SEBI RA registration cost 2026: SEBI and RAASB fees, deposit, NISM and total budget

What it really costs to register as a SEBI Research Analyst in 2026

People who ask "how much does an RA licence cost?" usually get one of two wrong answers. Some hear a small number, because the fees paid to SEBI are small. Others hear a large number, because someone added a consultant's package to it. The real answer has three parts: fixed regulatory fees, a refundable deposit that grows with your client count, and running costs that depend on how you set up your practice.

This post covers the first two parts with figures taken from SEBI and NISM documents, and lists the third part without inventing prices. All SEBI references are to the Master Circular for Research Analysts (6 February 2026) unless stated otherwise.

1. Fees payable to SEBI

The fees payable to SEBI were cut on 25 July 2024, when BSE took over day-to-day administration as the Research Analyst Administration and Supervisory Body (RAASB). The current amounts are set out in FAQ 14 of Annexure I of the master circular:

You pay the application fee with Form A. You pay the registration fee after your application has been scrutinised and recommended.

2. Administrative fee payable to RAASB (BSE)

The master circular (para 4.3 to 4.5) says applicants and RAs must also pay an administrative fee "as specified by RAASB". It also says the total of SEBI fees and RAASB fees must not exceed what an RA paid before July 2024. SEBI calls this "fee neutral".

The March 2024 SEBI board memorandum that set up RAASB lists the maximum RAASB administrative fee:

These are ceilings. BSE generates the actual payable amount on its portal during your application, so treat the challan you receive as the final figure, including any taxes shown on it.

Put together, an individual pays ₹15,000 in regulatory fees for the first five years (₹5,000 to SEBI and up to ₹10,000 to RAASB). That was also the pre-2024 total, which is the point of the fee-neutral rule.

3. The deposit: the biggest cheque, but it stays yours

There is no capital adequacy or net worth requirement for an RA (FAQ 15 of Annexure I). Instead, Regulation 8 requires a deposit, and para 1.2 of the master circular sets the amount by the maximum number of clients you had on any day of the previous financial year:

Points that matter for your budget:

• Form. The deposit is kept as units of a liquid or overnight mutual fund, or as a deposit with a scheduled bank. It is marked as a lien in favour of RAASB, in the manner RAASB specifies.
• It is not an expense. The money stays in your name and keeps earning whatever the fund or bank deposit earns. You simply cannot use it while the lien is on.
• It moves with your client count. If you cross a slab, you must top up the deposit by 30 April of the next financial year.
• Non-fee-paying clients count. FAQ 34 of Annexure I says the client number used for the deposit is fee-paying clients plus non-fee-paying clients (people who get your research as part of another paid service in your group).

A new RA starts in the first slab, so the deposit you need on day one is ₹1 lakh.

4. NISM certification

Unless you hold NISM's Post Graduate Program in the Securities Market (Research Analysis), you need the NISM-Series-XV: Research Analyst Certification Examination. The figures below are from the NISM exam page:

• Fee: ₹1,500 (payment gateway charges extra).
• Format: 80 one-mark questions plus 5 case-based sets, 100 marks, 2 hours. The revised version has applied since 20 January 2026.
• Pass mark: 60%, with negative marking of 25% of a question's marks for each wrong answer.
• Validity: 3 years.

To stay certified you take the NISM-Series-XV-B renewal exam: ₹2,500 including GST, 50 questions, 1 hour, 50% to pass, no negative marking. Budget for it every three years.

Two more people may need certificates. Everyone "associated with research services" who faces clients must hold the relevant NISM certification. A non-individual RA that appoints an outside professional as compliance officer needs that person to hold NISM XV, XV-B and III-A. For syllabus and preparation, see our NISM certification guide.

Total budget: what you pay before your first client

This table only includes amounts published by SEBI or NISM. It assumes one certified person and a new RA in the first deposit slab.

Recurring regulatory costs after that: the NISM XV-B renewal (₹2,500) every three years, and the SEBI renewal fee plus the RAASB renewal fee every five years (up to ₹10,000 in total for an individual).

Costs that are not in the table

These are real, and some are mandatory, but they depend on choices you make, so we do not quote numbers for them:

• Annual compliance audit. Regulation 25(3) requires one every year, done by a member of ICAI or ICSI. Fees vary by auditor and client count. See our audit preparation guide.
• A functional website. Regulation 19A requires one, with the details SEBI specifies (investor charter, monthly complaint data, audit status and more).
• KYC and agreements. You must complete KYC for fee-paying clients and get consent on your terms and conditions, including the MITC, before you charge any fee. Most RAs pay per client for KYC and e-sign.
• Payment collection. Gateway charges, and the SEBI-validated UPI ID SEBI now requires intermediaries to obtain. See how to collect subscription payments as an RA.
• Record keeping. Client interactions, research reports and advertisements must be kept for five years.
• GST. Research services attract 18% GST once you are registered; registration is generally required once turnover crosses ₹20 lakh (₹10 lakh in special-category states). See our tax guide for RAs.
• Consultants. Optional. The application is filed by you on the BSE portal and SEBI does not require a consultant.

The order in which you pay

1. Pass NISM-Series-XV (or hold the qualifying NISM PG programme).
2. Register on the BSE RAASB portal (membershipraia.bseindia.com), fill in Form A and pay the SEBI application fee.
3. Respond to queries from RAASB and SEBI. RAASB then recommends your application to SEBI.
4. Pay the RAASB administrative fee and set up the lien-marked deposit, then pay the SEBI registration fee.
5. Receive your SEBI registration certificate and BSE enlistment number.

Eligibility, qualifications and documents are covered in our RA registration guide. If you are moving from content creation to a registered practice, read the finfluencer-to-RA path.

After registration

Once registered, the work shifts to running the practice: KYC and MITC before payment, collecting fees, sending research to subscribers, keeping records and meeting the compliance calendar. AlphaQuark handles KYC and MITC e-sign before payment, payment collection, Telegram and WhatsApp delivery and recommendation records for SEBI-registered RAs. Plans are on our pricing page.