhavya. Preferably you should do diploma only in finance.
Hi,
I have completed my MMS i.e masters in management studies (finance) from Mumbai University but I have not given the NISM xv certification exam … So is that exam difficult ?? And from where can I get the study material for the same ? And once I complete that am I eligible to apply ?
Hi Deven, I will not be able to comment whether how easy or difficult NISM exam is. Study material will be given by NISM. Yes, in my view once you complete NISM certification, you fulfill the qualification and certification requirements. Assuming you fulfill other requirements too, you can apply to SEBI for RA registration.
May I know the what other requirements are ? as I have started studying for the NISM xv exam … And I might appear for the same in next 1 month …
Hi Deven, the other required docs are – your KYC docs, past 3 years ITR, networth certificate and certain declarations. You can also refer to Form A in the RA regulations to know more.
hi mam, i am a mechanical engineering graduate & having traidng experience over 12 years. I am planning to appear NISM RA exam. Also want to become RA. I am ready to do any post graduate degree for education qualification. pls guide me which post graduate or diploma course can I complete to fulfill the critereia
Hi, you can do any post graduate course which will give you PG degree or diploma in finance, economics, business administration etc. The university or institute should be recognised by central or state government or the course should be accredited by AICTE or NAAC. Even distance learning courses are allowed.
I have applied for RA in last October but still I get the mail on last day of the each month for the clarification. I don’t know why they r taking so much time.
Hello, I had completed graduation in b.tech and then completed my post graduation diploma in finance and 4 years of experience of investment .Now can i apply for research analyst.
If i am eligible then please suggest me one thing what will i can exactly do?
can i go for investment firm after this or not ?
for intraday trrading recommendation should i have to clear NISM IA LEVEL 1&2 BOTH?
Hi Amit, if the post graduate diploma in finance is from a university or institute recognised by central or state govt. or the course is accredited by AICTE or NAAC then you fulfill the qualification requirements. You need to complete NISM Research Analyst certification too. Not sure what you mean by investment firm. Pls elaborate.
can a research annalist eligible to provide tips to clients
Hi Poonam. As per the consultation papers issued by SEBI on investment advisors regulations, tip providers need to get registered as Investment Advisers. So if you want to provide tips you will have to get registered as Investment Adviser.
Hi, I am Abhijeet, Executive MBA in finance from ISBM, work ex around 11 yrs in KPO (Finance process) and I am passionate about trading and stock markets .. and attached with stock market since 2009, in between I have also completed NISM derivative and capital markets module since 2009.. and this education is continuing. I am also a technical researcher, trading on the basis of Technical charts.
However, I have successfully qualified NISM Research analyst module recently.
Am I eligable for SEBI registation as a Research analyst?
And if I get SEBI registration will it add some values in future to work as a technical analyst..
Thanks in advance for your valuable comments.
Hi Abhijeet, what was your work profile in KPO? Is ISBM recognised by Government or accredited by AICTE, NAAC, UGC or any other board/body set up under an Act of Parliament in India? Pls email your details to kruti@cskruti.com
Thank you, will mail you soon with all details..
hi,
i am graduate from Calcutta university ,and i am working last 12 year in stock broker company as a dealer or RM,
i have taken technical class from private tutor,which is working good,
if i complete NISM xv then can i apply job for stock market as a technical analyst ?
please guide me ,
thanks
Hi. Not sure if you are have query about working as a research analyst or applying as a research analyst with SEBI. If you have proper documents from your employer to prove that you have such experience, then along with graduation and NISM certification you fulfill the qualification and certification requirements of SEBI. I hope I have answered your query.
Hi,
In case of an MBA degree which is completed with btech(dual) in a span of 5 years . Will person be able to apply for Ra license. The degree comes as technology management but subjects of finance are there.
Nism RA has been cleared.
Hi Mayank. If the MBA course accredited by UGC / AICTE / NAAC, then in my view, it can be accepted by SEBI. However, it also depends on your place of business and the officer who is handling your application. Some regional offices accept engineering degree / MBA (in any field) for RA registration.I would suggest best is to get in touch with SEBI’s regional office near your place of business.
