How to register with SEBI as a Research Analyst?

SEBI Regulations
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Hi everyone

I had completed my NISM series XV in August 2022, now planning to apply to SEBI for RA registration can you please support me with documentation, can you send the declaration
formats and other formats

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Hi Gopi Krishna garu

Have you received your RA number from SEBI

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If you are selling insurance, think twice before applying for an RA license. You will be called for an interview at the Vijayawada office, where you will be asked questions about commodities, the economy, and the reason for your application. If you also sell regular funds and insurance, think very carefully. Go through RA regulations once before applying

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SEBI has included all the required declarations in the Manual for RAs. When you start your application process, you will have access to the manual.

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HI Gopi Krishna garu,

Thanks a lot for your immediate response,

I donā€™t sell Insurance products, Yes iam a Mutual Fund Distributor, also iam having franchise for Good will wealth management pvt ltd, deals with equity, currency and commodity segments, i had completed my NISM series 1, 5A, 7, 8, 10A, 15 and 17

Best Regards

Nukala Phani Krishna
9440051634

1 Like
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Hi Gopi Krishna garu

Thankyou very much for your response,

I donā€™t sell Insurance but i sell mutual funds regular plans, since iam a mutual fund distributor and also i am having franchise fro Good Will Wealth management Pvt. Ltd,

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So once i pay 5K and create my credentials than i can go through all required process ?

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Can an individual apply for both RA and RIA?
or is there any regulation on this?

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Based on my information, SEBI is mandating that you can hold either RA or RIA registration at one time. So essentially, you cannot be both RA and RIA at the same time.

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No, a Individual can take only one. But if you create a Corporate Structure, the Company can do both, but have different departments with separate Principal Officers.

2 Likes
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Hi Ashish, a beautiful & very informative threadā€¦Thanks a lot for that
I am a CMT Charter from MTA USA.with NO graduation degree
Do they consider CMT charter ?
Do i meet the education quaification criteria for registration of RA ?
Other criteria like experience, NISM exams & networth are already in place.

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Can RA recomend model portfolios of stocks on which he has researched through smallcase?

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I donā€™t think that will work. It is not a degree recognised by UGC or any other Indian government body.

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RA CAN Only recommend (i.e. BUY/HOLD/SELL with targets/duration) a stock or a set of stocks, BUT CANNOT recommend % for each stock as part of portfolio. The % part is job of RIA who will suggest it for an individual as part of Individualā€™s risk appetite and goals.

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Can I Recommend a group of stock as a part of model portfolio without assigning the respective weights and leaving the decision of weights on the investors to choose as a SEBI registered RA

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Like I said, No Portfolio, the moment you say Portfolio means it will have some leaning like Value Investing, Techincal, Momentum, etc, RA cannot suggest.

RA can only recommend opinion on a Stock or set of stocks. RA cannot create multiple baskets of stocks or Portfolios.

RA Master Circular: SEBI | Master Circular for Research Analysts

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Then how RA are creating portfolios on small case?

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I dont know the aspects of smallcase that you are referring to, but maybe this article from 2022 might help.

Smallcase may face heavy blow from Sebi settlement order on research analysts | Mint (livemint.com)

And here is the settlement order which you can read and understand - SEBI | Settlement order in respect of Mr. Amit Mohan Jeswani (Proprietor of Stallion Asset) - Research Analyst

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I am a mechanical engineer. And I have been working with a franchisee (Itā€™s my family business) for more than 7 years handling clientā€™s queries recommending mutual funds (I am AMFI registered for 3 years)ā€¦ will this experience considered for SEBI RAā€¦ I have an overall experience of years.

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For RA, you need a bachelors degree + 5 years finance experience OR
Just a masters degree in Finance related subjects (no work ex needed). If you can prove documentation on the 7 years of handling client queries, that could help. SEBI, the registration authority will have final say, so best might be to contact them and clarify what experience certification works for them.

Also refer to RA Master Circular https://www.sebi.gov.in/legal/master-circulars/jun-2023/master-circular-for-research-analysts_72612.html