How much can a SEBI research analyst charge?
Up to ₹1,51,000 a year per family for individual and HUF clients, excluding statutory charges. Non-individual clients, accredited investors and institutions seeking a proxy adviser's recommendation sit outside the cap. If a client ends early, the analyst refunds the unexpired period and keeps no breakage fee.
Want this checked against your own position? We handle the documentation and the filing.
Regulation 15A of the Research Analysts Regulations caps the fee a research analyst (or research advisor) charges individual and HUF clients at ₹1,51,000 a year per family. Statutory charges are excluded. RAASB revises the figure once every three years using the Cost Inflation Index.
| Point | Research analyst rule |
|---|---|
| Cap | ₹1,51,000 a year per family |
| Clients covered | Individual and HUF clients |
| Outside the cap | Non-individual clients, accredited investors, and institutional investors seeking a proxy adviser's recommendation |
| Revision | By RAASB once in three years, on the Cost Inflation Index |
| Early termination | Proportionate refund for the unexpired period, with no breakage fee |
How it differs from an adviser
An investment adviser picks between a fixed fee up to the same ₹1,51,000 and a fee of up to 2.5% of assets under advice. The research analyst rule we cite sets a single rupee ceiling per family. An adviser may also keep up to one quarter's fee as breakage on early termination, which an analyst may not.
Advance fees
SEBI's January 2025 guidelines let an analyst bill up to one quarter in advance. A circular of 2 April 2025 raised the advance period to one year for investment advisers. We have not read the analyst side of that circular ourselves, so we confirm the period that applies to your fee model before you bill.
Clients you already had
Existing clients had to be moved onto these fee provisions by 30 June 2025. An older agreement still carrying earlier terms needs replacing.
Where the cap shows up later
The annual compliance audit checks compliance with the regulations, regulation 15A included. Checking each family's fees against the cap as you bill is much easier than finding an excess in September.
- 1.SEBI circular SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2025/004 dated 8 January 2025, Guidelines for Research Analysts
- 2.SEBI Master Circular for Research Analysts, HO/38/12/11(1)2026-MIRSD-PoD/I/4360/2026 dated 6 February 2026
- 3.SEBI Master Circular for Investment Advisers, SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/94 dated 27 June 2025
We handle the documentation and filing: Monthly compliance plan
Sources read on 28 October 2026. SEBI revises these requirements, so we re-confirm every figure against the current circular before it goes into an application.
Read next
Investment Adviser
buildwright.co.in
How much can a SEBI investment adviser charge?
Up to 2.5 per cent of assets under advice a year, or a fixed ₹1,51,000 a year, per family of client. The higher of the two applies, and the mode can change at any time.
5 min read
IA and RA
buildwright.co.in
What a registered adviser or analyst can charge a client
There is a hard rupee ceiling per family per year, an alternative percentage mode, and rules about how far ahead you may bill. All of it applies only to individual and HUF clients.
7 min read
IA and RA
buildwright.co.in
Annual compliance audit for SEBI research analysts and investment advisers
Both registrations need an annual compliance audit finished within six months of the financial year end. The report goes to BSE and SEBI within one month, and the status is published on your website. Advisor and analyst rules match.
5 min read