Nice and very useful information firstly thank you madam .
I have some questions about that ,
Firstly myself shantanu
I have graduate degree in science
I have work experience more than 5 years
I am successfully completed nism xv exam also
My question related to work experience i have experience to sell home loan product so it can consider as experience for that RA registration ?
Hi Shantanu,SEBI regulations say that an applicant needs experience of at least five years in activities relating to financial products. However, I am not sure, if home loan product sales is counted as financial products. I would suggest you get in touch with SEBI’s regional office for confirmation.
please tell me how to apply for Research Anaysis
Hi Mahesh. The information is there in the post. If you have any specific question pls let me know. If you need professional help in making an application to SEBI, you can write to me at kruti@cskruti.com
I need to fill online details. I want that it should be done in proper way so that rejection chances r very less
Sure. Pls share your details by sending an email to kruti@cskruti.com
How much u charge as a fee ?
Hi Rajesh. I assume you are asking for registration as a Research Analyst with SEBI. Can you pls let me know your education qualification and place of business? Also are you looking to get registered as an individual, partnership firm or company? Pls send the details to kruti@cskruti.com and we can take this forward.
Hello mam
I am graduate on account hons. so I will eligible or not for RA under Sebi.if not then what can I do for registered under sebi as RA . Please reply I need urgent help
Hi Rahul. You need professional degree or a post graduate degree or diploma in finance, business, economics etc or any course that is accredited by NAAC, UGC or AICTE.
Thanks mam ,
If I completed my Mcom degree then I will eligible or not.
Yes, you will be.
Hello Mam,
I have recently cleared NISM’s RESEARCH ANALYST examination. I want to register myself with SEBI as an R.A. But I have following 2 questions :
1. I am already registered with SEBI as a sub-broker affiliated to a main broker since last 10 years. and
2. I am graduate in commerce and I do not have any other degree.
Please let me know whether I am eligible to register myself as a Research Analyst?
Hi. Having sub-brokership for 10 years will help you fulfill the qualification requirements. However, SEBI may ask you to surrender your sub-brokership license as SEBI will see this as a conflict of interest. If you need professional help in making an application to SEBI pls let me know.
Thank you so much for the prompt reply. I will contact you once I finalize my decision.
Hi Kruti – I completed the exam and need help in filling up the registration form in SI portal SEBI. Can you help ?
Hi Naveen. Sure, will be happy to help you. WOuld request you to share your qualification details and your place of business via email at kruti@cskruti.com and we can take this forward.
Thank you so much mam…
Hi Mam,I am a Commerce Gratuate and I have also completed my CFP recently.Now i want to become Sebi Registered Investment Adviser . Does CFP fulfils both Qualification & Certification Requirement for that?
Hi Jainam, CFP in my view will help you fulfill the certification requirements. However some regional offices of SEBI consider CFP as professional qualification too. Best is to get in touch with SEBI’s regional office near you.
Mam i have too completed CFP last year and i have not gone to any job ever before. My age is 23 as of now but i was in stock market from my age of 18. After clearing Nism exam can i apply for registration as research analyst?
Before applying to SEBI, you need to have a professional qualification or post-graduate degree or post graduate diploma in finance, accountancy, business management, commerce, economics, capital market, financial services or markets provided by a university which is recognized by University Grants Commission or by any other commission/council/board/body established under an Act of Parliament in India for the purpose. CFP is not considered as a professional qualification by SEBI. You can confirm the same with SEBI’s regional or local office near you.
Hi, very informative blog. Continuing from above, to conduct trainings on stock analysis, does one need to register as research analyst or as investment advisor?
Hi Subhash, thanks for your feedback. No, one need not get register with SEBI to provide only training.
hi mam.
1)can i charge fee for providing daily technical analysis like demand and supply levels with general market trend on indices ONLY…( stock or any other instruments recommendations/tips/calls will not be given).is it legal?
2)since it is not a research report but a technical analysis,can sebi RA registration be ignored or will i be coming under sebi regulations.
