When applying for registration as a Research Analyst with SEBI (Securities and Exchange Board of India) through the SI Portal, it is essential to understand the specific document requirements to ensure a smooth application process. This blog serves as a detailed manual to guide aspiring Research Analysts in providing the necessary documents in the desired formats as per SEBI’s guidelines. However, it is important to note that this manual is not a legal document but aims to assist applicants in navigating the registration process effectively.
Understanding the Purpose:
SEBI requires Research Analyst applicants to submit a set of documents that demonstrate their eligibility, qualifications, financial solvency, proposed research services, internal policies and procedures, standard disclosures, and various declarations. The list of documents outlined in this blog is indicative in nature, and applicants are advised to provide any additional documents as requested by the dealing officers during the application processing.
1. Registration as an Individual/Proprietary Firm:
Sr. No.
Particulars
Documents to be furnished duly self-attested
Remarks
1
Identity Proof
PAN Card
2
Address Proof
– Aadhaar Card or – Registered Rent Agreement or – Passport or – Bank Statement/Passbook (having the same address as the applicant)
3
Educational Qualifications
Certificates of completion of the required course(s)
The name of the courses and the institution to be mentioned in the field provided in the form.
4
Experience Details
Experience certificates authorized by the employers on their respective letterheads
5
Certification Details
NISM XV certificate for Research Analysts employed by the applicant
6
Individual/Proprietorship Firm Details
Ghumasta certificate or Certificate under Shops and Establishments Act
7
Financial Solvency
– Net worth or net tangible certificate duly certified by a Chartered Accountant (CA) (not more than 6 months old) – Income Tax Returns/Form 16 for the last 3 years – Bank account statement ranging from the last 1 year to 5 years
8
Proposed Research Services
Document detailing the business plan and proposed research analyst services
As per Form A of SEBI RA Regulations, 2014
9
Internal Policies and Procedures
Detailed document about internal policies and procedures to address conflict of interest
As per Form A of SEBI RA Regulations, 2014
10
Standard Disclosures
Detailed document about standard disclosures to be provided
As per Form A of SEBI RA Regulations, 2014
11
Declarations
Various declarations as per the SEBI RA Regulations, 2014 (sample declarations provided in the manual)
As per Form A of SEBI RA Regulations, 2014
2. Registration of Research Analyst for Partnerships and LLPs:
Sr. No.
Particulars
Documents sought
Purpose of the document sought
1
Identity Proof
PAN card of the firm
2
Address Proof
– Registered rent agreement – Utility bills – Bank account statements in the name of the firm (having the same address as the applicant)
3
Identity Proof of the Partners and Research Analysts employed by the applicant, if any
(i) PAN cards
4
Address Proofs of the Partners and Research Analysts employed by the applicant, if any
– Aadhaar cards – Passports
5
Educational Qualifications of the Research Analysts employed by the applicant
Certificates of completion of the required course(s)
The name of the courses and the institution to be mentioned in the field provided in the form.
6
Experience Details of the Research Analysts employed by the applicant
Experience certificates authorized by the employers on their respective letterheads
7
Certification Details of the Research Analysts employed by the applicant
NISM XV certificate
8
Incorporation Details
For partnership firms – registered partnership deed and certificate of registration from the registrar of firms. For LLPs – incorporation certificate and registered partnership deed
9
Net-worth Proof
– Net worth or net tangible certificate duly certified by a Chartered Accountant (CA) (not more than 6 months old) – Income Tax Returns for the last 3 years – Bank account statement ranging from the last 1 year to 5 years
10
Declarations
Various declarations as per the SEBI RA Regulations, 2014 (sample declarations provided in the manual)
As per Form A of SEBI RA Regulations, 2014
3. Registration of Research Analyst for Companies and Body Corporate:
Sr. No.
Particulars
Documents sought
Purpose of the document sought
1
Identity Proof
PAN card of the firm
2
Address Proof
– Registered rent agreement – Utility bills – Bank account statements in the name of the firm (having the same address as the applicant)
3
Identity Proof of the Directors and Research Analysts employed by the applicant
PAN cards
4
Address Proofs of the Directors and Research Analysts employed by the applicant
– Aadhaar cards – Passports
5
Educational Qualifications of the Research Analysts employed by the applicant
Certificates of completion of the required course(s)
The name of the courses and the institution to be mentioned in the field provided in the form.
