Research Analyst, company or LLP
SEBI Research Analyst registration for a company or LLP
A company or LLP that publishes research reports or recommendations on securities for a fee needs its own Research Analyst registration under the SEBI (Research Analysts) Regulations, 2014. BuildWright Consultants prepares the documents, files the application through the BSE portal and sets up the compliance calendar that starts once registration is granted.
- A company or LLP issuing research reports or recommendations on listed securities to clients or the public for a fee.
- A startup running a research or screener platform that shows buy, sell or hold views, target prices or model portfolios with weightages.
- A platform that uses AI tools to produce research. SEBI makes the registrant responsible for the data security and the output, and requires disclosure of how far AI is used.
- A partnership firm registered as a Research Analyst where no partner meets the regulation 7 criteria. Such a firm had to re-register as an LLP or company by 30 September 2025.
Principal officer and compliance officer
The company names a principal officer and a compliance officer. Each must meet the qualification and NISM certification that regulation 7 sets. The compliance officer holds NISM-Series-XV or NISM-Series-XV-B, or NISM-Series-III-A.
NISM certification for associated persons
Anyone associated with the research services must hold the relevant NISM certification within one year of 23 July 2025. Clerical or administrative staff with no client contact and no link to research are outside this.
Deposit sized by client count
The deposit replaced net worth. It depends on the highest number of clients on any day of the previous financial year: ₹1 lakh up to 150 clients, ₹2 lakh for 151 to 300, ₹5 lakh for 301 to 1,000 and ₹10 lakh above that. There is no capital adequacy requirement.
A functional website
Regulation 19A requires a functional website. It carries the compliance audit status, the disclosures and the AI-use disclosure.
SEBI application fee
₹20,000
SEBI registration fee
₹30,000
Every five years after
₹5,000
Our fee
₹60,000
The first three amounts are SEBI's fees for a body corporate, which includes an LLP, and are paid at actuals, separately from our fee. BSE also charges an administration fee, which is payable separately and is higher for companies and LLPs than for individuals. The prescribed deposit is paid separately too. We give you a written scope and the current BSE figure before you pay.
01 Eligibility check and documents
We check the company's activity, officers, qualifications and certificates against the regulations, then prepare the application and every declaration to the format BSE expects. BSE asks for letterhead, signature and date on every declaration, and for prescribed annexures exactly as issued.
02 BSE review rounds
BSE administers Research Analyst applications for SEBI. It reviews the file and raises observations, and each round comes back to us for correction. On a recent live application the rounds were about formatting and consistency, and the file moved onward after three of them.
03 SEBI review
BSE submits the application to SEBI, which reviews it and approves it. SEBI sets its own pace, so we do not promise a date. We answer any query that comes back.
04 BSE administration fee and deposit
After SEBI's approval notice the company pays BSE's administration fee and sends the payment proof. It also places the deposit, either as a fixed deposit receipt or as liquid or overnight mutual fund units with a lien marked in favour of BSE.
05 SEBI registration fee and number
BSE then generates the SEBI registration fee challan. The challan is valid for 48 hours, so the payment is ready before it is generated. The registration number issues once the fee is paid.
Document preparation
The application, officer particulars, certification proof and the company declarations, assembled to BSE's current format.
Filing and observations
Filing through the BSE portal and a corrected response to each round, so the file does not stall on formatting.
Post-approval steps
The administration fee, the deposit arrangement and the registration fee challan, in the order BSE needs them.
Compliance after registration
A calendar for the annual compliance audit, the adverse-findings filing due by 31 October, five-year record retention and the website disclosures.
Product compliance review for research and investing apps
If the company delivers research through an app or a screener, we can review the product against the research analyst rules, covering report disclosures, model portfolio factsheets, trading restrictions and AI-use disclosure. It is an add-on that we quote separately.
Does a company need a separate registration from its founders?
Yes. A company or LLP that issues research registers as a body corporate, and its principal officer and compliance officer must meet the qualification and certification requirements. The people associated with research do not register separately.
What does SEBI charge a company or LLP?
SEBI charges ₹20,000 as the application fee and ₹30,000 as the registration fee for the first five years, then ₹5,000 every five years. BSE's administration fee is payable separately and is higher for companies and LLPs than for individuals. We confirm the current BSE figure before you commit.
How long does it take?
SEBI does not commit to a timeline and BSE review rounds vary. A recent individual application took about six months from BSE submission to the registration fee challan, and a correct first file saves the most time. We give you a realistic expectation once the application is filed.
We run a screener or research app. Does that count as research?
Buy, sell or hold views, target prices and model portfolios with weightages are research. General market commentary and statistical summaries of company data are outside the definition. We look at what the product actually shows before advising.
Registering a company as a Research Analyst?
We'll start with an eligibility check against your company's activity, then take it from there.