What are the steps to apply for SEBI RA or IA registration on the BSE portal?
You file Form A on BSE's membership portal section by section: gate questions, applicant details, addresses, the people involved, associates, other registrations, infrastructure, disputes, activities, bank details and final uploads. BSE reviews it and sends it on to SEBI. Research analyst and investment advisor applications use the same portal.
Want this checked against your own position? We handle the documentation and the filing.
BSE Limited runs the membership portal at membershipraia.bseindia.com as RAASB for research analysts and IAASB for investment advisers. The sections below are in portal order as we have seen them on a research analyst filing. Advisers use the same portal and the same Form A.
Before you start
- A login on the BSE membership portal.
- A SEBI SI portal user ID, which the form records in its Exchange Comments section.
- A Shops and Establishments registration, if you apply as an individual or sole proprietor.
- Your NISM certificate, your letterhead, and the signature you will put on every declaration.
The sections, in order
| Section | What it asks for |
|---|---|
| 1. Gate questions | Whether you are already a SEBI registered investment adviser, and your PAN |
| 2. Applicant details | Name (a sole proprietor writes "Name Proprietor Firm Name"), PAN, Aadhaar, GST declaration, number of analysts employed, membership checklist, Shops and Establishments certificate, contact person |
| 3. Addresses | Correspondence, registered office, principal place of business and billing, with proofs, premises papers and the owner's NOC |
| 4. Particulars of applicant and analysts | One entry per person with qualification, NISM and the two regulation 7 declarations. A one-person firm appears in both lists |
| 5. Associate companies | Directorships, shareholdings and partnership interests |
| 6. Other registrations | Any SEBI, RBI, IRDA or PFRDA registration, and pending SEBI applications |
| 7. Infrastructure | Office, equipment, communication, hardware, software and research facility, each with evidence, and an adequacy declaration |
| 8. Disputes and other information | Disputes, earlier rejection, disciplinary action, economic offences, fit and proper, Chapter III compliance |
| 9. Change in control | Whether the application follows an NOC for change in control |
| 10. Activity details | Current activities, proposed services, conflict of interest policy and standard disclosures |
| 11. Bank details | Business account with proof |
| 12. Final uploads | NISM proof and declarations, and where they apply the employer NOC, other activity details and other registrations |
| 13. Exchange Comments | SEBI SI portal user ID and the observation thread with BSE |
After you submit
BSE reviews the file and sends observations through the Exchange Comments section. You correct and upload again, and the next round follows. Once BSE is satisfied it submits the application to SEBI, which grants registration. The fee challans and the deposit come after that, and our page on what happens after BSE clears an application sets them out.
Note
Every declaration and write-up goes on letterhead, signed and dated, and prescribed annexures stay in the prescribed format. Most observations we have seen traced back to one of those two points.
- 1.SEBI circular SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/105 dated 23 July 2025, FAQs for Research Analysts
- 2.SEBI, FAQs on SEBI Registered Investment Advisers, 13 August 2025
- 3.SEBI Master Circular for Research Analysts, HO/38/12/11(1)2026-MIRSD-PoD/I/4360/2026 dated 6 February 2026
We handle the documentation and filing: Research Analyst registration
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.
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