The deposit for SEBI RA and IA registration
A Research Analyst or Investment Adviser (advisor) keeps a deposit of ₹1 lakh to ₹10 lakh, set by client count, in a scheduled bank with a lien in favour of BSE's administration body.
Want this checked against your own position? We handle the documentation and the filing.
The deposit replaced net worth for both registrations. SEBI states there is no capital adequacy requirement for a Research Analyst. The slab depends on the maximum number of clients you had on any day of the previous financial year.
| 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.
How it is held
The deposit sits with a scheduled bank and is marked as lien in favour of the Investment Adviser Administration and Supervisory Body for advisers, or the Research Analyst Administration and Supervisory Body for analysts. BSE Limited holds both roles. The form of the deposit is the form the body specifies.
Revising the slab
If you cross into a higher band, you revise the deposit by 30 April of the following financial year.
Fees are separate
SEBI's own fees for an individual or firm are ₹2,000 on application and ₹3,000 on registration for the first five years, for both tracks. Our companion page on costs sets all of them out.
- 1.SEBI Master Circular for Investment Advisers, SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/94 dated 27 June 2025
- 2.SEBI circular SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2025/004 dated 8 January 2025, Guidelines for Research Analysts
- 3.SEBI circular SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2025/003 dated 8 January 2025, Guidelines for Investment Advisers
- 4.SEBI, FAQs on SEBI Registered Investment Advisers, 13 August 2025
- 5.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: Investment Adviser 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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