SEBI Research Analyst post-enlistment changes: the 12 BSE (RAASB) checklists explained

Getting your SEBI Research Analyst registration and BSE enlistment number is step one. Life then happens — you move office, change your name, add or drop a director, appoint a new Principal Officer or Compliance Officer, restructure ownership, or decide to wind down. For each of these, BSE (as the Research Analyst Administration & Supervisory Body, RAASB) publishes a checklist of exactly what to file. This post walks through all 12 post-enlistment changes a SEBI RA can make — and the key documents each one needs.

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First, the rules that apply to every change

Whichever change you're making, BSE's checklists share the same house rules:

• Email it to ra.membership@bseindia.com. Keep the total email under 6 MB (split into part-emails if it's bigger), and each individual document/annexure under 2 MB.
• Checklist in Excel, everything else in PDF. Submit the completely filled checklist in Excel; every other document as a PDF on your letterhead, signed by the authorised signatory (digital or wet-ink).
• One declaration = one PDF. Provide each declaration/annexure as a separate PDF file.
• Your identifiers are always needed: SEBI (RA) registration number & date, last SEBI fee/renewal payment date, BSE RA enlistment number & date, and last BSE fee payment date.
• A SEBI fee/renewal declaration (confirming no fees are pending with SEBI) is asked for in almost every change.
• The Exchange may ask for additional documents or clarifications based on what you submit.

Jump to a change

1. Change of Address

Applies to: Individual, Sole Proprietor, Body Corporate, LLP, Partnership. Covers your registered, correspondence and principal place of business addresses (old & new).

• Intimation letter with the reason for change; old & new addresses for each address type.
• Board resolution for the change (Body Corporate / Company / LLP).
• A declaration to inform your investors within 15 days of receiving the fresh certificate — required for a change of registered address.
• Physical certificate? If your address is printed on the original SEBI certificate, courier/hand-deliver the original to SEBI (MIRSD, SEBI Bhavan II, BKC, Mumbai) and give an undertaking that it's no longer with you. E-certificate? Just attach the PDF.
• SEBI fee/renewal declaration.

⬇ Download BSE checklist Change of Address · .xlsx

2. Change of Contact Details

Applies to: all entity types. For updating your landline, mobile and email (existing vs proposed).

• Intimation letter with the reason for change.
• Contact grid — name, designation, landline, mobile, email.
• Two handy notes from BSE: to display your mobile on SEBI's website, enter it in the landline field; and if you want to avail PaRRVA, a mobile number is mandatory.
• SEBI fee/renewal declaration.

⬇ Download BSE checklist Change of Contact Details · .xlsx

3. Change of Name

Applies to: all entity types. The proof depends on who you are:

• Individual: PAN, Gazette copy and a newspaper public notice.
• Individual → Sole Proprietor: Gumasta certificate / certificate under the Shops & Establishments Act.
• Body Corporate / Company / LLP: fresh Certificate of Incorporation on change of name (from the RoC) + PAN.
• Partnership firm: revised partnership deed + PAN.
• Board resolution (non-individuals), a declaration to inform investors within 15 days of getting the new certificate, physical/e-certificate handling as above, and the SEBI fee/renewal declaration.

⬇ Download BSE checklist Change of Name · .xlsx

4. Change of Director

Applies to: non-individual RAs (companies).

• Incoming director's profile (on letterhead) and the outgoing director's resignation letter.
• List of directors — existing & proposed — with a copy of DIR-12 and the MCA extract.
• Board resolution for the appointment and/or resignation.
• Fit & Proper declaration (Schedule II, SEBI Intermediaries Regulations 2008) for the appointed director; director details (PAN, contact, qualification, date of appointment).
• SEBI fee/renewal declaration.

⬇ Download BSE checklist Change of Director · .xlsx

5. Change of Principal Officer (PO)

Applies to: non-individual RAs. The PO's designation must match the SEBI (RA) Regulations — e.g. for a firm engaged solely in research, the managing director / designated director / managing partner / executive chairman; for a partnership, one partner must be designated PO.

• Old vs new PO details: name, contact, mobile, email, date of appointment (with Board resolution), PAN, address.
• Qualification (graduate degree or equivalent / CFA Charter, or NISM's PG Program in Securities Markets — Research Analysis) and NISM Series XV or XV-B certification.
• Declaration on qualification/certification & Fit & Proper for the new PO; SEBI fee/renewal declaration.

⬇ Download BSE checklist Change of Principal Officer · .xlsx

6. Change of Compliance Officer (CO)

Applies to: all entity types.