3)I have read the exemptions of Research report,but im not sure if it applies to ‘the report’ or to ‘the analyst’.please give clarity!
Thank you for your valuable time and knowledge!
Hi. Here is my response:
1. Yes
2. I am not sure of this. Taking a conservative view, you need to get registered.
3. Exemption applied to comments or discussion on general securities market trends. Best is to consult an officer at SEBI’s regional office near you.
HI mam,im an finishing my btech(cse) in may-2020,planning to do pgdfmp from ignou through distance.
im starting coaching company(propreitership) in 2020, to teach technical analysis.no call/recomendation will be given….
will having a training company effect my application or will it add weightage to it??
Intention of registration is to give recommendation on stocks and buy sell signals too.(as i read many times in your posts,INTENTION is considered).
what are my chances of getting a research analyst license,if i follow above mentioned details.
should i start a coaching company or should i work with brokers as equity research analyst/equity dealer to add weightage to application?
Hi. You can start coaching with any SEBI registration. IN the application process, SEBI checks whether qualification and certification criteria are fulfilled. If fulfilled and other requirements are met, SEBI will process your application.
Hi Sukriti, i have completed my MBA in rural management from XIMB ( Development Sector). Presently I am working with a Non – finance company. But due to my immense passion in finance, I have completed CFA Level -1 . I want to apply for SEBI registered research analyst, please let me know how to go about it.
Hi Chinmaya, is your MBA course accredited by NAAC or UGC or AICTE? If yes, then in my view, you fulfill the qualification requirements under Reg. 7.1.ii of RA regulations. However, it also depends on your place of business. SEBI applications are processed by regional offices and some officers require experience in finance to approve the application. So best is to get in touch with SEBI’s regional office near you.
Hi Sukriti I am Engineer by profession and presently working in a PSU non finance background. I hold BE (EEE) from Manipal University and I also hold Post Graduate Diploma in Telecom Technology Management from University of Hyderabad ( in distance mode) .Can I get registered as SEBI analyst post completing NISM research analyst exam
Hi Anand, in my view you fulfill the qualification requirement mentioned in Regulation 7.1.ii of SEBI RA Regulations. However, few regional offices of SEBI require some experience in research or analysis before granting the approval. So it depends on your place of business and the officer handling your application. Best is to confirm with SEBI’s regional office near you.
i passed NISM RA exam in first attempt recently i am doctor-general practitioner by profession and also i am a elliotician,chartist and technical trader and my immense passion has brought me here now i want to get registered with SEBI can i ?
Hi Vinod. Thanks for writing to me. Where are you based? Can you pls share your education certificate via email to kruti@cskruti.com. This will help me to guide you further.
I would like to be registered as an research analyst. can u help me in this process ?
Sure Rajesh. Pls share your education qualification and your place of business via email to kruti@cskruti.com
Thanku so much mam
For your valuable advise
Thanking you
Amit Kumar singh
Hello mam
Thanks for your valuable support for the RA registration… I want two thing to you
1) I want my docket number is their docket number and application number will be the same ?
2) I have apply for the registration approx 1.5 year back but still my process is in progress…and my NISM RA certificate will be expire should I give exam again or is their any alternate option as like IA to attend the seminar and my exam will be extended for further 3 years
Thanking you
Amit Kumar Singh
Hi Amit, here is my response:
1. I am not sure what you mean by docket number. There is a 6 digit login id (starting with 5), a 6 digit application number (starting with 7) and SEBI registration number.
2. Yes, you need to give exam again.
Hi I am planning to start investment advisory firm kindly contact me on 9893652307 or let me know how I can contact you
Hi Nitin, if you have any specific query, kindly send a mail to kruti@cskruti.com. Also pls mention your education qualification in the mail and we can take it forward.
My NISM certificate is valid till Aug 2020 & RA Sebi Certificate is Valid till Sep 2022 .
1:-
What if i do not appear for NISM module ?
2:- Can i just renew my Sebi certificate 3 months before the expiry ?
