The Securities and Exchange Board of India (SEBI) has streamlined the registration and oversight process for Research Analysts (RAs) and Investment Advisers (IAs) by mandating their enlistment with the Research Analyst Administration and Supervision Body (RAASB) and Investment Adviser Administration and Supervision Body (IAASB) respectively.
As per SEBI Circular No. SEBI/HO/MIRSD/MIRSD-SEC-3/P/CIR/2024/34 dated May 02, 2024, and SEBI Circular No. SEBI/HO/MIRSD/MIRSD-POD-1/P/CIR/2024/101 dated July 12, 2024, BSE Ltd. has been recognised as both RAASB and IAASB for a period of five years effective from July 25, 2024 including introduced a two-tier fee structure- one payable to SEBI and another to the BSE (Exchange) for both initial registration and renewals.
Applicability of Fees for RA & IA Registration
The SEBI RA & RIA registration process involves two components of payment and Both fees are mandatory for the commencement and continuation of RA or IA activities:-
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SEBI Fees: Application, registration, and renewal fees as per SEBI (RA & IA) Regulations.
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BSE Administrative Fees: Payable for enlistment with RAASB/IAASB for five years.
SEBI Fee Structure
|
Type of Fee |
Legal Structure |
RA Fees (Rs.) |
IA Fees (Rs.) |
|
Application Fee (One-time, non-refundable) |
Individuals & Partnership Firms |
2,000 |
2,000 |
|
Body Corporates & LLPs |
20,000 |
10,000 |
|
|
Registration Fee (Valid for 5 years) |
Individuals & Partnership Firms |
3,000 |
3,000 |
|
Body Corporates & LLPs |
30,000 |
15,000 |
|
|
Renewal Fee (Every 5 years) |
Individuals & Partnership Firms |
1,000 |
1,000 |
|
Body Corporates & LLPs |
5,000 |
5,000 |
All amounts are exclusive of applicable taxes.
BSE (Exchange) Administrative Fee Structure
|
Type of Fee |
Legal Structure |
Fee Payable to BSE (Rs.) |
|
Application Fee (One-time, non-refundable) |
All categories |
Not Applicable |
|
Administrative Fee (Valid for 5 years) |
Individuals & Partnership Firms |
10,000 (Rs.2,000 per year) |
|
Body Corporates & LLPs |
5,00,000 (Rs.1,00,000 per year) |
|
|
Renewal Fee (Every 5 years) |
Individuals & Partnership Firms |
9,000 (Rs.1,800 per year) |
|
Body Corporates & LLPs |
4,95,000 (Rs.99,000 per year) |
|
|
Advertisement Approval Charges (Non-refundable) |
Individuals & Sole Proprietorships |
3,000 per application |
|
Partnership Firms |
4,500 per application |
|
|
Body Corporates & LLPs |
6,000 per application |
All amounts are exclusive of applicable taxes.
Major notes on Fee Payment
-
Separate Payment to SEBI and BSE: SEBI fees are paid via challan generated by BSE but remitted directly to SEBI; BSE administrative fees are paid via Virtual Account Number (VAN) provided by the Exchange.
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48-Hour Payment Window: The challan for SEBI application or registration fees remains valid only for 48 hours from the date of generation.
-
Five-Year Validity: Both SEBI registration and BSE enlistment are valid for five years, after which renewal is mandatory.
-
Mandatory Deposit (FDR): As per SEBI circulars dated January 08, 2025, applicants must submit an original Fixed Deposit Receipt (FDR) towards the prescribed deposit requirements.
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Enlistment Before Operations: An RA/IA can commence activities only after obtaining both the SEBI Registration Certificate and BSE Enlistment Letter.
SEBI/BSE Renewal Fee Applicability
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Renewal fees are payable every five years to both SEBI and BSE to keep the registration and enlistment in force.
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SEBI and BSE will issue renewal reminders at least three months before expiry.
-
Renewal involves simultaneous payment to both SEBI and BSE, along with necessary documentation.
Advertisement Approval Charges
Under the SEBI regulations and BSE SOP, any advertisement, whether print, digital, or electronic, requires prior approval from BSE. Fees are charged per application:
-
Rs.3,000: Individuals/Sole Proprietorships
-
Rs.4,500: Partnership Firms
-
Rs.6,000: Body Corporates or Private Limited or other category /LLPs
Practical Implications for Applicants
-
Higher Cost for Corporates: The BSE administrative fee for corporates and LLPs (?5,00,000 for 5 years) is substantially higher than that for individuals or partnership firms, increasing the cost of entry.
-
Non-Refundable Nature: Application and advertisement approval fees are non-refundable, even if the application is rejected.
-
Strict Timelines: Delays in fee payment can lead to rejection or delays in registration as SEBI challans expire in 48 hours.
-
Dual Compliance: Registrants must comply with both SEBI regulations and BSE’s enlistment requirements, including post-registration changes such as change in control, change of name, or address updates.
Therefore, the enlistment of Research Analysts and Investment Advisers with BSE as RAASB/IAASB introduces a dual-level compliance and fee framework. Applicants must carefully plan their registration process for SEBI research Analyst, considering both SEBI and BSE fee requirements.
While individuals and partnership firms face relatively modest fees, corporates and LLPs need to budget significantly higher administrative costs. Moreover, adherence to timelines, submission of the mandatory deposit, and compliance with advertisement norms are major to avoid delays or penalties. With these changes, SEBI aims to bring enhanced oversight, better investor protection, and uniform compliance across the advisory and research analyst ecosystem.
Is RA & RIA different from SEBI stock Broker Service ?
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