SEBI New Rules: 3 Things Every Research Analyst Must Know

InsightPier Desk Published · Updated
Illustration representing SEBI regulatory guidelines for research analysts

Imagine a seasoned Research Analyst Nisha sitting at her desk late at night, spreadsheets open, market data streaming in. Her clients count on her insights, and the rulebook she follows changed with SEBI's 2025 amendments. Like every registered RA in India, Nisha needs to review her processes against the updated requirements.

Why This Matters

The capital markets thrive on trust, quality research, and regulatory certainty. SEBI's guidelines for Research Analysts aren't just compliance hurdles, they set out the framework for ethical, investor-focused research. For RAs, these rules are also a reference point for how credibility is built and maintained in the profession.

1. Qualification & Certification: Raising the Professional Bar

  • SEBI now mandates that all new Research Analysts must possess a graduate degree in relevant fields (finance, economics, business) and earn the latest NISM certifications.
  • Ongoing professional development is not an option, but a duty.
  • While existing registered Research Analysts are not required to meet the new graduate qualification requirements but must continue to hold valid NISM certifications.

2. Deposit Requirements: Demonstrating Accountability to Clients

  • RAs are required to maintain "skin in the game" through a deposit.
  • SEBI now requires a tiered deposit system:
    • ₹1 lakh for up to 150 clients
    • Scaling up to ₹10 lakh for over 1,000 clients
  • Deposited in a scheduled bank under a lien to the RAASB (Research Analyst Administration and Supervisory Body).
  • The deposit is intended as a demonstration of commitment and accountability to clients.

3. Fee Caps, Refunds & AI Disclosures: Protecting the Investor and the Future

  • SEBI has capped annual fees at ₹1,51,000 per family for most clients, aimed at transparency and affordability in research services.
  • Advance fee collection is limited (one quarter only), and any unused portion must be refunded if a service ends early.
  • All RAs must disclose if they use AI tools in research to clients and protect data integrity.
  • The deadline of April 30, 2025 has already passed for AI disclosure requirements.

Conclusion

SEBI's framework rests on three pillars: qualification, accountability, and transparency. To stay compliant, Research Analysts can:

  • Review their qualification and certification status, ensuring NISM certificates are valid.
  • Assess the client base and deposit the required amount with a scheduled bank under RAASB lien.
  • Update fee structures, refund processes, and AI disclosure mechanisms.

For Research Analysts, compliance is not just about avoiding penalties, it is also about sustaining credibility and trust with clients.

Quick Action Checklist

Use this checklist to review your SEBI compliance status:

  • Confirm your NISM certifications are valid, and if you're newly registering, that you meet the graduate qualification requirement.
  • Work out the RAASB deposit your client count requires, and confirm it is placed with a scheduled bank under RAASB lien.
  • Check that your fees stay within the ₹1,51,000 per-family cap, that advance fee collection is limited to one quarter with refunds for any unused portion, and that AI-tool usage is disclosed to clients.
Here's a small step towards making compliance effortless for you.

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Disclaimer: This guide is for informational purposes only. Please refer to official SEBI regulations and circulars for the most up-to-date and binding requirements.