3:- Every 3 years i will have to re appear for NISM Research Analyst module ?
4:- Why both has different different Validity ?
Here is my response:
1. If you do not appear, the NISM certificate will become invalid. If you continue to do business, non-renewal will be treated as non-compliance of the regulations.
2. Yes.
3. Yes.
4. Not sure if I can answer that question as this is the decision of the regulator 🙂
Am a SEBI registered research analyst ..My Sebi certificate is valid till 2022 it just need to renewed it?
NISM RA exam was cleared in the year of 2016 but SEBI process took almost a year to produce me a certificate.
Now i am confused between exam if NISM certificate which is valid for 3 years and Sebi given certificate is valid for 5 years .
what exactly i would need to do?
You need to have a valid NISM RA certificate at all times. So you need to renew the NISM certificate before its expiry. If you still have queries and need to talk to me, you can opt for my phone consultation services. Here are the details – http://www.cskruti.com/consultation-services/
Hi I am Amit Jain need answer for below mentioned questions:-
1:-RA Certificate is valid for how many years ?( 3 or 5 years )
2:- What one need to do once the validity is over? Appear for the exam or just pay the renewal fees ?
Hi Amit, NISM RA certificate is valid for 3 years and have to renew before the expiry of the certificate by appearing for the exam again. The RA SEBI registration is valid for 5 years and have to renew it by payment of fees. Hope your query is answered. If you are looking for professional help in making an application to SEBI pls let me know.
Hello Kruti,
I am a electronics engineering graduate completed my graduation from Mumbai University. I do not have any relevant experience of working with advisory firms. I want to apply for Sebi registered research analyst, please let me know how to go about it. Thanks in advance.
Hi Siddhesh, you need to have a post graduate degree or diploma in order to apply to SEBI. Would request you to read this – https://cskruti.com/qualification-requirements-sebi-ia-and-ra/
Hi Mam,
I have completed M.tech Biotechnology from Anna University and also completed NISM RA exam. I have 2 years trading experience. Am i eligible to apply for SEBI registration?? Can you help me in getting things done??
hi maam
is it illegal to provide financial advices on paid basis to clients without SEBI registraion?
Do we reveal the past information to SEBI for RA application?
Hi Shishir. You can not provide financial advice unless you are registered with SEBI. Revealing past information is on case to case basis. If you further queries or need professional guidance in making an application to SEBI, pls mail me at kruti@cskruti.com
Hi
I am practising research advisor with few clients
I want to apply to RA
I cleared my NISM
SEBI is asking my Client details, it it safe to divulge the client info?
Also is there any regulation that without RA REGISTRATION I can not practice advisory services to clients?
Please help
Hi Amitabh, since SEBI is asking the names, you will have to give the details. You cannot provide advisory services without getting registered with SEBI either as Investment Adviser or Research Analyst.
Hi,
I am a Chartered Accountant, like to have a website for recommending shares for Trading and Investment. So I want to register myself as a Research Analyst. I have following queries:
1. I understand from your reply to Anuj khullar that I have to complete NISM Series XV before registering with SEBI. I will have my own auditing firm and also the website. Is it a conflict of interest? Shall I have my auditing firm and at the same time recommend shares in my website for investment / trading?
2. The RA certificate is valid for 3 years. Whats the procedure for renewal? Do I have to take the exam again?
Thanks in advance for your reply.
Hi Sundar. Here is my response:
1. I don’t see any conflict of interest from SEBI point of view if both the business are going to do different activities.
2. Yes, you have to give exam and keep the certificate valid at all times. You have to fulfill the certification requirements at all times.
Hope I have answered your queries. If you are looking for professional help in making an application to SEBI pls let me know.
Thanks Ms. Kruti.
Yes I will need your professional help for registering with SEBI. I am planning to take the exam during January 2019 and as soon as I complete the exam will contact you for registration with SEBI.
Sure, will look forward.
I Have Some query regarding the research analyst.i am in the 3rd year of engineering(Automobile branch) and after my graduation i am planning to do Charted Financial Analyst & Charted Market Technician.
