All new or old RAs need to comply with the process of sending FDR to BSE.
It is mandatory to get the BSE Enlistment Number as soon as you get the RA certificate. Follow up with BSE officials and ask them to update your enlistment number.
Every SEBI-registered RA must register on the SCORES platform. Email SCORES if you have not received login details automatically upon receiving your certificate.
Registration on SEBI's SMART ODR platform is mandatory for all RAs to enable online dispute resolution. After SCORES registration and getting your enlistment number, contact the SMART ODR team.
As a financial intermediary, every RA must obtain registration with the Financial Intelligence Unit (FIU-IND).
SEBI mandates that every RA must maintain a properly working website with prescribed disclosures and compliance-friendly content — including disclosures, disclaimers, investor charter and grievance redressal mechanisms.
RAs are required to perform KYC of their clients. Registration with a KYC Registration Agency (KRA) is necessary to enable direct KYC uploads. The 3 best options are: CDSL Ventures Limited (CVL), NSDL Database Management Limited (NDML) and NSE KRA.
Submission of documents to your bank for creation of a @valid UPI handle. For any UPI issues, contact BSE officials Krishna Pandey or Neeky Subramaniam only. Documents required: KYC, bank statement, RA certificate.
Compliance is mandated under the Rights of Persons with Disabilities Act, 2016 (WCAG 2.1 or latest, Indian GIGW, IS 17802). It applies to ALL digital platforms: websites, mobile apps, investor portals and all digital documents. Currently, an accessibility audit is expensive — kindly write an email about the high, unaffordable cost of the Accessibility Compliance Audit.
RA must submit a half-yearly periodic report to the Research Analyst Administration and Supervisory Body (RAASB). Reports cover periods ending March 31 and September 30, due within 30 days of the respective half-year end.
SEBI Research Analysts must provide half-yearly reporting to SEBI, including an undertaking on compliance with SaaS (Software as a Service) solutions. Periods: March 31 and September 30. Report submitted within 30 days of period-end.
Must be conducted annually by a qualified auditor (CA/CS/CMA). Mandatory from FY 2024-25 (year ending March 31, 2025) onwards for all Registered RAs. The audit covers:
- Your advertisement
- Your appearance on media
- Your research report
- Research recommendations
- Your NISM certificate validity
- Your chat or communication with clients / prospects
- All payment records
- Research recommendation records
For each new client, an RA must execute a written agreement / T&C before onboarding and charging any fee.
- Print MITC (SEBI prescribed format), get the client's wet-ink signature and maintain physical records; OR
- Use e-sign / digital signature platforms (Aadhaar-based eSign via NSDL, CDSL, etc.)
You must have proper systems in place for maintaining client records, KYC documents, communications and copies of research reports.