What deposit do I need to maintain with RAASB?
In force
SEBI has replaced the old net-worth requirement with a client-linked deposit you must maintain with RAASB, marked as a lien in SEBI's favour.
There is no separate capital adequacy requirement — the deposit scales purely with your client count (fee-paying + non-fee-paying clients combined) in the previous financial year:
• Up to 150 clients → ₹1 lakh
• 151–300 clients → ₹2 lakh
• 301–1,000 clients → ₹5 lakh
• 1,001 and above → ₹10 lakh
Existing RAs had to comply by April 30, 2025; new applicants must meet the requirement immediately on registration.
What SEBI says, word for word
FAQ Circular, Q15“There is no capital adequacy requirement applicable to an RA. However, an RA is required to maintain a deposit with RAASB in accordance with their number of clients in the manner specified by SEBI.”Source: SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/105, dated July 23, 2025 Open document ↗
Regulation 8“Research analysts must maintain a deposit amount specified by SEBI, based on the maximum number of clients they had on any day in the previous financial year.”Source: SEBI (Research Analysts) Regulations, 2014 — Regulation 8, per Third Amendment dated Dec 16, 2024 Open document ↗
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