According to Sebi Regulations A person with MBA/graduation & 5 years of working experience in finance field can register as Research analyst so in my case, graduation and CFA/CMT (US) can be consider for research analyst registration ? And CFA/CMT can be consider as Professional Qualification ?
Hi Henish. SEBI does not have a perfect answer to this. It depends on the officer, who will be handling your application, to allow or not. Best is to consult SEBI’s regional office near you.
Hi Kruti
I was not able to complete my graduation in engineering.but i have cleared all levels of CMT (US) as well as i am a CFA level 3 candidate..i have 8yr experience in broking industry & 3 yr experience as a research analyst.
Am i eligible to apply as an RIA ??
Hi Sumeet, do you have CMT membership? If yes, then you fulfill the qualification requirements. If no, then you do not fulfill the qualification requirements even though you have the relevant experience. You need to be a graduate too.
hello mam i want to register my research company in SEBI
what is the eligibility and qualification
i
Hi Hemant. Would request you to go through my article – https://cskruti.com/how-to-register-as-sebi-research-analyst/. Pls let me know if you have any specific query.
hi
I have completed my MBA in Marketing(Main) and Finance as sub.I have completed NISM investment advisor Level
one and about to appear for level two. Am I eligible to get registered with SEBI as IA?
Hi Merlin. From which university or institute have you done your MBA? What were the subjects?
Hi
I have completed my degree in distance education and i have working experience in a broking company as executive to branch manager position. From 2008 to 2016 i was working in a broking company. Now working with a sub broker.
Am i eligible to apply research analyst. Please guide.
Hi Balaji, If you have experience certificate for atleast 5 years and the certificate mentions about research of stocks and / or giving recommendations to clients, then you fulfill the qualification requirements and can apply to SEBI. You also need to complete NISM REsearch Analyst examination. If you need professional help in getting yourself registered with SEBI as a research analyst, pls write to me at kruti@cskruti.com
Hi
Thanks for the early reply. I am thinking to apply as Research Analyst as per my educational qualification is a PG degree from UGC and NAAC accredited university. Plz guide me for the process for the same.
Hi Abhishek, request you to refer to my article – https://cskruti.com/eguide-how-to-get-registered-as-a-research-analyst-with-sebi/
If you need professional help in making an application to SEBI pls let me know. For further queries you can send an email to kruti@cskruti.com
Hello. Surely will need your help for the registration purpose. I am planning to register my proprietorship firm of whom i am the sole proprietor. Is it is possible to register a proprietor firm as Research analyst and if yes then under which category it will come, an individual or organisation.
Yes it is possible. Sebi treats proprietary firm as an individual registration only. If you have further queries you can email at kruti@cskruti.com
Hi
Thanks for the information provided both for Ra and RIA.
I have completed by M.Sc. degree from state university and also I’m working as Authorized person for masukh securities , a sebi registered full time broker, also I m working as marketing partner and an employee for Zerodha securities for last 3 years. Am I eligible to apply for RA or RIA in SEBI.
Hi Abhishek, you have to first decide whether you want to do RA or IA. There is a slight difference in the qualification requirements for them. I will be able to answer your query once you let me know.
Hi,
Please let me know from where i can do post graduate diploma in finance or any other graduation as i am a computer engineer and want to become sebi registered to provide intraday calls.
Hi Kiran, you need to have professional qualification or a post graduate degree or diploma from a university or an institute which is recognised by the central or the state government. Alternatively, you can do any course which gives you a post graduate degree or diploma and is accredited by NAAC, UGC or AICTE.
Hi Kruti,
A friend of mine wants to get registered as Research Analyst but I doubt if he can because of following reasons:
1. I read on SEBI’s website that a sole proprietor can get registered as independent research analyst but it was also mentioned that an independent research analyst has to be involved just in that business only and that he cannot do any other business. Is it true? In that case, can he do the research work by obtaining the registration as Investment Adviser instead of registration as Research Analyst?
