What happens after BSE clears a SEBI research analyst application?

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Research AnalystSEBI registration

BSE submits the application to SEBI, you pay SEBI's application fee by challan and submit on the SEBI portal. After SEBI approves, you pay BSE's administration fee, place the deposit with a lien to BSE, and pay the SEBI registration fee challan within 48 hours. The registration number follows.

Want this checked against your own position? We handle the documentation and the filing.

This is the sequence on a recent research analyst filing, read off the notices SEBI and BSE sent. SEBI does not publish a timeline for any of it, and we do not promise one.

BSE sends the application to SEBI

When BSE has no more observations, it marks the application submitted to SEBI. The SEBI application fee (₹2,000 for an individual or partnership firm, ₹20,000 for a company or LLP) is paid by challan, and the application is submitted on the SEBI portal, which issues a SEBI application number and a printable Form A.

SEBI reviews and approves

SEBI reviews the application and sends an approval notice by email. On that filing the review took about eight weeks, and the notice listed three steps to finish before registration.

The three steps after approval

Step	What you do	Detail
BSE administration fee	Pay BSE's fee for a five-year block to the BSE virtual account, then email the UTR, date and amount to ra.membership@bseindia.com	The amount depends on whether you are an individual, firm, LLP or company. BSE states it in its mail
Deposit	Place it as an original fixed deposit receipt, or as liquid or overnight mutual fund units lien-marked to BSE Limited	₹1 lakh for up to 150 clients, rising by slab
SEBI registration fee	BSE generates the challan once the first two are done	₹3,000 for an individual, ₹30,000 for a company or LLP, with GST as shown on the challan. Valid for 48 hours

The 48-hour challan

The registration-fee challan lapses 48 hours after BSE generates it. Keep the money ready in the account before you send BSE the fee proof and deposit papers, so you can pay the challan the day it arrives. The registration number issues after it is paid.

Where the deposit forms come from

SEBI's notice and BSE's mail on that filing named SEBI circulars 2025/004 of 8 January 2025 and 2025/116 of 12 August 2025, and BSE circulars of 5 March, 26 September and 30 September 2025, as the basis for the fixed deposit and mutual fund unit options.

Note

We have followed this sequence on a research analyst filing. An investment adviser application goes through the same BSE body, and we check each step against the approval notice you receive.

Sources

1.SEBI circular SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2025/004 dated 8 January 2025, Guidelines for Research Analysts
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 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.

BuildWright Consultants provides documentation, application-drafting, and compliance facilitation for SEBI Investment Adviser and Research Analyst registration. This is not legal advice and does not replace a qualified professional. We are not SEBI and do not guarantee registration outcomes. Eligibility, deposit, fee, and timeline requirements are as prescribed by SEBI from time to time. Every figure we publish names the SEBI document it came from and the date it was read, and we re-confirm it against the current circular during scoping.