1. I. Who is/are Securities and Exchange Board of India (SEBI) Registered Research Analyst?

• A SEBI Registered Research Analyst can be a person or entity registered under the SEBI Research Analysts (RA) Regulations, 2014. As per these regulations:

1. 1. A Research Analyst means a person who, for consideration, is engaged in:
2. a) the business of providing research services and
3. b) includes a part-time research analysis.

1. II. What are the eligibility criteria to become a SEBI Registered Research Analyst?

• The eligibility criteria for the grant of Certificate of Registration to be fulfilled by an applicant is as follows:

3. 3. Other Criteria

• Deposit Requirement: The applicant must meet the deposit requirements specified in Regulation 8 of SEBI RA Regulations, 2014.
• Fit and Proper Criteria: The applicant, must be “fit and proper” as per the criteria listed in Schedule II of the SEBI (Intermediaries) Regulations, 2008.
• Adequate Infrastructure: The applicant must have suitable infrastructure to effectively carry out research analyst activities.
• Past Refusal of Registration: If the applicant or any connected person has previously been refused registration by SEBI, the reasons for such refusal will be considered.
• Disciplinary History:Any past disciplinary action by SEBI or other regulatory authorities against the applicant or connected persons will also be examined.
• Enlistment with a Recognised Body: The applicant must be enlisted with a body or body corporate recognised by SEBI under Regulation 14 of SEBI RA Regulations, 2014.

• III Which exam should I take to become a SEBI Registered Research Analyst?

• For becoming a SEBI registered research analyst:

1. i. You must pass the NISM Series-XV: Research Analyst Certification Examination(Exam is held at Test Centre).
2. ii. The certificate awarded upon successful completion is valid for three years.
3. iii. To continue practising as a research analyst, it is mandatory to renew the certificate before its expiry. You can do so either by passing the NISM Series-XV: Research Analyst Certification Examination again or by clearing the NISM Series XV-B: Research Analyst Certification (Renewal) Examination(Exam is remotely proctored).

1. IV How can I register for the NISM Research Analyst exam?

• You can register online via https://certifications.nism.ac.in. Refer this to know the step-by-step process of registrationfor NISM Exam.

1. V. What topics are covered in the NISM Research Analyst exam?

• The NISM-Series-XV: Research Analyst Certification Examinationestablishes a minimum knowledge benchmark for individuals registered as Research Analysts under SEBI RA Regulations, 2014. The certification examination workbook covers essential topics such as:
  • Basics of Indian securities markets and key financial terminologies
  • Fundamental research approaches (top-down and bottom-up)
  • Microeconomic and macroeconomic analysis
  • Company analysis (qualitative and quantitative)
  • Risk, return, and valuation principles
  • Corporate actions and regulatory framework
  • Guidelines for writing effective research reports

The NISM Series XV-B: Research Analyst Certification (Renewal) Examination Examination includes advanced topics like:

• Accounting quality assessment and red flag identification
• Valuation catalysts and market trend analysis
• Technical analysis and value migration in equity markets
• Overview of derivatives and commodities markets

VI. How do I apply to SEBI for research analyst registration?

• After clearing the above-mentioned NISM exam, you need to:

1. i. Prepare necessary documents (application form, certificates, KYC, etc.)
2. ii. Submit an application on SEBI’s intermediary portal: https://siportal.sebi.gov.in/intermediary/index.html
3. iii. Pay the applicable registration fee, subject to 18% GST.
4. iv. Await SEBI’s verification and approval.
5. v. For Self-Registration, click here.

VII. What are the key responsibilities of a SEBI registered research analyst?

• As per Regulation. 2(1) (wa) of SEBI RA Regulations, 2014, Research Analyst must perform Research Services such as:

Apart from the above, a research analyst must follow the Code of Conduct and Practices as specified by SEBI.

VIII. Is it mandatory to register with SEBI to work as a research analyst in India?

• Yes As per SEBI RA Regulations, 2014, any Person and Entity offering research services in securities markets must be registered with SEBI.

IX. Where can I get more help and updates?

• You can visit the official websites:

1. i. SEBI – www.sebi.gov.in
2. ii. NISM – https://www.nism.ac.in/certifications/

Author: Dr. Kiranjit Kaur Kalsi,
Sr. Assistant Manager – Centre for Content Creation