2. I understand that in case of a research entity, there is internal control mechanisms to monitor the compliance by Research Analysts. But how does SEBI monitors in case of Independent Research Analysts?
Thanks,
Sourav
Hi Sourav, here is my response:
1) can you pls let me know what is the other business? If it is in conflict with the RA activities, then he cannot do any other business.
2) An individual RA is responsible to monitor his / her own compliance. There is a mandatory requirements of getting annual compliance audit done through a practicing CA or a CS for all registered RAs. The RA has to keep in records such certificate issued by CA/CS. SEBI will ask for the certificate.
Thanks Kruti for the reply.
On point 1, if the other businesses are in the nature of brokerage services, portfolio management services and investment advisory services, would it lead to any conflict with RA activities. What I mean is, does the nature of other business really matter when the act is saying that the only business activity has to be that of Research Activity. Below is the exact language:
“Independent research analyst” means a person whose only business activity is research analysis or preparation and/or publication of research report and includes individuals engaged in providing research services without being employed with any research entity(intermediary) and entities other than SEBI registered intermediaries who are engaged in research activities. [refer to Regulation 2(h)]”
or Does it mean that individuals who are into multiple business activities (including that of RA) would be classified as a normal RA and not as an Independent RA but the restrictions and requirements would be same for both types of RA? Can we interpret the language like this?
Hi Sourav, independent RAs are those who are freelancers, who are not employed with an entity. If any individual is engaged in activities likes broker or any mutual fund distributor, SEBI might have a problem as it will see this as a conflict of interest. For PMS and investment Advisory there are respective regulations. As an individual, SEBI may not allow a person to be an RA and IA at the same time. Hope I have answered your queries.
Hey, I have just completed my Bachelor of Engineering CSE from Uttar Pradesh Technical University. Shall i be eligible for Registration? If Yes? Could you help me getting it done.
Hi Kanishk, thanks for writing!
Unfortunately, this degree does not fulfill the qualification criteria under Research Analyst Regulations. Do you have any experience as research analyst or related activity?
Additionally, you also have to fulfill the certification criteria by completing NISM examination for Research Analyst.
Hi,
Thanks for such valuable information, I am a CA and want to register for the same, Just need to know Is it possible that I can do NISM after apply for application to SEBI or its mandatory to complete the same first
Hi Anuj. Thanks for your comment. You need to complete NISM before making application to SEBI. You have to submit the completion certificate to SEBI at the time of application.
Let me know if you need any professional help for making application to SEBI.
Hi,
Thanks for your prompt response its really help sure first I will complete my NISM
I have completed my engineering. with 2.5 experience of working in an advisory firm….Can i apply…
Hi Mahfooz,
Thanks for writing!
Can you pls let me know from which university or institute did you complete your engineering?
Hello mam
Thank you for the extremely informative post. I am starting a blog in which i will analyse the financial statements of the company. I will never provide any “buy, sell or hold” recommendation. Infact i will never directly or indirectly suggest any buying or selling. My analysis would be limited to business model and annual report, i will not do any valuation analysis. In such a case do i need to get registered as a research analyst ? If yes , i am doing a full year PGPSM certification from NISM. Does that satisfy the criteria of “professional qualification” ?
Hi Pranjal,
Thanks for writing to me!
What I interpret from your query is that it is sort of an educational blog. If yes, then Research Analyst Regulations do not apply to you.
However, if your blog forms a basis for the investors to take investment decisions, then you come under the purview of the regulations.
Hope this is clear.
Hi Kruti,
Thanks for the informative post.
Found your blog on wordpress via Quora, and got redirected here.
Got a question, which I’ve also posted on your wordpress blog, just a few moments ago.
Do journalists have to get registered with the SEBI as well?
What if they don’t give any buy/sell recommendation, and explicitly write below that their work isn’t investment advice, but is rather only for informational and educational purposes?
Looking forward to hearing from you.
Thanks & Regards,
Piyush
Hi Piyush,
Thanks for your question.
Any person who writes in general with regards to trends in the financial or securities market and such comments do not specify any particular securities or investment product, that person is exempted from registration with SEBI.