• Intimation with reason; Fit & Proper declaration for the new CO; whether the new CO has been indicted in any economic offence in the last 5 years.
• Independent professional as CO? If yes, an undertaking from the Principal Officer (under Reg. 20(1)(ii)) plus NISM certificates: NISM Series XV (or XV-B) and NISM Series III-A: Securities Intermediaries Compliance (Non-Fund).
• Old vs new CO details (name, PAN, qualification, date of appointment with Board resolution); SEBI fee/renewal declaration.

⬇ Download BSE checklist Change of Compliance Officer · .xlsx

7. Change of RA / PARS

The individuals who do the research, or Persons Associated with Research Services (PARS).

• Old vs new RA/PARS details: name, contact, PAN, address, qualification.
• Certification: NISM Series XV or XV-B. Important: PARS who do sales & other non-core services must hold NISM Series XXV-A w.e.f. 11 March 2026 (those already holding NISM Series XV as on 11 March 2025 need not take XXV-A until their XV validity lapses). PARS directly in research continue with NISM Series XV.
• Declaration on qualification/Fit & Proper for the new RA/PARS; SEBI fee/renewal declaration.

⬇ Download BSE checklist Change of RA / PARS · .xlsx

8. Change in Shareholding (without change in control)

Applies to: Body Corporate / LLP / Partnership. A pure intimation where ownership shifts but control does not.

• Intimation letter with reason; Board resolution noting the change in shareholding.
• Pre & post shareholding pattern (BSE's Word format); SEBI fee/renewal declaration.

⬇ Download BSE checklist Change in Shareholding · .xlsx

9. Prior Approval for Change in Control

Needs SEBI's prior approval — apply before effecting the change.

• Board resolution; pre & post shareholding pattern; SEBI fee/renewal declaration.
• A declaration-cum-undertaking of the applicant and the acquirer (Fit & Proper under Schedule II; no change in the Board till approval; and — after approval — informing all existing clients before effecting the change so they can decide whether to continue).
• Disclosures: any past SEBI application not granted; any action under SCRA / SEBI Act; any pending investor complaint; details of litigation. The acquirer confirms it will honour the applicant's past liabilities.

⬇ Download BSE checklist Prior Approval — Change in Control · .xlsx

10. Prior Approval — Wholly-Owned Subsidiary Outside India

Needs SEBI's prior approval. The heaviest checklist of the set.

• Cover letter and Board resolution for setting up the overseas subsidiary.
• Details of the overseas subsidiary (name, country, overseas regulator, purpose, activities, net worth, proposed investment, WOS/SDS/JV structure) and all India/abroad registrations with certificates.
• Net-worth certificate from a Chartered Accountant; notes on proposed activities, target clients and the investment proposal.
• Declarations: continued capital-adequacy; Fit & Proper; that the overseas regulator is an IOSCO MMoU signatory (or has a bilateral MoU); and that the subsidiary will run at arm's length with clear Chinese walls. Plus details of any regulatory action against the parent/associates, and the SEBI fee/renewal declaration.

⬇ Download BSE checklist Prior Approval — Overseas Subsidiary · .xlsx

11. Loss of Certificate

Applies to: all entity types.

• Covering letter and an undertaking that if the original is found, it will be returned to SEBI.
• An affidavit on ₹100 stamp paper stating the loss of the original SEBI certificate, with an indemnity against misuse.
• A copy of the FIR filed for the loss. The original affidavit & FIR must be couriered/hand-delivered to SEBI (MIRSD, SEBI Bhavan II, BKC, Mumbai); submit SEBI's acknowledgement/courier details to BSE.
• SEBI fee/renewal declaration.

⬇ Download BSE checklist Loss of Certificate · .xlsx

12. Surrender of Registration

Applies to: all entity types. Winding down is a structured process, not a one-line email.

• Reason for surrender; list of all activities carried out (including those unrelated to the securities market); details of any enforcement action.
• Undertakings that current mandates are completed/terminated and that you'll remain liable for pre-surrender obligations (including any penalties); declarations on pending assignments and pending complaints; and a declaration under SEBI (Intermediaries) Regulations, 2008.
• Public notice in a widely-circulated newspaper stating you're surrendering your SEBI RA registration (with your registration & BSE enlistment numbers) and that grievances can be lodged at scores.sebi.gov.in. The surrender application goes to RAASB 30 days after the public notice, giving clients time to complain on SCORES.
• Certificate handling (physical/e-cert), list of directors/partners, any other SEBI registrations, and the SEBI fee declaration. If you didn't pay a renewal fee, add a declaration from you and from a CA confirming no research activity was carried out beyond the renewal due date.

⬇ Download BSE checklist Surrender of Registration · .xlsx

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