What happens to my registration if I die, sell the practice, or change its structure?
In force
A registration cannot be transferred. There is no mechanism to hand it to someone else.
If you are a sole proprietor, passing the business to anyone, including by inheritance, counts as a change in control. Your legal heir must get SEBI's prior approval and then apply for a fresh registration in their own name. They do not inherit yours.
Prior approval lasts six months, and the fresh application must be filed inside that window.
Anyone coming into control has to meet the fit and proper criteria.
You must inform SEBI in writing of any material change in what you previously submitted, and post-registration changes such as a change of name, address or compliance officer go through RAASB for scrutiny before SEBI approves.
SEBI's Master Circular does not address converting a proprietorship into a company or an LLP. On the wording of the definition it would be a change in control, but SEBI has not said so for Research Analysts.
What SEBI says, word for word
Master Circular, ¶10.2“In case of an intermediary being a proprietary concern, the transfer or bequeathing of the business/capital by way of transmission to another person is a change in the legal formation or ownership and hence by the definition of change in control, such transmission or transfer shall be considered as change in control. The legal heir / transferee in such cases is required to obtain prior approval and thereafter fresh registration shall be obtained in the name of legal heir/transferee.”Source: SEBI Master Circular No. HO/38/12/11(1)2026-MIRSD-POD/I/4360/2026, dated February 6, 2026, originally SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2024/164 dated December 27, 2024 Open document ↗
Master Circular, ¶9.2(iii)“The prior approval granted by SEBI shall be valid for a period of six months from the date of such approval within which the applicant shall file application for fresh registration pursuant to change in control.”Source: SEBI Master Circular No. HO/38/12/11(1)2026-MIRSD-POD/I/4360/2026, dated February 6, 2026 Open document ↗
More on Registration & Deposit
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- How do I surrender my registration, and what survives it?
- If I hire sales or support staff, which NISM exam do they need?
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