A reference checklist covering both sides of RA compliance — becoming a SEBI-registered Research Analyst, and staying compliant after registration.
For a detailed compliance guide and full support, use RA OS — 1 month free trial, no credit card required. Try it, and only proceed if it works for you →Source: SEBI (Research Analysts) Regulations, 2014 and the cited circulars — transcribed from the same regulation-by-regulation checklist RA OS's own Annual Compliance Audit template uses.
Application for grant of certificate. (1) No person shall act as a Research Analyst or hold itself out as an Research Analyst unless he has obtained a certificate of registration from the Board under these regulations.
Consideration of application and eligibility criteria. Regulation 6 states all the matters, which are relevant for the purpose of grant of certificate of registration.
An individual Research Analyst or a principal officer of a non-individual research analyst registered as a Research Analyst under these regulations and persons associated with research services shall have minimum qualification and certification requirements as mentioned in Regulation 7(1) and 7(2). For the RAs existing as on 16 December 2024: it is clarified that the revised qualification requirements shall not be required for existing individual RAs, Principal officer of non-individual RAs or research entity, individuals employed as research analysts and partners of research analyst, if any, engaged in providing research services [Para 2.i. of SEBI/HO/MIRSD/MIRSD-PoD1/P/CIR/2025/004].
An individual registered as research analyst under the RA Regulations, 2014, a principal officer of a non-individual research analyst, individuals employed as research analysts, persons associated with research services, and in case of the research analyst being a partnership firm, the partners thereof if any, who are engaged in providing research services: (i) shall obtain certification(s) from NISM by passing the "NISM-Series-XV: Research Analyst Certification Examination", as mentioned in the NISM communiqué No. NISM/Certification/Series-XV: Research Analyst/2015/01 dated February 16, 2015. (ii) shall, in order to ensure continuity in compliance with the certification requirements, before expiry of the validity of the existing certification as specified in clause (i), obtain certification from NISM by passing the NISM-Series-XV-B: Research Analyst Certification (Renewal) Examination as mentioned in the NISM communiqué No. NISM/Certification/NISM-Series-XV-B: Research Analyst Certification (Renewal) Examination/2024/01 dated January 06, 2025.
Applies based on the number of clients you have — the minimum deposit required rises in slabs as your client count grows:
| Number of clients | Minimum deposit required |
|---|---|
| Up to 150 clients | ₹1 Lakh |
| 151 to 300 clients | ₹2 Lakhs |
| 301 to 1,000 clients | ₹5 Lakhs |
| 1,001 clients and above | ₹10 Lakhs |
Net worth requirement till 15th December 2024 as below: (1) A research analyst who is individual or partnership firm shall have net tangible assets of value not less than one lakh rupees. (2) A research analyst who is body corporate or limited liability partnership firm shall have a networth of not less than twenty five lakh rupees.
This net-worth requirement is no longer an active/current requirement — it was superseded by the deposit-by-client-count-slab requirement above (Regulation 8 read with SEBI/HO/MIRSD/MIRSD-PoD1/P/CIR/2025/004), which is what a prospective or currently-registered RA needs to satisfy today. Shown here only as historical context.
Two checklists RA OS itself generates and tracks for a live, registered RA org: a recurring filing calendar with real due dates, and the document bundle needed for the Annual Compliance Audit.
The recurring compliance deadlines RA OS's own Compliance Tracker auto-generates for every financial year (FY = April to March).
| Obligation | Due date | Regulation / circular citation |
|---|---|---|
| Monthly complaints/SCORES data — publish on website Mandatory | 7th of the following month, every month | Master Circular SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2024/49, Cl. 5.3 |
| BSE Periodic Reporting — H1 (Apr–Sep) | 31 October | BSE RAASB Annexure I — 8 schedules (General, Complaints, Clients & Fees, Website, Social, Bank, NISM, UPI) |
| BSE Periodic Reporting — H2 (Oct–Mar) | 30 April | BSE RAASB Annexure I — 8 schedules |
| Half-yearly SaaS compliance undertaking — H1 (Apr–Sep) | 31 October | SEBI/HO/MIRSD2/DOR/CIR/P/2020/221 (03-Nov-2020) — CERT-In advisory for SaaS |
| Half-yearly SaaS compliance undertaking — H2 (Oct–Mar) | 30 April | SEBI/HO/MIRSD2/DOR/CIR/P/2020/221 (03-Nov-2020) — CERT-In advisory for SaaS |
| Annual Compliance Audit Report (ACR) | 30 September | Reg 25(3) RA Regulations + Cl. 2(xiv) CIR/2025/004 — within 6 months of FY-end. Audit by an ICAI/ICSI member; report must contain line-wise compliance status of every provision. |
| Action Taken Report (ATR) on adverse audit findings | 31 October | Cl. 2(xiv)(c)(ii) CIR/2025/004 — within 1 month of the audit, not later than 31 October |
| Client-level segregation — annual auditor certificate | 30 September | Cl. 2(x)(h) CIR/2025/004 — CA/auditor certificate within 6 months of FY-end |
| Deposit adequacy review against client-count slab | 31 March | Reg 8 — ≤150 clients: ₹1L · 151–300: ₹2L · 301–1000: ₹5L · 1001+: ₹10L |
| Records, KYC & Investor Charter maintenance review | 31 March | Reg 25 + Cl. 2(xiii) + Master Circular 5.1 — recommendation/client/public-appearance registers, KYC, 5-year retention |
| NISM-Series-XV-B (Renewal) exam | Before your own certificate's validity expires | Tracked per-RA against your own NISM-XV certificate's validity window (illustrative example this codebase tracks: a certificate valid 17-Oct-2023 to 12-Oct-2026 — renew before expiry to stay eligible; your own dates will differ) |
| Inform SEBI/BSE in writing of any material change to your submitted information Mandatory | As and when it happens — not on a fixed date | Regulation 13(ii) — address, name, ownership, or any other material change vs. what was originally submitted to SEBI must be reported; distinct from simply keeping a record of it for your own audit file |
The evidence bundle a registered RA keeps ready every year for the Annual Compliance Audit (Reg 25(3)) — the same 34-item kit RA OS's own Compliance Tracker walks an RA through.
Always N/A for an individual RA with no employees and no separate principal officer:
This list is not exhaustive/comprehensive. It highlights the major, recurring obligations RA OS itself tracks — SCORES/complaints disclosure, FIU registration, and KRA/POS registration are all genuinely mandatory for a registered RA, not optional items to skip. A registered RA also has a standing duty under Regulation 13(ii) to inform SEBI/BSE in writing of any material change to previously-submitted information (address, name, ownership, or anything materially different from what was declared at registration) — this is separate from simply keeping a record of material changes for your own audit file. This checklist is for general informational and reference purposes only — it is not legal, regulatory, or investment advice, and does not replace consulting SEBI, BSE/RAASB, or your own compliance professional (CA/CS) directly. It reflects RA OS's own understanding of the SEBI (Research Analysts) Regulations, 2014 and the circulars cited above, as of the date shown on this page, and is subject to SEBI's own future updates — always verify the current requirement on SEBI's or BSE's own website before relying on it for a registration or filing decision.
Questions about RA OS itself? See the RA Setup Guide, the Full B2B FAQ, or the free NISM-XV + CPE mock test.