6
Experience Details of the Research Analysts employed by the applicant
Experience certificates authorized by the employers on their respective letterheads
7
Certification Details of the Research Analysts employed by the applicant
NISM XV certificate
8
Incorporation Details
Certificate of incorporation and 1st page of MOA
9
Financial Solvency
– Copy of assets and liabilities statement and certification of net worth of the entity certified by a Chartered Accountant (CA) (not more than 6 months old) – Income tax returns for the last 3 years – Bank account Statement ranging from the last 1 year to 5 years
10
Declarations
Various declarations as per the SEBI RA Regulations, 2014 (sample declarations provided in the manual)
As per Form A of SEBI RA Regulations, 2014
Change in Address of SEBI registered Research Analyst:
Sr. No.
Particulars
Documents sought
Purpose of the document sought
1
Address Proof
– For Individuals: Aadhaar Card or Udyog Aadhaar – Registered Rent Agreement or Passport or Bank Statement/Passbook – For Proprietorship Firms: A copy of Form E submitted to Shops and Establishment Inspector – For Partnership Firms: A copy of Form D submitted to Registrar of Firms – For Company/Body Corporate: A copy of Form 22 submitted to RoC (having the changed/new address as of the applicant)
2
Board Resolution
A copy of the Board resolution mentioning the change in address
3
Declarations
Declaration by the applicant regarding informing investors about the change in registered address within 15 days (sample declaration provided in the manual)
Change in Name of SEBI registered Research Analyst (only for Partnership Firms/LLPs/Companies/Body Corporates):
Sr. No.
Particulars
Documents sought
Purpose of the document sought
1
Name Proof
Copy of the certificate of incorporation consequent upon change of name issued by the Registrar of Companies (if applicant is a company/body corporate/LLP)
To verify the change in name
2
Board Resolution
A copy of the Board resolution mentioning the change in name
3
Declarations
Declaration by the applicant regarding informing investors about the change in name within 15 days (sample declaration provided in the manual)
**Change in shareholding pattern without change in control/prior approval for change in control (only for Partnership Firms/LLPs/Companies/Body Corporates):
Sr. No.
Particulars
Documents sought
1
Board Resolution
A copy of the Board resolution mentioning the change in shareholding pattern
2
Shareholding Pattern
Pre and post shareholding pattern (sample format provided in the manual)
Prior approval for setting up a wholly owned subsidiary outside India:
Sr. No.
Particulars
Documents sought
1
SEBI Registration
Scanned copy of the SEBI registration as an Investment Adviser
2
Net-Worth Certificate
Latest net worth certificate duly certified by a Chartered Accountant (CA)
3
Details of Regulatory Action
Details of any regulatory action taken or pending against the parent intermediary or its associates registered with SEBI, along with an undertaking
4
Stock Exchanges Approval
In case of a stockbroker/sub-broker, confirmation of necessary permission obtained from respective stock exchanges (copy of the permission letter)
5
Write-up 1
Detailed note on the proposed activities to be carried out by the subsidiary, especially in areas related to the securities market
6
Write-up 2
Detailed note on the target clients of the proposed subsidiary
7
Declarations
Various declarations as per the manual (sample declarations provided in the manual)
Surrender of registration certificate:
Sr. No.
Particulars
Documents sought
1
List of Activities
List of all activities being carried out, including those unrelated to the securities market
2
Enforcement Action
Details of enforcement action initiated with respect to the applicant’s activity
3
Undertaking 1
Undertaking that the applicant’s current Research Analyst’s mandates have either been completed or duly terminated
4
Declarations
Declarations regarding pending assignments, pending complaints, and continued liability for past obligations (sample declarations provided in the manual)
5
Public Notice
Newspaper cutout of a public notice issued in a widely circulated newspaper regarding the surrender of SEBI registration certificate
Renewal of registration certificate:
Sr. No.
Particulars
Documents sought
1
SEBI Payment
Payment of renewal fees to SEBI, along with a copy of the email confirmation received by the applicants
Update in details of Registered Research Analyst:
Sr. No.
Particulars
Documents sought
1
Change in Correspondence Address
Registered Rent Agreement, Utility Bills
2
Change in Research Analyst employed
NISM XV certificate, Educational Qualification certificate, Experience certificate, Copy of PAN Card and Aadhaar card of the Research Analyst to be employed
3
Change in Director
Copy of Form 12 submitted to ROC, Board resolution, Details regarding action taken against the director, Copy of PAN and Aadhaar card of the compliance officer
4
Change in Compliance Officer
Copy of Appointment letter of compliance officer, Board resolution, Copy of PAN and Aadhaar card of the compliance officer
5
Change in Contact Details
Change in Mobile Number (Mobile bill with owner name and address mentioned therewith), Change in Email ID (Screenshot of Email ID with details of username and address)
Please note that the above table provides a summary of the documents required for each specific category. Applicants should refer to the SEBI guidelines and regulations for detailed and up-to-date information on the document requirements for processing applications of Research Analysts through the SI Portal.
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