What is the eligibility and qualification for a SEBI research analyst in 2026?
A graduate degree or equivalent from a recognised university or institution, or a CFA Charter, plus the relevant NISM certification (Series XV). NISM's Post Graduate Program in the Securities Market (Research Analysis) is the alternative. No subject and no experience is required. This is regulation 7 as it has stood since 25 November 2025.
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We read regulation 7 off SEBI's consolidated text of the Research Analysts Regulations, amended up to 10 October 2026. The 10 October 2026 amendment changes call-record keeping in regulation 25 and adds a definition of institutional investor, both from 9 November 2026. It leaves regulation 7 alone. The qualification wording below was substituted by the Second Amendment Regulations, 2025 with effect from 25 November 2025, and it is the text in force today.
(a) A graduate degree or any equivalent educational qualification from a university or institution recognized by the Central Government or any State Government or a recognised foreign university or institution or association or CFA Charter from the CFA Institute, and relevant certification from NISM or from any other organization or institution accredited by NISM; or (b) A Post Graduate Program in the Securities Market (Research Analysis) from NISM or any other program of NISM as may be specified by the Board.
Who has to meet it
Regulation 7(1) applies to an individual research analyst, the principal officer of a company, LLP or firm, individuals employed as research analysts, partners engaged in research services, and persons associated with research services. That last group moved into regulation 7(1) in November 2025; before then a separate sub-regulation asked them for a graduate degree. The group covers client-facing staff such as sales and relationship managers, and leaves out clerical staff with no client contact and no link to research.
How the rule has moved
| Period | What regulation 7 asked for |
|---|---|
| Before 16 December 2024 | A professional qualification or postgraduate degree or diploma in finance, commerce, economics or a related field, or NISM's one-year programme, or a graduate in any discipline with five years of experience in financial products or markets |
| 16 December 2024 to 24 November 2025 | A professional qualification, graduate or postgraduate degree or diploma in finance, accountancy, commerce, economics or other listed financial fields, or NISM's programme, or a CFA Charter |
| From 25 November 2025 | A graduate degree or equivalent in any subject, or a CFA Charter, with NISM certification; or NISM's programme |
Earlier wordings taken from the footnotes of SEBI's consolidated text.
So a science, engineering or arts graduate qualifies today if they also pass NISM Series XV. Someone who checked in 2025 and was told they needed a finance degree should check again.
The rest of eligibility
Qualification is one of the matters SEBI weighs under regulation 6. The others include:
- Fit and proper status for you, your partners and persons associated with research services, judged on Schedule II of the SEBI (Intermediaries) Regulations, 2008.
- The deposit under regulation 8, starting at ₹1 lakh for up to 150 clients.
- The infrastructure to carry on research. Form A asks for office space, equipment, software and research facilities with proof.
- Any past refusal of a SEBI certificate and any disciplinary action.
- Enlistment with BSE Limited as the supervisory body.
Keeping it after registration
Regulation 7(3) asks for a fresh NISM certification before the current one expires, or within three years of the registration certificate where that applies, so the qualification is never lapsed. A part-time research analyst meets the same qualification as a full-time one and may have no more than 75 clients at any point of time.
The eligibility checker runs your degree, certificates and employment against these rules in two minutes. If you qualify, the full route is in how to become a SEBI registered research analyst.
- 1.SEBI (Research Analysts) Regulations, 2014, consolidated text as amended up to 10 October 2026 (latest amendment notification SEBI/LAD-NRO/GN/2026/321)
- 2.SEBI Master Circular for Research Analysts, HO/38/12/11(1)2026-MIRSD-PoD/I/4360/2026 dated 6 February 2026
- 3.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
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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