SEBI Fee Rules for Research Analysts: What an RA May Charge (₹1.51 Lakh Cap)

What a SEBI Research Analyst may charge

Regulation 15A of the SEBI (Research Analysts) Regulations, 2014 lets an RA charge fees for research services in the manner SEBI specifies. The specifics are in paragraph 1.9 of SEBI's Master Circular for Research Analysts dated 6 February 2026, and in the standard terms and MITC in its Annexure B.

This page is about the fees you charge clients. The fees you pay SEBI and RAASB to get and keep your registration are a different thing; they are covered in our guide to SEBI RA registration cost.

The rules in one table

The ₹1,51,000 cap, explained

For clients who are individuals or Hindu Undivided Families, an RA may charge at most ₹1,51,000 per annum per family. Three details matter in practice:

• Per family, across all your services. The MITC wording is "per annum per family of client for all research services of the RA". If one family takes two of your plans, add them up. Under the segregation rules, PAN is the control record and the family of an individual client counts as one client, so record PANs and family links at onboarding.
• Excludes statutory charges. GST is charged on top and does not count towards the cap.
• Revised every three years. RAASB (BSE) announces revisions based on the Cost Inflation Index, after consulting SEBI. Check for a revision before you renew your pricing each year.

The cap, advance-fee, refund and breakage-fee rules do not apply to non-individual clients, accredited investors, or institutional investors seeking proxy advice. For them, fees are a matter of contract.

Advance fees and refunds

Paragraph 1.9(f) of the master circular allows an RA to charge fees in advance, if the client agrees, for a period of up to one year. Annual plans are therefore permitted. If either side ends the service early, the client is entitled to a proportionate refund for the unexpired period, and you may not charge a breakage fee.

One inconsistency to be aware of: the standard MITC text in Annexure B of the same circular still says the advance period is "presently one quarter". Make sure the MITC you give clients matches what you actually charge, and check the current RAASB version of the MITC before you move clients to annual billing.

Write your refund method into your terms: how the unexpired period is calculated, how a client asks for a refund and how quickly you pay it. Clear refund terms prevent many of the complaints RAs receive.

How clients can pay

The MITC lists cheque, online bank transfer and UPI as examples of accepted modes and says cash payment is not allowed. Clients can also pay through the Centralised Fee Collection Mechanism (CeFCoM) run by BSE. CeFCoM is optional, but your terms must guide clients on it. See CeFCoM explained and our guide to collecting subscription payments as an RA.

Consent before any fee

You may not charge any fee until the client has consented to your terms and conditions, including the MITC. The terms must state the fee limit, the fee agreed for your services and guidance on CeFCoM. In practice the order is KYC, then terms and MITC e-sign, then payment. See MITC for research analysts.

Setting your price within the rules

SEBI sets the ceiling, not the price. Within it, these choices are yours.

Choose a structure clients understand

• Flat subscription by period: monthly, quarterly, half-yearly or annual. Annual is allowed now that advance fees of up to a year are permitted.
• Tiers: two or three plans that differ in what is delivered (number of model portfolios, frequency of updates, depth of reports). More tiers usually confuse buyers.
• Per-portfolio pricing: one price per model portfolio. Remember to add up a family's plans against the cap.

Know your cost floor

List your fixed costs before setting a price: SEBI and RAASB fees, the deposit you must hold as client numbers grow, the annual compliance audit, NISM renewals, data, technology, website and marketing. Then work out how many subscribers you need at a given price to cover them. Our registration cost guide covers the regulatory items.

Price on what you deliver, not on promises

Describe exactly what a subscriber gets: the portfolios, how often you review them, how you communicate changes and how fast you answer questions. Do not frame value in terms of expected returns. The advertisement code bans assured or target returns and describing a service as free unless it is genuinely free without conditions. A "free trial" that converts into a paid plan needs care in how it is described.

Changing your price

Apply a new price at renewal rather than mid-term, and tell existing subscribers in advance. The standard terms say changes to additional voluntary clauses must be preceded by 15 days' notice. Update your website, plan pages and MITC on the same day.

GST on RA fees

Research services are taxable services, charged GST at 18% once you are registered for GST. Because the cap excludes statutory charges, a fee at the cap plus GST is permitted. Decide whether you show prices inclusive or exclusive of GST, and show it the same way everywhere. For the wider tax picture, see tax implications of running an RA business.

Running fees on a platform

AlphaQuark lets you set plans and durations, collect payment only after KYC and MITC e-sign, issue invoices and keep payment records against each client, under your own brand. See the RA platform or pricing.