Document Requirements for SEBI Registration of Research Analysts through SI Portal

Table of Contents

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.ParticularsDocuments to be furnished duly self-attestedRemarks
1Identity ProofPAN Card
2Address Proof– Aadhaar Card or – Registered Rent Agreement or – Passport or – Bank Statement/Passbook (having the same address as the applicant)
3Educational QualificationsCertificates 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.
4Experience DetailsExperience certificates authorized by the employers on their respective letterheads
5Certification DetailsNISM XV certificate for Research Analysts employed by the applicant
6Individual/Proprietorship Firm DetailsGhumasta certificate or Certificate under Shops and Establishments Act
7Financial 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
8Proposed Research ServicesDocument detailing the business plan and proposed research analyst servicesAs per Form A of SEBI RA Regulations, 2014
9Internal Policies and ProceduresDetailed document about internal policies and procedures to address conflict of interestAs per Form A of SEBI RA Regulations, 2014
10Standard DisclosuresDetailed document about standard disclosures to be providedAs per Form A of SEBI RA Regulations, 2014
11DeclarationsVarious 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.ParticularsDocuments soughtPurpose of the document sought
1Identity ProofPAN card of the firm
2Address Proof– Registered rent agreement – Utility bills – Bank account statements in the name of the firm (having the same address as the applicant)
3Identity Proof of the Partners and Research Analysts employed by the applicant, if any(i) PAN cards
4Address Proofs of the Partners and Research Analysts employed by the applicant, if any– Aadhaar cards – Passports
5Educational Qualifications of the Research Analysts employed by the applicantCertificates 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.
6Experience Details of the Research Analysts employed by the applicantExperience certificates authorized by the employers on their respective letterheads
7Certification Details of the Research Analysts employed by the applicantNISM XV certificate
8Incorporation DetailsFor partnership firms – registered partnership deed and certificate of registration from the registrar of firms. For LLPs – incorporation certificate and registered partnership deed
9Net-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
10DeclarationsVarious 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.ParticularsDocuments soughtPurpose of the document sought
1Identity ProofPAN card of the firm
2Address Proof– Registered rent agreement – Utility bills – Bank account statements in the name of the firm (having the same address as the applicant)
3Identity Proof of the Directors and Research Analysts employed by the applicantPAN cards
4Address Proofs of the Directors and Research Analysts employed by the applicant– Aadhaar cards – Passports
5Educational Qualifications of the Research Analysts employed by the applicantCertificates 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.
6Experience Details of the Research Analysts employed by the applicantExperience certificates authorized by the employers on their respective letterheads
7Certification Details of the Research Analysts employed by the applicantNISM XV certificate
8Incorporation DetailsCertificate of incorporation and 1st page of MOA
9Financial 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
10DeclarationsVarious 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.ParticularsDocuments soughtPurpose of the document sought
1Address 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)
2Board ResolutionA copy of the Board resolution mentioning the change in address
3DeclarationsDeclaration 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.ParticularsDocuments soughtPurpose of the document sought
1Name ProofCopy 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
2Board ResolutionA copy of the Board resolution mentioning the change in name
3DeclarationsDeclaration 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.ParticularsDocuments sought
1Board ResolutionA copy of the Board resolution mentioning the change in shareholding pattern
2Shareholding PatternPre and post shareholding pattern (sample format provided in the manual)

Prior approval for setting up a wholly owned subsidiary outside India:

Sr. No.ParticularsDocuments sought
1SEBI RegistrationScanned copy of the SEBI registration as an Investment Adviser
2Net-Worth CertificateLatest net worth certificate duly certified by a Chartered Accountant (CA)
3Details of Regulatory ActionDetails of any regulatory action taken or pending against the parent intermediary or its associates registered with SEBI, along with an undertaking
4Stock Exchanges ApprovalIn case of a stockbroker/sub-broker, confirmation of necessary permission obtained from respective stock exchanges (copy of the permission letter)
5Write-up 1Detailed note on the proposed activities to be carried out by the subsidiary, especially in areas related to the securities market
6Write-up 2Detailed note on the target clients of the proposed subsidiary
7DeclarationsVarious declarations as per the manual (sample declarations provided in the manual)

Surrender of registration certificate:

Sr. No.ParticularsDocuments sought
1List of ActivitiesList of all activities being carried out, including those unrelated to the securities market
2Enforcement ActionDetails of enforcement action initiated with respect to the applicant’s activity
3Undertaking 1Undertaking that the applicant’s current Research Analyst’s mandates have either been completed or duly terminated
4DeclarationsDeclarations regarding pending assignments, pending complaints, and continued liability for past obligations (sample declarations provided in the manual)
5Public NoticeNewspaper cutout of a public notice issued in a widely circulated newspaper regarding the surrender of SEBI registration certificate

Renewal of registration certificate:

Sr. No.ParticularsDocuments sought
1SEBI PaymentPayment 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.ParticularsDocuments sought
1Change in Correspondence AddressRegistered Rent Agreement, Utility Bills
2Change in Research Analyst employedNISM XV certificate, Educational Qualification certificate, Experience certificate, Copy of PAN Card and Aadhaar card of the Research Analyst to be employed
3Change in DirectorCopy 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
4Change in Compliance OfficerCopy of Appointment letter of compliance officer, Board resolution, Copy of PAN and Aadhaar card of the compliance officer
5Change in Contact DetailsChange 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.