If any view is given on any particular investment product, it comes under the purview of SEBI regulations. Writing a disclaimer that it is not an investment advice might not help.
Hope this clarifies. If you have further queries, feel free to write to me.
Thanks for the prompt response, Kruti.
Apparently, that’s exactly what SEBI says in its 2014 Research Analyst regulation.
However, the regulation was soon followed by a clarification by SEBI in the form of FAQ’s.
One of the bullets, amongst many, as provided in the document states:
“20.Whether journalists who are on the payrolls of media organizations such as newspaper or television are required to get registered with SEBI ?
No. The journalists who are on the payrolls of media agency such as newspaper or television are not required to get registered with SEBI. However, if they make public appearance or makes a recommendation or offers an opinion concerning securities or public offers through public media, all the provisions of regulations 16 on limitations on trading and 17 on limitations on compensation shall apply mutatis mutandis and they shall disclose their name, registration status and details of financial interest in the subject company.”
I checked the main regulation docket, and the regulations 16 and 17 merely prohibit these journalists from trading 30 days prior, and 5 days after, publishing the article.
Also, there’s an article was published on Business Standard a while ago. It quotes a SEBI spokesperson:
“Further, RA Regulations….are not intended to regulate the media. The purpose of RA regulations is to address various conflicts of interest while making research recommendations,”
The article can be found here: http://www.business-standard.com/article/opinion/why-journalists-should-be-more-afraid-of-sebi-115010500071_1.html
So, all this is creating a widespread confusion. What are your thoughts on this?
I’ve dug through a lot on the topic, just wanting your professional opinion on the matter.
I’m exploring business opportunities in online media and finance so this is a very important factor in my due diligence.
Best Regards,
Piyush
Thanks for this detailed response. I can understand your confusion.
As per FAQs, although the journalists do not have to register with SEBI, they have to still comply with the certain regulations. You can refer to question 19 in the FAQs.
Question no. 21 also says “if such person is also engaged in preparation and/or publication of research report or research analysis, he or the entity on whose behalf the he is acting as a research analyst, needs to get registered with SEBI.”
In my view, the response of SEBI to registration of journalists (as mentioned in FAQs) contradict the regulations. As mentioned in my article, the purpose of regulations is to tackle the conflict of interest and ensure independence of research analyst in giving recommendations. The regulations also specify the disclosures to be given by a research analyst.
Retail investors get influence by the recommendations given in public media and hence in my opinion, even those activities should be regulated by SEBI.
So if you are looking for an answer whether journalist should get registered with SEBI or not, you may follow the FAQs.
But my view remains the same that any person who gives recommendations on securities and publication of research reports through any public media have to get registered with SEBI.
That perfectly sums it up.
Thanks for taking the time out to address my concerns 🙂
Regards,
Piyush
if am not related with finance sector in i want to take registration then what to do.
Hi Vikas,
I guess you are asking about the qualifications criteria.
So if you do not have any finance / commerce related degree, there is one more option.
If you are a graduate in any discipline with an experience of at least five years in activities relating to advice in financial products or securities or fund or asset or portfolio management, even this is accepted by SEBI.
Hope this clarifies.
Hi ,
I have cleared the exam, and i am planning to register.
but i am scared as many people told me its very difficult task to register with SEBI
Hi Neetesh.
Its not at all difficult if you provide all the information in detail and accurate. I have helped my clients get registration.
I can help you file the application with SEBI. Do let me know.
Very useful. thank you so much.
Thanks Nitin. Are you an Investment Adviser? Or planning to apply for the same? Let me know.
Hi
I am having bachelor degree in Arts … I do trading more tan ten years …. am I elegible for sebi registered analyst ?
Hi. In my view you do not fulfill the qualification requirements. SEBI does not consider personal experience while applying to SEBI.
I have done bcom completely can i do aply for analist in sebi how to contect with u
Hi Shailesh, you will either need post graduation or 5 years of relevant experience before you make an application to SEBI. You can email your details at kruti@cskruti.com