SEBI registration fees for a company or LLP
A research analyst company or LLP pays SEBI ₹20,000 on application and ₹30,000 on registration. An investment adviser company or LLP pays ₹10,000 and ₹15,000. Renewal is ₹5,000 for both.
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A company or LLP applying as a research analyst pays SEBI ₹20,000 on application and ₹30,000 on registration. As an investment adviser it pays ₹10,000 and ₹15,000. Both pay ₹5,000 for each later five-year period. BSE's administration fee and the deposit come on top.
| Body corporate including LLP | Application | Registration (first five years) | Each later five years |
|---|---|---|---|
| Research Analyst | ₹20,000 | ₹30,000 | ₹5,000 |
| Investment Adviser | ₹10,000 | ₹15,000 | ₹5,000 |
What that adds up to
Application plus registration is ₹50,000 for a research analyst company and ₹25,000 for an investment adviser company. For comparison, an individual or firm pays ₹2,000 and ₹3,000 on either track.
The deposit
Both registrations keep a deposit with a scheduled bank, marked as lien in favour of BSE's administration body, sized by the maximum clients on any day of the previous financial year. It stays yours.
| Clients in the previous financial year | Deposit |
|---|---|
| Up to 150 | ₹1 lakh |
| 151 to 300 | ₹2 lakh |
| 301 to 1,000 | ₹5 lakh |
| 1,001 and above | ₹10 lakh |
Same slabs for Investment Advisers and Research Analysts.
Fees SEBI does not set
- BSE administration fee. IAASB and RAASB charge their own fee on enlistment. SEBI's documents say only that the amount is as the body specifies, and we do not publish a figure.
- NISM examination fees for the compliance officer and the people associated with advice or research.
- The annual compliance audit and the client-segregation certificate.
People a company needs
A non-individual registrant's compliance officer holds NISM-Series-III-A, with the XV route for a research analyst or the X-A, X-B and X-C route for an investment adviser. Budget for those exams when you set the fee total.
- 1.SEBI, FAQs on SEBI Registered Investment Advisers, 13 August 2025
- 2.SEBI circular SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/105 dated 23 July 2025, FAQs for Research Analysts
- 3.SEBI Master Circular for Investment Advisers, SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/94 dated 27 June 2025
- 4.SEBI circular SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2025/004 dated 8 January 2025, Guidelines 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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