Who does a company need for SEBI RA or IA registration?
A company or LLP registering as a research analyst or investment adviser (advisor) names a principal officer, appoints a compliance officer or an independent ICAI, ICSI or ICMAI member holding the right NISM set, and puts every person associated with research or advice through NISM certification.
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An individual registrant answers for compliance personally and needs no compliance officer. A partnership firm, LLP or company does. Regulation 26(1) of the Research Analysts Regulations and regulation 20(1) of the Investment Advisers Regulations require one, and both have applied since 16 December 2024.
The roles
| Role | Research analyst | Investment adviser |
|---|---|---|
| Principal officer | No registration in their own name; holds NISM certification and meets regulation 7 | No registration in their own name; meets regulation 7 qualification and certification |
| Compliance officer | NISM-Series-XV, XV-B and III-A | NISM-Series-X-A, X-B, X-C and III-A |
| Persons associated with research or advice | The relevant NISM certification, due for existing staff by 23 July 2026 | Meet regulation 7 qualification and certification |
On the research side, purely clerical or administrative staff with no client contact and no link to research are outside the certification requirement.
Two ways to fill the compliance officer role
The company can appoint its own compliance officer. Or it can use an independent professional who is a member of ICAI, ICSI or ICMAI and personally holds the full NISM set for the track. On that second route the principal officer gives an undertaking to BSE and SEBI and stays responsible for monitoring compliance.
What a company cannot hand out
Both master circulars of 6 February 2026 say an intermediary shall not outsource its core business activities and compliance functions. The independent professional route is the one exception the regulations write in. Outside help can prepare documents, policies and audit files, and the company or its compliance officer reviews, signs and files them from its own login.
SEBI fees for a company
A body corporate including an LLP pays SEBI ₹20,000 on application and ₹30,000 on registration as a research analyst, or ₹10,000 and ₹15,000 as an investment adviser. Each later five-year period costs ₹5,000. BSE's administration fee and the deposit are separate.
Partnerships
A partnership firm registered as a research analyst or investment adviser where no partner met regulation 7 had to re-register as an LLP or body corporate by 30 September 2025.
- 1.SEBI (Research Analysts) Regulations, 2014, regulation 26, and SEBI (Investment Advisers) Regulations, 2013, regulation 20, as amended
- 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 dated 6 February 2026
- 4.SEBI circular SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2025/004 dated 8 January 2025, Guidelines for Research Analysts
- 5.SEBI circular SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2025/003 dated 8 January 2025, Guidelines for Investment Advisers
- 6.SEBI, FAQs on SEBI Registered Investment Advisers, 13 August 2025
- 7.SEBI circular SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/105 dated 23 July 2025, FAQs for Research Analysts
We handle the documentation and filing: Research Analyst registration for a company or LLP
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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